Tatva Chintan, Clean Science - ‘Smart, Green’ Chemistry: ICICI Securities Initiates Coverage
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ICICI Securities Report
Tatva Chintan Pharma Chem Ltd. and Clean Science and Technology Ltd. operates in niche categories with significant exposure to smart and green chemistries.
They have demonstrated sustainable as well as scalable business models with dominance in multiple products across the globe. Both started as single-product companies and expanded their offerings not only in adjacent categories (through forward and backward integration), but have also successfully added new chemistries.
Each has a very small base and is in the process of implementing large capex, which provides visibility on multi-year growth potential.
They are achieving growth rates with return on capital employed significantly above the industry average. Besides, opportunities are rising for Tatva Chintan and Clean Science given the green initiatives enforced through regulation, or large companies changing their business models with emphasis on sustainability.
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