CIPLA

BUY FOR STABLE LONG-TERM GROWTH

Cipla Limited offers a defensive play in the healthcare sector with stable demand across cycles. Its strong respiratory portfolio and expanding US generics pipeline support long-term growth visibility. The company has a diversified presence across India, US, and emerging markets, reducing concentration risk. Valuations remain relatively reasonable compared to peers, leaving room for upside. However, near-term performance may stay muted due to pricing pressure in US generics and recent earnings softness.