One of the reason, I can never buy Alembic pharma is purely on the qualitative point mentioned above – they try to do too many things in my judgement which draws requirement of higher capex. My style of investing does not favour companies having high capex requirements as it increases the chances of capcital allocation decisions going wrong over a long term. One poor capital allocation decision makes me lose conviction and jump out off business at wrong time
2 days back I complained Reinvestment rate of Abbot India being low 
Having said that I am studyiing Narayana Hrudayala wihch is high capex business ( albiet lesser compared to peers ). I will post my views in some days
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