Shares of JB Chemicals and Pharmaceuticals surged over 4 percent in the morning trade to hit a record high of Rs 2,447.75, buoyed by global research and broking firm Jefferies’ strong growth outlook for the company.At 12.28 pm, the share was trading at Rs 2,404.10, up 2.44 percent on the NSE.Jefferies, much like other brokerages, maintains a bullish view for JB Chemicals. The firm said life-cycle management of key brands, synergistic acquisitions and targeted new launches will help JB Chemicals outperform industry growth.The broking firm said JB Chemicals was one of the fastest-growing domestic pharma company with a dominance in cardiac and gastro therapies.According to the brokerage, the company’s export growth will be led by contract manufacturing of Lozenges where it has strong customer relationship and technology. The drugmaker is one of the largest manufacturers of lozenges globally, exporting to over 40 countries over the last two decades.Private Equity firm KKR acquired a majority 54 percent stake in JB Chemicals in July 2020, following which a professional management team under the leadership of CEO Nikhil Chopra took control of the company.The change in management also renewed the company’s approach towards India and strengthened its overall positioning as lozenges contract manufacturing organisation, the brokerage said.It also noted said that the drugmaker’s scale benefit and cutting-edge technology are its key differentiator in lozenges CMO. “Majority of the business is through the company’s own intellectual property (IP) and not toll manufacturing,” Jefferies said in its report.’With current utilisation at around 50 percent, JB can take more contracts from existing customers, enter new geographies and launch new products in the immunity, digestion areas which should allow 12 percent revenue CAGR over FY23-26E to Rs 570 crore.”Follow our live blog for all the market actionMoreover, Jefferies also foresees JB Chemicals as one of the fastest-growing mid-sized companies due to its India and CMO focus.Jefferies sees JB Chemicals’ strong presence in the domestic market as a sustainable earnings multiplier for the company.It estimates JB Chem’s revenue/EBITDA (earnings before interest, taxes, depreciation, and amortization) compounded annual growth rate (CAGR) at 12.3 percent/16.6 percent over FY23-26E to Rs 446 crore/Rs 110 crore, thereby making it the fastest growing mid-sized pharma company in India.