Laxmi Organic is primarily an acetyl, ketene and diketene manufacturer. Acetyls formed 55% of revenue, SI 30%, and rest from other products in FY20. We think acetyls and specialty intermediates (SI) will remain Laxmi Organic’s mainstay in the medium term. Fluorochemicals is at best an option value. We forecast revenue CAGR of 11% and PAT CAGR of 14% over FY21F-23F. We value the stock at 20x FY23F EPS to arrive at a TP of Rs110.