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.

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

Dr. Reddy's Laboratories / Equity Bottom-Up

<ul><li>North America Business: The U.S. business reported sales of Rs 2,200 Cr, declining 35% YoY but growing 26% QoQ, and accounted for 27% of consolidated revenue.</li><li>The YoY decline was primarily due to lower Lenalidomide sales.</li><li>This downturn is heavily driven by persistent generic price erosion and the cliff-effect collapse of high-margin lenalidomide sales, which previously absorbed a massive $50 million (Rs 4,530 million) shelf stock price reduction claim. </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.

North America Business: The U.S. business reported sales of Rs 2,200 Cr, declining 35% YoY but growing 26% QoQ, and accounted for 27% of consolidated revenue.The YoY decline was primarily due to lower Lenalidomide sales.This downturn is heavily driven by persistent generic price erosion and the cliff-effect collapse of high-margin lenalidomide sales, which previously absorbed a massive $50 million (Rs 4,530 million) shelf stock price reduction claim. 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.

Dr Reddy’s Laboratories Ltd - GRevlimid off Patent and Semaglutide Regulatory Challenges for FY27

<ul><li>Pharmaceuticals: We expect pharmaceutical companies under our coverage to deliver subtle positive performance in Q1FY27, with aggregate revenue rising 7% YoY and by 2% QoQ to Rs 38,268 Cr.</li><li>However, EBITDA is estimated to decline 6% YoY but rise by 6.5% QoQ to Rs 7,949 Cr, while adjusted PAT is likely to shrink 17% YoY but moderately rise by 5% sequentially to Rs 4,233 Cr.</li><li>According to IQVIA data, chronic care segments like cardiovascular and anti-diabetic 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 subtle positive performance in Q1FY27, with aggregate revenue rising 7% YoY and by 2% QoQ to Rs 38,268 Cr.However, EBITDA is estimated to decline 6% YoY but rise by 6.5% QoQ to Rs 7,949 Cr, while adjusted PAT is likely to shrink 17% YoY but moderately rise by 5% sequentially to Rs 4,233 Cr.According to IQVIA data, chronic care segments like cardiovascular and anti-diabetic 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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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>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

India

Dr. Reddy's Laboratories is an Indian multinational pharmaceutical company that researches, develops, manufactures, and markets a wide array of pharmaceutical products and services. The company produces over 190 medications, 60 active pharmaceutical ingredients, diagnostic kits, critical care, and biotechnology products. It operates globally across multiple regions, offering generic drugs, active pharmaceutical ingredients (APIs), differentiated formulations, biosimilars, and proprietary products. The company was founded in 1984 and is headquartered in Hyderabad, Telangana, India.

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Dr. Reddy's Laboratories (DRRD 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

Dr Reddy’s Laboratories Ltd - GRevlimid off Patent and Semaglutide Regulatory Challenges for FY27

The U.S. business reported sales of Rs 2,200 Cr, declining 35% YoY but growing 26% QoQ, and accounted for 27% of consolidated revenue.

Axis Direct

Result Preview:Pharma & Healthcare

We expect pharmaceutical companies under our coverage to deliver subtle positive performance in Q1FY27, with aggregate revenue rising 7% YoY and by...

Axis Direct

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

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