a) Martin and Harris Laboratories revenue has gone up from 138 Crores in Fy21 to 170 Crores in Fy22 from the Pharma business. A decent growth of 25%. b) The revenue from FnO income has come down from ~30 Crores in FY21 to ~15 Crores in Fy22. c) If you take Revenue, and PAT of Pharma business, it is 138 Crores and 31 Crores in Fy21 and Rs. 171 Crores and 57 Crores in Fy22, respectively. d) The EPS of Pharma Business in Fy22 is 146 per share. If you give P/E of 20x to the Pharma business, the Martin and Harris Share Price will come ~Rs.2900 per share. At this price, the Mcap of Pharma business would be ~1100 Crores. e) As on 31.03.2022, they have done investment of Rs.317 Crores. Out of Rs.317 Crores, Rs.127 Crores is invested in LIC Mutual Fund Saving Fund and Rs.190 Crores in LIC Mutual Fund Overnight fund. f) As on 31.03.2022, the major shareholder is Chang Investchem Private Limited which holds 37.53% stakes in Martin and Harris Laboratory. g) Chang Investchem Private Limited (CIPL), as per its annual filings, is engaged in the business of trading books, newspapers, magazines, and stationery. List of shareholders in CIPL are mentioned below. Shareholders list Conclusion Overall, we can conclude that the core Pharma sector has produced favourable outcomes. The business grew by 25% in fiscal year 22 compared to fiscal year 21. At Rs.2900 per share on the unlisted market, the Pharma business is valued at ~1100 Crores, which seems fairly reasonable. The only concern is when management would propose an IPO or other exit strategies for investors. The management currently has no plans for the same.