NSE: SUNPHARMA · BSE: 524715
SUN PHARMACEUTICAL IND L
Manufactures and markets pharmaceutical formulations across four primary geographies: India, the United States, emerging markets, and the rest of the world. India formulations are the largest stream, with Q1 FY27 sales of Rs 54,749m and the #1 position in the Indian Pharmaceutical Market at 8.5% share. The US business reported US$427m in Q1 FY27 (-9.7% YoY), split between generics under pricing pressure from Lenalidomide erosion and specialty Innovative Medicines, which crossed US$1bn in US sales in FY26 and is now larger than US generics. Global Innovative Medicines, led by Ilumya (IL-23 immunology biologic), Odomzo, Leqselvi (alopecia), and Unloxcyt (oncology), contributed 21.9% of Q1 FY27 sales and grew 12.4% YoY at US$351m. Emerging markets generated US$311m in Q1 FY27 (+4.2%) and ROW generated US$218m. It is also the #2 generic Semaglutide injectable player in India, with approvals secured in Brazil and South Africa. The pending Organon acquisition (closing targeted Q4 FY27) would add a women's health and established brands portfolio, and Innovcare Lifesciences was acquired for Rs 271.2 crores to strengthen the India product range. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India formulations, US formulations, Emerging Markets formulations, Rest of World, Global Innovative Medicines (22%). Diversified specialty pharmaceuticals spanning branded generics, US generics, and a growing global Innovative Medicines franchise
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 38,654 | 43,886 | 48,497 | 52,578 | 58,462 |
| EBITDA (ex other income) | 5,831 | 11,475 | 12,529 | 14,594 | 16,424 |
| margin % | 15.1 | 26.1 | 25.8 | 27.8 | 28.1 |
| Owners' profit | 3,273 | 8,474 | 9,576 | 10,929 | 11,479 |
| EPS, as reported (₹) | 13.60 | 35.30 | 39.90 | 45.60 | 47.80 |
| ROE % · ROCE % | 6.6 · 8.8 | 14.4 · 15.7 | 14.3 · 16.5 | 15.1 · 18.9 | 13.7 · 17.9 |
| Debt / equity (x) | 0.02 | 0.10 | 0.04 | 0.03 | 0.05 |
| Cash from operations | 8,985 | 4,959 | 12,135 | 14,072 | 12,419 |
| Capex | (1,495) | (2,086) | (2,202) | (2,129) | (3,609) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13,291 | 13,675 | 12,959 | 13,851 | 14,478 | 15,521 | 14,612 | 15,300 |
| Profit before tax | 3,598 | 3,476 | 3,254 | 3,173 | 4,168 | 4,227 | 3,551 | 4,099 |
| Net profit | 3,037 | 2,913 | 2,154 | 2,293 | 3,125 | 3,381 | 2,710 | 2,901 |
| EPS (₹) | 12.70 | 12.10 | 9.00 | 9.50 | 13.00 | 14.00 | 11.30 | 12.10 |
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 ◆ | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 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) | 34.9 | 30.8 | 90 of 158 | 43% |
| P/B | 5.0 | 3.1 | 115 of 163 | 30% |
| ROCE | 17.6 | 10.8 | 46 of 183 | 75% |
| ROE | 13.7 | 9.8 | 53 of 166 | 69% |
| Debt / Equity | 0.1 | 0.2 | 67 of 166 | 60% |
| EBITDA margin | 32.3 | 17.5 | 27 of 165 | 84% |
| Revenue growth | 10.5 | 16.3 | 93 of 161 | 43% |
| Profit growth | 26.5 | 30.9 | 84 of 158 | 47% |
| Market cap | 421677 | 806 | 1 of 181 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Sun Pharma allots INR 7,816 crore of privately placed NCDs | fund raising | medium | — | — |
| 23 Oct 2026 · UNLOXCYT long-term data to be presented at ESMO 2026 | compliance | low | — | — |
| 20 Oct 2026 · UNLOXCYT gains expanded US cancer-guideline status | business updates | high | — | — |
| 15 Oct 2026 · Sun Pharma Q2 FY27 earnings call scheduled on 30 October 2026 | board shareholder meetings | low | — | — |
| 14 Oct 2026 · Board Meeting on 30 Oct 2026 to consider Q2 and H1 FY27 results | results | low | — | — |
| 14 Oct 2026 · Routine Filing of Securities Dematerialisation Confirmation for Q2 FY26 | compliance | minimal | — | — |
| 13 Oct 2026 · Sun Pharma gets AAA rating for Rs 15,000 cr NCD programme; existing ratings reaffirmed | credit debt | medium | — | — |
| 12 Oct 2026 · Board okays INR 10,000 Cr NCD issue; Independent Director resigns | fund raising | medium | — | — |
| 12 Oct 2026 · Board okays 10000 Cr NCD plan; Independent Director quits | fund raising | medium | — | — |
| 7 Oct 2026 · Sun Pharma board to consider INR 15,000 Crore NCD issuance | fund raising | 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.