Institutional Equities

Sun Pharmaceutical Industries (SUNP)

BUY
Pharmaceuticals | NBIE Conference Update
CMP: Rs1,694 | Target Price (TP): Rs2,024 | Upside: 20% June 10, 2025

India + Specialty to drive growth

Est Change Upwards
Key Points
TP Change Upwards
 We hosted the management of Sun Pharma Ltd., represented by Dr. Abhishek
Rating Change Maintain
Sharma, Vice President and Head of Investor Relations & Strategic Projects, to gain
insights into the current business outlook. Company Data and Valuation Summary
 In the U.S., the company plans to launch Leqselvi (at-risk) and Unloxcyt. Management Reuters: SUN.BO
indicated comfort in selling Revlimid at lower margins post-Jan-26. They
Bloomberg: SUNP IN Equity
acknowledged that India business growth is unlikely to sustain at historical levels due
to a high base in the IPM but reaffirmed their expectation to outperform the broader Mkt Cap (Rsbn/US$bn): 4,065.4 / 47.6

market. In FY25, India business grew 7-8% through volumes, 5% through price hikes, 52 Wk H / L (Rs): 1,960 / 1,461
Initiating Coverage

with the remainder contributed by new launches. The company aims to be a part of ADTV-3M (mn) (Rs/US$): 4,893.2 / 57.1
the first wave of GLP-1 launches.
Stock performance (%) 1M/6M/1yr: (2.9) / (6.2) / 12.4
 Management expects tax rates to rise from current levels due to the exhaustion of Nifty 50 performance (%) 1M/6M/1yr: 2.8 / 11.3 / 7.9
past tax losses. They have earmarked a US$100mn investment for specialty business
initiatives in FY26. R&D spend is guided at 6-8% of revenue for the year. Shareholding 2QFY25 3QFY25 4QFY25
 While near-term headwinds such as elevated marketing expenses, rising tax rates, Promoters 54.5 54.5 54.5
and persistent pricing pressure in the U.S. generics business have led us to tweak DIIs 18.6 18.5 18.7
our estimates, we remain constructive on Sun Pharma’s long-term fundamentals. Key FIIs 18.0 18.1 18.0
drivers include: (i) continued expansion of the U.S. branded/specialty franchise Others 8.9 8.9 8.9
supported by a strong pipeline (e.g., Leqselvi launch, Checkpoint acquisition); (ii)
Pro pledge 0.8 0.7 0.9
sustained outperformance in the India branded formulations market, led by volume
growth and consistent new launches; (iii) strategic intent to pursue inorganic Financial and Valuation Summary
opportunities in dermatology, ophthalmology, and oncology, backed by a robust Particulars
FY24 FY25 FY26E FY27E
(Rsmn)
balance sheet; and (iv) the management’s commitment to maintaining healthy
Net Sales 4,84,969 5,25,784 5,79,096 6,27,833
operating margins despite temporary SG&A pressures related to specialty
commercialization. We arrive at a target price of Rs2,024, based on a P/E multiple of Growth YoY % 10.5 8.4 10.1 8.4
35x FY27E EPS of Rs57.8, reflecting moderated growth assumptions and a more Gross margin % 78.0 79.6 80.2 80.2
balanced risk-reward outlook. We maintain our BUY rating, as we remain confident in
EBITDA 1,30,231 1,52,717 1,68,514 1,87,442
Sun’s long-term positioning as a differentiated play on both India and global specialty
EBITDA margin % 26.9 29.0 29.1 29.9
pharma.
Adj PAT 1,00,065 1,14,703 1,24,337 1,38,775
Leqselvi launch at risk; U.S. business protected by North American manufacturing:
Growth YoY % 16.0 14.6 8.4 11.6
Leqselvi launch has been confirmed (at-risk). Potential penalties may range from 2x to 3x
of the losses incurred by the patent-holding company. The U.S. generics business remains Adj EPS (Rs) 41.7 47.8 51.8 57.8
largely insulated from Trump-era tariff risks, as a significant portion is manufactured by RoCE 14.7 15.8 15.7 15.7
Taro (Canada) and domestic U.S. facilities, with the Canadian site protected under the
RoE 16.7 16.9 16.2 16.2
USMCA framework.
RoIC 19.1 22.1 23.8 25.8
Financial highlights: Gross margins are expected to improve, driven by a growing share
P/E 40.6 35.4 32.7 29.3
of specialty products in the overall portfolio. India business growth is projected to moderate
to IPM levels or slightly above, due to a high base effect. The company will continue selling EV/EBITDA 30.0 25.1 22.4 19.6
Revlimid post-January CY26 at reduced margins. R&D spend is guided at 6–8% of P/BV 6.4 5.6 5.0 4.5
revenue, while the effective tax rate is expected to stay/increase from current levels.
Source: Company, Bloomberg, Nirmal Bang Institutional Equities
Outlook: We expect Revenue/EBITDA/PAT CAGR of 9.2%/10.8%/11.1% over FY25- Research

