External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Equity Bottom-Up

Rainbow Children's Medicare / Equity Bottom-Up

<ul><li>In Line Revenue Performance: Rainbow delivered revenue broadly in line with expectations, growing 7% YoY and recovering 26% sequentially.</li><li>The quarter was largely impacted by a lower incidence of vector-borne diseases, in line with broader industry sentiment.</li><li>Revenue growth remained subdued as admissions related to seasonal infections were lower. </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.

In Line Revenue Performance: Rainbow delivered revenue broadly in line with expectations, growing 7% YoY and recovering 26% sequentially.The quarter was largely impacted by a lower incidence of vector-borne diseases, in line with broader industry sentiment.Revenue growth remained subdued as admissions related to seasonal infections were lower. 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.

Rainbow Children’s Medicare Ltd - Steady Performance, Lower Seasonality; Maintain BUY!

Thematic (Sector/Industry)

<ul><li>Balancing External Risks with Domestic Fundamentals: The Q1FY27 earnings season unfolds against a backdrop of relatively better global conditions, making corporate earnings and management commentary increasingly important for market direction.</li><li>While external uncertainties, including elevated crude oil prices, a relatively weaker Indian rupee, geopolitical developments, and evolving global trade dynamics, remain key monitorable factors.</li><li>Although oil prices have moderated from the peaks seen during recent geopolitical events, they remain vulnerable to supply disruptions, keeping inflationary pressures and input costs elevated. </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.

Balancing External Risks with Domestic Fundamentals: The Q1FY27 earnings season unfolds against a backdrop of relatively better global conditions, making corporate earnings and management commentary increasingly important for market direction.While external uncertainties, including elevated crude oil prices, a relatively weaker Indian rupee, geopolitical developments, and evolving global trade dynamics, remain key monitorable factors.Although oil prices have moderated from the peaks seen during recent geopolitical events, they remain vulnerable to supply disruptions, keeping inflationary pressures and input costs elevated. 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>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.

<ul><li>A Year of Volatility and Market Underperformance: Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first time since the Covid-19 era.</li><li>In the last one-year, our market witnessed a roller coaster ride marked by extreme volatility in the first half of the SAMVAT, and our Largecap index - Nifty 50, corrected by 16% till 28th Feb’25 from the 26th Sep’24 Peak.</li><li>Over this same time, the broader market corrected a bit deeper while the Mid and Smallcap indices saw a correction of 21% and 25% respectively. </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 Year of Volatility and Market Underperformance: Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first time since the Covid-19 era.In the last one-year, our market witnessed a roller coaster ride marked by extreme volatility in the first half of the SAMVAT, and our Largecap index - Nifty 50, corrected by 16% till 28th Feb’25 from the 26th Sep’24 Peak.Over this same time, the broader market corrected a bit deeper while the Mid and Smallcap indices saw a correction of 21% and 25% respectively. 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 Healthcare Analyst

Tina Banerjee

<ul>
<li>CSPC Pharmaceutical’s NDA for Anbenitamab injection has been accepted in China. Phase 2 trial of Lead candidate of TransThera Sciences, Tinengotinib in combination with Fulvestrant for breast cancer got approval.</li>
<li>Samsung Biologics signed CMO contract worth $1.3B with a U.S.-based pharmaceutical company. Daiichi Sankyo reported positive clinical trial result for ifinatamab deruxtecan in SCLC.</li>
<li>Sun Pharmaceutical’s Halol facility is under import alert, resulting in the refusal of shipments from the facility into the U.S. Biocon inaugurates its first U.S. manufacturing facility in New Jersey.</li>
</ul>


CSPC Pharmaceutical’s NDA for Anbenitamab injection has been accepted in China. Phase 2 trial of Lead candidate of TransThera Sciences, Tinengotinib in combination with Fulvestrant for breast cancer got approval.
Samsung Biologics signed CMO contract worth $1.3B with a U.S.-based pharmaceutical company. Daiichi Sankyo reported positive clinical trial result for ifinatamab deruxtecan in SCLC.
Sun Pharmaceutical’s Halol facility is under import alert, resulting in the refusal of shipments from the facility into the U.S. Biocon inaugurates its first U.S. manufacturing facility in New Jersey.


APAC Healthcare Weekly (September 14)–CSPC Pharm, TransThera, Samsung Bio, Daiichi Sankyo, Sun Pharm

India

Rainbow Children's Medicare Limited is a leading multi-specialty pediatric, obstetrics, and gynecology healthcare chain in India. The company provides a comprehensive suite of services including newborn and pediatric intensive care, multi-specialty pediatric services, and women's healthcare services such as normal and complex obstetric care, fetal medicine, and fertility treatments. Headquartered in Hyderabad, Telangana, the company was founded in 1999.

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Rainbow Children's Medicare (RAINBOW IN)

Rainbow Children’s Medicare Ltd - Steady Performance, Lower Seasonality; Maintain BUY!

In Line Revenue Performance: Rainbow delivered revenue broadly in line with expectations, growing 7% YoY and recovering 26% sequentially.

Axis Direct

Q1FY27 Consolidated Earnings Preview

The Q1FY27 earnings season unfolds against a backdrop of relatively better global conditions, making corporate earnings and management commentary...

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

Axis Diwali Muhurat Picks: SAMVAT 2082

Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first...

Axis Direct

APAC Healthcare Weekly (September 14)–CSPC Pharm, TransThera, Samsung Bio, Daiichi Sankyo, Sun Pharm

CSPC Pharma’s NDA for Anbenitamab injection has been accepted in China. TransThera got trial approval for lead candidate. Samsung Bio signed $1.3B...

Tina Banerjee

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