External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Sun Pharmaceutical Industries / Equity Bottom-Up

<ul><li>We recently interacted with the senior management of Sun Pharma—Ms. Jayashree Satagopan, CFO, and Dr. Abhishek Sharma, Head IR.</li><li>The management highlighted (1) focus on Innovative medicines (global specialty) and India formulation growth,</li><li>(2) investment of USD 100 mn to scale up the new innovative medicine launches (Leqselvi and Unloxcyt) to see traction in the next 1-2 years</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.

We recently interacted with the senior management of Sun Pharma—Ms. Jayashree Satagopan, CFO, and Dr. Abhishek Sharma, Head IR.The management highlighted (1) focus on Innovative medicines (global specialty) and India formulation growth,(2) investment of USD 100 mn to scale up the new innovative medicine launches (Leqselvi and Unloxcyt) to see traction in the next 1-2 yearsContent 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.

Sun Pharmaceutical Industries: Innovative Medicines and India Key Drivers. Maintain BUY

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>Sun Pharma’s innovative medicines like Ilumya, Cequa, Winlevi, and Leqselvi are driving strong growth, now contributing 20% of revenues. But the Halol plant remains under USFDA restrictions, blocking new approvals. 
</li>
<li>Specialty medicines such as Ilumya are fueling profitable growth, but continued compliance issues at Halol damage regulatory confidence and delay approvals for new products in the US market.</li>
<li>Sun Pharma’s growth is supported by its specialty portfolio and strong India presence, but improving Halol’s compliance record is essential to rebuild trust and unlock higher market valuations.</li>
</ul>


Sun Pharma’s innovative medicines like Ilumya, Cequa, Winlevi, and Leqselvi are driving strong growth, now contributing 20% of revenues. But the Halol plant remains under USFDA restrictions, blocking new approvals. 

Specialty medicines such as Ilumya are fueling profitable growth, but continued compliance issues at Halol damage regulatory confidence and delay approvals for new products in the US market.
Sun Pharma’s growth is supported by its specialty portfolio and strong India presence, but improving Halol’s compliance record is essential to rebuild trust and unlock higher market valuations.


Sun Pharma’s Halol Hurdles; No Major Impact on Operations

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN) </a>is looking to raise around US$607m in its upcoming India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.</li>
</ul>



Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.


Meesho Ltd IPO - Value-Led Play, Moderately Priced

<ul><li>Sun Pharma’s (SUNP) formulation manufacturing facility at Halol (Gujarat, India) had an inspection from the USFDA for current Good Manufacturing Practices (cGMP)</li><li>The inspection was conducted between 2–13 June 2025 and concluded with eight Form 483 observations</li><li>The observations are critical in nature as well as repeated from its previous USFDA inspection during May ’22</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.

Sun Pharma’s (SUNP) formulation manufacturing facility at Halol (Gujarat, India) had an inspection from the USFDA for current Good Manufacturing Practices (cGMP)The inspection was conducted between 2–13 June 2025 and concluded with eight Form 483 observationsThe observations are critical in nature as well as repeated from its previous USFDA inspection during May ’22Content 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.

Sun Pharmaceutical Industries: Halol Observations Were Critical, No Relief to Plant.

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:98:1" rel="noopener">Sun Pharmaceutical Industries (SUNP IN)</a> is appointing Kirti Ganorkar as the Managing Director to succeed Dilip Shanghvi, effective September 1, 2025, with the entire business reporting to him.</li>
<li>In another development, Richard Ascroft will be joining as CEO – North America, succeeding Abhay Gandhi. Aalok Shanghvi has been additionally entrusted with the responsibility for the North America business.</li>
<li>Succession plan and management rejig come at a time when SPIL is at an inflection point, with its India business being on a strong foothold and specialty business gaining traction.</li>
</ul>



Sun Pharmaceutical Industries (SUNP IN) is appointing Kirti Ganorkar as the Managing Director to succeed Dilip Shanghvi, effective September 1, 2025, with the entire business reporting to him.
In another development, Richard Ascroft will be joining as CEO – North America, succeeding Abhay Gandhi. Aalok Shanghvi has been additionally entrusted with the responsibility for the North America business.
Succession plan and management rejig come at a time when SPIL is at an inflection point, with its India business being on a strong foothold and specialty business gaining traction.


Sun Pharmaceutical (SUNP IN): Timely Succession Plan to Augur Well for Next-Level of Growth

India

Sun Pharmaceutical Industries Limited manufactures and markets pharmaceuticals for domestic and international distribution. The Company's pharmaceutical portfolio includes drugs in the areas of diabetes, cardiology, neurology, psychiatry and  gastroenterology.

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Sun Pharmaceutical Industries (SUNP IN)

Sun Pharmaceutical Industries: Innovative Medicines and India Key Drivers. Maintain BUY

We recently interacted with the senior management of Sun Pharma—Ms. Jayashree Satagopan, CFO, and Dr. Abhishek Sharma, Head IR.

HDFC Securities

Sun Pharma’s Halol Hurdles; No Major Impact on Operations

Sun Pharma's innovative medicines drive growth, but Halol plant restrictions hinder new approvals, impacting regulatory confidence and market...

Sudarshan Bhandari

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

Sun Pharmaceutical Industries: Halol Observations Were Critical, No Relief to Plant.

Sun Pharma’s (SUNP) formulation manufacturing facility at Halol (Gujarat, India) had an inspection from the USFDA for current Good Manufacturing...

HDFC Securities

Sun Pharmaceutical (SUNP IN): Timely Succession Plan to Augur Well for Next-Level of Growth

Sun Pharma appoints Kirti Ganorkar as MD and new CEO for North America business. The company is at an inflection point, with strong India business...

Tina Banerjee

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52-week Range

Market Cap (USDm)

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Sun Pharmaceutical Industries: Innovative Medicines and India Key Drivers. Maintain BUY

We recently interacted with the senior management of Sun Pharma—Ms. Jayashree Satagopan, CFO, and Dr. Abhishek Sharma, Head IR.

HDFC Securities

Sun Pharma’s Halol Hurdles; No Major Impact on Operations

​Sun Pharma's innovative medicines drive growth, but Halol plant restrictions hinder new approvals, impacting regulatory confidence and market...

Sudarshan Bhandari

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

Sun Pharmaceutical Industries: Halol Observations Were Critical, No Relief to Plant.

Sun Pharma’s (SUNP) formulation manufacturing facility at Halol (Gujarat, India) had an inspection from the USFDA for current Good Manufacturing...

HDFC Securities

Sun Pharmaceutical (SUNP IN): Timely Succession Plan to Augur Well for Next-Level of Growth

​Sun Pharma appoints Kirti Ganorkar as MD and new CEO for North America business. The company is at an inflection point, with strong India business...

Tina Banerjee

Sun Pharma's innovative medicines drive growth, but Halol plant restrictions hinder new approvals, impacting regulatory confidence and market...

Sun Pharma appoints Kirti Ganorkar as MD and new CEO for North America business. The company is at an inflection point, with strong India business...