A glowing report from JM Financial, initiated coverage with a “buy” rating and a ₹340 target price—a 36% upside from its previous close at ₹251. Piramal Pharma shares get a solid tailwind today, jumping 4.5% to ₹262.80 in early trade. JM Financial’s optimism stems from India’s booming CRDMO sector, where Piramal’s CDMO business is flexing its competitive muscle. The brokerage forecasts a 17% CAGR for the CDMO arm over the next three years, thanks to a CRO turnaround and high-potential assets, including one with a USD 100 million revenue projection. The global CRDMO industry is set to expand at a 9.1% CAGR, so JM Financial envisions a robust future for Piramal Pharma too: a 15% revenue CAGR, 23% EBITDA CAGR from FY 24-27, and free cash flows scaling to ₹4.8 billion by FY27. If the brokerage’s projections hold, Piramal Pharma’s ascent might just be getting started.