Jefferies initiated coverage of Molbio Diagnostics with a Buy rating and INR1,600 price target, naming the Indian med-tech company its high-conviction pick in the medical supplies and devices sector. The brokerage highlighted Molbio's commercialization of a differentiated point-of-care molecular diagnostics platform (genetic testing near patients) and projects a 22% revenue compound annual growth rate and 47% profit-after-tax CAGR through FY26-29E. Growth is expected to come from scaling existing products and operating leverage. Founded in 2000 by scientists Sriram Natarajan and Dr. Chandrasekhar Nair, Molbio has developed two platforms internally, acquired another and built a pipeline supported by 16 Indian patents and 191 overseas patents. Its Truenat platform accounted for 86% of FY26 sales, supports testing for 30 diseases and is protected by patents in more than 100 countries. Jefferies expects margins to expand by approximately 830 basis points as test-kit capacity utilization rises from 58% in FY26 to 77% by FY29E, Optrascan reaches 11% of sales and employee and operating costs decline as a share of revenue. The brokerage applied a 40-times multiple to September 2028E earnings per share.