HSBC ON CIPLA ; BUY | TP ₹1,675

• Cipla maintains its US business guidance despite challenges in the market. • Lower R&D expenditure helped EBITDA beat estimates in Q2. • US sales continue to show steady progress. • HSBC factors in US sales of $233 million in Q4 FY27, incorporating a buffer against management's guidance. • HSBC maintains BUY rating and considers Cipla one of its top stock picks.

CIPLA LTD

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