Alkem Labs is a midsized pharma company (US$ 1bn sales) with India and the US as key markets. It is the market leader in several key acute segments in India. We believe a recovery in Alkem's India business profitability and rising US operating leverage would revive earnings to a 22% CAGR over FY19-FY21 (after a weak FY17-FY19). Post 40% underperformance to the Sensex in the last two years, the stock is trading at 12.3x FY21E EV/EBITDA, implying compelling risk-reward....