Divi's Laboratories Ltd.
NSE: DIVISLAB
Healthcare · Drug Manufacturers - Specialty & Generic
₹9,780.00 last close on 30 Oct 2026 +1.20%
Research updated
Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMAHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹1,777.70
- Day change
- +₹16.70 (+0.95%)vs
- Market cap
- ₹4.25 lakh crIndian rupees
- Research updated
- 2 reports
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About Sun Pharmaceutical Industries
Sun Pharmaceutical Industries Ltd. is a major player in the global pharmaceutical industry, specializing in the manufacturing and marketing of a broad array of pharmaceutical formulations and active pharmaceutical ingredients. The company's primary function is to develop generic drugs and specialty products in areas such as cardiology, psychiatry, neurology, gastroenterology, and anti-infectives. Known for its strong R&D focus, Sun Pharma has positioned itself as a leader in several therapeutic segments and continues to expand its presence worldwide through strategic acquisitions and partnerships. The company has a notable impact on the generic markets in North America, India, and emerging economies. Sun Pharma's significance in the financial market stems from its wide-ranging product portfolio and global reach, making it a vital component of the healthcare sector. Headquartered in Mumbai, India, and founded in 1983, the company plays a crucial role in providing affordable medication to millions, contributing significantly to public health improvement and market growth.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: SUNPHARMA
- Employees
- 43,000
- Headquarters
- Mumbai, India
- ISIN
- INE044A01036
- Website
- sunpharma.com
Public research · Report of
Business model & financial foundation
Sun Pharma (NSE: SUNPHARMA), Pharmaceuticals - branded generics, generics and innovative medicines: revenue of ₹58,462 crore in FY26 (+11.2% on FY25), an EBITDA margin of 30.3%, net profit of ₹11,479 crore and net cash of ₹27,909 crore.
- Revenue, FY26 (₹ crore)
- 58,462
- consolidated
- Revenue growth, FY26
- +11.2%
- on FY25
- EBITDA margin, FY26
- 30.3%
- EBITDA company definition / revenue
- Net profit, FY26 (₹ crore)
- 11,479
- to owners
- Return on equity, FY26
- 14.7%
- on average equity
- Net debt, FY26 (₹ crore)
- -27,909
- Net debt negative for net cash
- Market capitalisation (₹ crore)
- 4,32,120
- at the close of 13 Oct 2026
Company profile
Sun Pharma is India's largest pharmaceutical company (8.5% IPM share, MAT Jun 2026) and a global specialty-generics group. FY26 revenue from operations was INR 58,462 cr: India formulations 33%, US 29% (of which innovative medicines now exceed generics), emerging markets 19%, rest of world 15% and API 4%. Global Innovative Medicines (Ilumya, Cequa, Winlevi, Odomzo, Leqselvi, Unloxcyt) reached USD 1,420 mn in FY26. It has agreed to acquire Organon for USD 11.75bn EV, roughly doubling scale.