FY27E, led by continuing strong growth in India and leveraging of its Specialty pipeline.
EBITDA margin is expected to remain healthy at ~30%. Improvement in existing Specialty
Products’ margins and the change in mix are likely to be offset by continuous spending on
the expansion of the Specialty pipeline. We are building Revlimid sales of US$176/123mn
over FY26/FY27E. ROE/ROCE is expected to remain decent at 16.2%/15.7% in FY27E.
Please refer to the disclaimer towards the end of the
We expect a healthy cumulative FCF generation of Rs254bn over FY26E-FY27E. document.

Umesh Laddha
Research Analyst
[email protected]
+91-022 6273 8188
 Institutional Equities
Valuation: We have marginally tweaked our estimates due to increased operating expenses,
softer topline growth, and a rising tax burden. However, despite these near-term challenges, we
remain structurally positive on Sun Pharma’s long-term business outlook. We are building in
Revlimid sales of US$176/123mn over FY26/FY27E. The stock’s 5-year average P/E stands at
25x; we now value it at 35x FY27E EPS of Rs57.8 and arrive at a target price of Rs2,024. We
maintain our BUY rating underpinned by Sun's strong positioning as a unique play on both the
India branded market and the global specialty pharma opportunity.

Exhibit 1: 4QFY25 consolidated performance

Particulars (Rsmn) 1QFY24 2QFY24 3QFY24 4QFY24 1QFY25 2QFY25 3QFY25 4QFY25 FY24 FY25
Net Sales 1,19,408 1,21,924 1,23,807 1,19,829 1,26,528 1,32,914 1,36,755 1,29,588 4,84,969 5,25,784
YoY Change (%) 11.0 11.3 10.1 9.6 6.0 9.0 10.5 8.1 10.5 340.3
Gross Profit 91,827 94,053 96,438 96,025 99,773 1,05,972 1,09,349 1,03,217 3,78,342 4,18,311
Margin (%) 76.9 77.1 77.9 80.1 78.9 79.7 80.0 79.6 78.0 79.6
EBITDA 33,318 31,794 34,768 30,352 36,076 39,390 40,090 37,161 1,30,231 1,52,717
YoY Change (%) 15.5 7.5 15.8 8.3 8.3 23.9 15.3 22.4 11.8 358.4
Margin (%) 27.9 26.1 28.1 25.3 28.5 29.6 29.3 28.7 26.9 29.0
Depreciation 6,513 6,328 6,221 6,504 6,551 6,259 6,306 6,638 25,566 25,754
Interest 809 493 347 736 615 692 515 491 2,385 2,314
Other income 2,044 2,936 2,502 6,059 5,326 3,540 4,656 6,129 13,542 19,650
Extraordinary Items -3,229 - -698 -1,016 - - -3,162 -3,617 -4,943 -6,779
PBT (bei) 28,040 27,909 30,702 29,172 34,235 35,979 37,926 36,160 1,15,822 1,44,300
PBT 24,811 27,909 30,004 28,155 34,235 35,979 34,764 32,544 1,10,879 1,37,521
Tax 4,681 3,901 4,323 1,489 5,523 5,672 5,589 10,937 14,395 27,720
ETR (%) 18.9 14.0 14.4 5.3 16.1 15.8 16.1 33.6 13.0 20.2
Reported PAT 20,225 23,755 25,238 26,546 28,356 30,307 29,034 21,499 95,764 1,09,290
Adj. PAT 22,845 23,755 25,835 27,508 28,356 30,307 31,687 23,900 1,00,065 1,14,703
YoY Change (%) 10.9 5.0 19.3 28.6 24.1 27.6 22.7 -13.1 16.0 402.1
Adj. EPS (Rs) 9.5 9.9 10.8 11.5 11.8 12.6 13.2 10.0 41.7 47.8
Source: Company, Nirmal Bang Institutional Equities Research

