Chemplast Sanmar: ICICI Securities Maintains BUY Rating, Sets Rs 470 Target Amid PVC Challenges

Overview

ICICI Securities has issued a research report on Chemplast Sanmar, noting the company's challenges in the PVC business over the past two years. While policy action was expected to aid recovery, it may be delayed, impacting financial turnaround. The report forecasts lower PVC spreads due to global demand softness, particularly in China. ICICI Securities has reduced its FY26/27E EBITDA estimates by 12-14% but maintains a 'BUY' rating with a revised target price of INR 470 per share, down from INR 515. The company plans expansion in R32 and CMCD, which is expected to help manage net debt.