External broker reports(aggregated public sources), HDFC Securities

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Thematic (Sector/Industry)

<ul><li>US administration imposes 0-100% tariff on import of patented drugs (and related APIs) with multiple ad valorem duty rate structures – (1) 100% on imports of patented pharma and pharma ingredients for those companies that have not initiated an MFN deal or US plant commitments</li><li>(2) 15% for products from Japan, EU, South Korea, Switzerland, and Liechtenstein</li><li>(3) 10% on products from the UK, (4) 20% for the company with branded products and plans to start plant/R&amp;D Unit in the US, (5) zero for patented drugs (APIs) of companies that have fully executed MFN agreements (13 companies)</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.

US administration imposes 0-100% tariff on import of patented drugs (and related APIs) with multiple ad valorem duty rate structures – (1) 100% on imports of patented pharma and pharma ingredients for those companies that have not initiated an MFN deal or US plant commitments(2) 15% for products from Japan, EU, South Korea, Switzerland, and Liechtenstein(3) 10% on products from the UK, (4) 20% for the company with branded products and plans to start plant/R&amp;D Unit in the US, (5) zero for patented drugs (APIs) of companies that have fully executed MFN agreements (13 companies)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: US tariffs on branded drugs, generics exempted

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>On March 9, 2026, a Delhi High Court Division Bench dismissed Novo Nordisk's appeal, upholding a single-judge ruling that its semaglutide species patent (IN 262697) appears vulnerable to revocation.</li>
<li>The judgment clears <a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a>'s to continue exporting semaglutide and signals an imminent generic flood on March 20, 2026, when the patent formally expires.</li>
<li>Emcure's exclusive Novo Nordisk Poviztra pact makes it India's only licensed semaglutide distributor for the innovator brand, but HC ruling simultaneously accelerates 54-brand generic entry that will compress pricing industrywide.</li>
</ul>


On March 9, 2026, a Delhi High Court Division Bench dismissed Novo Nordisk's appeal, upholding a single-judge ruling that its semaglutide species patent (IN 262697) appears vulnerable to revocation.
The judgment clears Dr. Reddy's Laboratories (DRRD IN)'s to continue exporting semaglutide and signals an imminent generic flood on March 20, 2026, when the patent formally expires.
Emcure's exclusive Novo Nordisk Poviztra pact makes it India's only licensed semaglutide distributor for the innovator brand, but HC ruling simultaneously accelerates 54-brand generic entry that will compress pricing industrywide.


Emcure Pharmaceuticals: The Delhi HC Semaglutide Ruling Changes the Game

<ul><li>As per IQVIA, IPM recorded strong growth for Jan-26 at 11% YoY (vs 15% in Dec-25), units grew by 1.1% YoY (4.4%% in Dec-25).</li><li>Growth was led by CVS, anti-diabetes, CNS, VMN, and oncology segments, while growth in anti-infective, gastro, respiratory, derma, and pain grew at par or marginal below compared to IPM growth.</li><li>Our view: IPM growth was steady at 11% YoY in Jan-26, largely led by price growth and traction in chronic therapies.</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 strong growth for Jan-26 at 11% YoY (vs 15% in Dec-25), units grew by 1.1% YoY (4.4%% in Dec-25).Growth was led by CVS, anti-diabetes, CNS, VMN, and oncology segments, while growth in anti-infective, gastro, respiratory, derma, and pain grew at par or marginal below compared to IPM growth.Our view: IPM growth was steady at 11% YoY in Jan-26, largely led by price growth and traction in chronic therapies.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: steady 11% growth in Jan-26

<ul><li>Bajaj Finance: Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation of minimum LGD floor across businesses</li><li>Adjusted for this one-off, operating performance remained steady with AUM growth of 22% YoY, steady NIMs (~9%), marginal normalization in credit costs (1.92%), and robust profitability (RoE of 19.7%)</li><li>Management has indicated improvement in credit costs during FY27 to sub-1.8%, along with pick-up in the MSME segment</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.

Bajaj Finance: Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation of minimum LGD floor across businessesAdjusted for this one-off, operating performance remained steady with AUM growth of 22% YoY, steady NIMs (~9%), marginal normalization in credit costs (1.92%), and robust profitability (RoE of 19.7%)Management has indicated improvement in credit costs during FY27 to sub-1.8%, along with pick-up in the MSME segmentContent 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.

HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma...

HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma, Aarti Industries

India

Mankind Pharma is an Indian multinational pharmaceutical and healthcare company that develops, manufactures, and markets a diverse range of pharmaceutical formulations across various therapeutic areas, including anti-infectives, cardiovascular, gastrointestinal, and dermatology. The company also offers consumer healthcare products such as condoms, pregnancy test kits, and emergency contraceptives. It is headquartered in New Delhi, India, and was founded in 1991, with active operations commencing in 1995.

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Mankind Pharma (MANKIND IN)

Pharmaceuticals: US tariffs on branded drugs, generics exempted

We believe the key motive behind tariffs is to push the innovator company toward MFN or investment in plants/R&D to bring down drug prices.

HDFC Securities

Emcure Pharmaceuticals: The Delhi HC Semaglutide Ruling Changes the Game

Delhi High Court dismisses Novo Nordisk's appeal, opening the door for generic semaglutide flood in India as patent expiration nears.

Sudarshan Bhandari

Pharmaceuticals: IPM: steady 11% growth in Jan-26

As per IQVIA, IPM recorded strong growth for Jan-26 at 11% YoY (vs 15% in Dec-25), units grew by 1.1% YoY (4.4%% in Dec-25). Growth was led by CVS,...

HDFC Securities

HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma...

Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation...

HDFC Securities

HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma, Aarti Industries

Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation...

HDFC Securities

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Pharmaceuticals: US tariffs on branded drugs, generics exempted

We believe the key motive behind tariffs is to push the innovator company toward MFN or investment in plants/R&D to bring down drug prices.

HDFC Securities

Emcure Pharmaceuticals: The Delhi HC Semaglutide Ruling Changes the Game

​Delhi High Court dismisses Novo Nordisk's appeal, opening the door for generic semaglutide flood in India as patent expiration nears.

Sudarshan Bhandari

Pharmaceuticals: IPM: steady 11% growth in Jan-26

As per IQVIA, IPM recorded strong growth for Jan-26 at 11% YoY (vs 15% in Dec-25), units grew by 1.1% YoY (4.4%% in Dec-25). Growth was led by CVS,...

HDFC Securities

HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma...

Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation...

HDFC Securities

HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma, Aarti Industries

Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation...

HDFC Securities

Delhi High Court dismisses Novo Nordisk's appeal, opening the door for generic semaglutide flood in India as patent expiration nears.