Research notes

The report initiates coverage on Molbio Diagnostics with a BUY rating and a 12-month target price of INR1,800, implying about 19-21% upside, based on a 45x 12-month forward P/E (a 20% premium to the sector multiple of 36x), citing its differentiated R&D-driven business model and expected 23% revenue CAGR and 50% PAT CAGR over FY26-29E, while flagging customer concentration, high TB revenue dependence, regulatory delays and working-capital intensity as key risks.

The report expects Zydus to lead DF growth with sales up 23.5% YoY, though PAT is expected to decline 12.7% YoY, and it underwent two USFDA inspections.

The report notes Torrent's EBITDA growth of 47.1% YoY benefiting from JB Pharma consolidation, though PAT is expected to decline 9.3% YoY.

The report expects SUN's US sales to dip 12% YoY due to lower generic Lenalidomide sales, with overall sales growth of 8.5% YoY.

The report expects Rubicon to outperform in the US market with 22% YoY growth and names it a top idea for R&D-led growth, forecasting EBITDA growth of 38% YoY.

The report notes Piramal is expected to post a net loss in 2QFY27 despite 41.0% YoY EBITDA growth, and underwent a USFDA inspection at its Morpeth, UK facility with 7 observations.

The report expects MAXHEALTH to underperform with sales/EBITDA/PAT growth of 14%/11%/4% YoY, impacted by chemotherapy drug sales stoppage and slower occupancy ramp-up.

The report cites Mankind as one of its top ideas for superior execution, forecasting sales growth of 13.3% YoY and PAT growth of 33.1% YoY.

The report notes Lupin's US sales are expected to dip 18% sequentially due to competition in Mirabegron and Tolvaptan, with an 11% YoY EBITDA decline.

The report expects Laurus to deliver EBITDA growth of 53% YoY and PAT growth of 65% YoY, among the top outperformers in the healthcare pack.

The report forecasts IPCA Labs EBITDA growth of 21.0% YoY and PAT growth of 21.3% YoY in 2QFY27.

The report forecasts GSK Pharma sales growth of 15.1% YoY and PAT growth of 22.2% YoY in 2QFY27.

The report forecasts Granules sales growth of 20.0% YoY and PAT growth of 36.7% YoY in 2QFY27.

The report expects Global Health sales to grow 17.5% YoY and PAT to grow 25.4% YoY in 2QFY27.

The report forecasts Glenmark sales growth of 70.8% YoY with EBITDA and PAT turning from a loss position (LP).

The report expects Gland to outperform in the US market with 23% YoY growth supported by Flovent HFA exclusivity, and forecasts 42% YoY EBITDA growth.

The report expects Fortis to post 7% YoY EBITDA growth but a 3% YoY PAT decline due to ramp-up of recently acquired facilities, with plans to add 400 beds.

The report expects Eris to underperform peers with DF sales growth of 10.4% YoY due to muted therapy performance.

The report cites Emcure as expected to deliver 21%/32% YoY growth in EBITDA/PAT due to superior execution, and lists it as one of the report's top ideas.

The report states DRRD's US sales are expected to decline 35% YoY to USD236m due to g-Revlimid competition, driving a 43.8% YoY EBITDA decline and underwent two USFDA inspections with Form 483 observations.

The report forecasts Divi's Labs EBITDA growth of 32.6% YoY in 2QFY27.

The report expects Dr Agarwal's sales to grow 24.3% YoY and PAT to grow 36.3% YoY in 2QFY27.

The report states Cipla's US sales are expected to decline 27% YoY to USD162m due to g-Revlimid competition, dragging EBITDA down 30% YoY.

The report forecasts Biocon sales growth of 4.1% YoY but PAT growth of 54.1% YoY in 2QFY27.

The report notes Aurobindo underwent two USFDA inspections in September 2026 resulting in Form 483 observations, and forecasts sales growth of 16.1% YoY.