HLE Glascoat - (Valuation gap with GMM Pfaudler)?

[Anant]

GMM Pfaudler: A safe way to play the Pharma/Chemical cycle

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 othe…