Cipla Q4 Results Review: Dolat Capital Maintains 'Add' Rating, Hikes Target Price — Here's Why

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Dolat Capital Report

Cipla Ltd.’s Q4 FY25 sales were in line, while Ebitda came below due to higher-than-expected staff and research and development costs. PAT came above on account of lower-than-expected taxes due to tax reversal provision.

Management guided an Ebitda margin of 23.5%-24.5% for FY26, lower compared to FY25, expecting a higher erosion in Revlimid.

We revise our FY26E/FY27E EPS estimates by -4.0%/ 2.2%. Cut in FY26 EPS is mainly due to assumption of higher-than-expected erosion in gRevlimid. Maintain ‘Accumulate’ rating with revised target price of Rs 1,717 at 27x FY27E P/E.

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