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>Cipla US Sales Dip as gRevlimid Fades: The company’s US revenue for Q2FY26 stood at $233 Mn, reflecting a 1.7% YoY decline impacted by gRevlimid but offset by Albutero and Lanreotide as their market shares have now risen to 22% and Cipla's first biosimilar Filgrastim entry into the US market.</li><li>It expects virtually no contribution from gRevlimid in Q3FY26.</li><li>Strong Chronic, Trade Generics Boost One India 6.7% YoY: One India’s segment grew 6.7% YoY, largely driven by the robust performance of chronic products and strong double-digit growth in the Trade Generics 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.

Cipla US Sales Dip as gRevlimid Fades: The company’s US revenue for Q2FY26 stood at $233 Mn, reflecting a 1.7% YoY decline impacted by gRevlimid but offset by Albutero and Lanreotide as their market shares have now risen to 22% and Cipla's first biosimilar Filgrastim entry into the US market.It expects virtually no contribution from gRevlimid in Q3FY26.Strong Chronic, Trade Generics Boost One India 6.7% YoY: One India’s segment grew 6.7% YoY, largely driven by the robust performance of chronic products and strong double-digit growth in the Trade Generics business.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.

Cipla Ltd - Next-Gen Growth with GLP-1 & Respiratory Pipeline; Maintain BUY

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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cipla-ltd" target="_blank" data-smartkarma-citation="entities:3918:1" rel="noopener">Cipla Ltd (CIPLA IN)</a> signed an exclusive distribution and promotion agreement with Eli Lilly on 23 October 2025 to market tirzepatide under the brand name Yurpeak in India.</li>
<li>The deal positions Cipla as a first mover in India’s nascent GLP-1 obesity care segment, projected to grow 40x by 2030.</li>
<li>Financially modest but strategically transformative, the deal anchors Cipla’s entry into obesity therapeutics and sets the stage for a broader GLP-1 platform spanning branded and generic drugs.</li>
</ul>



Cipla Ltd (CIPLA IN) signed an exclusive distribution and promotion agreement with Eli Lilly on 23 October 2025 to market tirzepatide under the brand name Yurpeak in India.
The deal positions Cipla as a first mover in India’s nascent GLP-1 obesity care segment, projected to grow 40x by 2030.
Financially modest but strategically transformative, the deal anchors Cipla’s entry into obesity therapeutics and sets the stage for a broader GLP-1 platform spanning branded and generic drugs.


Cipla-Eli Lilly Deal: Strategic Masterstroke or Margin Mirage?

<ul><li>The company’s US revenue stood at $226 Mn, reflecting a 9.6% YoY decline impacted by gRevlimid and a 2.3% increase QoQ on improved lanreotide sales.</li><li>One India’s segment grew 6% YoY, driven by muted therapies such as Respiratory. Chronic products. These now contribute 61.5% of revenue, continuing to outperform IPM growth, while the Acute segment remains affected by seasonal headwinds.</li><li>The South Africa business expanded 30% YoY, aided by robust growth in the private market and OTC 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.

The company’s US revenue stood at $226 Mn, reflecting a 9.6% YoY decline impacted by gRevlimid and a 2.3% increase QoQ on improved lanreotide sales.One India’s segment grew 6% YoY, driven by muted therapies such as Respiratory. Chronic products. These now contribute 61.5% of revenue, continuing to outperform IPM growth, while the Acute segment remains affected by seasonal headwinds.The South Africa business expanded 30% YoY, aided by robust growth in the private market and OTC 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.

Cipla Ltd - Promising Pipeline, Maintain BUY

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>We have screened for APAC (ex-China) healthcare companies using their respective Smart Score, a compound score for a company indicating its overall outlook based on key factors.</li>
<li>Smart Score screens the stock based on five major components including value, dividends, growth, resilience, and momentum. It also provides a cumulative score, which puts equal weightage on each parameter.  </li>
<li>Parameters used to screen the stocks: market cap≥ $800M and smart score≥ 3.5. We have seen stocks having high smart score has strong growth prospects and qualify for investment proposition.</li>
</ul>


We have screened for APAC (ex-China) healthcare companies using their respective Smart Score, a compound score for a company indicating its overall outlook based on key factors.
Smart Score screens the stock based on five major components including value, dividends, growth, resilience, and momentum. It also provides a cumulative score, which puts equal weightage on each parameter.  
Parameters used to screen the stocks: market cap≥ $800M and smart score≥ 3.5. We have seen stocks having high smart score has strong growth prospects and qualify for investment proposition.


Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cipla-ltd" target="_blank" data-smartkarma-citation="entities:3918:1" rel="noopener">Cipla Ltd (CIPLA IN)</a> reported better-than-expected Q1FY24 result, with revenue growing 18% YoY, driven by India and the U.S., both of which reported record high revenue.  </li>
<li>Stellar performance across all markets drove EBITDA to multi-quarter highs. EBITDA margin expanded 230 bps YoY and 310 bps QoQ to 23.6%. Net profit increased 45% YoY to INR10 billion.</li>
<li>Cipla expects the average revenue run rate of $210–215M from its U.S. business in the coming quarters. For FY24, management has raised EBITDA margin guidance to 23% from 22%.</li>
</ul>



Cipla Ltd (CIPLA IN) reported better-than-expected Q1FY24 result, with revenue growing 18% YoY, driven by India and the U.S., both of which reported record high revenue.  
Stellar performance across all markets drove EBITDA to multi-quarter highs. EBITDA margin expanded 230 bps YoY and 310 bps QoQ to 23.6%. Net profit increased 45% YoY to INR10 billion.
Cipla expects the average revenue run rate of $210–215M from its U.S. business in the coming quarters. For FY24, management has raised EBITDA margin guidance to 23% from 22%.


2023 High Conviction Update: Cipla (CIPLA IN)- Stellar Q1FY24 Performance; Margin Guidance Raised

India

Cipla Limited manufactures and sells pharmaceutical and personal care products. The Company offers active pharmaceutical ingredients, and formulations in therapeutic areas, such as allergy, analgesic, anti malarial, anti-infectives, cardiology, dermatology and cosmeceuticals, diabetology, gastroenterology, steroids, iron chelators, nutritional products.

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Cipla Ltd (CIPLA IN)

Cipla Ltd - Next-Gen Growth with GLP-1 & Respiratory Pipeline; Maintain BUY

The company’s US revenue for Q2FY26 stood at $233 Mn, reflecting a 1.7% YoY decline impacted by gRevlimid but offset by Albutero and Lanreotide...

Axis Direct

Cipla-Eli Lilly Deal: Strategic Masterstroke or Margin Mirage?

Cipla Ltd partners with Eli Lilly to launch tirzepatide in India as part of strategic move into obesity therapeutics and GLP-1 platform.

Nimish Maheshwari

Cipla Ltd - Promising Pipeline, Maintain BUY

The company’s US revenue stood at $226 Mn, reflecting a 9.6% YoY decline impacted by gRevlimid and a 2.3% increase QoQ on improved lanreotide sales.

Axis Direct

Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener

We have screened APAC (ex-China) healthcare companies with market cap≥$800M using Smartkarma’s Smart Score and picked up 2 investable ideas by...

Tina Banerjee

2023 High Conviction Update: Cipla (CIPLA IN)- Stellar Q1FY24 Performance; Margin Guidance Raised

Q1FY24 result beat expectations. Both India and the U.S. businesses reported record high revenue. EBITDA rose to multi-quarter high. For FY24,...

Tina Banerjee

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52-week Range

Market Cap (USDm)

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Cipla Ltd - Next-Gen Growth with GLP-1 & Respiratory Pipeline; Maintain BUY

The company’s US revenue for Q2FY26 stood at $233 Mn, reflecting a 1.7% YoY decline impacted by gRevlimid but offset by Albutero and Lanreotide...

Axis Direct

Cipla-Eli Lilly Deal: Strategic Masterstroke or Margin Mirage?

​Cipla Ltd partners with Eli Lilly to launch tirzepatide in India as part of strategic move into obesity therapeutics and GLP-1 platform.

Nimish Maheshwari

Cipla Ltd - Promising Pipeline, Maintain BUY

The company’s US revenue stood at $226 Mn, reflecting a 9.6% YoY decline impacted by gRevlimid and a 2.3% increase QoQ on improved lanreotide sales.

Axis Direct

Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener

We have screened APAC (ex-China) healthcare companies with market cap≥$800M using Smartkarma’s Smart Score and picked up 2 investable ideas by...

Tina Banerjee

2023 High Conviction Update: Cipla (CIPLA IN)- Stellar Q1FY24 Performance; Margin Guidance Raised

Q1FY24 result beat expectations. Both India and the U.S. businesses reported record high revenue. EBITDA rose to multi-quarter high. For FY24,...

Tina Banerjee

Cipla Ltd partners with Eli Lilly to launch tirzepatide in India as part of strategic move into obesity therapeutics and GLP-1 platform.