J.P. Morgan India FTM 10 Jun 26 Indian CRDMOs; Aegis Logistics Limited; Hindustan Unilever Limited; Colgate-Palmolive (India) Limited and More

Research evidence excerpt

J.P. Morgan India FTM 10 Jun 26 Indian CRDMOs; Aegis Logistics Limited; Hindustan Unilever Limited; Colgate-Palmolive (India) Limited and More

Asia Pacific Equity Research

India First to Market 10 June 2026

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Indian CRDMOs (Bansi Desai, CFA)

WuXi Apptec’s 1260H inclusion sentimentally positive; watch for actual business migration

The U.S. Department of Defense has added WuXi AppTec Co., Ltd. to its Section 1260H list of Chinese Military Companies

operating in the United States (List here ). We view this as sentimentally positive for Indian CRDMOs, even if the immediate

business impact may be limited. Our China analyst, Yang Huang, notes that WuXi’s inclusion came as a surprise and is a

sentiment hit for WuXi and Chinese CDMOs, though direct disruption may be modest given the Biosecure Act’s scope and

grandfathering provisions. For Indian CRDMOs, t he key implication is that this could further support customer efforts to

diversify beyond China - t his is especially relevant given India's still-small ~3.8% share of the global CRDMO market, where

even modest share gains could be meaningful for leading domestic players . Key factors to monitor are new RFQs, lateral wins,

second-source qualifications, late-stage project transfers, capacity reservations, and revenue conversion. We remain positive

on capability-led beneficiaries, particularly Divi’s and Anthem Biosciences .

Aegis Logistics Limited (Vibhav Zutshi, CFA) (AEGISLOG IN, OW)

Post 4Q: Call takeaways and model update

The key takeaways post the 4Q call are: a) LPG supply normalization should happen by 2QFY27 and the shortfall has eased

from 50% in April to 30% in May, b) Gas division profitability improvement largely driven by distribution segment and the