External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>The India Pharma and Healthcare sector is expected to see moderate revenue growth as EBITDA margins remain flat</li><li>We project sales/EBITDA growth of 11%/6% YoY for our coverage universe (ex-Torrent + JB sales/EBITDA growth at 10%/5% YoY)</li><li>Our assumptions are: (1) Pharma coverage will see 10% YoY sales growth driven by 15% YoY increase in the India business (ex-Torrent + JB growth at 13% YoY)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The India Pharma and Healthcare sector is expected to see moderate revenue growth as EBITDA margins remain flatWe project sales/EBITDA growth of 11%/6% YoY for our coverage universe (ex-Torrent + JB sales/EBITDA growth at 10%/5% YoY)Our assumptions are: (1) Pharma coverage will see 10% YoY sales growth driven by 15% YoY increase in the India business (ex-Torrent + JB growth at 13% YoY)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharma and Healthcare (Q4FY26E Results Preview): Steady revenue growth, margins pressure visible

<ul><li>US administration imposes 0-100% tariff on import of patented drugs (and related APIs) with multiple ad valorem duty rate structures – (1) 100% on imports of patented pharma and pharma ingredients for those companies that have not initiated an MFN deal or US plant commitments</li><li>(2) 15% for products from Japan, EU, South Korea, Switzerland, and Liechtenstein</li><li>(3) 10% on products from the UK, (4) 20% for the company with branded products and plans to start plant/R&amp;D Unit in the US, (5) zero for patented drugs (APIs) of companies that have fully executed MFN agreements (13 companies)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

US administration imposes 0-100% tariff on import of patented drugs (and related APIs) with multiple ad valorem duty rate structures – (1) 100% on imports of patented pharma and pharma ingredients for those companies that have not initiated an MFN deal or US plant commitments(2) 15% for products from Japan, EU, South Korea, Switzerland, and Liechtenstein(3) 10% on products from the UK, (4) 20% for the company with branded products and plans to start plant/R&amp;D Unit in the US, (5) zero for patented drugs (APIs) of companies that have fully executed MFN agreements (13 companies)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharmaceuticals: US tariffs on branded drugs, generics exempted

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The US has decided to reduce the reciprocal tariff on Indian goods to 18% from the earlier 50%.</li><li>The trade deal is structurally positive for India’s medium-term growth and external stability.</li><li>Improved market access and tariff certainty are likely to boost exports, support manufacturing investment, and strengthen inflows of foreign direct investment (FDI). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The US has decided to reduce the reciprocal tariff on Indian goods to 18% from the earlier 50%.The trade deal is structurally positive for India’s medium-term growth and external stability.Improved market access and tariff certainty are likely to boost exports, support manufacturing investment, and strengthen inflows of foreign direct investment (FDI). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The India Pharma and Healthcare sector is expected to see moderate revenue growth as EBITDA margins remain flat</li><li>We project sales/EBITDA growth of 11%/10% YoY for our coverage universe</li><li>Our assumptions are: (1) Pharma coverage will see 10% YoY sales growth driven by 11% YoY increase in the India business</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The India Pharma and Healthcare sector is expected to see moderate revenue growth as EBITDA margins remain flatWe project sales/EBITDA growth of 11%/10% YoY for our coverage universeOur assumptions are: (1) Pharma coverage will see 10% YoY sales growth driven by 11% YoY increase in the India businessContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharma and Healthcare (Q3FY26E Results Preview): Base business momentum to offset gRevlimid drag

India

Aurobindo Pharma is an Indian multinational pharmaceutical manufacturing company that develops, manufactures, and commercializes a wide range of generic pharmaceuticals, active pharmaceutical ingredients (APIs), and specialty formulations. The company's product portfolio covers therapeutic areas including antibiotics, anti-retrovirals, cardiovascular, central nervous system, gastroenterologicals, anti-allergics, oncology, and dermatology. It commenced operations in 1988-1989 with a single unit manufacturing semi-synthetic penicillin in Puducherry. Headquartered in Hyderabad, Telangana, India, the company was founded in 1986.

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Aurobindo Pharma (ARBP IN)

Pharma and Healthcare (Q4FY26E Results Preview): Steady revenue growth, margins pressure visible

Our assumptions are: (1) Pharma coverage will see 10% YoY sales growth driven by 15% YoY increase in the India business (ex-Torrent + JB growth at...

HDFC Securities

Pharmaceuticals: US tariffs on branded drugs, generics exempted

We believe the key motive behind tariffs is to push the innovator company toward MFN or investment in plants/R&D to bring down drug prices.

HDFC Securities

Impact of India-US Trade Deal

The US has decided to reduce the reciprocal tariff on Indian goods to 18% from the earlier 50%. The trade deal is structurally positive for India’s...

Axis Direct

Impact of India-US Trade Deal

The US has decided to reduce the reciprocal tariff on Indian goods to 18% from the earlier 50%. The trade deal is structurally positive for India’s...

Axis Direct

Pharma and Healthcare (Q3FY26E Results Preview): Base business momentum to offset gRevlimid drag

The India Pharma and Healthcare sector is expected to see moderate revenue growth as EBITDA margins remain flat. We project sales/EBITDA growth of...

HDFC Securities

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