further capacities in the medium term. Molecule-wise commercialisation should commence FY23 onwards. SUMICHEM also plans to buy 2 land parcels of 70 acres in total for its future expansion plans. We increase topline/EBITDA/APAT estimates by 2% for each of FY22 & FY23. Due to recent run-up in stock price, we downgrade the stock to REDUCE' (from HOLD), as upside looks capped because of expensive valuations (@ 43.5x FY23E EPS). We assign TP of Rs 376 (Previous 369) based on 38x FY23E EPS of Rs 9.9....