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>Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.</li><li>Axis Intellect (AI) Score based Investment Approach for Stock Selection applies unique approach to deliver alpha by applying equal exposure to ‘Core’ and ‘Satellite’ factors.</li><li>What are ‘Core’ Factors’: Low Volatility, Value, Growth, Quality, Momentum (Equal weighted 50% exposure) What are ‘Satellite’ Factors: Factors that have historically done well in the predicted regime modelling (Remaining 50% exposure)</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.

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.Axis Intellect (AI) Score based Investment Approach for Stock Selection applies unique approach to deliver alpha by applying equal exposure to ‘Core’ and ‘Satellite’ factors.What are ‘Core’ Factors’: Low Volatility, Value, Growth, Quality, Momentum (Equal weighted 50% exposure) What are ‘Satellite’ Factors: Factors that have historically done well in the predicted regime modelling (Remaining 50% exposure)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.

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>Q4 FY26 earnings reveal India's four pharma giants pivoting hard to chronic therapies, racing to capture post-patent GLP-1 market, and completing two of the sector's largest-ever acquisitions within six weeks.</li>
<li>Domestic Indian market is now fastest-growing engine, no longer just a low-cost manufacturing base, while US tariff uncertainty and Revlimid expiries reinforce structural shift toward emerging markets and proprietary molecules.</li>
<li>FY27 will separate execution from ambition: SunPharma must revive near-stagnant Organon acquisition , Torrent must manage 2.3x leverage, Cipla must defend EBITDA guidance ,Zydus must prove its multi-engine model efficiently.  </li>
</ul>


Q4 FY26 earnings reveal India's four pharma giants pivoting hard to chronic therapies, racing to capture post-patent GLP-1 market, and completing two of the sector's largest-ever acquisitions within six weeks.
Domestic Indian market is now fastest-growing engine, no longer just a low-cost manufacturing base, while US tariff uncertainty and Revlimid expiries reinforce structural shift toward emerging markets and proprietary molecules.
FY27 will separate execution from ambition: SunPharma must revive near-stagnant Organon acquisition , Torrent must manage 2.3x leverage, Cipla must defend EBITDA guidance ,Zydus must prove its multi-engine model efficiently.  


Why India's Pharma Giants Are Betting on Chronic Business?

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Hengrui Pharmaceuticals entered license agreements with BMS to advance 13 early-stage programs in oncology, hematology, and immunology. Sino Biopharmaceutical entered exclusive strategic collaboration with GlaxoSmithKline for Hepatitis B drug bepirovisen.</li>
<li>BeOne received FDA approval for Beqalzi for the treatment of mantle cell lymphoma. Otsuka’s subsidiary, Taiho Pharmaceutical secured FDA approval for Inqovi plus venetoclax for newly diagnosed acute myeloid leukemia.</li>
<li>Celltrion has acquired Gifrer, a 114-year-old local healthcare company in France. Bora Pharmaceuticals will acquire GMP manufacturing operations, including the CDMO business, of MacroGenics for $122.5M.</li>
</ul>


Hengrui Pharmaceuticals entered license agreements with BMS to advance 13 early-stage programs in oncology, hematology, and immunology. Sino Biopharmaceutical entered exclusive strategic collaboration with GlaxoSmithKline for Hepatitis B drug bepirovisen.
BeOne received FDA approval for Beqalzi for the treatment of mantle cell lymphoma. Otsuka’s subsidiary, Taiho Pharmaceutical secured FDA approval for Inqovi plus venetoclax for newly diagnosed acute myeloid leukemia.
Celltrion has acquired Gifrer, a 114-year-old local healthcare company in France. Bora Pharmaceuticals will acquire GMP manufacturing operations, including the CDMO business, of MacroGenics for $122.5M.


APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

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.

