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𝗧𝗛𝗘 𝗖𝗔𝗣𝗘𝗫 𝗧𝗛𝗘𝗠𝗘 — 𝟮𝟭 🏭 𝗚𝗨𝗝𝗔𝗥𝗔𝗧 𝗧𝗛𝗘𝗠𝗜𝗦 𝗕𝗜𝗢𝗦𝗬𝗡 CMP: ₹359 Market Cap: ₹4,684 Cr A Vapi-based drug maker more than doubled its factory capacity. But profits fell. That's what makes this stage of the capex cycle interesting: the costs arrive before the volumes. 🏭 𝗧𝗛𝗘 ₹𝟯𝟲𝟰 𝗖𝗥 𝗖𝗔𝗣𝗘𝗫 🔹 ₹75 Cr spent in FY24, ₹116 Cr in FY25 and ₹173 Cr in FY26 🔹 Fermentation capacity more than doubled, from 450 KL to 990 KL 🔹 A new multi-purpose API plant, costing over ₹200 Cr, was commissioned in May 2025 🔹 Fixed assets surged from ₹41 Cr to ₹289 Cr 🔹 Another ₹121 Cr remains under construction 🔹 Borrowings rose from ₹30 Cr to ₹162 Cr, pushing debt-to-equity from 0.12 to 0.56 The company produces Rifamycin S and Rifamycin O — intermediates used in medicines such as Rifampicin and Rifaximin. It was the first company in India to manufacture Rifampicin commercially. Now, the business is moving further up the value chain: from supplying intermediates to producing finished APIs for markets including the US and Europe. 📈 𝗧𝗛𝗘 𝗕𝗨𝗦𝗜𝗡𝗘𝗦𝗦 𝗜𝗦 𝗘𝗫𝗣𝗔𝗡𝗗𝗜𝗡𝗚 The expansion extends well beyond the new API plant. 🔹 𝗙𝗘𝗥𝗠𝗘𝗡𝗧𝗔𝗧𝗜𝗢𝗡 — Capacity increased from 450 KL to 990 KL at Vapi 🔹 𝗔𝗣𝗜𝗦 — New facility for fermentation-based and synthetic ingredients 🔹 𝗕𝗥𝗔𝗡𝗗𝗦 — Proposed acquisition of 13 anti-TB and anti-infective brands from Sanofi, France 🔹 𝗝𝗔𝗣𝗔𝗡 — Proposed acquisition of MicroBiopharm Japan, which operates three plants 🔹 𝗣𝗢𝗪𝗘𝗥 — An 18 MW captive wind and solar project under implementation The Sanofi portfolio sells in more than 55 countries and generated approximately €62 million in FY25 revenue. 💰 𝗖𝗔𝗣𝗘𝗫 𝗛𝗔𝗦 𝗦𝗨𝗥𝗚𝗘𝗗 FY24: ₹75 Cr FY25: ₹116 Cr FY26: ₹173 Cr Annual capex is now roughly 13× depreciation — the steepest multiple in this series so far. But the investment has a cost: 🔹 FY26 free cash flow: –₹124 Cr 🔹 Borrowings increased to ₹162 Cr 🔹 Depreciation rose from ₹5 Cr to ₹13 Cr 🔹 Interest expense increased from ₹0.4 Cr to ₹3 Cr The company's own report describes the situation as a “capex-driven debt build-up.” 🎯 𝗪𝗛𝗔𝗧'𝗦 𝗡𝗘𝗫𝗧? The next 12 months could be decisive: 🔹 Ramp up the new API plant from validation batches to commercial production 🔹 Complete the €158 million Sanofi brand acquisition, expected by December 2026 🔹 Complete the MicroBiopharm Japan acquisition for ¥21.5 billion 🔹 Commission the 18 MW captive power project 🔹 Deploy the ₹750 Cr raised in August at ₹354 per share FY26 revenue rose 10% to ₹166 Cr, while profit stood at ₹47 Cr. The June quarter's operating margin was 48%. Important: Neither acquisition had closed as of the annual report. Their completion, funding and integration remain key milestones. 📊 𝗧𝗛𝗘 𝗡𝗨𝗠𝗕𝗘𝗥𝗦 🏷️ 25% below its 52-week high of ₹479 Over the past decade, the company has delivered: 🔹 18% sales CAGR 🔹 26% profit CAGR 🔹 32% return on equity The business has come a long way from having negative reserves in 2015. But valuation matters. At approximately 96× earnings, with profit down 4% last year and return on capital falling from 45% to 18%, the market is already pricing in substantial future growth. The new capacity must now translate into higher volumes, stronger returns and sustainable cash generation. 🔄 𝗧𝗛𝗘 𝗖𝗔𝗣𝗘𝗫 𝗦𝗧𝗢𝗥𝗬 𝗖𝗔𝗣𝗘𝗫 → 𝗙𝗘𝗥𝗠𝗘𝗡𝗧𝗔𝗧𝗜𝗢𝗡 + 𝗔𝗣𝗜 𝗣𝗟𝗔𝗡𝗧 → 𝗖𝗢𝗠𝗠𝗜𝗦𝗦𝗜𝗢𝗡𝗜𝗡𝗚 → 𝗖𝗢𝗦𝗧𝗦 𝗙𝗜𝗥𝗦𝗧 → 𝗩𝗢𝗟𝗨𝗠𝗘𝗦 𝗡𝗘𝗫𝗧 The new plant is commissioned, but depreciation and interest costs are already rising before the full benefit of additional production comes through. The next phase is about execution: ramping up capacity, closing acquisitions and converting investment into earnings. Now the focus shifts from building capacity to filling it. That's the part I'm tracking. Educational purposes only. Not a buy/sell recommendation. ❤️ Like | 🔁 Repost | 🔖 Bookmark | 🔔 Follow 𝗖𝗔𝗣𝗘𝗫 𝗧𝗛𝗘𝗠𝗘 — 𝟮𝟭 More companies from the CAPEX cycle coming next.

