Suven Life Sciences (SLS) is a compelling play on the recovery being witnessed in global R&D; spending, as reflected in strong fund raising by biotech start-ups as well as a fast-growing research pipeline across multiple stages of clinical trials. SLS has witnessed strong growth in revenue of 22.6% CAGR, whereas operating profit has shown growth of 42.4% CAGR over FY11 to FY18. With improved operating efficiency, we expect the EBITDA margin to expand at a higher rate than the gross margin due to lower than average R&D;...