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Subscribe to Ami Organics: Motilal Oswal

Subscribe to Ami Organics: Motilal Oswal
September 02
09:33 2021

Motilal Oswal has come out with its report on Ami Organics. The research firm has recommended to ”Subscribe” the ipo in its research report as on August 31, 2021.

Broker Research

September 01, 2021 / 02:27 PM IST

In May, Moneycontrol had reported that Ola's early investor Matrix Partners India was selling a part of its stake for $ 75 million cash at a valuation of $ 3-3.5 billion. (Image: Shutterstock)

In May, Moneycontrol had reported that Ola’s early investor Matrix Partners India was selling a part of its stake for $ 75 million cash at a valuation of $ 3-3.5 billion. (Image: Shutterstock)

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Motilal Oswal IPO report on Ami Organics

Ami Organics Ltd (AOL), is focused towards manufacturing of advanced pharma intermediates (PI) for regulated/generic APIs and New Chemical Entities (NCE) and key starting material for agrochemical and fine chemicals. Strong and diversified portfolio of Pharma intermediates: AOL has built a strong and diversified portfolio of 450+ PI (88% revenue share in FY21) across 17 therapeutic areas which are high-growth and high margin, and commands significant market share both in India and globally. It is one of the major manufacturers of PIs like Dolutegravir, Trazodone, Entacapone, Nintedanib and Rivaroxaban of which first two contributed ~44% of FY21 revenues. India’s PI market is expected to grow at 10.6% CAGR over 2020-25F on the back of China+1 strategy of global players, further supported by GoI’s PLI scheme. AOL stands to benefit with wide portfolio and strong market share.

Valuation and Outlook

The issue is reasonably valued at 41.2x FY21 P/E on post issue basis (avg. peer FY21 P/E of 45x), while it enjoys higher growth. We believe that the market would like to give premium valuation to such niche stories. Recommend Subscribe for Listing Gains.

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