Jun‘26-Q Preview: Strong India, Mixed US/CRDMO/Hospitals

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Jun‘26-Q Preview: Strong India, Mixed US/CRDMO/Hospitals

India | Healthcare EquityJulyResearch9, 2026

Exhibit 1 - Among export firms, we expectJun'26-Q Preview: Strong India, Mixed US/

Torrent Pharma and Cipla to lead sales growth

(USD terms) sequentially in North AmericaCRDMO/Hospitals

North America/US sales QoQ growth (%)

We expect continued strength in Jun-Q for domestic pharma, driven by 14%

7%

12% 8% 5% 4%growth in chronic therapies such as cardiac and anti-diabetic - aided by 0%

-1% -2%

-7%generic semaglutide. Export gx is a mixed bag, though a weak INR could

provide reprieve. CRDMOs should report varied growth, led by Concord, -14%

Torrent Cipla Reddy's Alkem Zydus LupinLaurus and Gland. Hospitals are expected to deliver healthy revenue growth, Dr

.

though margins may remain flattish due to new facility ramp-ups. Source: Company data, Jefferies estimates

Exhibit 2 - We expect Dr Agarwal to lead

Double-digit growth for Domestic segment: We expect robust performance for the domestic revenue growth in our healthcare coverage

segment to continue for our coverage. India Pharma Market (IPM) in Jun-Q grew 11.5% YoY vs 1QFY27E YoY growth (%)

10.4% in Mar-Q. We expect most companies to clock double-digit growth in their India business 30% 26% 25%

21%driven by strong uptake in the IPM for anti-diabetic (+17.3% YoY), and cardiac (+14.8% YoY). 25% 19% 20%

Since semaglutide became generic in Mar'26, sales have grown meaningfully, although growth 16% 16% 14% 13% 15% 13% 11%

seems to be plateauing - commentary by companies will be a key monitorable. We expect the 10%

fastest growth from Torrent Pharma (+54% YoY) - aided by JB Pharma acquisition (organic 5%

growth 14%) followed by Dr Reddy's - aided by organic growth and contribution from in-licensed 0%

products.