Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suven-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:33463:1" rel="noopener">Suven Pharmaceuticals (SUVENPHA IN)</a> is acquiring56% equity share capital of ADC/XDC-focused CRDMO, NJ Bio for $64M, strengthening position in a high growth market.  </li>
<li>In June 2024, Suven announced the acquisition of a majority stake in an oligonucleotide focused CDMO player, Sapala Organics, thereby adding another high-growth complex technology to its CDMO business.</li>
<li>Recently, shareholders have approved Suven’s merger with Cohance Lifesciences. Cohance has global leadership in select low-mid volume molecules as well as unique capabilities in the form of its ADC platform.</li>
</ul>



Suven Pharmaceuticals (SUVENPHA IN) is acquiring56% equity share capital of ADC/XDC-focused CRDMO, NJ Bio for $64M, strengthening position in a high growth market.  
In June 2024, Suven announced the acquisition of a majority stake in an oligonucleotide focused CDMO player, Sapala Organics, thereby adding another high-growth complex technology to its CDMO business.
Recently, shareholders have approved Suven’s merger with Cohance Lifesciences. Cohance has global leadership in select low-mid volume molecules as well as unique capabilities in the form of its ADC platform.


Suven Pharmaceuticals (SUVENPHA IN): M&A to Expand Technical Capabilities and Enhance Scale

Equity Capital Markets

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a>, a Contract Research, Development, and Manufacturing Organization, has filed DRHP for INR34B IPO. The proposed IPO will be only offer for sale, with no fresh issue.</li>
<li>Anthem Biosciences is one of three CRDMOs that possess technological capabilities in India across ADCs, RNAi, peptides, and oligonucleotides, which are among the fastest growing in the pharmaceutical industry.</li>
<li>Differentiated technological capabilities, large clientele, and exposure to commercialized molecules enhance our conviction on the sustainable growth prospect of the company. Industry backdrop is also favorable.</li>
</ul>



Anthem Biosciences (1234D IN), a Contract Research, Development, and Manufacturing Organization, has filed DRHP for INR34B IPO. The proposed IPO will be only offer for sale, with no fresh issue.
Anthem Biosciences is one of three CRDMOs that possess technological capabilities in India across ADCs, RNAi, peptides, and oligonucleotides, which are among the fastest growing in the pharmaceutical industry.
Differentiated technological capabilities, large clientele, and exposure to commercialized molecules enhance our conviction on the sustainable growth prospect of the company. Industry backdrop is also favorable.


Anthem Biosciences Pre-IPO: High Visibility Powered by Differentiated Capabilities

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Crompton Greaves Consumer Electricals / Equity Bottom-Up

<ul>
<li>India's Nifty50 index reached an all-time high yesterday. However, many Indian stocks are near their 52-week lows. Many among them have strong forecast earnings growth, good balance sheets, attractive valuations.</li>
<li>We screen 17 stocks with double digit forecast EPS growth, PEG &lt; 1.4x, net debt to equity less than 50%. They are spread across construction, chemicals, healthcare, industrials and technology.</li>
<li>The largest five are <a href="https://www.smartkarma.com/entities/deepak-nitrite-ltd" target="_blank" data-smartkarma-citation="entities:5845" rel="noopener">Deepak Nitrite (DN IN)</a>, <a href="https://www.smartkarma.com/entities/cohance-lifesciences-limited" target="_blank" data-smartkarma-citation="entities:33463" rel="noopener">Cohance Lifesciences (COHANCE IN)</a>, <a href="https://www.smartkarma.com/entities/basf-india-ltd" target="_blank" data-smartkarma-citation="entities:19253" rel="noopener">BASF India Ltd (BASF IN)</a>, <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a>, <a href="https://www.smartkarma.com/entities/clean-science-and-technology" target="_blank" data-smartkarma-citation="entities:33648" rel="noopener">Clean Science and Technology (CLEAN IN)</a>.</li>
</ul>


India's Nifty50 index reached an all-time high yesterday. However, many Indian stocks are near their 52-week lows. Many among them have strong forecast earnings growth, good balance sheets, attractive valuations.
We screen 17 stocks with double digit forecast EPS growth, PEG &lt; 1.4x, net debt to equity less than 50%. They are spread across construction, chemicals, healthcare, industrials and technology.
The largest five are Deepak Nitrite (DN IN), Cohance Lifesciences (COHANCE IN), BASF India Ltd (BASF IN), Crompton Greaves Consumer Electricals (CROMPTON IN), Clean Science and Technology (CLEAN IN).


Asian Equities: India's Nifty Is at All-Time High, These Quality Stocks Are Not.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Thematic (Sector/Industry)

<ul>
<li>India is the largest exporter of generic medicines, contributing 20% to global supply, and accounts for 6% of the world’s API production.</li>
<li>India’s pharma sector offers up to 75% savings in R&amp;D and 55% in manufacturing versus the US, making it essential despite tariff threats.</li>
<li>India’s CRDMO sector is expanding rapidly, with a projected market size of USD 14 billion by 2028, driven by increased demand for biologics and integrated manufacturing solutions.</li>
</ul>


India is the largest exporter of generic medicines, contributing 20% to global supply, and accounts for 6% of the world’s API production.
India’s pharma sector offers up to 75% savings in R&amp;D and 55% in manufacturing versus the US, making it essential despite tariff threats.
India’s CRDMO sector is expanding rapidly, with a projected market size of USD 14 billion by 2028, driven by increased demand for biologics and integrated manufacturing solutions.


