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>As per IQVIA, IPM recorded growth for Feb-26 at 11% YoY (vs 12% in Feb-26), unit decline by 0.2% YoY (0.9%% in Feb-26)</li><li>Growth was led by CVS, anti-diabetes, pain, VMN, and oncology segments, while growth in anti-infective and respiratory was below IPM growth</li><li>For Q4FY26, IPM grew 12% YoY and FY26 grew 10% YoY, led by ~2.7% volume, 4.4% price, and 2.8% new products.</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.

As per IQVIA, IPM recorded growth for Feb-26 at 11% YoY (vs 12% in Feb-26), unit decline by 0.2% YoY (0.9%% in Feb-26)Growth was led by CVS, anti-diabetes, pain, VMN, and oncology segments, while growth in anti-infective and respiratory was below IPM growthFor Q4FY26, IPM grew 12% YoY and FY26 grew 10% YoY, led by ~2.7% volume, 4.4% price, and 2.8% new products.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: IPM: 11% growth in Mar-26, 10% in FY26

<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

<ul><li>As per IQVIA, IPM recorded strong growth for Jan-26 at 11% YoY (vs 15% in Dec-25), units grew by 1.1% YoY (4.4%% in Dec-25).</li><li>Growth was led by CVS, anti-diabetes, CNS, VMN, and oncology segments, while growth in anti-infective, gastro, respiratory, derma, and pain grew at par or marginal below compared to IPM growth.</li><li>Our view: IPM growth was steady at 11% YoY in Jan-26, largely led by price growth and traction in chronic therapies.</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.

As per IQVIA, IPM recorded strong growth for Jan-26 at 11% YoY (vs 15% in Dec-25), units grew by 1.1% YoY (4.4%% in Dec-25).Growth was led by CVS, anti-diabetes, CNS, VMN, and oncology segments, while growth in anti-infective, gastro, respiratory, derma, and pain grew at par or marginal below compared to IPM growth.Our view: IPM growth was steady at 11% YoY in Jan-26, largely led by price growth and traction in chronic therapies.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: IPM: steady 11% growth in Jan-26

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>Overview: Stock investment endeavors to deliver consistent outperformance over the long term by making a diversified investment of ‘Winners’.</li><li>The Axis Intellect AI score strategy adopts unique approach to deliver alpha by applying equal exposure to ‘Core’ factors: Value, Growth, Quality, Momentum.</li><li>Consistently outperformed the benchmark with superior returns. Superior risk-adjusted long-term returns</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.

Overview: Stock investment endeavors to deliver consistent outperformance over the long term by making a diversified investment of ‘Winners’.The Axis Intellect AI score strategy adopts unique approach to deliver alpha by applying equal exposure to ‘Core’ factors: Value, Growth, Quality, Momentum.Consistently outperformed the benchmark with superior returns. Superior risk-adjusted long-term returnsContent 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

Zydus Lifesciences is an Indian multinational pharmaceutical company that researches, develops, manufactures, and markets a broad range of healthcare therapies, including generic drugs, branded generics, biosimilars, vaccines, and consumer wellness products. The company is headquartered in Ahmedabad, India, and was founded in 1952.

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Zydus Lifesciences (ZYDUSLIF IN)

Pharmaceuticals: IPM: 11% growth in Mar-26, 10% in FY26

Growth was led by CVS, anti-diabetes, pain, VMN, and oncology segments, while growth in anti-infective and respiratory was below IPM growth

HDFC Securities

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

Pharmaceuticals: IPM: steady 11% growth in Jan-26

As per IQVIA, IPM recorded strong growth for Jan-26 at 11% YoY (vs 15% in Dec-25), units grew by 1.1% YoY (4.4%% in Dec-25). Growth was led by CVS,...

HDFC Securities

Axis Intellect - Balanced

Overview: Stock investment endeavors to deliver consistent outperformance over the long term by making a diversified investment of ‘Winners’.

Axis Direct

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