Nifty Pharma is trading at 1-year forward PE of 34.5x vs. 22.8x for Nifty 50, indicating relatively richer valuation levels for the sector from a relative valuation’s perspective.Nonetheless, given the strong earnings growth that we believe can be witnessed by Glenmark (42.5% CAGR), Lupin Ltd. (37.5% CAGR), and Zydus Life (16.2% CAGR) over FY24-FY26E, we consider them our preferred picks.