$STAR

Fundamental: Revenue +11.2% YoY | PAT +54.5% YoY | 3Y PAT CAGR 86.5% | P/E 17.4x vs sector 44x (60% discount) | Upside 17.9% | Operating Margin 21.6% (+108 bps) | ROCE 17.3% | Rank #6/51 peers | Rating 8.31 Technical: Bounced from ₹1,000 support — trading above all major EMAs | Broader uptrend intact post-correction from ₹1,200 | Bullish candle formation near support signals renewed buying | Sustained move above ₹1,100 targets more upside | RSI 55 - improving momentum Moat: Regulated-market focused specialty pharma with a strong US and emerging market generics franchise — the pivot to high-value complex generics and institutional business is visibly inflecting margins, with operating leverage yet to fully play out. View: One of the most attractively valued names in the segment at a 60% P/E discount to peers — with margins expanding, PAT compounding at 86% over 3 years, and the stock bouncing from a key support, the risk-reward is compelling for a re-rating play.