The company is currently trading at two year forward P/E of 9.9x as against an average of 9.4x over FY11 FY17. Going forward, we believe that IGPL should fetch premium valuations on account of 1) favorable macro scenario; 2) higher revenue visibility led by capacity addition plans and forward integration; 3) stability in spread between OX and PAN prices; 4) strengthening of balance sheet and 5.) Robust return ratios. We have valued the company at a P/E multiple of 12x on FY20E EPS of INR 78 to arrive at a target price of 931/share resulting into an upside of 40.4% from CMP of INR 663.

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