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.

Equity Bottom-Up

<ul><li>A strong set of results: Lupin reported a robust performance for Q1FY26, with revenue of Rs 6,268 Cr, up 12% YoY and 10.6% QoQ, broadly in line with estimates.</li><li>Growth was led by strong execution in the US business (+24.3% YoY, Rs 2,404 Cr / $282 Mn) and steady momentum in the India business (+7.8% YoY).</li><li>The EMEA region also witnessed healthy growth, while Other Developed Markets grew moderately.</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.

A strong set of results: Lupin reported a robust performance for Q1FY26, with revenue of Rs 6,268 Cr, up 12% YoY and 10.6% QoQ, broadly in line with estimates.Growth was led by strong execution in the US business (+24.3% YoY, Rs 2,404 Cr / $282 Mn) and steady momentum in the India business (+7.8% YoY).The EMEA region also witnessed healthy growth, while Other Developed Markets grew moderately.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.

Lupin Ltd - Strong Results Led by New Launches

<ul><li>A strong set of results: Lupin reported a strong set of results that exceeded expectations.</li><li>Reported revenue increased by 14% YoY, driven by solid growth in the India and US businesses, which rose 19% and 7% YoY, respectively.</li><li>The EMEA business also posted robust growth of 30% 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.

A strong set of results: Lupin reported a strong set of results that exceeded expectations.Reported revenue increased by 14% YoY, driven by solid growth in the India and US businesses, which rose 19% and 7% YoY, respectively.The EMEA business also posted robust growth of 30% 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.

Lupin Ltd - Lupin’s Vision: Growth, Innovation, & Market Leadership

<ul><li>A strong set of results: Lupin reported a strong set of results that exceeded our expectations.</li><li>Reported revenue grew by 11% YoY, led by the India and US businesses, which grew by 11.9% and 12.3%, respectively, YoY, and the EMEA business, which grew by 20.9% YoY.</li><li>However, the Emerging Markets business declined by 4.7% YoY, and API shows a gradual recovery with 4% YoY 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.

A strong set of results: Lupin reported a strong set of results that exceeded our expectations.Reported revenue grew by 11% YoY, led by the India and US businesses, which grew by 11.9% and 12.3%, respectively, YoY, and the EMEA business, which grew by 20.9% YoY.However, the Emerging Markets business declined by 4.7% YoY, and API shows a gradual recovery with 4% YoY 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.

Lupin Ltd - Lupin’s Vision: Growth and Market Leadership

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.

Thematic (Sector/Industry)

<ul><li>Overall chronic growth accelerated for Oct-25 to ~16% YoY, and the acute segment saw 9% growth.</li><li>In chronic space, cardiac continues to drive IPM growth in Oct-25 at 17% YoY (+11% in Q2FY26), anti-diabetic at 15% (+9% in Q2FY26), led by continued traction from GLP-1 molecules (ex-Mounjaro growth was at 8% YoY), and CNS at +13% (+7% in Q2FY26). </li><li>In acute, anti-infectives saw 5% YoY growth (+4% in Q2FY26), gastro 9% YoY (+2% in Q2FY26), and VMN 11% YoY (+6% in Q2FY26).</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.

Overall chronic growth accelerated for Oct-25 to ~16% YoY, and the acute segment saw 9% growth.In chronic space, cardiac continues to drive IPM growth in Oct-25 at 17% YoY (+11% in Q2FY26), anti-diabetic at 15% (+9% in Q2FY26), led by continued traction from GLP-1 molecules (ex-Mounjaro growth was at 8% YoY), and CNS at +13% (+7% in Q2FY26). In acute, anti-infectives saw 5% YoY growth (+4% in Q2FY26), gastro 9% YoY (+2% in Q2FY26), and VMN 11% YoY (+6% in Q2FY26).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: growth recovers to 11.7% in Oct-25

<ul><li>As per IQVIA, IPM saw moderate growth for Sep’25 at 6.1% YoY (vs 8.1% in Aug’25), with 2.4% YoY decline in units</li><li>The strong growth in cardiac, respiratory, and oncology was offset by muted growth in anti-infective, gastro, VMN, and pain</li><li>For Q2FY26, IPM grew 7.2% YoY, with 1.7% decline in units.</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 saw moderate growth for Sep’25 at 6.1% YoY (vs 8.1% in Aug’25), with 2.4% YoY decline in unitsThe strong growth in cardiac, respiratory, and oncology was offset by muted growth in anti-infective, gastro, VMN, and painFor Q2FY26, IPM grew 7.2% YoY, with 1.7% decline in units.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: grows 6.1% in Sep’25 and 7.2% in Q2FY26

India

Lupin Limited manufactures bulk actives and formulations. The principal bulk actives manufactured by it include Rifampicin, Pyrazinamide, Ethambutol (anti-TB), Cephalosporins (anti-infectives) and cardiovasculars. The company also possesses competencies in phytomedicines, in which medicines are made out of plant and herbal resources supported by the discipline of modern medicine.

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Lupin Ltd (LPC IN)

Lupin Ltd - Strong Results Led by New Launches

A strong set of results: Lupin reported a robust performance for Q1FY26, with revenue of Rs 6,268 Cr, up 12% YoY and 10.6% QoQ, broadly in line...

Axis Direct

Lupin Ltd - Lupin’s Vision: Growth, Innovation, & Market Leadership

Reported revenue increased by 14% YoY, driven by solid growth in the India and US businesses, which rose 19% and 7% YoY, respectively.

Axis Direct

Lupin Ltd - Lupin’s Vision: Growth and Market Leadership

Reported revenue grew by 11% YoY, led by the India and US businesses, which grew by 11.9% and 12.3%, respectively, YoY, and the EMEA business,...

Axis Direct

Pharmaceuticals: IPM: growth recovers to 11.7% in Oct-25

In chronic space, cardiac continues to drive IPM growth in Oct-25 at 17% YoY (+11% in Q2FY26), anti-diabetic at 15% (+9% in Q2FY26), led by...

HDFC Securities

Pharmaceuticals: IPM: grows 6.1% in Sep’25 and 7.2% in Q2FY26

The strong growth in cardiac, respiratory, and oncology was offset by muted growth in anti-infective, gastro, VMN, and pain. For Q2FY26, IPM grew...

HDFC Securities

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