CIPLA's Q1FY26 EBITDA (Rs17.8bn; 25.6% OPM) was 6% ahead of our estimates. Cipla managed to deliver strong margins during the quarter. During the quarter company witnessed price erosion for its generic products which was offset by new launches such as gAbraxane. Mgmt guided strong US revenues of $1bn for FY27 despite gRevlimid erosion. We expect Cipla to maintain its existing US sales run-rate. This will be aided by several high value niche launches in the US like gAbraxane, Nilotininb, gAdvair. Further, Cipla's...