India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

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Read Business Not Stock Prices

Equity Bottom-Up

Akums Drugs and Pharmaceuticals / Equity Bottom-Up

<ul>
<li>Akums secured a €200m European supply contract, marking its first large entry into regulated markets and validating its compliance and scale capabilities.</li>
<li>This shifts Akums from a domestic CDMO leader to a credible global player, with exports positioned to become a material earnings contributor from FY27.</li>
<li>While near-term growth remains muted, Akums’ medium-term profile looks stronger, with greater diversification and reduced dependence on India’s CDMO cycle.</li>
</ul>


Akums secured a €200m European supply contract, marking its first large entry into regulated markets and validating its compliance and scale capabilities.
This shifts Akums from a domestic CDMO leader to a credible global player, with exports positioned to become a material earnings contributor from FY27.
While near-term growth remains muted, Akums’ medium-term profile looks stronger, with greater diversification and reduced dependence on India’s CDMO cycle.


Business Breakdown: Akums Drugs - Market Leader with Global Ambitions

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Akums Drugs and Pharmaceuticals (Akums) in Q3FY25 saw its CDMO business’ volumes recovering (+0.6% YoY).</li><li>Growth in CDMO should pick up in the next few quarters given Akums’ healthy order book alongside API prices also settling.</li><li>EBITDA margins leaped 160bps to 12% as the company curbs losses (down 34% YoY/24% QoQ) in its API business; margins in CDMO were steady at 15.4%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Akums Drugs and Pharmaceuticals (Akums) in Q3FY25 saw its CDMO business’ volumes recovering (+0.6% YoY).Growth in CDMO should pick up in the next few quarters given Akums’ healthy order book alongside API prices also settling.EBITDA margins leaped 160bps to 12% as the company curbs losses (down 34% YoY/24% QoQ) in its API business; margins in CDMO were steady at 15.4%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Akums Drugs and Pharmaceuticals - On the Path to Recovery

Global Healthcare Analyst

Tina Banerjee

<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> shares are currently trading below their IPO price post Q2FY25 result announcement. Compared with year-ago quarter, Q2FY25 revenue and adjusted EBITDA declined.</li>
<li>Digging deeper into the seemingly weak Q2FY25 result, we have come across some positive takeaways. With some of the recent developments, the company is well-positioned for long-term growth.</li>
<li>The share price reaction is overdone. Over the last one month, Akums shares gained 6.5% and outperformed most of its domestic peers, as the long-term growth prospect remains intact.</li>
</ul>



Akums Drugs and Pharmaceuticals (0200361D IN) shares are currently trading below their IPO price post Q2FY25 result announcement. Compared with year-ago quarter, Q2FY25 revenue and adjusted EBITDA declined.
Digging deeper into the seemingly weak Q2FY25 result, we have come across some positive takeaways. With some of the recent developments, the company is well-positioned for long-term growth.
The share price reaction is overdone. Over the last one month, Akums shares gained 6.5% and outperformed most of its domestic peers, as the long-term growth prospect remains intact.


Akums Drugs and Pharmaceuticals: Limited Downside Is Seen, Long-Term Growth Story Intact

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN) </a>is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>In this note, we will talk about the IPO valuations.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
In this note, we will talk about the IPO valuations.


Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Thematic (Sector/Industry)

<ul>
<li>3SBio entered into an exclusive licensing agreement with Pfizer granting them exclusive license to develop, manufacture, commercialize, and otherwise exploit its breakthrough PD-1/VEGF bispecific antibody SSGJ-707 worldwide excluding mainland China.</li>
<li>CSPC Pharmaceutical Group Limited announced that CPO301, their first-in-class epidermal growth factor receptor (‘‘EGFR’’) antibody drug conjugate (ADC), has been granted the third Fast Track designation by the U.S. FDA.</li>
<li>Samsung Biologics Co. announced that it plans to spin off its biosimilar development business into separate new entity, Samsung Epis Holdings. Samsung Biologics will become a pure-play CDMO.</li>
</ul>


3SBio entered into an exclusive licensing agreement with Pfizer granting them exclusive license to develop, manufacture, commercialize, and otherwise exploit its breakthrough PD-1/VEGF bispecific antibody SSGJ-707 worldwide excluding mainland China.
CSPC Pharmaceutical Group Limited announced that CPO301, their first-in-class epidermal growth factor receptor (‘‘EGFR’’) antibody drug conjugate (ADC), has been granted the third Fast Track designation by the U.S. FDA.
Samsung Biologics Co. announced that it plans to spin off its biosimilar development business into separate new entity, Samsung Epis Holdings. Samsung Biologics will become a pure-play CDMO.


APAC Healthcare Weekly (May 25)- 3SBio, Samsung Biologics, Celltrion, CSPC Pharma, Chugai

India

Akums Drugs and Pharmaceuticals (0200361D IN)

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Akums Drugs and Pharmaceuticals (0200361D IN)

Business Breakdown: Akums Drugs - Market Leader with Global Ambitions

Akums secures €200m European supply contract, transitioning from domestic to global player with strong medium-term growth prospects.

Sudarshan Bhandari

Akums Drugs and Pharmaceuticals - On the Path to Recovery

EBITDA margins leaped 160bps to 12% as the company curbs losses (down 34% YoY/24% QoQ) in its API business; margins in CDMO were steady at 15.4%.

ICICI Securities Limited

Akums Drugs and Pharmaceuticals: Limited Downside Is Seen, Long-Term Growth Story Intact

Akums Drugs shares are trading below IPO price post Q2FY25 results, but the company is well-positioned for long-term growth. Share price reaction...

Tina Banerjee

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

APAC Healthcare Weekly (May 25)- 3SBio, Samsung Biologics, Celltrion, CSPC Pharma, Chugai

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Business Breakdown: Akums Drugs - Market Leader with Global Ambitions

​Akums secures €200m European supply contract, transitioning from domestic to global player with strong medium-term growth prospects.

Sudarshan Bhandari

Akums Drugs and Pharmaceuticals - On the Path to Recovery

EBITDA margins leaped 160bps to 12% as the company curbs losses (down 34% YoY/24% QoQ) in its API business; margins in CDMO were steady at 15.4%.

ICICI Securities Limited

Akums Drugs and Pharmaceuticals: Limited Downside Is Seen, Long-Term Growth Story Intact

​Akums Drugs shares are trading below IPO price post Q2FY25 results, but the company is well-positioned for long-term growth. Share price reaction...

Tina Banerjee

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

APAC Healthcare Weekly (May 25)- 3SBio, Samsung Biologics, Celltrion, CSPC Pharma, Chugai

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

Akums secures €200m European supply contract, transitioning from domestic to global player with strong medium-term growth prospects.

Akums Drugs shares are trading below IPO price post Q2FY25 results, but the company is well-positioned for long-term growth. Share price reaction...