SMID Healthcare: Four Ideas, One Theme—Earnings Acceleration

研报英文原文证据摘录

SMID Healthcare: Four Ideas, One Theme—Earnings Acceleration

y below the sector average of 33–34x.

Emcure Pharma – Operating leverage at play: We believe Emcure remains well positioned to

deliver low-to-mid-teens revenue growth alongside 75–100bps EBITDA margin expansion in

FY27. Top-line growth should be driven by continued outperformance in India vs IPM, scaling

up differentiated products such as gAmphotericin B, expanding complex injectable portfolios

in Europe, first-generic opportunities in Canada, and biosimilar launches across RoW markets.

Improved field-force productivity in India and operating leverage from manufacturing facilities

should support margin expansion of 75-100bps. We forecast low-teens revenue growth, high-

teens EBITDA growth and 21% PAT growth in FY27. Emcure trades at 24x 1yr fwd PE vs 32x

for the comparable sector average.

Medanta – New Facility Breakeven to Accelerate Earnings Growth: Medanta's recently

commissioned 550-bed Noida hospital (Nov-25) is expected to reach breakeven over the

next two quarters, creating a favorable earnings base and boosting growth from 3QFY27

onwards. The company plans to increase installed bed capacity by 13% in FY27 entirely

through brownfield expansion, while larger greenfield projects are scheduled beyond FY28. As

a result, near-term growth will be driven primarily by higher asset utilization at existing facilities.

We expect Medanta to deliver EBITDA growth of 26%/ 22% in FY27/FY28, the best growth

numbers within our coverage. Despite this, the stock trades broadly in line with peers at 25x

FY28 EV/EBITDA vs Max at 30x, Dr Agarwal’s at 28x, Fortis at 26x and Apollo Hospitals at 25x.

Entero – An Attractive Proxy for Domestic Pharma Growth: With IPM growth steadily