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Prabhudas Lilladher Report
We met the management of Anupam Rasayan India Ltd. They highlighted that with India's custom synthesis manufacturing industry likely to grow at double digit compound annual growth rate over next couple of years, primarily driven by increased demand coupled with shift in manufacturing operations from China is driving demand for company's products and solutions.
Anupam Rasayan is also increasing its focus on fluoro based chemicals and planning to launch over 12-14 molecules over next 12-18 months.
We believe Anupam Rasayan is well placed to benefit in the long term given-
its focus on commercialisation of new products,
strong order book/letter of intents worth Rs 76,690 million and
expansion in fluorination chemistry.
The stock trades at price-to-earning of 39.6 times/27.7 times FY24E/FY25E Bloomberg estimates.
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