I think capsules business may take 3-4 more quarters to improve margins. Installing HPMC lines may not boost the neither revenue nor margin due to poor demand of the capsules in the market.
I feel they are intentionally dragging the commissioning of HPMC lines as they are not able to run the existing lines at 100% capacity due to poor demand.
Even after few quarters 20% margins in the capsules business is seems to be unlikely, we may expect an avg 15% margins.
API is very long way, we may not see any significant contribution to bottom line in FY25, we need to wait long time for recovery in the numbers & stock price as well.
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