KOTAK SECURITIES ON CIPLA ; BUY | TP ₹1,675

• Management maintains its US business guidance despite near-term challenges. • Q2 FY27 EBITDA beat expectations, supported by lower Research & Development (R&D) expenses. • US business continues to show steady sales progress. • Kotak Securities factors in US sales of $233 million in Q4 FY27, incorporating a buffer against execution risks. • Lower R&D spending supported operating profitability and helped offset business pressures. • Cipla remains one of Kotak Securities' top stock picks, backed by steady US business progress and profitability.

CIPLA LTD

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