CITI ON CIPLA ; BUY | TP ₹1,700

• Q2 FY27 results remained steady, with US business ramp-up crucial for future margin expansion. • Operating margin improvements are expected to sustain in the coming quarters. • Decent performance across business segments supports overall growth momentum. • Recovery in US sales remains a key factor for further profitability improvement. • Citi cuts FY27 EPS estimates by 9% and FY28 estimates by 3%. • Earnings downgrades reflect lower US sales expectations and a higher effective tax rate. • Citi maintains BUY rating on Cipla with a target price of ₹1,700, supported by expectations of sustained margin improvement.

CIPLA LTD

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