'Add' Cipla Shares, Maintains Dolat Capital Post Q1 Results — Check Target Price

Cipla’s Q1 FY26 sales slightly missed brokerage's estimates on lower than expected India growth, while Ebitda came above due to better-than expected gross margin.

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Dolat Capital Report

We believe that ex Revlimid margin trajectory will sustain from-

1. focus on differentiated launches in the US and

2. traction in the South Africa business and One India business.

Maintain ‘Accumulate’ on Cipla Ltd. with a revised target price of Rs 1,754 at 27x FY27E P/E.

Key risks:

Price erosion in the US, escalation of compliance issues on its facilities and any delays in gAdvair, Symbicort launch.

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