We are negative on Anupam Rasayan due to stagnating sales in key products, unsustainable margins in certain products and low return ratios. We forecast revenue CAGR of 15%, EBITDA CAGR of 12% and PAT CAGR of 27% over FY21-23F. We expect RoE to remain subdued at 7% in FY23F. We value Anupam Rasayan at 20x FY23F EPS to arrive at a TP of Rs379. We initiate coverage on Anupam Rasayan with a Reduce rating.