KR Choksey's research report on Supriya Lifescience
Supriya Lifescience’s revenue was in-line with our estimate. EBITDA beat our estimate due to lower-than-expected cost of goods sold and operating expenses. We believe the Company's CDMO business is poised for growth with the increase in total capacity to 1,020 KL by Q2FY25E from the current capacity of 597 KL. We increase our FY25E and FY26E EPS by 5.6% and 2.0%, respectively, due to strong operational performance led by a favorable product mix.
Outlook
We assign a PE multiple of 25.5x (previously: 18.1x) on FY26E EPS of INR 22.6 (previously: INR 22.2) to arrive at a target price of INR 578 (previously: INR 337) as the Company’s top-line growth momentum will continue with the introduction of three to four new products by the end of FY25E.
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