# Pharma - API & CRAMS — company-by-company sector analysis

> Pharma - API & CRAMS: Divis Laboratories Ltd owns the largest revenue base; Neuland Laboratories Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 18 of 24 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Divis Laboratories Ltd leads with revenue of ₹10,560 crore, based on 24 of 24 comparable companies through Mar 2026. Neuland Laboratories Ltd has the fastest current revenue growth at 37%, across 24 of 24 comparable companies.

### Is the Pharma - API & CRAMS sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 18 of 24 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Pharma - API & CRAMS company is largest by revenue?

Divis Laboratories Ltd leads with revenue of ₹10,560 crore, based on 24 of 24 comparable companies through Mar 2026.

### Which Pharma - API & CRAMS company is growing fastest?

Neuland Laboratories Ltd has the fastest current revenue growth at 37%, across 24 of 24 comparable companies.

### Which Pharma - API & CRAMS company has the strongest 4-Factor Sector Score?

Acutaas Chemicals Ltd ranks first at 75.9/100 with 83.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Pharma - API & CRAMS company reports the most CAPEX?

Piramal Pharma Ltd reports the largest latest CAPEX at ₹261 crore, with 4 of 24 companies comparable.

### Which Pharma - API & CRAMS company has the least gross debt?

Concord Biotech Ltd has the lowest comparable gross debt at ₹2 crore. Piramal Pharma Ltd has the highest at ₹5,675 crore.

### Which Pharma - API & CRAMS company has the lowest comparable PEG?

Supriya Lifescience Ltd has the lowest comparable Guarded PEG at 0.55, among 15 of 24 companies that pass the metric’s comparability rules.

### How much history does this Pharma - API & CRAMS comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Pharma - API & CRAMS against NIFTY 500 is not available from the current market series. 18 of 24 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Acutaas Chemicals Ltd is the strongest against the sector itself at +47.6%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 18/24
Stocks leading sector: 8/24

