Metformin API is manufactured by Aarti, IOL & Granules. Ami organics is also into API manufacturing. In API manufacturing there is very little differentiation except each of them manufacturing different products where growth will take place depending on demand from final product. As a retail investor I look for what is unique among these players and I cannot find one. A China +1 strategy and import substitution by domestic players may offer some tailwind. Other than that I don’t see any exponential growth for these 4 API manufacturers. This is my view. Any other thought?
DISC: Not invested, actively monitoring API manufacturers
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