KR Choksey's research report on Cipla
Cipla’s revenue was largely in-line with our estimates (-2.0%), EBITDA was in-line (+0.2%) and Adj. PAT beat our estimates (+3.4%) due to lower-than-expected finance costs and higher-than-expected other income. We increase our FY26E EPS estimates to INR 62.2 (previously: INR 60.6) reflecting our conviction that the top-line will continue to grow particularly in high-growth regions like South Africa and emerging markets, rebound in respiratory products in domestic business and launch of generic Advair by H1FY26E.
Outlook
Currently, the stock is trading at a PE multiple of 25.7x/25.1x, based on FY25E/FY26E EPS, respectively. We maintain a PE multiple of 27.0x to FY26E EPS and arrive at a target price of INR 1,680/share (previously: INR 1,633) and maintain our “ACCUMULATE” rating.
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