Hold Clean Science and Technology: target of Rs 930 : ICICI Securities

About this update from Clean Science & Technology Ltd.

ICICI Securities's research report on Clean Science and TechnologyClean Science’s (CST) performance was impacted from a dip in volumes owing to demand headwinds and a Chinese customer backward integrating. CST anticipates a muted Q3FY26 and a recovery emerging in Q4FY26 along with a rise in off-take for new products, including barbituric acid, performance chemical-1 and DHDT. The company is open to supporting its customers by cutting prices, and thereby, making them competitive against Chinese supplies in the end-market; it prioritises retaining leadership and market share. HALS performance has shown improvement with a consistent rise in volumes and improvement in gross profit margins.OutlookWe cut our FY26–27E EPS by 16–19% and TP to INR 930 (vs. INR 1,330) with a FY27E P/E multiple of 30x (35x earlier). We upgrade to HOLD (from Reduce) and anticipate a recovery only in FY27.For all recommendations report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Clean Science and Technology_07112025_ICICI Securities

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