Buy Sun Pharmaceutical Industries; target of Rs 1175: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Sun Pharmaceutical Industries

Sun Pharma (SUNP) reported robust revenue growth of 14% YoY in Q2FY23 aided by 1) global ramp-up of specialty products, 2) focus on domestic market and 3) steady growth in ROW market. Company’s significant investments and efforts in specialty business started paying off in upward trajectory with 28% YoY growth in H1FY23. Sustained momentum in specialty will help in improving operating leverage and margins too. Domestic formulations (32% of total revenue) continue to outperform IPM.

Outlook

We broadly maintain our estimates and maintain our ‘BUY’ rating at revised TP of Rs.1175 (Rs.1070 earlier) as we roll forward, based on 26x (25x earlier) Sept 2024E earnings. SUNP remains our top pick in large cap space.

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Sun Pharmaceutical Industries - 02-11-2022 - prabhu