Sun Pharma Q2 Preview: 7% Revenue Growth, 9% EBITDA Rise, 2% PAT Surge Driven by US, Domestic Sales Expected

Leading pharma company Sun Pharma is set to announce its second-quarter (Q2 FY26) results on November 5, 2025. Analysts expect a modest growth in revenue, driven by both domestic and international sales, alongside higher commercialisation costs for its new products.

Sun Pharma Q2 Preview: Analysts Expect 7% Revenue Growth on Back of US, Domestic Gains

Kotak Institutional Equities expects Sun Pharma's consolidated revenue to rise 7% year-on-year (Y-o-Y) and 3% quarter-on-quarter (Q-o-Q). US sales are projected at $486 million, up 3% Q-o-Q, while the global specialty segment is likely to grow 15% Y-o-Y to $330 million, supported by the launch of Leqselvi and increased prescriptions for Ilumya, Cequa, Winlevi and Odomzo.

India Sales to Grow 9% YoY, RoW and Emerging Markets Expected to Rise 11%

India sales are expected to rise 9% Y-o-Y, with growth in Rest of World (RoW) and emerging markets pegged at 11% Y-o-Y. Kotak projects a slight decline in gross margins by 90 basis points Q-o-Q to 78.8%, attributed to lower gRevlimid sales and a weaker domestic mix. Research and Development (R&D) expenses are estimated at 6.5% of sales, up 100 basis points Q-o-Q.

On profitability, Kotak expects a 4% Q-o-Q decline in EBITDA to Rs 39 billion (+2% Y-o-Y), impacted by higher commercialisation costs for Leqselvi. EBITDA margins are likely to come in at 27.4%, down 130 basis points Y-o-Y and 200 basis points Q-o-Q.

Nuvama Institutional Equities Projects 7% YoY Revenue Growth, 9% Rise in EBITDA, 2% PAT Increase

Meanwhile, Nuvama Institutional Equities anticipates 7% Y-o-Y revenue growth, 9% increase in EBITDA, and a 2% rise in PAT for Q2FY26. Nuvama expects EBITDA margins of 30.4%, reflecting a 70 basis point expansion despite higher promotional spending for Leqselvi in the US. Domestic business is projected to grow 10% Y-o-Y, while the global innovative segment could generate $330 million in revenue, supported by Ilumya, Odomzo, Cequa, and Winlevi. Given that Leqselvi is newly launched, its contribution is not expected to be significant at this stage.

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