1QFY27F preview: q-q improvement Quick Note

Research evidence excerpt

1QFY27F preview: q-q improvement Quick Note

Global Markets Research

Cipla CIPL.NS CIPLA IN 17 July 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

Rating1QFY27F preview: q-q improvement Remains Buy

Target price INR 1,510 RemainsQuick Note

Closing priceCipla will report 1QFY27 results on 23 July 2026. We estimate the y-y growth is likely to 17 July 2026 INR 1,419

be adversely impacted by a high base in the US (loss of gRevlimid and lanreotide sales).

We expect strong growth in India, supported by the recent distribution agreement. Other

international market sales should be supported by favorable currency. We expect Research Analysts

overhead expenses ex R&D to record a modest increase y-y. We forecast EBITDA margin India Pharmaceuticalsat 18.3%, marginally lower than the FY27E guidance of 18.5-20.0%. We expect EBITDA

Saion Mukherjee - NFASLmargin to improve in the upcoming quarters, driven by new product launches in the US. saion.mukherjee@nomura.com

+91 22 403 74184

Segment-wise performance and profitability Kushal Chovatia - NFASL

kushal.chovatia@nomura.com

• The One India segment’s growth will be supported by the distribution agreement that +91 22 403 74013

the company entered into with Pfizer (PFE US, Not rated) for select brands, launch of

tirzepatide under licence from Eli Lilly (LLY US, Not rated), and the acquisition of

Inzpera Health Sciences (unlisted). These should contribute ~500-600bp to the y-y

growth rate, as per our estimates. Furthermore, we expect a y-y recovery of the base

business, with strong growth of the respiratory segment. We expect Cipla One-India

growth in high-teens y-y in 1QFY27F.

• We expect the NAG segment’s revenue to decline y-y, with much lower sales of

gRevlimid and the absence of supplies of Lanreotide injection. This impact was also