My take on position sizing , hope some of you may find it useful

Cartrade Tech Q3FY26 results , flat numbers QOQ , decent set YOY , I think after making a good 4 x we are now booking out and exiting at 2450 , done really well for us disc: invested and biased at 860 from more than a year now exiting ! , no fresh reco or financial advice

Biocon Annual report , reading this one today to see how the story is building up 1) Syngene secured the first global phase 3 trial and expanded ADC capabilities through new GMP bioconjugation , @kiranshaw in her latest interview has acknowledged the mistakes made with syngene as well as how a new management could turn around this asset in the next fiscal ( Peter Bains to Siddharth Mittal transition , I think great for the company also , but it is to be seen how they turnaround ) 2)disease burden shifts toward chronic conditions. Biologics are now central to treatment, accounting for one-third of dispensed medicines and over half of R&D investments in 2025. With 45 biologics losing exclusivity, this opens a USD 300 billion biosimilars opportunity, globally 3)R&D investment remains in the range of 7–9% of revenues, balancing innovation with financial discipline. 4) They are finally talking specifically of executing a ROCE positive growth as well Yesintek market share, Aflibercept , and Insulin Delta remains key monitorable , along with the elephant in the room , Syngene!

Biocon, my latest thoughts and Why things might be turning this year The elephant may be able to dance , there is a clear tactical shift in how management is talking and the re focus on aligning to the path of profitable growth that may see a comeback post a very painful last few years Quoting the management ( Q4FY26 concall ) "We are now moving from a phase of integration and investment to one focused on execution, operating leverage and value creation. From a capital and investment perspective, the heavy lifting is largely done and behind us. Over the past few years, we have invested materially to build global scale capabilities and capacity, particularly in biosimilars, insulins, peptides and complex generics. As we stand today, this major investment phase is substantially complete. The emphasis now is on improving utilization, expanding margins and driving steady improvement in return on capital employed" Now focusing on sweating the assets , generate cash and focus on reduction in interest costs Now how will this happen ? They have a very strong launch pipeline that is going into FY27 where H2 they may start to see tangible gains from it from an EBITDA point of view Liraglutide Approvals in this Quarter , Yesintek ( Biosimilar to stelara which is a very expensive drug ) is also seeing increased traction across the channel Bosaya and Aukelso also launched , will keep seeing how the sales data comes why I think it is worth seeing because , Biosimilars good launches have happened , generics is improving , and they say syngene worst is over And these business interest me where there is a decade of frustrated shareholders with 0 returns ,because the odds are in favor to make money if things actually turn Also I have done the mapping of the Global Biosimilars market , top players , expected growth for FY27 , drugs in wave phase analysis and launches pipeline for Biocon in the next 2 years Mapping some global players , relative incremental growth as well source: internal research

AMI ORGANICS 🟢🟢, great numbers with good margin growth and strong management commentary, now I would want to see if the supplier is starting to do well , see the listed players in the API buyers , clearly there is increasing odds of a positive cycle ( CIPLA , Laurus , hetero )

Aarti Pharmalabs , reading the 2026 Annual report and my thoughts and notes : 1) 9000MTPA Xanthine capacity now , largest Ex china and 3 rd largest globally with 15-20% Market share , after CPSC Group and Shandong in China 2) 21 CDMO customers , 35 commercial projects , 19 under development , below tweet have done my latest on the DMF tracker on where incremental filings are happening ( Aug-19 below tweet) 3) Employee count 2100 to 2400 this year , expect this to increase , we have seen some very good top level hiring in the research side from Aarti in this last quarter , lot of expertise in top talent has been added as per Pharma hiring trends 4) Capabilties : Continuous manufacturing, flow chemistry and bio-catalysis reaction, HPAPI (cytotoxic/oncology) and corticosteroids development and manufacturing, cryogenic reactors 5) R&D at 7.4% versus 5% Last year , 5 new patents filed this year , Dedicated block 2 at Atali planned for specific CDMO projects, with ground-breaking planned in Q3 FY 2026-27 and at a targeted completion within 12-15 months • R&D investment initiated in TIDES, including peptides and oligonucleotides, to expand long-term portfolio capabilitie Again so far they are delivering well , this year there will be one quarter of new capex cost escalations to start kicking in so factor those costs in for maybe Q2 might be weaker , but if we remove that one cost step up function quarter , the next 2 years visibilty remains strong and trajectory is pivoting here , from API xanthine to CMDO tides as well We have been tracking this story in detail , can refer to my older tweets as well from a year disc : this is not investment advice/financial reccomendation , do your own due diligence , I am biased here from lower levels so take my opinion with salt and do your own research as well

Forty years completed at @DynamaticTech. ​Times were very different when I started working. Capital was scarce in pre-liberalisation India, markets were under-developed, and OEMs held monopolistic buying power over small suppliers. ​Day-to-day survival for a small tractor-parts maker was tough. That’s why we ventured deep into India’s rural hinterland—to build our own independent aftermarket for hydraulic pumps, directly at the grassroots.

OneSource Pharma , promoter has bought 2 lakh shares in this dip yesterday , interesting