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

Thematic (Sector/Industry)

<ul>
<li>IPM grew 11% YoY in Mar 2026, closing FY2026 at ~10% YoY growth, with Semaglutide generics launching commercially and the GLP-1 market surging more than 3.8x on a MAT basis</li>
<li>The GLP-1 genericization event is a structural inflection for anti-diabetics. Meanwhile, Jan Aushadhi's rapid expansion to ~18,000 stores poses a medium-term headwind to branded IPM volume growth.</li>
<li>Preferred picks include Torrent Pharma, Sun Pharma, Emcure and Corona. Pricing and new launches remain the primary growth levers for FY2027; volume recovery is the variable to watch.</li>
</ul>


IPM grew 11% YoY in Mar 2026, closing FY2026 at ~10% YoY growth, with Semaglutide generics launching commercially and the GLP-1 market surging more than 3.8x on a MAT basis
The GLP-1 genericization event is a structural inflection for anti-diabetics. Meanwhile, Jan Aushadhi's rapid expansion to ~18,000 stores poses a medium-term headwind to branded IPM volume growth.
Preferred picks include Torrent Pharma, Sun Pharma, Emcure and Corona. Pricing and new launches remain the primary growth levers for FY2027; volume recovery is the variable to watch.


IPM Pharma Pulse March-25: Driven by Semaglutide Generics; Low Single Digit Growth Outlook for FY27

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.

<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

Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Bharti Airtel, Oil &amp; Natural Gas, Grasim Industries, State Bank of India, Hindalco Industries, InterGlobe Aviation.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Bharti Airtel, Oil &amp; Natural Gas, Grasim Industries, State Bank of India, Hindalco Industries, InterGlobe Aviation.


NIFTY Index Earning Revision (May): Bharti Airtel, Oil & Natural Gas, Grasim Industries

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>To address national security risks and boost domestic production, the US imposed up to 100% tariffs on imported patented pharmaceutical products</li>
<li>India's generic drug exports remain currently exempt, providing immediate relief, but a 12 month policy review creates significant long term structural risks.
</li>
<li>Sun Pharma faces the highest exposure from its innovative portfolio, though existing manufacturing trade agreements effectively cap its maximum tariff at 15%</li>
</ul>


To address national security risks and boost domestic production, the US imposed up to 100% tariffs on imported patented pharmaceutical products
India's generic drug exports remain currently exempt, providing immediate relief, but a 12 month policy review creates significant long term structural risks.

Sun Pharma faces the highest exposure from its innovative portfolio, though existing manufacturing trade agreements effectively cap its maximum tariff at 15%


Trump Tariffs 2.0: The Asymmetric Impact on Indian Pharma and Sun Pharma's True Exposure

India

Dr. Reddy's Laboratories Limited provides a complete range of pharmaceutical services. The Company manufactures bulk drugs and formulations including verapamil and cephalexin. The Company also manufactures and exports molecules such as norfloxacin, ciprofloxacin, and varieties of semi-synthetic penicillin. The Company markets its products in India and around the world.

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Dr. Reddy's Laboratories (DRRD IN)

IPM Pharma Pulse March-25: Driven by Semaglutide Generics; Low Single Digit Growth Outlook for FY27

IPM sees 11% YoY growth in Mar 2026, driven by Semaglutide generics and GLP-1 market surge. Jan Aushadhi's expansion poses challenge to branded...

Nimish Maheshwari

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

NIFTY Index Earning Revision (May): Bharti Airtel, Oil & Natural Gas, Grasim Industries

We analyzed NIFTY's consensus for May 2026 and highlighted changes of EPS in Bharti Airtel, Oil & Natural Gas, Grasim Industries, State Bank of...

Ke Yan, CFA, FRM

Trump Tariffs 2.0: The Asymmetric Impact on Indian Pharma and Sun Pharma's True Exposure

US imposes high tariffs on imported pharmaceuticals to address national security risks, India's generic drug exports exempt for now but face long...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IPM Pharma Pulse March-25: Driven by Semaglutide Generics; Low Single Digit Growth Outlook for FY27

​IPM sees 11% YoY growth in Mar 2026, driven by Semaglutide generics and GLP-1 market surge. Jan Aushadhi's expansion poses challenge to branded...

Nimish Maheshwari

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

NIFTY Index Earning Revision (May): Bharti Airtel, Oil & Natural Gas, Grasim Industries

We analyzed NIFTY's consensus for May 2026 and highlighted changes of EPS in Bharti Airtel, Oil & Natural Gas, Grasim Industries, State Bank of...

Ke Yan, CFA, FRM

Trump Tariffs 2.0: The Asymmetric Impact on Indian Pharma and Sun Pharma's True Exposure

​US imposes high tariffs on imported pharmaceuticals to address national security risks, India's generic drug exports exempt for now but face long...

Sudarshan Bhandari

IPM sees 11% YoY growth in Mar 2026, driven by Semaglutide generics and GLP-1 market surge. Jan Aushadhi's expansion poses challenge to branded...

US imposes high tariffs on imported pharmaceuticals to address national security risks, India's generic drug exports exempt for now but face long...