IN : Granules India Ltd - Scaling up in size and value

Granules is focusing on expanding its core business to new geographies by ramping up existing capacities and portfolios. We expect the finished dosages (FDs) segment to be the next growth driver, led by MUPS products and the launch of low-competition products in the US. We initiate coverage on Granules India with an Add rating and a TP of Rs447, valuing the company at 15x FY23F P/E.

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