NSE: SANOFI · BSE: 500674
SANOFI INDIA LIMITED
Markets and sells insulin and other diabetes therapies in India, anchored on Lantus, Toujeo and the fixed-dose combination Soliqua. Alongside the diabetes franchise, the company distributes a legacy portfolio of cardiovascular, CNS and oral anti-diabetic brands through partnership agreements, with management describing this as the second pillar of a transformed business model. Public-sector expansion into CGHS, ESI, railways, defence and state rate contracts is a stated growth lever, alongside Tier 2/3 city penetration. Exports are a residual line — they collapsed after the 2020 divestment of the Ankleshwar manufacturing site to Zentiva, with Russia and South Africa now partially offsetting the gap; management says exports are only ~8% of PBT. No new product launches are planned for 2026; the development pipeline referenced is Teizeild, Brivekimig and Frexalimab. Costs are dominated by personnel and operating expenses, with FY26 opex down 17% on a partnership-driven restructuring tied to the Emcure deal. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Diabetes franchise, Partnership business, Exports. Insulin/diabetes-focused pharmaceutical pure-play with a partnership-distributed legacy portfolio.
Exhibit 1: Financial summary, FY24–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 |
|---|---|
| Revenue | — |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | — |
| ROE % · ROCE % | — · — |
| Debt / equity (x) | — |
| Cash from operations | — |
| Capex | — |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 |
|---|---|---|---|---|---|---|---|
| Revenue | 706 | 715 | 694 | 732 | 464 | 524 | 515 |
| Profit before tax | 183 | 210 | 189 | 188 | 92 | 113 | 122 |
| Net profit | 123 | 152 | 138 | 137 | 103 | 82 | 91 |
| EPS (₹) | 53.37 | 65.95 | 59.79 | 59.31 | 44.81 | 35.69 | 39.64 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.2 | 30.1 | 41 of 158 | 75% |
| P/B | 8.3 | 3.0 | 142 of 163 | 13% |
| ROCE | 48.3 | 10.8 | 5 of 183 | 98% |
| ROE | 48.0 | 9.8 | 5 of 166 | 98% |
| Debt / Equity | 0.0 | 0.2 | 1 of 166 | 79% |
| EBITDA margin | 25.7 | 17.5 | 49 of 165 | 71% |
| Revenue growth | (25.8) | 16.3 | 145 of 161 | 10% |
| Profit growth | (33.7) | 30.9 | 122 of 158 | 23% |
| Market cap | 7105 | 810 | 49 of 181 | 73% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Board meeting on 29 Oct 2026 to consider Q2 FY26 results and interim dividend | results | low | — | — |
| 9 Oct 2026 · Routine quarterly compliance certificate from registrar for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · Promoter group inter-se transfer of 15.20 percent stake in Sanofi India | strategic transactions | medium | — | — |
| 29 Sept 2026 · Sanofi India gets GST show cause notice for Rs 16.4 crores demand | regulatory legal | high | — | — |
| 28 Sept 2026 · Sanofi India: Promoter group reshuffle, 15.20% shares transferred internally | ownership changes | medium | — | — |
| 28 Sept 2026 · Promoter Group Entities Transfer 15.20% Shares via Block Deal | ownership changes | medium | — | — |
| 28 Sept 2026 · Hoechst GmbH transfers 15.2% stake in Sanofi India to promoter group entity | ownership changes | medium | — | — |
| 25 Sept 2026 · GST Show Cause Notice to Sanofi India over Rs 23.74 crore tax demand | regulatory legal | high | — | — |
| 25 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 21 Sept 2026 · Tax demand of Rs 1.07 crore dropped in favor of Sanofi India | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.