CDMO of Piramal pharma is 13th largest globally and in top 3 in India, and Neuland is a niche play for API. Both are at decent valuations compared to Sequent which is richly valued even at current levels for FY23 expectations.
Nothing against Sequent specifically, but I do not see as big an upside in it compared to the other two, it may keep trading at rich valuations but a slight jerk in performance in any qrtr will bring it down from those rich valuations (case in point Q1 Fy22). I think with all the media chatter around Sequent it seems un-necessarily overdecorated even at current levels.
Piramal and Neuland have huge runway and enormous market to cater to & expand into. Can’t say the same for Sequent, although it will keep growing with decent rate and will get decent margins as well. The animal Pharma space is also quite big but globally there are much bigger and better players and sequent has a lot of ground to cover to get there but market had already priced in a much larger company few months back.
If I were in your position, I will not sell off either of these but if insisted I would have exited Sequent and held onto the other two. This is my personal opinion and not investment advice. I have already done it. I sold off Sequent when it reached 240+ levels in Feb 21. I will be happy to buy back again if it goes below 150-180 levels hopefully in next 2-3 months.
Disc: Neuland and Piramal are part of my core holdings.