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Heres how the value chain of Pharmaceutical players look like - Intermediates API (Generic/Specialty) Formulations (Domestic/ROW/USA) Patient Then there are these CDMO players who serves innovator pharma companies NCE/Innovation drug discovery, biosimilars, novel biologics and then Domestic Branded India prescription-driven, doctor-detailing led businesses So with this background lets get on and dive deeper on the themes in this space that have performed strongly and the tailwinds that are there in each of the themes 1) Aarti Drugs - The Aarti Drugs story over the last three years can be summed up in this single chart The company has delivered consistent positive volume growth every single year for the last 5 years: 5%, 11%, 10%, 7% respectively from FY22 to FY26

Some 5mg participants lost 20% or more

Appetite will likely increase further before stabilizing

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Congress established the program in the 1990s to guarantee cheap drugs to hospitals serving low-income communities