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 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

<ul><li>Strong Core: The base business reported revenue of Rs 1,800 Cr, demonstrating resilience, with growth supported by new launches such as Dalbavancin.</li><li>Consolidated company revenue grew 19.6% YoY, driven by strong US volume growth, partially offset by ROW delays.</li><li>Adjusted EBITDA margin for the group stood at ~28%. </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.

Strong Core: The base business reported revenue of Rs 1,800 Cr, demonstrating resilience, with growth supported by new launches such as Dalbavancin.Consolidated company revenue grew 19.6% YoY, driven by strong US volume growth, partially offset by ROW delays.Adjusted EBITDA margin for the group stood at ~28%. 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.

Gland Pharma Ltd - Visible Turnaround in Cenexi with Strong Base

<ul><li>Strong Core: The base business reported revenue of Rs 1,179 Cr, demonstrating resilience, with growth supported by new launches like Doxycycline.</li><li>Base business revenue grew 16.5% YoY, driven by ~19% volume growth, partially offset by price erosion. Adjusted EBITDA margins for the base business stood at ~37%.</li><li>Cenexi Turnaround Gaining Traction: Turnaround at Cenexi is clearly visible, with Q3FY26 marking its highest-ever quarterly performance. </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.

Strong Core: The base business reported revenue of Rs 1,179 Cr, demonstrating resilience, with growth supported by new launches like Doxycycline.Base business revenue grew 16.5% YoY, driven by ~19% volume growth, partially offset by price erosion. Adjusted EBITDA margins for the base business stood at ~37%.Cenexi Turnaround Gaining Traction: Turnaround at Cenexi is clearly visible, with Q3FY26 marking its highest-ever quarterly performance. 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>Stable Core and Cenexi Turnaround Drive Revenue Growth: Gland Pharma reported consolidated revenue of Rs 1,487 Cr in Q2FY26, marking a 5.8% YoY growth, in line with our estimates.</li><li>The base business (ex-Cenexi) grew by 1.1% YoY, while Cenexi delivered a strong turnaround, reporting 20.7% YoY growth, sustaining the momentum of recovery and successful integration.</li><li>Cenexi: Cenexi reported Q2FY26 revenue of Rs 410 Cr, with operational loss of Rs 62 Cr as the unit was impacted by the annual maintenance shutdown.</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.

Stable Core and Cenexi Turnaround Drive Revenue Growth: Gland Pharma reported consolidated revenue of Rs 1,487 Cr in Q2FY26, marking a 5.8% YoY growth, in line with our estimates.The base business (ex-Cenexi) grew by 1.1% YoY, while Cenexi delivered a strong turnaround, reporting 20.7% YoY growth, sustaining the momentum of recovery and successful integration.Cenexi: Cenexi reported Q2FY26 revenue of Rs 410 Cr, with operational loss of Rs 62 Cr as the unit was impacted by the annual maintenance shutdown.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.

Gland Pharma Ltd - Poised for Stronger H2 Momentum; Rating Upgraded to BUY

<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.

India

Gland Pharma is a leading pharmaceutical company specializing in the manufacturing and marketing of complex injectables, operating primarily under a business-to-business (B2B) model. The company provides contract development and manufacturing organization (CDMO) services and out-licenses its generic injectable portfolio globally. Headquartered in Hyderabad, India, it was founded in 1978.

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Gland Pharma (GLAND 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

Gland Pharma Ltd - Visible Turnaround in Cenexi with Strong Base

Strong Core: The base business reported revenue of Rs 1,800 Cr, demonstrating resilience, with growth supported by new launches such as Dalbavancin.

Axis Direct

Gland Pharma Ltd - Visible Turnaround in Cenexi with Strong Base

Strong Core: The base business reported revenue of Rs 1,179 Cr, demonstrating resilience, with growth supported by new launches like Doxycycline.

Axis Direct

Gland Pharma Ltd - Poised for Stronger H2 Momentum; Rating Upgraded to BUY

Stable Core and Cenexi Turnaround Drive Revenue Growth: Gland Pharma reported consolidated revenue of Rs 1,487 Cr in Q2FY26, marking a 5.8% YoY...

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

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