India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/innova-captab-ltd" target="_blank" data-smartkarma-citation="entities:36109:1" rel="noopener">Innova Captab (1605221D IN)</a> has commissioned a new 11-acre manufacturing facility in Jammu, with capacity for 10.7 bn tablets and 562 mn LVP/respules.</li>
<li>The plant adds new dosage forms and therapy areas (Penicillin, Penum) and enables strategic domestic-export capacity balancing, with potential ROIC &gt;20%.</li>
<li>This is not just a capacity bump, it positions Innova for premium exports, higher utilization, and long-term revenue scale-up to INR 14–16Bn from Jammu alone.</li>
</ul>



Innova Captab (1605221D IN) has commissioned a new 11-acre manufacturing facility in Jammu, with capacity for 10.7 bn tablets and 562 mn LVP/respules.
The plant adds new dosage forms and therapy areas (Penicillin, Penum) and enables strategic domestic-export capacity balancing, with potential ROIC &gt;20%.
This is not just a capacity bump, it positions Innova for premium exports, higher utilization, and long-term revenue scale-up to INR 14–16Bn from Jammu alone.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/innova-captab-ltd" target="_blank" data-smartkarma-citation="entities:36109:1" rel="noopener">Innova Captab (1605221D IN)</a>’s Q3 FY25 results show modest revenue growth, enhanced EBITDA margins, and a significant manufacturing expansion via the new Jammu facility with innovative dosage forms.</li>
<li>Improved margins and strategic expansion into new dosage forms enhance competitiveness, setting the stage for <strong>25%+ growth and long-term profitability</strong> in the evolving CDMO and generics market.</li>
<li>The company anticipates Rs. 400 to Rs. 500 crores of incremental revenue from the Jammu facility in the next fiscal year.</li>
</ul>



Innova Captab (1605221D IN)’s Q3 FY25 results show modest revenue growth, enhanced EBITDA margins, and a significant manufacturing expansion via the new Jammu facility with innovative dosage forms.
Improved margins and strategic expansion into new dosage forms enhance competitiveness, setting the stage for 25%+ growth and long-term profitability in the evolving CDMO and generics market.
The company anticipates Rs. 400 to Rs. 500 crores of incremental revenue from the Jammu facility in the next fiscal year.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/innova-captab-ltd" target="_blank" data-smartkarma-citation="entities:36109:1" rel="noopener">Innova Captab (1605221D IN)'</a>s New Jammu facility to be commercialized by Q3 FY25, expanding capacity and product range.</li>
<li>Strong order pipeline, diversified segments (CDMO, branded generics), and high-margin segments to drive profitability.</li>
<li>Aiming for 25-30% revenue CAGR and 4-5% margin expansion in upcoming years.</li>
</ul>



Innova Captab (1605221D IN)'s New Jammu facility to be commercialized by Q3 FY25, expanding capacity and product range.
Strong order pipeline, diversified segments (CDMO, branded generics), and high-margin segments to drive profitability.
Aiming for 25-30% revenue CAGR and 4-5% margin expansion in upcoming years.


The Beat Ideas: Innova Captab Ltd, Jammu Capex Kicker, Margin Expansion

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Akums Drugs and Pharmaceuticals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akums-drugs-and-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:40915:1" rel="noopener">Akums Drugs and Pharmaceuticals (0200361D IN)</a> raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679/share.</li>
<li>Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.</li>
</ul>



Akums Drugs and Pharmaceuticals (0200361D IN) raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679/share.
Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.


Akums Drugs and Pharmaceuticals IPO Trading - Strong Demand and a Decent Margin of Safety

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Akums Drugs and Pharmaceuticals, the largest India-focused CDMO, has set price band of Rs 646–679/share for its upcoming IPO. The company has blue chip and sticky clientele.</li>
<li>The Indian domestic CDMO market is forecasted to grow at a CAGR of 14.3% during FY24–28, nearly doubling its historical growth rate.</li>
<li>Akums seeks a P/E valuation of 28.7–30.2x, which seems to be reasonable compared with listed peers.</li>
</ul>


Akums Drugs and Pharmaceuticals, the largest India-focused CDMO, has set price band of Rs 646–679/share for its upcoming IPO. The company has blue chip and sticky clientele.
The Indian domestic CDMO market is forecasted to grow at a CAGR of 14.3% during FY24–28, nearly doubling its historical growth rate.
Akums seeks a P/E valuation of 28.7–30.2x, which seems to be reasonable compared with listed peers.


Akums Drugs and Pharmaceuticals IPO: Subscribe on Favorable Industry Tailwind and Reasonable Pricing

India

Innova Captab Private Limited operates as a manufacturer of pharmaceutical product. The Company provides tablets, syrups, and capsules. Innova Captab serves customers worldwide.

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Innova Captab (1605221D IN)

Innova Captab’s Jammu Expansion Update

Innova Captab opens new manufacturing facility in Jammu, boosting capacity for tablets and LVP/respules, positioning for premium exports and...

Sudarshan Bhandari

Innova Captab Limited: Q3 FY25 Update

Innova Captab's Q3 FY25 results show revenue growth, EBITDA margins improvement, and significant expansion with innovative dosage forms, setting...

Sudarshan Bhandari

The Beat Ideas: Innova Captab Ltd, Jammu Capex Kicker, Margin Expansion

Innova Captab's new Jammu facility to boost capacity and product range, driving profitability with strong order pipeline and diversified segments.

Sudarshan Bhandari

Akums Drugs and Pharmaceuticals IPO Trading - Strong Demand and a Decent Margin of Safety

Akums Drugs and Pharmaceuticals (0200361D IN) raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Innova Captab’s Jammu Expansion Update

​Innova Captab opens new manufacturing facility in Jammu, boosting capacity for tablets and LVP/respules, positioning for premium exports and...

Sudarshan Bhandari

Innova Captab Limited: Q3 FY25 Update

​Innova Captab's Q3 FY25 results show revenue growth, EBITDA margins improvement, and significant expansion with innovative dosage forms, setting...

Sudarshan Bhandari

The Beat Ideas: Innova Captab Ltd, Jammu Capex Kicker, Margin Expansion

​Innova Captab's new Jammu facility to boost capacity and product range, driving profitability with strong order pipeline and diversified segments.

Sudarshan Bhandari

Akums Drugs and Pharmaceuticals IPO Trading - Strong Demand and a Decent Margin of Safety

Akums Drugs and Pharmaceuticals (0200361D IN) raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679...

Ethan Aw

Akums Drugs and Pharmaceuticals IPO: Subscribe on Favorable Industry Tailwind and Reasonable Pricing

Akums Drugs and Pharmaceuticals, has set IPO price band at Rs 646–679 per share, seeking a P/E valuation of 28.7–30.2x, which seems to be...

Tina Banerjee

Innova Captab opens new manufacturing facility in Jammu, boosting capacity for tablets and LVP/respules, positioning for premium exports and...

Innova Captab's Q3 FY25 results show revenue growth, EBITDA margins improvement, and significant expansion with innovative dosage forms, setting...

Innova Captab's new Jammu facility to boost capacity and product range, driving profitability with strong order pipeline and diversified segments.