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At Shivalik Rasayan, pharma comes up as a big growth lever

Medicamen Biotech plans to go for domestic launch of oncology formulations from January 2022, in sync with API supply from Shivalik Rasayan. This is the key near-term trigger.

December 31, 2021 / 01:31 PM IST
At Shivalik Rasayan, pharma comes up as a big growth lever

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Since our recommendation note in September 2020, Shivalik Rasayan (CMP: Rs 1,074; Market Cap: Rs 1,559 crore) has moved up more than two times. While the current valuations are ahead of the agrochem sector and rival some of the best-in-class players in the industry, its ongoing transformation into a diversified chemical company is a must-watch. It is in this backdrop, we recently had an interaction with the management. Agrochem: New capacity to be 2x plus existing one The company is one of...

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