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. 

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Thematic (Sector/Industry)

<ul><li>Pharmaceuticals: We expect pharmaceutical companies under our coverage to deliver a steady performance in Q2FY26, with aggregate revenue rising by 7.4% YoY and 2.7% QoQ to Rs 36,683 Cr.</li><li>EBITDA is estimated to increase by 7.5% YoY and 0.4% QoQ to Rs 8,510 Cr, while adjusted PAT is likely to grow by 10.2% YoY but decline 1.8% sequentially to Rs 5,014 Cr.</li><li>The sector’s operating margin is expected to remain stable at around 23.2%, supported by cost efficiencies and a favourable product mix despite continued pricing headwinds.</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 steady performance in Q2FY26, with aggregate revenue rising by 7.4% YoY and 2.7% QoQ to Rs 36,683 Cr.EBITDA is estimated to increase by 7.5% YoY and 0.4% QoQ to Rs 8,510 Cr, while adjusted PAT is likely to grow by 10.2% YoY but decline 1.8% sequentially to Rs 5,014 Cr.The sector’s operating margin is expected to remain stable at around 23.2%, supported by cost efficiencies and a favourable product mix despite continued pricing headwinds.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.

Q2FY26 Earnings Preview - Pharma & Healthcare

<ul><li>The Q1FY26 earnings season was marked with interesting events such as 1) Geopolitical tension, 2) Volatility in Crude Prices, 3) Interest rate cuts, 4) Unseasonal Rainfall, 5) Supply chain disruptions, and 6) Improving liquidity.</li><li>These developments indicate Q1FY26 earnings season is expected to exhibit a mix trend, similar to the patterns observed in previous quarters.</li><li>Some breather is expected in Q1FY26 on account of sequential improvement in some of the pockets of high-frequency indicators. </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 Q1FY26 earnings season was marked with interesting events such as 1) Geopolitical tension, 2) Volatility in Crude Prices, 3) Interest rate cuts, 4) Unseasonal Rainfall, 5) Supply chain disruptions, and 6) Improving liquidity.These developments indicate Q1FY26 earnings season is expected to exhibit a mix trend, similar to the patterns observed in previous quarters.Some breather is expected in Q1FY26 on account of sequential improvement in some of the pockets of high-frequency indicators. 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.

<ul><li>The pharmaceutical universe under our coverage reported Q4FY25 growth of 12.3% YoY and 2.3% QoQ, driven by strong growth in the India business (11.2% YoY).</li><li>The US business reported growth of 7.7% in CC terms, while uncertainty was around trade tariffs.</li><li>In the domestic market, the Indian Pharmaceutical Market (IPM) recorded 8% YoY growth in Q4FY25.</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 pharmaceutical universe under our coverage reported Q4FY25 growth of 12.3% YoY and 2.3% QoQ, driven by strong growth in the India business (11.2% YoY).The US business reported growth of 7.7% in CC terms, while uncertainty was around trade tariffs.In the domestic market, the Indian Pharmaceutical Market (IPM) recorded 8% YoY growth in Q4FY25.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.

Top Conviction Ideas - “Pharmaceutical & Hospitals” - Q4FY25 Pharma Review

<ul><li>We anticipate that pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 10.9% YoY and 0.8% QoQ, along with EBITDA growth of 15.3% YoY and a decline of 1.7% QoQ.</li><li>Moreover, adjusted PAT is expected to grow by 8.7% YoY and decrease by 7.9% QoQ.</li><li>Domestic formulations and niche launches in the US market will likely drive this growth.</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.

We anticipate that pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 10.9% YoY and 0.8% QoQ, along with EBITDA growth of 15.3% YoY and a decline of 1.7% QoQ.Moreover, adjusted PAT is expected to grow by 8.7% YoY and decrease by 7.9% QoQ.Domestic formulations and niche launches in the US market will likely drive this growth.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.

Q4FY25 Earnings Preview - Pharma & Healthcare

<ul><li>The pharmaceutical universe under our coverage reported Q3FY25 growth of 10.2% YoY and 2.3% QoQ, driven by strong growth in the India business (11.2% YoY) and stability in the US business despite a decline in gRevlimid sales. </li><li>In the domestic market, the Indian Pharmaceutical Market (IPM) recorded 8% YoY growth in Q3FY25.</li><li>Chronic therapies grew by 9%, while acute therapies saw a modest 4% growth, primarily due to a weak season for acute segments. </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 pharmaceutical universe under our coverage reported Q3FY25 growth of 10.2% YoY and 2.3% QoQ, driven by strong growth in the India business (11.2% YoY) and stability in the US business despite a decline in gRevlimid sales. In the domestic market, the Indian Pharmaceutical Market (IPM) recorded 8% YoY growth in Q3FY25.Chronic therapies grew by 9%, while acute therapies saw a modest 4% growth, primarily due to a weak season for acute segments. 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.

Top Conviction Ideas - “Pharmaceutical & Hospitals”

India

Fortis Healthcare Ltd. is a health care provider.  The Company operates multi- specialty hospitals, a boutique-style hospital, and various satellite and heart command centers.

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Fortis Healthcare (FORH IN)

Q2FY26 Earnings Preview - Pharma & Healthcare

We expect pharmaceutical companies under our coverage to deliver a steady performance in Q2FY26, with aggregate revenue rising by 7.4% YoY and 2.7%...

Axis Direct

Q1FY26 - Consolidated Earnings Preview

Some breather is expected in Q1FY26 on account of sequential improvement in some of the pockets of high-frequency indicators.

Axis Direct

Top Conviction Ideas - “Pharmaceutical & Hospitals” - Q4FY25 Pharma Review

The pharmaceutical universe under our coverage reported Q4FY25 growth of 12.3% YoY and 2.3% QoQ, driven by strong growth in the India business...

Axis Direct

Q4FY25 Earnings Preview - Pharma & Healthcare

Moreover, adjusted PAT is expected to grow by 8.7% YoY and decrease by 7.9% QoQ. Domestic formulations and niche launches in the US market will...

Axis Direct

Top Conviction Ideas - “Pharmaceutical & Hospitals”

The pharmaceutical universe under our coverage reported Q3FY25 growth of 10.2% YoY and 2.3% QoQ, driven by strong growth in the India business...

Axis Direct

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