Hold Sun Pharmaceuticals; target of Rs 460: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Sun Pharmaceuticals

The management of Sun Pharma conducted a conference call to address apprehension among investors after a recent publication by a brokerage regarding so called corporate governance issues and a complaint filed by a whistleblower with Sebi highlighting so called wrongdoings in the company. While the first issue was addressed with a case by case analysis, question marks remain over the whistleblower’s complaint for want of management action plan as the management awaits Sebi correspondence. Following are the extracts of management explanations.

Outlook

We reduce our multiple to 20x (from 28x). Hence, we arrive at our new target price of Rs 460 based on 20x FY20E EPS of Rs 21.1 and Rs 38 NPV for llumnya.

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