| Item | Value |
|---|---|
| Legal name | Sun Pharmaceutical Industries Limited |
| Exchange and ticker | NSE: SUNPHARMA; BSE: 524715 |
| ISIN | INE044A01036 |
| CIN | L24230GJ1993PLC019050 |
| Sector | Healthcare |
| Industry | Pharmaceuticals - branded generics, generics and innovative medicines |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S R B C & CO LLP |
| Market capitalisation | ₹4,32,120 crore (13 Oct 2026) |
| Shares outstanding | 239.93 crore (FY26) |
| Price | ₹1,760 (close, 13 Oct 2026) |
| 52-week range | ₹1,584 - ₹2,047 (to 13 Oct 2026) |
| Website | https://sunpharma.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Taro Pharmaceutical Industries Ltd | 100% | US/Canada/Israel generics and dermatology; minority bought out in FY25 (ICRA annexure lists 78.48% from FY25 AR, pre-buyout) |
| Sun Pharmaceutical Industries, Inc. | 100% | US generics and innovative medicines front-end |
| Sun Pharma Laboratories Limited | 100% | India branded formulations |
| Sun Pharma Global FZE | 99.99% | International holding and trading |
| Dusa Pharmaceuticals, Inc. | 100% | Levulan photodynamic therapy (US innovative) |
Organon & Co. (USD 11.75bn EV, all-cash USD14/share) under acquisition, signed 27 Apr 2026, expected close Q4 FY27; not yet consolidated.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 54.48% | 54.48% | 54.48% | |
| Promoter holding pledged | 0.53% | 0.77% | 0.90% | |
| Foreign institutions | 16.12% | 15.93% | 14.53% | |
| Domestic institutions | 20.82% | 21.11% | 22.18% | |
| of which mutual funds | 12.09% | 11.96% | 12.84% | |
| Retail | 4.39% | 4.31% | 4.38% | |
| Other | 4.19% | 4.17% | 4.43% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Sun Pharmaceutical Industries (NSE SUNPHARMA, BSE524715) sells India branded formulations, US innovative and generic products, emerging-market/ROW formulations and APIs. Innovative Medicines overlaps geographic revenues; it is not a separate additive statutory segment. Pharmaceuticals is the sole statutory segment. India prescriber/distribution reach and chronic brands underpin pricing/mix; US access, gross-to-net deductions, patents and FDA compliant supply determine economics. Sun controls development and commercial execution, not FDA outcomes, payer policy or generic competition. Organon adds women's health, established brands and biosimilars after closing, with considerable refinancing and integration exposure.
| Segment | revenue from operations, FY26 (₹ crore) | Share | sales excluding other operating revenue, FY26 (₹ crore) | Share | other operating revenue, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Pharmaceuticals (sole statutory reportable segment) | 58,462 | 100.0% | 58,220 | 100.0% | 241.9 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Cipla (CIPLA) | Large-cap Indian pharma with India branded, US generics and EM mix |
| Dr. Reddy's Laboratories (DRREDDY) | US generics plus India/EM branded, similar regulatory exposure |
| Lupin (LUPIN) | US generics and specialty build-out, India branded |
| Zydus Lifesciences (ZYDUSLIFE) | India branded leader building US specialty |
| Torrent Pharmaceuticals (TORNTPHARM) | |
| Mankind Pharma (MANKIND) | |
| Aurobindo Pharma (AUROPHARMA) | US generics-heavy comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 38,426 | 43,279 | 48,497 | 52,578 | 58,462 |
| Cost of revenue (vendor classification) * | 10,352 | 11,942 | 12,070 | 12,198 | 13,173 |
