Sun Pharma Q2 preview: steady PAT, margin drag from Leqselvi launch

’s Q2FY26 PAT is expected to rise a modest ~2% year-on-year as resilient specialty and India branded businesses offset incremental opex tied to the U.S. launch build-out of Leqselvi, which is likely to cap margin expansion in the near term. Revenue growth is seen supported by sustained traction in specialty dermatology/ophthalmology and steady domestic formulations, while U.S. generics remain selective and compliance-focused.​ What to track * Specialty spend vs. ramp: Commercial and medical spend for Leqselvi in the U.S. will weigh on EBITDA in Q2, with management commentary on uptake curves and access critical to H2 visibility.​ * India franchise: Branded formulations should remain healthy on chronic therapies and new launches; watch for seasonality and inventory normalization post-festive timing.​ * U.S. pipeline: Any updates on approvals, site status, and supply continuity will shape the U.S. margin mix alongside specialty investments.​ * EBITDA margin: Consensus bakes in mild compression QoQ given launch costs; cadence of spend and any offset from cost controls will drive deviations.​ * R&D and guidance: Clarity on R&D intensity and FY26 margin guardrails amid specialty scale-up will be key for the stock’s reaction.​ Industry lens Large-cap Indian pharma is prioritizing durable growth via specialty assets and branded India, which can temporarily dilute margins but enhance earnings quality and defensibility over time. For Sun, near-term profitability trade-offs around Leqselvi are consistent with a specialty-led strategy; investor focus will be on proof points of adoption, payer access, and operating leverage into H2FY26. Source: The Economic Times No Recommendations