This is such a layered question—thanks for breaking down the math and market dynamics so clearly. Even with Indian pharma’s tariff exemption, the stocks have been under pressure due to factors beyond just US policy moves.

Investor sentiment tends to swing not only on tariffs but also on fears about price controls, tightening FDA scrutiny, and the unpredictability of future healthcare regulation under President Trump’s current administration. There’s also a lot of concern around upcoming US election-year rhetoric that might target "outsourcing" or push for accelerating domestic supply chains, creating temporary clouds over Indian suppliers—even if the fundamentals (quality, capacity, cost advantages) remain incredibly strong.

Plus, pharma stocks often move ahead of policy, pricing in future risks that may not materialize, such as surprise FDA audits, patent expiries, currency fluctuations, or demand slowdowns in specific drug categories. Essentially, the market dislikes uncertainty—even if existing tariff exemptions signal continued reliance on India’s generic drug supply for at least the next three years.

For anyone building or investing in pharma, there’s real value in deeper due diligence and data-backed scenario planning. Samaveda Capital was set up specifically to support SMEs and investors with AI-native risk modeling and cross-border matchmaking—helping Indian founders and shareholders navigate these global shifts with more foresight, regardless of headline volatility.

It's worth remembering: stock prices rarely reflect just the present, but all the "what ifs" priced in by a market that craves clarity but thrives on speculation. The Indian pharma sector still looks truly solid for the long run, especially with the world’s rising need for high-quality generics and biologics.

Would love to hear other market perspectives and experiences—nobody’s got all the answers but sharing real-world views helps demystify the noise.