NBIE Conference Highlights

API
 No specific figures were disclosed for API in the earnings call or release.
 Historically, API is not a key revenue driver and is used for vertical integration to support the
formulations business.
US Product Strategy & Legal Outlook
 The company is launching Leqselvi in U.S. despite ongoing litigation.
 If a post-launch court ruling is adverse they will be required to cease sales and could face
financial damages—potentially up to 3x the estimated loss, though the average tends to be
around 2x.
 The launch was made ‘at risk’ driven by confidence in their legal position. No hearing date
is set yet; however, the preliminary injunction has been lifted, thereby enabling current
market participation.
 The product will follow a PVM (Product Value Message) route for payer access. PBM
formulary lists typically update in January but interim inclusion is possible following a Q2
launch.

2 Sun Pharmaceutical Industries (SUNP)

 Institutional Equities
 In the worst case, full access may be delayed to Jan-26, though interim coverage is
expected. Near-term revenue impact is expected to be minimal as specialty products usually
take time to ramp up. A launch delay of nearly a year has already occurred (initially planned
for July last year).
 Sun manufactures most of U.S. generics products from Canada (Taro) and is immune to
Trump tariffs under US-MCA protection.
GLP-1 India Launch & Pipeline
 India launch of GLP-1 (e.g., semaglutide) expected by Mar–May 2026, targeting obesity,
diabetes, cardiovascular, and metabolic diseases.
 Injectable forms preferred for efficacy and patient adherence; safety data remains robust
with rare side effects.
 The in-house GLP-1 molecule, which is in development (GL0034 i.e Utreglutide), will
supplement—not cannibalize—the current pipeline depending on clinical differentiation.
Strategic Acquisition: Checkpoint
 Acquisition expected to close in Q2, complementing the Oncoderm portfolio, with a focus on
cutaneous squamous cell carcinoma.
 The product has patent protection until 2038 and was acquired at US$4/share versus a
historical peak of US$15. Manufacturing issues have been resolved.
Manufacturing Strategy
 Most of the specialty products are predominantly outsourced around the globe to players
like Samsung Biologics via take-or-pay contracts; dual-sourcing ensures supply chain
resilience.
 The company has 3 U.S. plants and protected capacity via Taro in Canada under US-MCA,
offering flexibility amid potential reshoring pressures.
R&D Outlook
 R&D spend revised down to 6-8% of revenue after shelving of a Phase-3 trial; a partner is
being sought for its revival.
 Continued focus on core therapeutic launches remain intact.
India Business Performance
 Q4FY25 growth was 13% with over 7-8% being volume-led; price contribution is at
5%. Outperformed Indian pharma market (IPM) volume growth (~0.5-1%).
 Gross margin at 79.6%, marginally lower QoQ due to the product mix; overall specialty mix
now contributes ~20% (vs. 6-7% historically).
Pricing & Market Risks
 GLP-1 products not immediately at risk of NLEM (price control); long-term political risks
remain.
 U.S. generics continue to face pricing pressure, though the trend is not worsening.

