Healthcare - India: Reflections from BofA India Conference & Healthcare Tour

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Healthcare - India: Reflections from BofA India Conference & Healthcare Tour

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outperforming (BSE Healthcare up 7% vs. NIFTY -8% since Feb end). Valuations for Company Bloomberg Tickerpharma stocks have re-rated, trading inline with their LT average. We believe that the

Apollo Hospitals APHS IN

cost impact from West Asia conflict could be seen from Sept qtr onwards & would be a Aster DM Healthcare ASTERDM IN

risk to 2HFY27 earnings if the conflicts continue. Further, the ability to deliver on large Aurobindo Pharma ARBP IN

M&A announced so far will be key for re-rating of pharma stocks. Hospitals continue to Cohance Lifesciences COHANCE IN

see divergence in stock performance reflecting the earnings revision cycle & confidence Dr. Reddy’s Laboratories DRRD IN

on margin outlook. Manipal IPO will be key to watch in the near-term. Laurus Labs LAURUS IN

Lupin LPC IN

What we heard from investors last week Mankind Pharma MANKIND IN

There had been concerns about TRP’s ability to deliver on JB post 4Q reset in growth, Nephroplus NEPHROPL IN

however, there was increasing confidence in the likely revenue upside from deal with Neuland Labs NLL IN

closure expected in 2QFY27. Post the Dr Reddy’s meeting, the update on partner filings Piramal Pharma PIRPHARM IN

Rainbow Children’s Hospitals RAINBOW INin markets like Canada/Brazil does provide more confidence on the company’s sema

Sun Pharma SUNP IN

guidance & reduces the risk from higher competitive intensity. In Apollo Hospitals, while

Torrent Pharma TRP IN

near-term focus is on ability to manage hospital margins given losses from new hospital, Vijaya Diagnostics VIJAYA IN

there is increasing discussion on the valuation of HealthCo at demerger & outlook beyond Zydus Lifesciences ZYDUSLIF IN

FY27 guidance.