ICICI Securities estimates its specialty chemical coverage universe revenue to grow 19.3% YoY (down 0.6% QoQ) in Q2FY23, partly on rise in prices due to input cost inflation. Gross profit to grow 22.7% YoY (down 1.4% QoQ, largely due to seasonality), which indicates strong underlying trend led by our expectation of 1) SRF’s robust growth (36.7% YoY) on continuous good show in ref-gas, offset by weakness in non-chemicals business, 2) Gujarat Fluorochemicals’ (57% YoY) growth on strong show in new fluoropolymers, 3) Clean Science’s (52% YoY) growth on low base and 4) Navin Fluorine’s EBITDA expansion from commissioning of HPP plant. We expect Rossari Biotech (+51% YoY) to benefit from the acquisitions. Tatva Chintan’s performance was hurt by muted SDA sales. Galaxy Surfactants’ volumes may dip on weakness in AMET, but EBITDA/kg may be healthy. Chemplast’s volumes to dip YoY on seasonality and high base, but PVC spread is likely to be weak which ...