Nomura keeps Cipla at 'Buy' with Rs 1,510 target ahead of Q2 results
Nomura expects steady Cipla growth in the September quarter and a margin recovery to 19.2%. The brokerage keeps its Rs 1,510 target price on the stock.
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what happened
Nomura expects Cipla to post steady growth in the September quarter, with its EBITDA margin improving from the previous quarter. The brokerage estimates a margin of 19.2% in Q2FY27, up from 16.7% in Q1, in line with management's full-year guidance. It keeps its 'Buy' rating and Rs 1,510 target price.
According to Nomura, growth in the One-India business will rely mostly on partnerships, acquisitions and in-licensing deals, while core respiratory and anti-infective therapies are likely to stay subdued. South African operations are expected to grow only modestly, and North America should see a small quarter-on-quarter sales improvement.
The target is based on 25 times the December 2027 estimated earnings per share of Rs 60.4. The stock trades at 25.6 times the estimated FY27 earnings of Rs 52.2 per share.
why it matters
For investors in the Indian pharma sector, the margin trajectory matters: according to Nomura's estimate, a recovery could support profit, although weakness in the core Indian business limits growth.
market impact
Indian pharma sector: an expected margin recovery supports interest in Cipla shares
tags
instruments
sources
- Cipla: Nomura maintains 'Buy' with Rs 1,510 target ahead of Q2 results — TradingView, 26 October 2026 at 09:20 UTC
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