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ICICI Securities Report
Domestic brokerage ICICI Securities believes that pharma companies are likely to report tepid performance in Q4 FY26E, with revenues growing 7.2% YoY; although, despite currency benefits, Ebitda/PAT may decline by 2.4%/13.3% YoY.
With the end of gRevlimid's exclusivity in Jan'26, pharma companies with high exposure to this drug (Dr Reddys, Zydus and Cipla) may report a sharp dip in performance.
Among the large-cap companies, the brokerage expects Lupin to post a decent showing, while India-focused companies like Torrent (to benefit from acquisition of JB Chemicals) and Alkem will likely have a strong quarter.
New launches may help Gland report decent growth, while innovation-focused CDMOs like Divi's, Piramal and Cohance may have a tepid quarter.
Sun, Aurobindo, Alkem, Gland, OneSource, Piramal Pharma and Akums are ICICI Securities' top picks.
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