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. 

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.

Equity Bottom-Up

<ul><li>Biocon's Q4FY25 results surpassed expectations.</li><li>Revenue grew 12.8% YoY and 15.6% QoQ, primarily driven by gRevlimid values in the generics segment and the launch of GLP1 in the UK, while the biosimilars segment grew 4.5% YoY. Syngene (Research Services) reported growth of 11% on a YoY Basis.</li><li>The company’s gross margins improved by 60bps YoY and 220bps QoQ to 66.7%. EBITDA margins improved to 24.4%, up 100bps YoY and 470bps QoQ.</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.

Biocon's Q4FY25 results surpassed expectations.Revenue grew 12.8% YoY and 15.6% QoQ, primarily driven by gRevlimid values in the generics segment and the launch of GLP1 in the UK, while the biosimilars segment grew 4.5% YoY. Syngene (Research Services) reported growth of 11% on a YoY Basis.The company’s gross margins improved by 60bps YoY and 220bps QoQ to 66.7%. EBITDA margins improved to 24.4%, up 100bps YoY and 470bps QoQ.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.

Biocon Ltd - Growth Driven by Generics; Expansion by New Launches

<ul><li>Biocon Limited is an innovation-led, global biopharmaceutical company dedicated to enhancing affordable access to complex therapies for chronic conditions such as diabetes, cancer, and autoimmune diseases.</li><li>The company has developed and commercialised novel biologics, biosimilars, complex small-molecule APIs in India and key global markets, and generic formulations in the US and Europe.</li><li>Additionally, it has a pipeline of promising novel assets in immunotherapy under development.</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.

Biocon Limited is an innovation-led, global biopharmaceutical company dedicated to enhancing affordable access to complex therapies for chronic conditions such as diabetes, cancer, and autoimmune diseases.The company has developed and commercialised novel biologics, biosimilars, complex small-molecule APIs in India and key global markets, and generic formulations in the US and Europe.Additionally, it has a pipeline of promising novel assets in immunotherapy under development.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.

Pick of the Week: Biocon Ltd - 03rd May, 2025

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>Biocon (BIOS) has received ‘Voluntary Action Indicated’ (VAI) status for its Malaysian site.</li><li>With this, BIOS now has all critical sites for biosimilars under USFDA compliance, improving its business prospects in the US market.</li><li>Regulatory compliance at the Malaysian site paves the way for commercial opportunities for B-Aspart.</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.

Biocon (BIOS) has received ‘Voluntary Action Indicated’ (VAI) status for its Malaysian site.With this, BIOS now has all critical sites for biosimilars under USFDA compliance, improving its business prospects in the US market.Regulatory compliance at the Malaysian site paves the way for commercial opportunities for B-Aspart.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.

Biocon - ‘VAI’ Status for Malaysian Site Provides Regulatory Boost

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.</li>
</ul>



Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.


Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thyrocare Technologies / Equity Bottom-Up

<ul>
<li>The generic availability of GLP-1 drugs from 2026 presents a structural, high-volume, and repetitive diagnostics opportunity that perfectly fits Thyrocare's low-cost, centralized B2B model.</li>
<li>
<a href="https://www.smartkarma.com/entities/thyrocare-technologies-ltd" target="_blank" data-smartkarma-citation="entities:22694:1" rel="noopener">Thyrocare Technologies (THYROCAR IN)</a> reported robust Q2 FY'26 consolidated revenue growth of 22% YoY, coupled with a normalized EBITDA margin expansion to 34.8%.</li>
<li>Strong execution and quality improvements position Thyrocare to capture this multi-year GLP-1-driven volume surge.</li>
</ul>


The generic availability of GLP-1 drugs from 2026 presents a structural, high-volume, and repetitive diagnostics opportunity that perfectly fits Thyrocare's low-cost, centralized B2B model.

Thyrocare Technologies (THYROCAR IN) reported robust Q2 FY'26 consolidated revenue growth of 22% YoY, coupled with a normalized EBITDA margin expansion to 34.8%.
Strong execution and quality improvements position Thyrocare to capture this multi-year GLP-1-driven volume surge.


Thyrocare Technologies Limited: Positioned for the GLP-1 Diagnostics

India

Biocon Ltd., is an integrated biotechnology enterprise with a presence in biopharmaceuticals, enzymes, custom research and clinical research. The Company's pharmaceutical products include statins, immunosuppressants and anti-diabetic drugs. Biocon also manufactures specialty enzymes and new enzyme applications besides providing clinical and custom research services.

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Biocon Ltd (BIOS IN)

Biocon Ltd - Growth Driven by Generics; Expansion by New Launches

The company’s gross margins improved by 60bps YoY and 220bps QoQ to 66.7%. EBITDA margins improved to 24.4%, up 100bps YoY and 470bps QoQ.

Axis Direct

Pick of the Week: Biocon Ltd - 03rd May, 2025

The company has developed and commercialised novel biologics, biosimilars, complex small-molecule APIs in India and key global markets, and generic...

Axis Direct

Biocon - ‘VAI’ Status for Malaysian Site Provides Regulatory Boost

Biocon (BIOS) has received ‘Voluntary Action Indicated’ (VAI) status for its Malaysian site. With this, BIOS now has all critical sites for...

Motilal Oswal

Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Thyrocare Technologies Limited: Positioned for the GLP-1 Diagnostics

Thyrocare Technologies poised to capitalize on GLP-1 drug availability from 2026 with strong Q2 performance and low-cost B2B model.

Nimish Maheshwari

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52-week Range

Market Cap (USDm)

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Biocon Ltd - Growth Driven by Generics; Expansion by New Launches

The company’s gross margins improved by 60bps YoY and 220bps QoQ to 66.7%. EBITDA margins improved to 24.4%, up 100bps YoY and 470bps QoQ.

Axis Direct

Pick of the Week: Biocon Ltd - 03rd May, 2025

The company has developed and commercialised novel biologics, biosimilars, complex small-molecule APIs in India and key global markets, and generic...

Axis Direct

Biocon - ‘VAI’ Status for Malaysian Site Provides Regulatory Boost

Biocon (BIOS) has received ‘Voluntary Action Indicated’ (VAI) status for its Malaysian site. With this, BIOS now has all critical sites for...

Motilal Oswal

Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Thyrocare Technologies Limited: Positioned for the GLP-1 Diagnostics

​Thyrocare Technologies poised to capitalize on GLP-1 drug availability from 2026 with strong Q2 performance and low-cost B2B model.

Nimish Maheshwari

Thyrocare Technologies poised to capitalize on GLP-1 drug availability from 2026 with strong Q2 performance and low-cost B2B model.