KR Choksey has come out with its report on Windlas Biotech. The research firm has recommended to ”Subscribe” the ipo in its research report as on August 03, 2021.
Broker Research
August 03, 2021 / 11:49 PM IST
KR Choksey IPO report on Windlas Biotech
Incorporated in 2001, Windlas Biotech Ltd is one of the leading companies in the pharmaceutical formulations contract development and manufacturing organizations (CDMO) segment in India. The company offers a range of CDMO services from product discovery to product development, licensing, and commercial manufacturing of generic products including complex generics. It also sells its own branded products in the trade generics and OTC markets. Currently, the focus of the company is to launch complex generic products in the chronic therapeutic category related to lifestyle-related disorders. The business operates in 3 verticals namely CDMO Products and services, Domestic trade generics and Over-the-counter (OTC) markets and Export markets.
Valuation and Outlook
While company has not provided peer comparison citing lack of listed peers in the space, we have considered a peer universe of formulations companies comprising a diverse mix of size and scale. and Considering CDMO sector’s growth prospects, WBL’s leadership status in a fragmented industry, potential for margin and revenue improvement through product innovation including injectables foray, we recommend a ‘Subscribe’ from a long term perspective.
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