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

The pharmaceutical universe under Axis Securities' coverage reported Q2 FY26 growth of 11.9% YoY and 6.2% QoQ, supported by strong India business performance (+8.5% YoY). The US business remained flat, up only 1% in CC terms, led by Lupin’s gTolvaptan and Emerging Markets. The healthcare sector delivered strong performance in Q2 FY26, with top-line revenue rising 19% YoY and 8% QoQ..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..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..Click on the attachment to read the full report:.'Buy' L&T Shares Maintains Motilal Oswal, Sees 12% Upside — Here's Why.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

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

The healthcare space continues to outperform and pharma sector impacted by US generics in Q2, adds the brokerage.

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