Pharmaceuticals
Pharma - Formulators
from 1,466 today
Revenue grew 4% YoY to INR 71bn after adjusting for the accounting change. Management expects sequential growth in North America supported by upcoming product pipeline and maintains FY27E US sales run-rate guidance at USD 1bn.
We value the stock at 1-year fwd avg P/E on FY28E EPS of Rs. 64.7 and retain our Buy rating with a PT of Rs. 1,623, noting that despite near-term margin pressure from North America, launches in H2FY27 and beyond will help improve margins and return ratios.
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