3 Sun Pharmaceutical Industries (SUNP)

 Institutional Equities
Exhibit 2: Revised estimates
New estimates Old Estimates Change (%)
(Rsmn)
FY26E FY27E FY26E FY27E FY26E FY27E
Revenue 5,79,096 6,27,833 5,80,501 6,37,724 (0.2) (1.6)
EBITDA 1,68,514 1,87,442 1,66,783 1,88,512 1.0 (0.6)
Margin (%) 29.1 29.9 28.7 29.6 37 bps 30 bps
PAT 1,24,337 1,38,775 1,18,012 1,34,969 5.4 2.8
Margin (%) 21.5 22.1 20.3 21.2 114 bps 94 bps
EPS (Rs) 51.8 57.8 49.2 56.3 5.4 2.8
Source: Nirmal Bang Institutional Equities Research

4 Sun Pharmaceutical Industries (SUNP)

 Institutional Equities
Valuation and Outlook
Revenue is expected to clock ~9.2% CAGR over FY25-FY27E driven by all geographies
(excluding the U.S. Generics business). Domestic business growth will mainly be driven by
continuous strong growth in the Chronic segment. India business grew ~10.5% YoY driven by
new launches and volume growth. Global Speciality segment revenue is expected to clock 23%
CAGR over FY25-FY27E mainly on the back of persistent ramp-up in Ilumya, Cequa, Odomzo,
Nidlegy, and Winlevi along with new launches like Leqselvi and Unloxcyt. RoW/EM markets are
expected to clock ~8%/~11% CAGR over FY25-FY27E. EBITDA margin is expected to remain
healthy at ~30%. Net profit should clock ~10% CAGR over FY25-FY27E mainly on the back of a
strong operational performance. We have build in Revlimid sales of US$176/123mn over
FY26/FY27E.
The stock is currently trading at 32.7x/29.3x P/E on FY26E/FY27E and 22.4x/19.6x EV/EBITDA
on FY26E/FY27E. ROE/ROCE is expected to remain decent at 17.2%/16.6% in FY27E.
Cumulative FCF generation is expected to remain strong at Rs260bn over FY26E-FY27E.
While near-term headwinds such as elevated marketing expenses, rising tax rates, and persistent
pricing pressure in the U.S. generics business have led us to tweak our estimates, we remain
constructive on Sun Pharma’s long-term fundamentals. Key drivers include: (i) continued
expansion of the U.S. branded/specialty franchise supported by a strong pipeline (e.g., Leqselvi
launch, Checkpoint acquisition); (ii) sustained outperformance in the India branded formulations
market led by volume growth and consistent new launches; (iii) strategic intent to pursue
inorganic opportunities in dermatology, ophthalmology, and oncology, backed by a robust
balance sheet; and (iv) the management’s commitment to maintaining healthy operating margins
despite temporary SG&A pressures related to specialty commercialization. We arrive at a target
price of Rs2,024, based on a P/E multiple of 35x FY27E EPS of Rs57.8, reflecting moderated
growth assumptions and a more balanced risk-reward outlook. We maintain our BUY rating as
we remain confident in Sun’s long-term positioning as a differentiated play on both India and
global specialty pharma.