Thematic Report: Can Tariffs Undermine India’s Pharma Advantage?

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>
 Strong Revenue Momentum and Profitability:<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> achieved INR 18.4bn in revenue in FY25, growing 25% CAGR over FY20–FY25,with industry-leading EBITDA margins of 36.8% and PAT margin of 23.4%</li>
<li>
 Unique Dual Capability in Biologics and Small Molecules:Among the few Indian CRDMOs with end-to-end capabilities across both small and large molecules, and technology-driven portfolio including ADCs, RNAi, peptides, and oligonucleotides</li>
<li>
 Peer-Leading Returns and Robust Pipeline: Anthem boasts the highest ROCE (26.9%) among Indian peers, with significant IP-backed revenue streams and global molecule commercialization. It is a BUY for long term.</li>
</ul>



 Strong Revenue Momentum and Profitability:Anthem Biosciences (1234D IN) achieved INR 18.4bn in revenue in FY25, growing 25% CAGR over FY20–FY25,with industry-leading EBITDA margins of 36.8% and PAT margin of 23.4%

 Unique Dual Capability in Biologics and Small Molecules:Among the few Indian CRDMOs with end-to-end capabilities across both small and large molecules, and technology-driven portfolio including ADCs, RNAi, peptides, and oligonucleotides

 Peer-Leading Returns and Robust Pipeline: Anthem boasts the highest ROCE (26.9%) among Indian peers, with significant IP-backed revenue streams and global molecule commercialization. It is a BUY for long term.


Anthem Biosciences IPO: Despite 100% OFS, Worth Accumulating for Long-Term Compounding

India

Cohance Lifesciences Limited provides contract research services. The Company offers CDMO, API platform, and clinical solutions for bio availability and equivalence studies. Cohance Lifesciences serves pharmaceutical and specialty chemical companies in India.

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Cohance Lifesciences (COHANCE IN)

Suven Pharmaceuticals (SUVENPHA IN): M&A to Expand Technical Capabilities and Enhance Scale

Suven Pharmaceuticals strengthens position in high-growth markets such as ADCs and Oligonucleotides with acquisition of NJ Bio and Sapala Organics...

Tina Banerjee

Anthem Biosciences Pre-IPO: High Visibility Powered by Differentiated Capabilities

Anthem Biosciences, a Contract Research, Development, and Manufacturing Organization, has filed DRHP for an Indian IPO. The proposed IPO will be...

Tina Banerjee

Asian Equities: India's Nifty Is at All-Time High, These Quality Stocks Are Not.

India's Nifty50 hit its all-time high while many stocks are near 52-week lows. We identify 17 stocks with strong earnings growth, good balance...

Manishi Raychaudhuri

Thematic Report: Can Tariffs Undermine India’s Pharma Advantage?

India leads in generic medicine exports, offering significant cost savings in R&D and manufacturing compared to the US. The country's CRDMO sector...

Nimish Maheshwari

Anthem Biosciences IPO: Despite 100% OFS, Worth Accumulating for Long-Term Compounding

Anthem Biosciences' strong revenue growth, industry-leading profitability, unique dual capability in biologics and small molecules, & peer-leading...

Sreemant Dudhoria,CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Suven Pharmaceuticals (SUVENPHA IN): M&A to Expand Technical Capabilities and Enhance Scale

​Suven Pharmaceuticals strengthens position in high-growth markets such as ADCs and Oligonucleotides with acquisition of NJ Bio and Sapala Organics...

Tina Banerjee

Anthem Biosciences Pre-IPO: High Visibility Powered by Differentiated Capabilities

Anthem Biosciences, a Contract Research, Development, and Manufacturing Organization, has filed DRHP for an Indian IPO. The proposed IPO will be...

Tina Banerjee

Asian Equities: India's Nifty Is at All-Time High, These Quality Stocks Are Not.

​India's Nifty50 hit its all-time high while many stocks are near 52-week lows. We identify 17 stocks with strong earnings growth, good balance...

Manishi Raychaudhuri

Thematic Report: Can Tariffs Undermine India’s Pharma Advantage?

​India leads in generic medicine exports, offering significant cost savings in R&D and manufacturing compared to the US. The country's CRDMO sector...

Nimish Maheshwari

Anthem Biosciences IPO: Despite 100% OFS, Worth Accumulating for Long-Term Compounding

​Anthem Biosciences' strong revenue growth, industry-leading profitability, unique dual capability in biologics and small molecules, & peer-leading...

Sreemant Dudhoria,CFA

Suven Pharmaceuticals strengthens position in high-growth markets such as ADCs and Oligonucleotides with acquisition of NJ Bio and Sapala Organics...

India's Nifty50 hit its all-time high while many stocks are near 52-week lows. We identify 17 stocks with strong earnings growth, good balance...

India leads in generic medicine exports, offering significant cost savings in R&D and manufacturing compared to the US. The country's CRDMO sector...

Anthem Biosciences' strong revenue growth, industry-leading profitability, unique dual capability in biologics and small molecules, & peer-leading...