4 stocks crossed 20x their 1-year average volume today. The highest was 36x. One saw ₹1,345 crore change hands in a single day. Here is what moved 👇 ✍️Jai Corp Ltd #JAICORPLTD 🔹Volume vs 1Yr Avg: 🔼36.0x ✍️Le Travenues Technology Ltd #IXIGO 🔹Volume vs 1Yr Avg: 🔼33.2x ✍️Ganesh Consumer Products Ltd #GANESHCP 🔹Volume vs 1Yr Avg: 🔼25.4x ✍️Pashupati Cotspin Ltd #PASHUPATI 🔹Volume vs 1Yr Avg: 🔼22.7x ♻️ Repost if this saved you screening time 🔔 Follow for tomorrow's 1Yr-volume scan Disclaimer : No Buy and Sell recommendations. SEBI Registration INH000017480 #StockMarket

Meanwhile, which Indian company will give 1 share to every Indian kid? Adani? Ambani? Tata? Or are we asking for too much? Comment below: Which Indian stock should do this?

Just few hours left.

Jio's IPO week starts today with anchor bidding. ◆ Jio anchor book: today (Oct 19) ◆ IPO: Oct 21–23 at ₹1,065–1,119, raising up to ₹30,213 cr ◆ Paras Healthcare also opens Oct 21: ₹660–693, ₹1,450 cr ◆ Paras: ₹500 cr new shares + ₹950 cr sold by existing shareholders. Money mainly to repay debt ◆ Zetwerk and Tonbo are due to list on Oct 23 ↳ About ₹31,700 cr of IPOs open this week ↳ The anchor list will show how strong demand from global funds is ↳ Caveat: two-thirds of Paras' issue is existing shareholders selling, not new money for the company 🟡 Biggest IPO week of the year ⚡ For Jio, watch the anchor list. For Paras, note that most of the money goes to selling shareholders. #JioIPO #ParasHealthcare #IPO Educational purpose only — NOT a buy/sell recommendation.