Lupin, Fortis Among Axis Securities Top 'Buy' In Pharma, Healthcare Space; Q2 Review — Details Inside

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Axis Securities Report

Here are Axis Securities top conviction ideas in pharma and healthcare sector:

Lupin - (Buy)

Lupin Ltd.’s new launch momentum remains aligned with its strategic focus on complex and higher-margin products, enhancing medium-term growth visibility.

In Q2, the company gained from the ramp-up of recent US launches such as gTolvaptan and gMirabegron, while approvals for gRisperdal Consta and the launch of gGlucagon demonstrate steady progress in developing a differentiated injectable/depot portfolio.

Going forward, key growth drivers include the planned launch of gVictoza in Oct’25 and the expected approval of gSaxenda, alongside progress on gDulera (targeted for H2 FY27/early FY28) and platform-based inhalation filings (Respimat/Ellipta) in FY26E.

The injectables pipeline of 40+ assets is expected to contribute ~$100 million annually over the next three–four years post the Nagpur facility scale-up.

The biosimilars portfolio provides long-term upside, with bPegfilgrastim launch expected in FY26, followed by ophthalmology assets bRanibizumab and bAflibercept from FY27–FY29.

Fortis - (Buy)

Fortis Healthcare Ltd.'s management expects H2 FY26 revenue growth to remain in line with H1 levels, supported by sustained volume expansion and continued average revenue per occupied bed improvement. ARPOB is projected to rise 5–6% in FY26, led by a richer speciality mix in oncology and complex procedures such as robotic surgeries.

Occupancy is likely to stay above 70% as new units like Greater Noida and Jalandhar ramp up. The company now expects FY26 Ebitda margins at 23–24%, aided by the strong Q2 margin and remains focused on achieving the long-term 25% margin target.

For Agilus, volume growth is expected to move into early double digits over the next six–eight quarters, as the base normalises post the exit from the low-ticket business and overall demand momentum sustains.

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