Exhibit 3: One-year Rolling Forward P/E

60

50

40

30

20

10

0
Jul-14
Nov-13

Jun-15

Jun-16

Jun-17
Oct-17

Jun-18

Jun-19

Jun-20

Jun-21
Oct-21

Jun-22

Jun-23

Jun-24

Jun-25
Mar-14

Oct-14

Oct-15

Oct-16

Oct-18

Oct-19

Oct-20

Oct-22

Oct-23

Oct-24
Feb-15

Feb-16

Feb-17

Feb-18

Feb-19

Feb-20

Feb-21

Feb-22

Feb-23

Feb-24

Feb-25

PE Mean 1SD -1SD 2SD -2SD

Source: Company, BSE, Bloomberg, Nirmal Bang Institutional Equities Research

5 Sun Pharmaceutical Industries (SUNP)

 Institutional Equities
Financial statements
Exhibit 4: Income statement Exhibit 5: Cash flow
Y/E March (Rsmn) FY23 FY24 FY25 FY26E FY27E Y/E March (Rsmn) FY23 FY24 FY25 FY26E FY27E
Net Sales 4,38,857 4,84,969 5,25,784 5,79,096 6,27,833 PBT 93,605 1,10,495 1,37,368 1,55,868 1,73,915
Growth YoY % 13.5 10.5 8.4 10.1 8.4
Depreciation 25,294 25,566 25,754 27,127 28,527
Gross profit 3,32,235 3,78,342 4,18,311 4,64,423 5,03,510
Interest 1,720 2,385 2,314 1,734 1,324
Gross margin % 75.7 78.0 79.6 80.2 80.2
Other adjustments 690 (12,023) (16,710) 6,541 5,702
Staff costs 82,960 94,291 99,731 1,08,021 1,16,242
% of sales 18.9 19.4 19.0 18.7 18.5
Change in Working capital (56,618) 10,621 (3,236) (19,386) (14,724)
Other expenses 1,32,807 1,53,821 1,65,863 1,87,888 1,99,825 Tax paid (15,098) (15,694) (4,768) (31,174) (34,783)
% of sales 30.3 31.7 31.5 32.4 31.8 Operating cash flow 49,593 1,21,350 1,40,721 1,40,710 1,59,960
EBITDA 1,16,468 1,30,231 1,52,717 1,68,514 1,87,442 Capex (20,646) (21,710) (20,676) (20,000) (20,000)
Growth YoY % 12.0 11.8 17.3 10.3 11.2 Free cash flow 28,948 99,640 1,20,045 1,20,710 1,39,960
EBITDA margin % 26.5 26.9 29.0 29.1 29.9
Other investing activities (58,791) 14,808 (32,386) (20,000) (20,000)
Depreciation 25,294 25,566 25,754 27,127 28,527
Investing cash flow (79,437) (6,902) (53,062) (40,000) (40,000)
EBIT 91,174 1,04,665 1,26,963 1,41,387 1,58,915
Issuance of share capital 0 0 0 0 0
Interest 1,720 2,385 2,314 1,734 1,324
Other income 6,345 13,542 19,650 16,215 16,324 Movement of Debt 51,588 (36,560) (11,167) (5,000) (5,000)
PBT (bei) 95,799 1,15,822 1,44,300 1,55,868 1,73,915 Dividend paid (incl DDT) (25,197) (29,007) (36,173) (37,301) (41,633)
PBT 94,084 1,10,879 1,37,521 1,55,868 1,73,915 Other financing activities 10,823 (1,376) (32,210) (1,734) (1,324)
ETR 9 13 20 20 20 Financing cash flow 37,213 (66,944) (79,550) (44,035) (47,956)
PAT 85,608 96,484 1,09,801 1,24,694 1,39,132 Net change in cash flow 7,369 47,504 8,109 56,675 72,004
Adj PAT 86,296 1,00,065 1,14,703 1,24,337 1,38,775
Opening C&CE 50,334 57,703 1,05,207 1,13,316 1,69,991
Growth YoY % 29.5 16.0 14.6 8.4 11.6
Closing C&CE 57,703 1,05,207 1,13,316 1,69,991 2,41,995
Source: Company, Nirmal Bang Institutional Equities Research
Source: Company, Nirmal Bang Institutional Equities Research
Exhibit 6: Balance sheet
Y/E March (Rsmn) FY23 FY24 FY25 FY26E FY27E Exhibit 7: Key ratios
Share capital 2,399 2,399 2,399 2,399 2,399 Y/E March FY23 FY24 FY25 FY26E FY27E

Reserves 5,57,555 6,34,268 7,19,781 8,06,817 9,03,960 Per share (Rs)

