External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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

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Thematic (Sector/Industry)

<ul><li>Pharmaceuticals: We expect pharmaceutical companies under our coverage to deliver a subdued yet positive performance in Q2FY27, with aggregate revenue rising 7.0% YoY and 3.6% QoQ to Rs 40,903 Cr.</li><li>However, EBITDA is estimated to decline 10% YoY but rise 6.3% QoQ to Rs 8,308 Cr, while adjusted PAT is likely to decline 19.6% YoY but moderately rise by 4.2% sequentially to Rs 4,331 Cr.</li><li>According to IQVIA data, chronic care segments such as cardiovascular and antidiabetic treatments are sustaining their outperformance against the broader Indian Pharmaceutical Market. </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.

Pharmaceuticals: We expect pharmaceutical companies under our coverage to deliver a subdued yet positive performance in Q2FY27, with aggregate revenue rising 7.0% YoY and 3.6% QoQ to Rs 40,903 Cr.However, EBITDA is estimated to decline 10% YoY but rise 6.3% QoQ to Rs 8,308 Cr, while adjusted PAT is likely to decline 19.6% YoY but moderately rise by 4.2% sequentially to Rs 4,331 Cr.According to IQVIA data, chronic care segments such as cardiovascular and antidiabetic treatments are sustaining their outperformance against the broader Indian Pharmaceutical Market. 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 - Q2FY27E: Result Preview

Equity Bottom-Up

<ul><li>Growth Driven by Base Business: Aurobindo reported Q3FY26 revenue of Rs 8,646 Cr marking 8.4% YoY and 4.3% QoQ growth.</li><li>Performance was supported by steady traction in the core base business, with the US contributing ~$420 Mn.</li><li>US Injectables segment also reported healthy growth of 17% YoY, while Europe formulations emerged as the key growth engine, delivering strong 27.4% YoY growth to Rs 2,703 Cr, reflecting improved product mix and capacity utilization. </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.

Growth Driven by Base Business: Aurobindo reported Q3FY26 revenue of Rs 8,646 Cr marking 8.4% YoY and 4.3% QoQ growth.Performance was supported by steady traction in the core base business, with the US contributing ~$420 Mn.US Injectables segment also reported healthy growth of 17% YoY, while Europe formulations emerged as the key growth engine, delivering strong 27.4% YoY growth to Rs 2,703 Cr, reflecting improved product mix and capacity utilization. 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>Growth Driven by Base Business: Aurobindo reported revenue of Rs 8,286 Cr in Q2FY26, broadly in line with expectations.</li><li>Revenue grew 6.3% YoY and 5.3% QoQ, supported by strong performance in its core base business.</li><li>Consolidated growth was maintained despite limited contribution from Revlimid, which is expected to taper off entirely from Q3 onwards.</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.

Growth Driven by Base Business: Aurobindo reported revenue of Rs 8,286 Cr in Q2FY26, broadly in line with expectations.Revenue grew 6.3% YoY and 5.3% QoQ, supported by strong performance in its core base business.Consolidated growth was maintained despite limited contribution from Revlimid, which is expected to taper off entirely from Q3 onwards.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.

Aurobindo Pharma Ltd - Base Business Sustaining Momentum

<ul><li>The Shift to Expansion (The Setup): While global crosscurrents and volatile commodity prices continue to create headline noise, our quantitative macro dashboard confirms a definitive shift into an 'Expansion' regime.</li><li>Strengthening domestic economic activity and stabilizing liquidity are providing a solid, measurable foundation for cyclical risk-taking.</li><li>Broad Market Exhaustion: Despite the stronger underlying economic backdrop, the headline stock market remains choppy and inefficient. </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 Shift to Expansion (The Setup): While global crosscurrents and volatile commodity prices continue to create headline noise, our quantitative macro dashboard confirms a definitive shift into an 'Expansion' regime.Strengthening domestic economic activity and stabilizing liquidity are providing a solid, measurable foundation for cyclical risk-taking.Broad Market Exhaustion: Despite the stronger underlying economic backdrop, the headline stock market remains choppy and inefficient. 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>Global Risk Deflation: The prospect of geopolitical de-escalation has acted as a powerful macro catalyst.</li><li>The sharp contraction in crude oil's risk premium has flushed fear out of the system, freeing up liquidity to rotate aggressively back into risky assets.</li><li>Stock Picker’s Market: The headline stock market indices are trading sideways without a clear direction. </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.

Global Risk Deflation: The prospect of geopolitical de-escalation has acted as a powerful macro catalyst.The sharp contraction in crude oil's risk premium has flushed fear out of the system, freeing up liquidity to rotate aggressively back into risky assets.Stock Picker’s Market: The headline stock market indices are trading sideways without a clear direction. 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.

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 - Q2FY27E: Result Preview

We expect pharmaceutical companies under our coverage to deliver a subdued yet positive performance in Q2FY27, with aggregate revenue rising 7.0%...

Axis Direct

Aurobindo Pharma Ltd - Operational Beat

US Injectables segment also reported healthy growth of 17% YoY, while Europe formulations emerged as the key growth engine, delivering strong 27.4%...

Axis Direct

Aurobindo Pharma Ltd - Base Business Sustaining Momentum

Growth Driven by Base Business: Aurobindo reported revenue of Rs 8,286 Cr in Q2FY26, broadly in line with expectations. Revenue grew 6.3% YoY and...

Axis Direct

Monthly Quant Report August 2026

Strengthening domestic economic activity and stabilizing liquidity are providing a solid, measurable foundation for cyclical risk-taking.

Axis Direct

Monthly Quant Report June 2026

The sharp contraction in crude oil's risk premium has flushed fear out of the system, freeing up liquidity to rotate aggressively back into risky...

Axis Direct

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