It added that domestic growth is expected to be high single digits, in-line with historical trends.
The brokerage also said high competitive intensity is expected during the semaglutide launch wave, which is expected between March-April 2026.
Jefferies recommendations
Mankind Pharma, Ajanta Pharma, Sun Pharma, Zydus Life are the top picks within the Pharma space highlighted by Jefferies, who sees upside potential between 23% to 32% on the stocks.
The brokerage has also upgraded its rating on Entero Healthcare to “buy” from “hold”. Its new price target of ₹1,320 per share, indicates an upside potential of 19%.
| Stock | Price Target (₹) | Upside |
| Mankind Pharma | 2,900 | 32% |
| Ajanta Pharma | 3,530 | 22% |
| Sun Pharma | 2,100 | 22% |
| Zydus Life | 1,130 | 23% |
However, Jefferies remains negative on Dr Reddy’s Laboratories.
The Nifty Pharma index is trading 0.5% lower on Thursday. Barring Gland Pharma, Alkem Laboratories, Divi’s Laboratories, Ajanta Pharma and IPCA Laboratories, the remaining 15 stocks in the index are trading with losses.
Piramal Pharma is the top loser on the Nifty Pharma index, currently trading with losses of 3%, while Wockhardt, Mankind Pharma and Torrent Pharma are trading with losses between 1.5% to 2.5%.
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