Adj EPS 36.0 41.7 47.8 51.8 57.8
Net worth 5,93,155 6,71,259 7,24,860 8,12,253 9,09,752
Book value 233.4 265.4 301.0 337.3 377.8
Long term debt 5,599 3,036 3,583 3,583 3,583
DPS 12.1 15.1 13.7 15.5 17.4
Short term debt 63,260 29,701 20,039 15,039 10,039
Valuation (x)
Total debt 68,859 32,737 23,622 18,622 13,622 P/Sales 9.3 8.4 7.7 7.0 6.5
Net debt 11,156 -72,470 -89,694 -1,51,369 -2,28,373 EV/EBITDA 34.2 30.0 25.1 22.4 19.6
Other non-current liabilities 9,612 10,857 10,622 11,093 11,524 P/E 47.1 40.6 35.4 32.7 29.3
Total Equity & Liabilities 8,07,436 8,54,997 9,21,006 10,18,158 11,25,917 P/BV 7.3 6.4 5.6 5.0 4.5
Gross block 2,20,130 2,27,684 2,53,438 2,80,564 3,09,091 Return ratios (%)
RoCE 14.6 14.7 15.8 15.7 15.7
Accumulated depreciation 1,16,226 1,25,760 1,53,078 1,87,331 2,24,385
RoCE (pre-tax) 14.6 14.8 15.9 15.7 15.8
Net Block 1,03,904 1,01,923 1,00,359 93,233 84,706
RoE 16.6 16.7 16.9 16.2 16.2
CWIP 9,634 11,077 12,343 12,343 12,343
RoIC 18.4 19.1 22.1 23.8 25.8
Intangible and others 1,80,396 1,73,020 1,79,600 1,79,600 1,79,600 Profitability ratios (%)
Other non-current assets 1,14,670 1,34,226 1,02,459 1,12,462 1,22,464 Gross margin 75.7 78.0 79.6 80.2 80.2
Investments 93,726 85,845 1,36,561 1,46,561 1,56,561 EBITDA margin 26.5 26.9 29.0 29.1 29.9
Trade receivables 1,14,385 1,12,494 1,30,461 1,43,689 1,55,782 PAT margin 19.7 20.6 21.8 21.5 22.1
Inventories 1,05,131 98,683 1,02,433 1,12,734 1,20,918
Liquidity ratios (%)
Current ratio 2.0 2.6 2.9 3.2 3.6
Cash & Cash Equivalents 57,703 1,05,207 1,13,316 1,69,991 2,41,995
Quick ratio 1.5 2.0 2.3 2.7 3.0
Other current assets 27,889 32,521 43,473 47,546 51,548
Solvency ratio (%)
Total current assets 3,98,833 4,34,750 5,26,245 6,20,521 7,26,804
Net Debt to Equity ratio (0.1) (0.2) (0.3) (0.4) (0.4)
Trade payables 56,815 56,533 61,843 65,986 71,539 Turnover ratios
Other current liabilities 78,995 83,611 1,00,059 1,10,205 1,19,480 Fixed asset turnover ratio (x) 1.3 1.4 1.4 1.5 1.5
Total current liabilities 1,99,070 1,69,844 1,81,942 1,91,230 2,01,058 Debtor days 92.9 86.7 85.2 87.3 87.9
Total Assets 8,07,436 8,54,997 9,21,006 10,18,158 11,25,917 Inventory days 82.3 77.9 70.5 68.5 68.6
Creditor days 42.8 43.3 41.5 40.7 40.4
Source: Company, Nirmal Bang Institutional Equities Research
Net Working capital days 132.3 121.3 114.2 115.1 116.1
Source: Company, Nirmal Bang Institutional Equities Research

