Amey Chalke, Pharma Research Analyst at JM Financial Institutional Securities, said their preferred order within the pharma sector is hospitals, Contract Development and Manufacturing Organization (CDMOs), and then generics.

Speaking to CNBC-TV18 on the sidelines of the JM Financial India Xchange 2025 conference, Chalke said he remains bullish on hospitals, driven by rising formalisation and broader structural tailwinds. “There is a structural trend from unorganised to organised,” he said, adding that he expects 15–20% growth over the next three to four years.

Even though valuations look expensive today, he believes the picture will change once investors shift to FY28 estimates. “Some of these hospitals are trading at around 20 times, and they are looking attractive,” he said.

Talking a

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