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* India Formulations: The formulations segment generated revenue of INR 13,758 mn, reflecting a 12% YoY growth, primarily driven by strong volume growth in pillar brands and innovative products, contributing 22.8% to total sales. The company launched 10 new products, including 3 first-in-India launches, and outpaced the IPM in key therapies such as Cardiology, Gynecology, Dermatology, Respiratory, Antiinfectives, and super-specialty areas like Oncology and Nephrology. The company maintained its leadership in the Nephrology segment and remained the fastestgrowing Indian company in Oncology. The food and nutrition segment also saw a recovery, posting double-digit growth.

* Outlook and Valuation: The growth trajectory is supported by double-digit expansion in all key markets and a projected high-teens top-line growth for the upcoming year. This includes the launch of new products, leveraging the innovation portfolio in India, and scaling up the specialty business in the US. There is also potential for further margin improvement at the current level, especially with no competition for Asacol. The stock is valued based on a FY26E EPS of INR 55, applying a PE multiple of 24x, which results in a target price of INR 1,319. We maintain our BUY rating on the stock.

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