One thing which got missed out from the entire demand/supply scenario is changing in favor of GLE equipment. If one goes back a few years the pharma industry in India would have a 20:80 ratio between GLE: Non GLE (SS) reactors. With USFDA getting stringent and also the gradual evolution of Indian phrama/chemical industries this ratio is flipping over slowly from 20:80 to 80:20. This also means that a lot of SS vessels which are coming for replacement are being replaced by GLE reactors. The other thing is that reactor replacement is a difficult thing to do. In case a reactor blows up the entire line will remain shut from 2 to 8 weeks.
A similar thing is happening on HLE side of the world. Besides the above movement from SS Tanks to GLE reactors which is helping GL side of business, more and more pharma companies are moving from Centrifuge based filters to ANFD. This is also triggering a lot of latent demand for ANFD where HLE is the market leader.
Discl: Invested in both GMM/HLE.