Outlook and Valuation. Its dominance in key APIs (paracetamol, ibuprofen, metformin) would help Granules emerge a prime beneficiary as the Covid-19 outbreak has led to a surge in demand for such drugs. Granules is likely to retain strong traction for the next couple of years driven by formulations and the healthy contribution from new capacities. We expect ~25%/~23% revenue/PAT CAGRs over FY20-22. At the CMP, the stock trades at 9x FY22e EPS of `20. Risks: 38% of promoters' holdings have been pledged;...