Vinati Organics' revenue and PAT exceeded estimates, with a 19.5% YoY revenue growth and 44.1% YoY PAT growth, driven by higher other income and lower tax rates. The company's EBITDA margin expanded by 154bps YoY to 24.2%. The rating is upgraded to "ACCUMULATE" from "HOLD" with a target price of INR 2,002, citing demand recovery and planned capex.