We imagine Indoco Cures Ltd.’s home enterprise will get well with main manufacturers recovering and specializing in persistent traction. Nevertheless, restoration within the US shall be gradual, as a result of ongoing remediation exercise within the Goa II plant and the related prices coupled with subsidiary losses, which can possible delay margin restoration.
Keep our ‘Promote’ ranking with revised goal value of Rs 208 at 15x FY27E P/E.
Key Upsides: U.S. FDA Clearance of Goa plant II will give scope for rerating on the inventory.
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