6 Sun Pharmaceutical Industries (SUNP)

 Institutional Equities
Rating Track
Date Rating Market price (Rs) Target price (Rs)
5 March 2019 Buy 446 581
5 April 2019 Buy 462 581
29 May 2019 Buy 414 578
14 August 2019 Buy 438 578
23 September 2019 Buy 414 573
8 November 2019 Buy 440 517
7 February 2020 Buy 431 517
27 March 2020 Buy 339 489
23 April 2020 Buy 474 543
27 May 2020 Buy 451 543
3 August 2020 Buy 532 625
23 September 2020 Buy 509 618
29 September 2020 Buy 510 618
4 November 2020 Buy 485 618
10 December 2020 Hold 570 618
7 January 2021 Buy 605 701
1 February 2021 Buy 586 716
28 May 2021 Hold 700 710
2August 2021 Hold 774 831
26 September 2021 Hold 770 880
3 November 2021 Buy 815 939
1 February 2022 Buy 834 1,035
21 February 2022 Buy 864 1,090
11 March 2022 Buy 869 1,090
31 May 2022 Buy 888 1,082
1 August 2022 Buy 944 1,112
29 September 2022 Buy 918 1,061
2 November 2022 Buy 1,033 1,192
1 February 2023 Buy 1,035 1,202
16 March 2023 Buy 967 1,265
27 May 2023 Buy 971 1,130
9 June 2023 Buy 1,000 1,217
4 August 2023 Buy 1,141 1,315
1 November 2023 Buy 1,117 1,345
1 February 2024 Buy 1,418 1,653
23 May 2024 Hold 1,540 1,579
2 August 2024 Hold 1,714 1,863
1 February 2025 Hold 1,743 2,139
02 May 2025 Buy 1,832 2,215
23 May 2025 Buy 1,719 1,969
10 June 2025 Buy 1,694 2,024

7 Sun Pharmaceutical Industries (SUNP)

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Rating Track Graph

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Covered
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Institutional Equities

Sun Pharmaceutical Industries (SUNP)

 Institutional Equities

DISCLOSURES

This Report is published by Nirmal Bang Equities Private Limited (hereinafter referred to as “NBEPL”) for private circulation.
NBEPL is a registered Research Analyst under SEBI (Research Analyst) Regulations, 2014 having Registration no.
INH000001436. NBEPL is also a registered Stock Broker with National Stock Exchange of India Limited and BSE Limited in
cash and derivatives segments.

NBEPL has other business divisions with independent research teams separated by Chinese walls, and therefore may, at
times, have different or contrary views on stocks and markets.

NBEPL or its associates have not been debarred / suspended by SEBI or any other regulatory authority for accessing / dealing
in securities Market. NBEPL, its associates or analyst or his relatives do not hold any financial interest in the subject company.
NBEPL or its associates or Analyst do not have any conflict or material conflict of interest at the time of publication of the
research report with the subject company. NBEPL or its associates or Analyst or his relatives do not hold beneficial ownership
of 1% or more in the subject company at the end of the month immediately preceding the date of publication of this research
report.

NBEPL or its associates / analyst has not received any compensation / managed or co-managed public offering of securities
of the company covered by Analyst during the past twelve months. NBEPL or its associates have not received any
compensation or other benefits from the company covered by Analyst or third party in connection with the research report.
Analyst has not served as an officer, director or employee of Subject Company and NBEPL / analyst has not been engaged
in market making activity of the subject company.

Analyst Certification: I/We, Umesh Laddha, Research Analyst, the authors of this report, hereby certify that the views
expressed in this research report accurately reflects my/our personal views about the subject securities, issuers, products,
sectors or industries. It is also certified that no part of the compensation of the analyst was, is, or will be directly or indirectly
related to the inclusion of specific recommendations or views in this research. The analyst is principally responsible for the
preparation of this research report and has taken reasonable care to achieve and maintain independence and objectivity in
making any recommendations.

9 Sun Pharmaceutical Industries (SUNP)

 Institutional Equities
Disclaimer
Stock Ratings Absolute Returns
BUY > 15%
HOLD -5% to 14%
SELL < -5%
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Team Details:

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Rahul Arora CEO [email protected] -

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Dealing
Ravi Jagtiani Dealing Desk [email protected] +91 22 6273 8230, +91 22 6636 8833

Michael Pillai Dealing Desk [email protected] +91 22 6273 8102/8103, +91 22 6636 8830

Nirmal Bang Equities Pvt. Ltd.

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10 Sun Pharmaceutical Industries (SUNP)