Goldman Sachs has reiterated a Sell rating on Cipla, with a target price of ₹1,375 — implying a downside of approximately 10.4% from the current market price of ₹1,535.00.
The company’s Q1FY26 results came in above expectations, with EBITDA margin at 25.6%, up 256 basis points versus Goldman’s estimate, driven largely by better gross margins (+156bps YoY).
However, Goldman Sachs remains cautious on the stock, citing decelerating sequential growth and expectations that overall revenue momentum will slow through FY26 as the benefits from generic Revlimid (gRevlimid) begin to taper off.
Disclaimer: This article is based on Goldman Sachs’ brokerage report and does not constitute investment advice. Please consult a certified financial advisor before making any investment decisions.
