IDFC Securities has maintained its Outperform rating on PI Industries with increased price target at Rs 1,085 per share.

The research house expects the agrochemical company to bounce back to growth from the second half of the current financial year, led by new product launches and exports business.

In custom synthesis and manufacturing business, IDFC expects strong recovery.

Its robust orderbook provides revenue visibility for next three years and unique business model enables growth despite headwinds, the research house said.

IDFC expects revenue and net profit to grow at a compounded rate of 12 percent and 6 percent, respectively, over the financial years through March 2020.