UBS ON CIPLA ; NEUTRAL | TP ₹1,400

• Q2 performance remained modest, with H2 FY27 business ramp-up emerging as the key growth driver. • Execution in the US business will be crucial for improving performance during H2 FY27. • India business continues to remain robust, providing stability to overall operations. • Respiratory and peptide product pipelines expected to support medium-term growth. • Continued strength in the domestic market and upcoming product opportunities improve growth visibility. • UBS maintains its Neutral rating, with near-term performance dependent on successful US execution and H2 recovery.

CIPLA LTD

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