| Other operating costs (vendor classification) * | 16,227 | 11,782 | 13,900 | 15,173 | 17,238 |
| EBITDA (vendor classification) * | 11,319 | 12,292 | 14,294 | 16,725 | 18,848 |
| EBIT excluding other income and exceptional | 4,609 | 9,580 | 10,466 | 12,696 | 14,794 |
| Finance costs | 127.4 | 172.0 | 238.5 | 231.4 | 338.9 |
| Profit before tax | 4,481 | 9,408 | 11,088 | 13,752 | 15,119 |
| Tax including exceptional tax expense or credit | 1,076 | 847.6 | 1,439 | 2,772 | 3,554 |
| Group PAT including associates before NCI | 3,389 | 8,513 | 9,610 | 10,965 | 11,509 |
| Diluted EPS as reported (₹) | 13.60 | 35.30 | 39.90 | 45.60 | 47.80 |
| Materials purchases and inventory change | 10,663 | 10,747 | 11,544 | ||
| Employee benefits expense | 9,429 | 9,973 | 11,419 | ||
| Other expenses including signed FX expense | 15,382 | 16,586 | 17,768 | ||
| EBITDA company definition | 13,023 | 15,272 | 17,731 | ||
| Other income | 1,354 | 1,965 | 1,972 | ||
| Depreciation and amortisation | 2,557 | 2,575 | 2,938 | ||
| Exceptional signed gain or charge | -494.3 | -677.9 | -1,307 | ||
| Share of associates and joint venture signed | -38.4 | -15.4 | -55.9 | ||
| Profit attributable to noncontrolling interests | 33.7 | 35.7 | 29.2 | ||
| PAT attributable to owners | 9,576 | 10,929 | 11,479 | ||
| Other expenses excluding separately disclosed FX | 15,418 | 16,772 | 19,008 | ||
| Net foreign currency expense negative for gain | -36.1 | -185.5 | -1,240 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 51,066 | 59,315 | 67,126 | 72,486 | 83,880 |
| Borrowings including lease liabilities | 1,290 | 6,886 | 3,274 | 2,362 | 4,627 |
| Cash and cash equivalents | 4,508 | 4,624 | 9,286 | 10,269 | 9,771 |
| Trade receivables | 10,593 | 11,439 | 11,249 | 13,046 | 15,510 |
| Inventories | 8,997 | 10,513 | 9,868 | 10,243 | 11,493 |
| Trade payables | 4,479 | 5,682 | 5,653 | 6,184 | 7,334 |
| Property plant and equipment | 10,371 | 10,390 | 10,192 | 10,036 | 11,114 |
| Capital work in progress | 797.5 | 963.4 | 1,108 | 1,234 | 1,381 |
| Total assets | 69,800 | 80,744 | 85,500 | 92,101 | 1,08,785 |
| Equity attributable to owners | 63,667 | 72,218 | 83,570 | ||
| Lease liabilities | 428.0 | 492.6 | 545.7 | ||
| Other bank balances | 1,235 | 1,063 | 1,833 | ||
| Current investments | 8,585 | 13,656 | 20,933 | ||
| Noncurrent investments | 6,441 | 4,698 | 3,789 | ||
| Net debt negative for net cash | -15,832 | -22,626 | -27,909 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 694.8 | 6,140 | 12,135 | 14,072 | 12,419 |
| Free cash flow (vendor definition) * | 7,490 | 2,874 | 9,933 | 11,944 | 8,810 |
| Dividend paid to owners | -2,159 | -2,519 | -2,898 | -3,614 | -3,934 |
| Purchase of PPE CWIP and intangibles | -1,434 | -2,065 | -2,202 | -2,129 | -3,609 |
| CFO less capex | 9,933 | 11,944 | 8,810 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Paid up shares crore | 240.64 | 239.93 | 239.93 | 239.93 | 239.93 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 13,291 | 13,675 | 12,959 | 13,851 | 14,478 | 15,521 | 14,612 | 15,300 |
| Cost of revenue (vendor classification) * | 2,815 | 2,945 | 2,801 | 2,963 | ||||
| Other operating costs (vendor classification) * | 4,162 | 4,889 | 5,323 | 4,814 | ||||
| EBITDA (vendor classification) * | 4,766 | 5,527 | 4,413 | 5,141 | ||||
| EBIT excluding other income and exceptional | 3,313 | 3,378 | 3,052 | 3,601 | 3,798 | 4,216 | 3,179 | 3,679 |
