Every second, thousands of people around the world open a can of Red Bull, Monster, Pepsi, or Coca-Cola. Few realise there’s a meaningful chance the caffeine inside originated from a factory in Tarapur, Maharashtra. Long before that drink reached a supermarket shelf, someone at one of these global beverage giants placed a procurement order for caffeine. That order almost certainly went to one of just three suppliers: manufacturers in China, which control roughly 70% of global production; Germany, with about 10%; or a single Indian company based out of Tarapur. That company supplies 15-20% of the world’s caffeine, meets nearly 80% of India’s domestic caffeine demand, and is the world’s only integrated non-Chinese manufacturer of caffeine. That company is Aarti Pharmalabs Limited. Aarti Pharmalabs: 1-Year Stock Price Movement Source: http://www.tradingview.com Yet, despite a dream run at the bourses after getting demerged from Aarti Industries, the stock has fallen roughly 22% over the last year. What’s holding back the stock? Is the downtrend structural or simply a blip? Let’s dive in. Understanding the business Aarti Pharmalabs …