Heranba Industries IPO - Investment Rationale: ICICI Direct
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ICICI Direct Report
Heranba Industries 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.
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