Sun Pharmaceutical Industries (SUNP) delivered 4%/9%/4% miss on revenue/EBITDA/PAT for 4QFY25. Lower-than-expected sales in global specialty and ROW led to a miss on 4QFY25 performance. Despite a formidable base of INR169b (FY25), SUNP continues to beat the industry and gain market share in the domestic formulation (DF) segment. FY26 would be an eventful year filled with launch activities and critical milestones for products under development in the global specialty portfolio. While Specialty portfolio continues to see healthy traction, lower generics business led to a slight YoY decline in CC terms in US business.
OutlookWe slightly reduce our estimates by 3%/1% for FY26/FY27, factoring in a) additional spending on marketing/promotion for specialty products. We value SUNP at 30x 12M forward earnings to arrive at a TP of INR2,000.
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