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Clean Science - Margin To Decline, Valuation Expensive: HDFC Securities

Valuations are contextually high at 41/36x FY25E/26E earnings per share.

<div class="paragraphs"><p>Close-up of a technician using pipette testing a chemical solution in a R&amp;D laboratory. (Source: Freepik)</p></div>
Close-up of a technician using pipette testing a chemical solution in a R&D laboratory. (Source: Freepik)
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