J.B. Chemicals & Pharmaceuticals (JBCP) Q4FY25 EBITDA growth of 14% YoY was in line with our estimates. Revenue growth across key segments (domestic and CDMO) was healthy during the quarter. We believe JBCP growth momentum to continue driven by 1) geographical expansion of legacy brands 2) improvement in MR productivity 3) scale up in acquired brands 4) launch of new products & therapies 5) scaling up contract manufacturing business and...