<ul><li>As per IQVIA, IPM recorded growth for Feb-26 at 11% YoY (vs 12% in Feb-26), unit decline by 0.2% YoY (0.9%% in Feb-26)</li><li>Growth was led by CVS, anti-diabetes, pain, VMN, and oncology segments, while growth in anti-infective and respiratory was below IPM growth</li><li>For Q4FY26, IPM grew 12% YoY and FY26 grew 10% YoY, led by ~2.7% volume, 4.4% price, and 2.8% new products.</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 growth for Feb-26 at 11% YoY (vs 12% in Feb-26), unit decline by 0.2% YoY (0.9%% in Feb-26)Growth was led by CVS, anti-diabetes, pain, VMN, and oncology segments, while growth in anti-infective and respiratory was below IPM growthFor Q4FY26, IPM grew 12% YoY and FY26 grew 10% YoY, led by ~2.7% volume, 4.4% price, and 2.8% new products.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: 11% growth in Mar-26, 10% in FY26

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>IPM grew 11% YoY in Mar 2026, closing FY2026 at ~10% YoY growth, with Semaglutide generics launching commercially and the GLP-1 market surging more than 3.8x on a MAT basis</li>
<li>The GLP-1 genericization event is a structural inflection for anti-diabetics. Meanwhile, Jan Aushadhi's rapid expansion to ~18,000 stores poses a medium-term headwind to branded IPM volume growth.</li>
<li>Preferred picks include Torrent Pharma, Sun Pharma, Emcure and Corona. Pricing and new launches remain the primary growth levers for FY2027; volume recovery is the variable to watch.</li>
</ul>


IPM grew 11% YoY in Mar 2026, closing FY2026 at ~10% YoY growth, with Semaglutide generics launching commercially and the GLP-1 market surging more than 3.8x on a MAT basis
The GLP-1 genericization event is a structural inflection for anti-diabetics. Meanwhile, Jan Aushadhi's rapid expansion to ~18,000 stores poses a medium-term headwind to branded IPM volume growth.
Preferred picks include Torrent Pharma, Sun Pharma, Emcure and Corona. Pricing and new launches remain the primary growth levers for FY2027; volume recovery is the variable to watch.


IPM Pharma Pulse March-25: Driven by Semaglutide Generics; Low Single Digit Growth Outlook for FY27

India

Torrent Pharmaceuticals is an Indian multinational pharmaceutical company specializing in the manufacturing, marketing, and distribution of branded generics and generic pharmaceutical products. The company focuses on therapeutic segments such as cardiovascular, central nervous system, gastrointestinal, diabetology, anti-infective, and pain management. It is headquartered in Ahmedabad, Gujarat, India, and was founded in 1959.

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Torrent Pharmaceuticals (TRP IN)

Axis Intellect - Aggressive

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.

Axis Direct

Why India's Pharma Giants Are Betting on Chronic Business?

India's top pharma companies shift focus to chronic therapies, target post-patent GLP-1 market, and make major acquisitions, with FY27 set to test...

Sudarshan Bhandari

APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

Hengrui stuck licensing agreement with BMS. Sino Bio enters exclusive collaboration with GSK. BeOne got FDA approval for new drug. Bora will...

Tina Banerjee

Pharmaceuticals: IPM: 11% growth in Mar-26, 10% in FY26

Growth was led by CVS, anti-diabetes, pain, VMN, and oncology segments, while growth in anti-infective and respiratory was below IPM growth

HDFC Securities

IPM Pharma Pulse March-25: Driven by Semaglutide Generics; Low Single Digit Growth Outlook for FY27

IPM sees 11% YoY growth in Mar 2026, driven by Semaglutide generics and GLP-1 market surge. Jan Aushadhi's expansion poses challenge to branded...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Axis Intellect - Aggressive

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.

Axis Direct

Why India's Pharma Giants Are Betting on Chronic Business?

​India's top pharma companies shift focus to chronic therapies, target post-patent GLP-1 market, and make major acquisitions, with FY27 set to test...

Sudarshan Bhandari

APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

Hengrui stuck licensing agreement with BMS. Sino Bio enters exclusive collaboration with GSK. BeOne got FDA approval for new drug. Bora will...

Tina Banerjee

Pharmaceuticals: IPM: 11% growth in Mar-26, 10% in FY26

Growth was led by CVS, anti-diabetes, pain, VMN, and oncology segments, while growth in anti-infective and respiratory was below IPM growth

HDFC Securities

IPM Pharma Pulse March-25: Driven by Semaglutide Generics; Low Single Digit Growth Outlook for FY27

​IPM sees 11% YoY growth in Mar 2026, driven by Semaglutide generics and GLP-1 market surge. Jan Aushadhi's expansion poses challenge to branded...

Nimish Maheshwari

India's top pharma companies shift focus to chronic therapies, target post-patent GLP-1 market, and make major acquisitions, with FY27 set to test...

IPM sees 11% YoY growth in Mar 2026, driven by Semaglutide generics and GLP-1 market surge. Jan Aushadhi's expansion poses challenge to branded...