India, Sept. 23 -- Every quarter, this API maker's earnings call turns into the same tug of war. Analysts ask how much of the growth is custom synthesis and how much is just generics catching a good quarter, and management gives an answer that's honest but frustratingly vague. Lately, though, one side of that mix has climbed to a level it hasn't touched in over a year, and that's worth digging into properly instead of just taking the headline number at face value.

Divis Laboratories Ltd is trading at Rs 9,444.50, up Rs 100.5 or about 1.08% from the previous close of Rs 9,344. It's sitting close to its 52-week high of Rs 10,000, and well above the Rs 5,637.50 low it touched a year ago.

So the stock's roughly 65% off its yearly bottom. M...