Reiterate its $100mn expenses towards new launches of specialty in FY26. Sun Pharma (SUNP) Q1FY26 EBIDTA (+11% YoY) was 7% above our estimates aided by higher specialty sales and lower opex. Over last few years SUNP dependency on US generics has reduced and company's growth is more functional on specialty, RoW and domestic pharma that has strong growth visibility. Though FY26 expenses (an additional $100mn spend) is likely to remain elevated given company are in investment phase to ramp up specialty...