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 steady revenue growth but EBITDA margins to remain flat</li><li>We project sales/EBITDA growth of 11%/12% YoY for our coverage universe</li><li>Our assumptions are: (1) pharma coverage will see 11% YoY sales growth, as moderate 10% YoY increase in the India business due to new GST related disruption in Sep-25 month</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 steady revenue growth but EBITDA margins to remain flatWe project sales/EBITDA growth of 11%/12% YoY for our coverage universeOur assumptions are: (1) pharma coverage will see 11% YoY sales growth, as moderate 10% YoY increase in the India business due to new GST related disruption in Sep-25 monthContent 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 (Q2FY26E Results Preview): Q2FY26: Steady sales growth, margin to remain flat

<ul><li>DLF: DLF reported a strong quarter with pre-sales of INR 114.5bn (+78.8%/+462.7% YoY/QoQ), largely on the back of new launch in Gurgaon- Privana North</li><li>Collections remained subdued (due to delay in construction activities) to INR 27.9bn (-5.9%/-15.8% YoY/QoQ)</li><li>Moreover, DLF finally launched its Mumbai project where phase 1 is fully soldout (clocking presales of ~INR 23bn) and it eyes for phase 2 in FY27</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.

DLF: DLF reported a strong quarter with pre-sales of INR 114.5bn (+78.8%/+462.7% YoY/QoQ), largely on the back of new launch in Gurgaon- Privana NorthCollections remained subdued (due to delay in construction activities) to INR 27.9bn (-5.9%/-15.8% YoY/QoQ)Moreover, DLF finally launched its Mumbai project where phase 1 is fully soldout (clocking presales of ~INR 23bn) and it eyes for phase 2 in FY27Content 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.

HSIE Results Daily: DLF, Aurobindo Pharma, Eris Lifesciences

<ul><li>The India Pharma and Healthcare sector is expected to see steady revenue growth</li><li>However, EBITDA margins are expected to show a decline for Q1FY26E</li><li>We project sales/EBITDA growth of 11%/9% YoY for our coverage universe</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 steady revenue growthHowever, EBITDA margins are expected to show a decline for Q1FY26EWe project sales/EBITDA growth of 11%/9% YoY for our coverage universeContent 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: Q1FY26: Steady Revenues, Margins Under Pressure

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 pharmaceutical universe under our coverage reported Q4FY25 growth of 12.3% YoY and 2.3% QoQ, driven by strong growth in the India business (11.2% YoY).</li><li>The US business reported growth of 7.7% in CC terms, while uncertainty was around trade tariffs.</li><li>In the domestic market, the Indian Pharmaceutical Market (IPM) recorded 8% YoY growth in Q4FY25.</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 pharmaceutical universe under our coverage reported Q4FY25 growth of 12.3% YoY and 2.3% QoQ, driven by strong growth in the India business (11.2% YoY).The US business reported growth of 7.7% in CC terms, while uncertainty was around trade tariffs.In the domestic market, the Indian Pharmaceutical Market (IPM) recorded 8% YoY growth in Q4FY25.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.

Top Conviction Ideas - “Pharmaceutical & Hospitals” - Q4FY25 Pharma Review

<ul><li>Infoedge: Infoedge reported strong billings growth, but the margins were impacted due to higher investments</li><li>Info Edge's recruitment business billings were up 18.4% YoY in Q4FY25 and 14.6% for FY25</li><li>This growth was broad-based, observed across all segments</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.

Infoedge: Infoedge reported strong billings growth, but the margins were impacted due to higher investmentsInfo Edge's recruitment business billings were up 18.4% YoY in Q4FY25 and 14.6% for FY25This growth was broad-based, observed across all segmentsContent 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.

HSIE Results Daily: Infoedge, Aurobindo Pharma, KEC International, TTK Prestige, Stylam Industries

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 (Q2FY26E Results Preview): Q2FY26: Steady sales growth, margin to remain flat

The India Pharma and Healthcare sector is expected to see steady revenue growth but EBITDA margins to remain flatWe project sales/EBITDA growth of...

HDFC Securities

HSIE Results Daily: DLF, Aurobindo Pharma, Eris Lifesciences

DLF: DLF reported a strong quarter with pre-sales of INR 114.5bn (+78.8%/+462.7% YoY/QoQ), largely on the back of new launch in Gurgaon- Privana North

HDFC Securities

Pharma and Healthcare: Q1FY26: Steady Revenues, Margins Under Pressure

he India Pharma and Healthcare sector is expected to see steady revenue growth. However, EBITDA margins are expected to show a decline for Q1FY26E

HDFC Securities

Top Conviction Ideas - “Pharmaceutical & Hospitals” - Q4FY25 Pharma Review

The pharmaceutical universe under our coverage reported Q4FY25 growth of 12.3% YoY and 2.3% QoQ, driven by strong growth in the India business...

Axis Direct

HSIE Results Daily: Infoedge, Aurobindo Pharma, KEC International, TTK Prestige, Stylam Industries

Infoedge reported strong billings growth, but the margins were impacted due to higher investments. Info Edge's recruitment business billings were...

HDFC Securities

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