| Finance costs | 69.2 | 51.5 | 49.1 | 74.8 | 99.9 | 78.4 | 85.9 | 99.7 |
| Profit before tax | 3,598 | 3,476 | 3,254 | 3,173 | 4,168 | 4,227 | 3,551 | 4,099 |
| Tax including exceptional tax expense or credit | 567.2 | 558.9 | 1,094 | 870.2 | 1,031 | 826.1 | 827.6 | 1,188 |
| Group PAT including associates before NCI | 3,037 | 2,913 | 2,154 | 2,293 | 3,125 | 3,381 | 2,710 | 2,901 |
| Diluted EPS as reported (₹) | 12.70 | 12.10 | 9.00 | 9.50 | 13.00 | 14.00 | 11.30 | 12.10 |
| Materials purchases and inventory change | 2,694 | 2,741 | 2,637 | 2,815 | 2,983 | 2,945 | 2,801 | 2,963 |
| Employee benefits expense | 2,478 | 2,552 | 2,489 | 2,802 | 2,765 | 2,892 | 2,960 | 3,227 |
| Other expenses including signed FX expense | 4,181 | 4,374 | 4,117 | 3,933 | 4,204 | 4,735 | 4,896 | 4,692 |
| EBITDA company definition | 3,939 | 4,009 | 3,716 | 4,302 | 4,527 | 4,948 | 3,954 | 4,418 |
| Other income | 354.0 | 465.6 | 612.9 | 464.5 | 469.9 | 578.8 | 458.5 | 723.6 |
| Depreciation and amortisation | 625.9 | 630.6 | 663.8 | 700.6 | 729.5 | 732.3 | 775.5 | 738.7 |
| Exceptional signed gain or charge | 0.00 | -316.2 | -361.7 | -818.0 | 0.00 | -489.5 | 0.00 | -204.1 |
| Share of associates and joint venture signed | 6.66 | -4.56 | -6.71 | -9.75 | -12.1 | -19.9 | -14.1 | -9.57 |
| Profit attributable to noncontrolling interests | -2.83 | 9.60 | 4.05 | 14.2 | 7.00 | 12.4 | -4.37 | 6.44 |
| PAT attributable to owners | 3,040 | 2,903 | 2,150 | 2,279 | 3,118 | 3,369 | 2,714 | 2,895 |
| Other expenses excluding separately disclosed FX | 4,309 | 4,190 | 4,408 | 4,162 | 4,634 | 4,889 | 5,323 | 4,814 |
| Net foreign currency expense negative for gain | -128.1 | 183.4 | -291.2 | -229.0 | -430.5 | -153.9 | -426.8 | -122.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 15.6% | 12.6% | 12.1% | 8.4% | 11.2% |
| EBITDA margin | 26.9% | 29.0% | 30.3% | ||
| Net margin | 19.7% | 20.8% | 19.6% | ||
| Return on equity | 15.1% | 15.7% | 14.7% | ||
| Return on capital employed | 8.7% | 16.2% | 15.3% | 17.5% | 18.1% |
| Return on assets | 11.5% | 12.3% | 11.4% | ||
| Net debt (₹ crore) | -15,832 | -22,626 | -27,909 | ||
| Net debt / EBITDA | -1.22x | -1.48x | -1.57x | ||
| Interest cover | 36.2x | 55.7x | 43.9x | 54.9x | 43.7x |
| Asset turnover | 0.56x | 0.57x | 0.58x | 0.59x | 0.58x |
| Receivable days | 101 | 96 | 85 | 91 | 97 |
| Inventory days (on revenue) | 85 | 89 | 74 | 71 | 72 |
| Payable days (on revenue) | 43 | 48 | 43 | 43 | 46 |
| Cash conversion | 1.27x | 1.29x | 1.08x | ||
| Capex intensity | 3.7% | 4.8% | 4.5% | 4.0% | 6.2% |
| Free cash flow (₹ crore) | -739.7 | 4,076 | 9,933 | 11,944 | 8,810 |
| Dividend payout | 30.3% | 33.1% | 34.3% | ||
| EPS, diluted (₹) | 13.60 | 35.30 | 39.90 | 45.60 | 47.80 |
| Book value per share (₹) | 2,12,20,78,906 | 2,47,21,62,912 | 2,79,77,30,171 | 3,02,11,29,079 | 3,49,60,08,836 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA company definition / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt negative for net cash.
- Net debt / EBITDA: net debt / EBITDA company definition.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS as reported).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Sun Pharmaceutical Industries includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Sun Pharmaceutical Industries
- Research reportLatest
- Research report
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 2 Nov 2026.
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