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Foram Parekh

Research Analyst at Bank of Baroda

Foram Parekh is an Analyst at Bank of Baroda, specializing in equity research and sector analysis with a primary focus on Indian banking and financial services companies. She covers prominent firms such as State Bank of India, HDFC Bank, ICICI Bank, and Axis Bank, providing detailed research reports and investment recommendations that have contributed to positive portfolio returns and strong client engagement. Foram began her career in financial analysis in the late 2010s, joining Bank of Baroda in 2021 after prior experience at reputed financial institutions. She holds multiple professional credentials including certifications in securities and investment analysis, highlighting her commitment to industry standards and analytical excellence.

Foram Parekh's questions to DR REDDYS LABORATORIES (RDY) leadership

Question · Q3 2026

Foram Parekh asked if the India market growth rate for FY2027 could exceed the current 19%, considering the Semaglutide launch and scaling acquisitions. She also inquired about the potential for the European region (ex-NRT) to grow north of 20% with biosimilar launches and the outlook for global generics gross margin post-Revlimid.

Answer

CEO Erez Israeli stated that while India's growth could exceed 19%, he recommends assuming a very comfortable and sustainable 15%-16% for now, with potential upside from BD. For Europe, he noted that while 20%+ growth is possible, the guidance is for all markets (except U.S.) to grow double-digit. CFO M V Narasimham projected global generics and PSAI gross margins to be in the 50%-55% range from Q4 onwards, without lenalidomide sales.

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Question · Q3 2026

Foram Parekh inquired about the potential for India market growth to exceed 19% in FY27 with Semaglutide and new acquisitions, the possibility of European region (ex-NRT) growth scaling above 20% with biosimilars, and the outlook for global generics gross margin post-Revlimid.

Answer

CEO Erez Israeli expressed comfort with 15%+ India growth, noting higher growth is possible but not providing specific guidance, and mentioned ongoing business development. For Europe ex-NRT, he stated growth above 20% is possible but not guided, with all markets (excluding U.S.) expected to achieve double-digit growth. CFO M V Narasimham projected global generics gross margin to be in the 50-55% range from Q4 onwards, without the Revlimid scenario.

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Question · Q1 2026

Foram Parekh from Bank of Baroda asked about the EBITDA margin for the NRT business, the growth outlook for the European business excluding NRT, and the potential size of the obesity market in India post-semaglutide launch.

Answer

CEO Erez Israeli confirmed that the EBITDA margin for the NRT business is expected to be around 25%. He projected the European business to deliver double-digit growth, which will accelerate with biosimilar launches. While he declined to quantify the Indian obesity market, he stated the unmet need is very clear and the opportunity is significant.

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