GRAN delivered an in line performance in 4Q and posted its highest ever sales/EBITDA/PAT on an annual basis in FY21. This was largely led by strong traction in ingredients (PFIs) and formulations (FDs). While the company is on track to expand capacity/develop products, a sharp increase in prices of select key starting materials (KSM) may hinder its near-term performance. We lower our FY22E/FY23E EPS estimate by 11%/10% to factor in a price increase/reduced availability of KSM like para-aminophenol (PAP)/acetic anhydride and lower operating leverage. We value GRAN at 15x 12-months...