Vinati Organics Ltd. (VOL) enjoys global leadership in two specialty chemicals, with a market share of 70% in IBB (isobutyl benzene) and 80% in ATBS (2-Acrylamindo 2-Methylpropane Sulfonic Acid). In 9MFY24, revenue dipped by 15% YoY, due to ATBS destocking and fall in realization. EBITDA margins fell by 354bps YoY to 24.5% on account of a weak sales mix. Consequently, net profit declined by 32% YoY. Destocking in ATBs has largely eased, and growth is expected to pick up in FY25. Further, contributions from new products, such as IB derivatives and antioxidants, will support revenue growth. We reduce our EPS estimates by 48% & 41% for FY24E & 25E, respectively, to account for earning miss in 9MFY24. However, we maintain positive on VOL in the long term given strong market share in ATBs, ramp-up in new products, strong cash flows, a healthy balance sheet, and return ratios.