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BSE LIVE NSE LIVE 26 Aug, 2025 12:21 Volume Todays L/H More ×

Emkay Global Financial' research report on Sun Pharma

Sun’s 2QFY26 EBITDA was ahead of the street and our estimates (by ~12%), on the back of a marginally higher gross margin and lower R&D spend. The reported EBITDA margin was again at a multi-quarter high; excluding forex gain, EBITDA was marginally ahead of expectations. The topline surprise was primarily driven by a strong beat in EM + the RoW (no one-offs, per the management), with US and domestic sales being broadly in line. We believe that 2Q performance should put to rest concerns about sustainability of Sun’s double-digit domestic growth, given the scale of its domestic business (9th consecutive qua

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