Subscribe to Heranba Industries: ICICI Direct

ICICI Direct has come out with its report on Heranba Industries. The research firm has recommended to ”Subscribe” the ipo in its research report as on February 22, 2021.

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ICICI Direct IPO report on Heranba Industries

Heranba Industries (Heranba) incorporated in 1992, is an agrochemical company. It is also one of the leading domestic producers of synthetic pyrethroids. The company is present in the entire product value chain of the agrochemicals industry. The business verticals include (a) domestic bulk sales of Technicals (31.6% of FY20 sales), (b) technicals bulk exports (36.5%) (c) branded formulations (12.7%), (d) formulations exports (12.8%) and (e) insect control chemicals (6.4%). Heranba has more than 9,400 dealers having access to multiple states in India. It has three manufacturing facilities in and around Vapi with a capacity of 14,024 MTPA.

Valuation and Outlook

Benefiting from being an integrated pyrethroids manufacturer with a strong product pipeline, geographical expansion coupled with favourable macro factors are likely to drive growth. Apart from this, it has one of the strongest return ratios in Industry and healthy balance sheet. We have a SUBSCRIBE recommendation on the IPO. At Rs 627, the stock is available at 25.7x FY20.

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