As headwinds slow & managements become realistic, time for a relook: 5 mid-cap pharma stocks with upside potential of up to 44%

Every sector goes through a phase when managements become over-optimistic, taking decisions that should have been avoided. But then, with time, either due to macro factors or some other reason, the rosy projections and assumptions are put to test and reality dawns on many. Indian pharma firms, especially the mid-caps, have gone through a similar cycle. A number of them have more realistic managements now. Capital allocation has become better and, in some cases, the capex done in the last few years is close to showing impact.