I am not able to understand the moat here and doubt if there exists one.

• Animal vaccine has established players (IIL, Globion India, Indovax) most of whom are WHO-GMP.
• From their website "Hester Biosciences Limited is a WHO-GMP, ISO 9001:2008, ISO 14001:2004, OHSAS 18001:2007 & GLP certified company, manufacturing animal vaccines and health products". Most of these certifications do not appear to be exploitable moats. Any established player should be able to get these certifications.
• I am unable to find goverment regulations/permits that can give
  advantage to particular vaccine maker. Drug related concerns seems to be with the veterinarians/farmers (such as ensuring Maximum Residue Limits, contaminations, etc.,) and not much with the drug maker.

Please let me know if I am missing anything?

Oh yes I get that. Above was just from a point of view of sharing a brief thought process.

Had some views (not necessarily on Aban), so just sharing.

I personally have a limit of 20% to allocate to value buys and turnarounds.

Few things at the top of my mind that I look for in a turnaround or value buys (not in any particular order and not all the below features one maybe able to find in a single company).

1. Things can't get worst for the company from here on (busines performance wise and technically too most of the selling done and the stock has bottomed out).
2. Valuations are very cheap and downsides minimal/limited.
3. If one can arrive at a conclusion that if market goes down then this stock will outperform, then all the more better.
4. A new jockey at the helm of affairs who comes in with a good reputation and credibility.
5. A stated and visible change in the underlying business structure to remedy the problems of the past.
6. Favorable business scenario for the company in future (things can only get better and one can map that to a personally suitable timeframe).
7. Cash flow situation looks like improving in future.
8. Positive policy initiatives from the government for the sector.
9. De-leveraging balance sheet possible and visible in future.
10. Company holding out and performing decently in a bad business environment for the sector.
11. Visible initiatives to bring in operational efficiencies and to keep operational costs and other expenses down.
12. Would the expected returns cover the opportunity cost lost and in fact give decently more returns than the opportunity cost, for the specified duration that one intends to hold.

There will be more criterias as well. Had these at the top of my mind.

Answering these questions may help you in taking a call with respect to Aban.

Regards.

Another factor that applies to all of them( HMVL,Jagran and db corp) is the fact that -last year all the navratra days fell in q2 but they fall in q3 in the present year. Therefore the q3 results of all of them are expected to be very good because of increased advertising revenues due to navratras and lower base effect.