KR Choksey's research report on Sun Pharmaceutical Industries
Sun Pharma’s revenue was largely in-line with our estimates. However, EBITDA beat our estimates (+4.7%) due to lower-than-expected operating expenses and Adj. PAT beat our estimates due to better operating performance and better than expected other income. We increase our FY26E/FY27E EPS estimates by 0.4% and 4.4% to INR 58.1 and INR 66.9 respectively, as we believe specialty products like Odomzo and Ilumya will continue to grow in EM and ROW markets, with new product launches the company reinforce its leadership position in branded generics in India.
Outlook
We roll over our valuation multiple to FY27E and assign a PE multiple of 29.4x to arrive at a target price of INR 1,967 (unchanged) and maintain our “ACCUMULATE” rating on the stock.
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