REAL-TIME GLOBAL RESEARCH
F1Q27 Healthcare Preview: Mixed Performance
Research evidence excerpt
F1Q27 Healthcare Preview: Mixed Performance
Update
July 6, 2026 07:28 PM GMT
Morgan Stanley India Company Private Limited+MIndia Healthcare | Asia Pacific Binay Singh
Equity Analyst
F1Q27 Healthcare Preview: Binay.Singh@morganstanley.comAlka Katiyar +91 22 6118-1158
Alka.Katiyar@morganstanley.com +91 22 6118-1172
Mixed Performance Dhara P Shah
Research Associate
Dhara.Shah@morganstanley.com +91 22 6118-2047
Healthcare earnings should remain healthy, led by hospitals, the
domestic formulations space and CDMOs. Among large caps, we
like Divi's, Mankind and Apollo Hospitals. Other preferred OWs
are Sai Life and Dr Agarwals.
India Healthcare
Key Takeaways Asia Pacific
Industry View Attractive
In pharma, Lupin leads on YoY revenue growth; DRL and Cipla face YoY declines
from gRevlimid phase-out.
Torrent should have full qtr with JB Pharma consolidation. Mankind should show
further recovery.
GPL1 progress, hit on new bed addition, organic revenue growth will be key
debates to track.
In CDMOs, 2H will be stronger than 1H due to major capacity addition and
pipeline progress will be key to watch.
In order of preference, we like: CDMOs>Hospitals>Pharma.
Pharma F1Q27: We expect mixed performance across the large-cap pharma names.
Lupin is expected to deliver 19% YoY (and flat QoQ) revenue growth, driven by
strong US sales (gMyrbetriq, gSpiriva, delay in competition in gJynarque), while India
formulation expected to be slightly above IPM. Mankind Pharma and Torrent
Pharma are also expected to post healthy growth of 12% YoY and 51% YoY (JB
consolidation), respectively. Cipla and Dr. Reddy’s revenues are likely to remain
broadly flat/slightly down (~1% YoY decline each), primarily due to gRevlimid phase
off and price erosion in the base business.
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