Divis has largely remained only an API player. Whereas Laurus has besides APIs moved into formulations, biologicals, and synthesis divisions. I do not know whether it is a good thing or a bad thing, but till now formulation has helped Laurus in showing very strong and profitable growth. Plus it also increases the opportunity size, being in adjacent businesses.
Whether Laurus can repeat Divi’s feat is something only time will tell. But one pointer from history is that after a few years consistent growth and after gaining market fancy and trust, Divis commands valuations of nearly 45-55 PE. Whereas Laurus currently is at less than 20 PE based on estimated FY 21 EPS. So some amount of re rating can still happen if company continues to show the kind of growth it has shown. Markets often take time to digest and come to terms with the kind of numbers Laurus has been posting. So for Laurus investors it remains a game of conviction and patience.
@Vikky9995 I dont track icici bank too closely.