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

<ul><li>Global Headwinds &amp; Domestic Resilience (Wait-and-Watch): Global central banks remain in a data-dependent, wait-and-watch posture following recent rate hikes from the Fed and ECB, driven by persistent geopolitical tensions and sticky inflation risks.</li><li>Domestically, strong Q1 GDP growth provides solid structural support. However, markets are closely assessing the inflationary pass-through risks of volatile crude oil, which is further compounded by food inflation and a sub-par monsoon.</li><li>This sets a cautious backdrop ahead of this week’s (5-7th Oct’26) RBI MPC meeting.</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.

Global Headwinds &amp; Domestic Resilience (Wait-and-Watch): Global central banks remain in a data-dependent, wait-and-watch posture following recent rate hikes from the Fed and ECB, driven by persistent geopolitical tensions and sticky inflation risks.Domestically, strong Q1 GDP growth provides solid structural support. However, markets are closely assessing the inflationary pass-through risks of volatile crude oil, which is further compounded by food inflation and a sub-par monsoon.This sets a cautious backdrop ahead of this week’s (5-7th Oct’26) RBI MPC meeting.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.

Equity Bottom-Up

<ul><li>Healthy Growth in Top-line: Medanta delivered a strong Q1FY27 performance, with revenue rising 26.5% YoY and 12.5% QoQ to Rs 1,304 Cr.</li><li>Growth was driven by a ~21% YoY increase in occupied bed days and a ~5.5% YoY rise in ARPOB to Rs 70,244.</li><li>Reported occupancy stood at ~66%, impacted by the ramp-up at the Noida hospital, while established hospitals continued to sustain healthy momentum. Total bed count increased 6.8% YoY to 2,851.</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.

Healthy Growth in Top-line: Medanta delivered a strong Q1FY27 performance, with revenue rising 26.5% YoY and 12.5% QoQ to Rs 1,304 Cr.Growth was driven by a ~21% YoY increase in occupied bed days and a ~5.5% YoY rise in ARPOB to Rs 70,244.Reported occupancy stood at ~66%, impacted by the ramp-up at the Noida hospital, while established hospitals continued to sustain healthy momentum. Total bed count increased 6.8% YoY to 2,851.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.

Global Health: Scale-Up Phase Masks Core Performance

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Despite ongoing recovery and fading effect of the COVID-19, 2023 was not a smooth sailing for the healthcare companies. All the countries and sub-sectors did not perform equally.</li>
<li>As we are heading into 2024, let us look back on the performance of some of our global healthcare stocks recommended throughout 2023.</li>
<li>
<a href="https://www.smartkarma.com/entities/lianbio" target="_blank" data-smartkarma-citation="entities:34478:1" rel="noopener">LianBio (LIAN US)</a> remained the best performer with 93% return in nearly eight months. <a href="https://www.smartkarma.com/entities/global-health-medanta" target="_blank" data-smartkarma-citation="entities:34649:1" rel="noopener">Global Health (Medanta) (MEDANTA IN)</a>, top pick for March 2023, generated 79% return in nine months.     </li>
</ul>


Despite ongoing recovery and fading effect of the COVID-19, 2023 was not a smooth sailing for the healthcare companies. All the countries and sub-sectors did not perform equally.
As we are heading into 2024, let us look back on the performance of some of our global healthcare stocks recommended throughout 2023.

LianBio (LIAN US) remained the best performer with 93% return in nearly eight months. Global Health (Medanta) (MEDANTA IN), top pick for March 2023, generated 79% return in nine months.     


2023 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

<ul>
<li>
<a href="https://www.smartkarma.com/entities/narayana-hrudayalaya-ltd" target="_blank" data-smartkarma-citation="entities:26939:1" rel="noopener">Narayana Hrudayalaya Ltd (NARH IN)</a> reported revenue growth of 12% over the last two years, which is on the lower side compared to the peers.</li>
<li>Capacity constraint is the major setback. Until the company adds new greenfield capacity, there will be no significant change in volume. Near-term growth expectation is subdued.</li>
<li>Compared to peers, NHL is a late mover in capacity expansion. Significant greenfield expansion is scheduled to complete in FY28, through which nearly 1,100 beds will be added.</li>
</ul>



Narayana Hrudayalaya Ltd (NARH IN) reported revenue growth of 12% over the last two years, which is on the lower side compared to the peers.
Capacity constraint is the major setback. Until the company adds new greenfield capacity, there will be no significant change in volume. Near-term growth expectation is subdued.
Compared to peers, NHL is a late mover in capacity expansion. Significant greenfield expansion is scheduled to complete in FY28, through which nearly 1,100 beds will be added.


Narayana Hrudayalaya Ltd (NARH IN): All That Cheap Is Not Always Value Buying Opportunity

India

Global Health Limited (Medanta) is an India-based multi-specialty tertiary care provider, primarily operating in the North and East regions of India. The company delivers a comprehensive range of healthcare services across various medical specialties, including cardiac sciences, neurosciences, oncology, orthopaedics, liver transplants, and kidney and urology care. Global Health Limited was incorporated on August 13, 2004, and is headquartered in New Delhi, India.

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Global Health (MEDANTA 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

Monthly Quant Report October 2026

Global central banks remain in a data-dependent, wait-and-watch posture following recent rate hikes from the Fed and ECB...

Axis Direct

Global Health: Scale-Up Phase Masks Core Performance

The stock remains attractive on the back of strong operational performance, robust network expansion, and a healthy balance sheet, supporting...

Axis Direct

2023 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

Despite ongoing recovery and fading effect of the COVID-19, healthcare companies had varying performances in 2023. From my coverage, the top...

Tina Banerjee

Narayana Hrudayalaya Ltd (NARH IN): All That Cheap Is Not Always Value Buying Opportunity

NHL starts FY26 on muted note, with Q1FY26 revenue from India operation increasing just 8% YoY, EBITDA margin narrowing to 23.9% (Q1FY25: 24.9%),...

Tina Banerjee

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Market Cap (USDm)

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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

Monthly Quant Report October 2026

Global central banks remain in a data-dependent, wait-and-watch posture following recent rate hikes from the Fed and ECB...

Axis Direct

Global Health: Scale-Up Phase Masks Core Performance

The stock remains attractive on the back of strong operational performance, robust network expansion, and a healthy balance sheet, supporting...

Axis Direct

2023 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

​Despite ongoing recovery and fading effect of the COVID-19, healthcare companies had varying performances in 2023. From my coverage, the top...

Tina Banerjee

Narayana Hrudayalaya Ltd (NARH IN): All That Cheap Is Not Always Value Buying Opportunity

NHL starts FY26 on muted note, with Q1FY26 revenue from India operation increasing just 8% YoY, EBITDA margin narrowing to 23.9% (Q1FY25: 24.9%),...

Tina Banerjee

Despite ongoing recovery and fading effect of the COVID-19, healthcare companies had varying performances in 2023. From my coverage, the top...