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Nirmal Bang Report
Domestic brokerage firm Nirmal Bang has maintained its Buy rating on Cipla Ltd. with a revised target price of Rs 1,615 from Rs 1,883, based on 26 times FY28E earnings per share of Rs 62.1.
While the brokerage has moderated its earnings estimates to reflect a slower near-term recovery in the US business, its medium-term investment thesis remains intact.
Nirmal Bang believes Cipla is entering the next phase of growth, underpinned by sustained double-digit momentum in the India business, a differentiated and increasingly visible respiratory pipeline in the US, and an improving mix of complex products that should support margin expansion as launch-related investments normalise.
The company's strong execution track record, industry-leading balance sheet with ~Rs 9,500 crore net cash, and ample optionality for value-accretive capital allocation further strengthen its long-term growth profile.
The brokerage continue to view Cipla as one of our preferred ideas in the Indian pharmaceutical sector, given its attractive combination of earnings visibility, improving return profile, and optionality from future launches.
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