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 24
Combined market value: ₹6.1 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Acutaas Chemicals Ltd (543349): 76/100 — Favorable setup; evidence 83%
   - Growth & earnings 32.0/35 | Capital efficiency 20.3/25 | Valuation 7.3/20 | Relative strength 16.3/20
   - Exact sum: 32 + 20.3 + 7.3 + 16.3 = 75.9
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Neuland Laboratories Ltd (NEULANDLAB): 75/100 — Favorable setup; evidence 96%
   - Growth & earnings 30.3/35 | Capital efficiency 19.5/25 | Valuation 12.0/20 | Relative strength 13.2/20
   - Exact sum: 30.3 + 19.5 + 12 + 13.2 = 75
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. Gland Pharma Ltd (GLAND): 75/100 — Favorable setup; evidence 96%
   - Growth & earnings 26.2/35 | Capital efficiency 18.4/25 | Valuation 13.2/20 | Relative strength 16.8/20
   - Exact sum: 26.2 + 18.4 + 13.2 + 16.8 = 74.6
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
4. IOL Chemicals & Pharmaceuticals Ltd (IOLCP): 71/100 — Favorable setup; evidence 96%
   - Growth & earnings 24.5/35 | Capital efficiency 14.2/25 | Valuation 13.2/20 | Relative strength 19.2/20
   - Exact sum: 24.5 + 14.2 + 13.2 + 19.2 = 71.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Laurus Labs Ltd (LAURUSLABS): 66/100 — Favorable setup; evidence 93%
   - Growth & earnings 32.5/35 | Capital efficiency 14.4/25 | Valuation 4.4/20 | Relative strength 14.4/20
   - Exact sum: 32.5 + 14.4 + 4.4 + 14.4 = 65.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Shilpa Medicare Ltd (SHILPAMED): 66/100 — Favorable setup; evidence 93%
   - Growth & earnings 27.5/35 | Capital efficiency 13.1/25 | Valuation 5.6/20 | Relative strength 19.3/20
   - Exact sum: 27.5 + 13.1 + 5.6 + 19.3 = 65.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Granules India Ltd (GRANULES): 65/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 27.7/35 | Capital efficiency 13.2/25 | Valuation 9.8/20 | Relative strength 14.1/20
   - Exact sum: 27.7 + 13.2 + 9.8 + 14.1 = 64.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Sai Life Sciences Ltd (SAILIFE): 62/100 — Mixed-positive evidence; evidence 89%
   - Growth & earnings 27.8/35 | Capital efficiency 17.0/25 | Valuation 4.3/20 | Relative strength 12.7/20
   - Exact sum: 27.8 + 17 + 4.3 + 12.7 = 61.8
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
9. Supriya Lifescience Ltd (SUPRIYA): 61/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 16.8/35 | Capital efficiency 19.5/25 | Valuation 13.7/20 | Relative strength 11.3/20
   - Exact sum: 16.8 + 19.5 + 13.7 + 11.3 = 61.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Divis Laboratories Ltd (DIVISLAB): 53/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 18.7/35 | Capital efficiency 20.5/25 | Valuation 5.3/20 | Relative strength 8.5/20
   - Exact sum: 18.7 + 20.5 + 5.3 + 8.5 = 53
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
11. Windlas Biotech Ltd (WINDLAS): 53/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 17.5/35 | Capital efficiency 14.8/25 | Valuation 11.7/20 | Relative strength 8.8/20
   - Exact sum: 17.5 + 14.8 + 11.7 + 8.8 = 52.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Anthem Biosciences Ltd (ANTHEM): 52/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 13.7/35 | Capital efficiency 20.3/25 | Valuation 9.4/20 | Relative strength 8.7/20
   - Exact sum: 13.7 + 20.3 + 9.4 + 8.7 = 52.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. SMS Pharmaceuticals Ltd (SMSPHARMA): 52/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 22.2/35 | Capital efficiency 11.2/25 | Valuation 9.8/20 | Relative strength 8.7/20
   - Exact sum: 22.2 + 11.2 + 9.8 + 8.7 = 51.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Blue Jet Healthcare Ltd (BLUEJET): 48/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 6.7/35 | Capital efficiency 20.2/25 | Valuation 14.2/20 | Relative strength 6.6/20
   - Exact sum: 6.7 + 20.2 + 14.2 + 6.6 = 47.7
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
15. Concord Biotech Ltd (CONCORDBIO): 41/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 6.5/35 | Capital efficiency 20.0/25 | Valuation 9.3/20 | Relative strength 5.5/20
   - Exact sum: 6.5 + 20 + 9.3 + 5.5 = 41.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Syngene International Ltd (539268): 39/100 — Mixed-negative evidence; evidence 73%
   - Growth & earnings 9.5/35 | Capital efficiency 13.4/25 | Valuation 12.2/20 | Relative strength 4.0/20
   - Exact sum: 9.5 + 13.4 + 12.2 + 4 = 39.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Jubilant Pharmova Ltd (JUBLPHARMA): 39/100 — Mixed-negative evidence; evidence 89%
   - Growth & earnings 12.2/35 | Capital efficiency 8.2/25 | Valuation 13.4/20 | Relative strength 4.8/20
   - Exact sum: 12.2 + 8.2 + 13.4 + 4.8 = 38.6
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
18. Dishman Carbogen Amcis Ltd (DCAL): 39/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 18.1/35 | Capital efficiency 8.2/25 | Valuation 8.2/20 | Relative strength 4.1/20
   - Exact sum: 18.1 + 8.2 + 8.2 + 4.1 = 38.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. Morepen Laboratories Ltd (MOREPENLAB): 36/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 8.8/35 | Capital efficiency 9.3/25 | Valuation 9.5/20 | Relative strength 8.7/20
   - Exact sum: 8.8 + 9.3 + 9.5 + 8.7 = 36.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. OneSource Specialty Pharma Ltd (ONESOURCE): 31/100 — Adverse evidence; evidence 71%
   - Growth & earnings 12.4/35 | Capital efficiency 5.3/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 12.4 + 5.3 + 10 + 3 = 30.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21. Solara Active Pharma Sciences Ltd (SOLARA): 30/100 — Adverse evidence; evidence 77%
   - Growth & earnings 9.6/35 | Capital efficiency 4.2/25 | Valuation 8.5/20 | Relative strength 8.1/20
   - Exact sum: 9.6 + 4.2 + 8.5 + 8.1 = 30.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22. Cohance Lifesciences Ltd (COHANCE): 28/100 — Adverse evidence; evidence 73%
   - Growth & earnings 6.3/35 | Capital efficiency 11.5/25 | Valuation 7.1/20 | Relative strength 3.1/20
   - Exact sum: 6.3 + 11.5 + 7.1 + 3.1 = 28
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23. Piramal Pharma Ltd (PPLPHARMA): 26/100 — Adverse evidence; evidence 70%
   - Growth & earnings 5.3/35 | Capital efficiency 3.5/25 | Valuation 10.0/20 | Relative strength 7.4/20
   - Exact sum: 5.3 + 3.5 + 10 + 7.4 = 26.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24. Hikal Ltd (HIKAL): 25/100 — Adverse evidence; evidence 80%
   - Growth & earnings 5.7/35 | Capital efficiency 7.2/25 | Valuation 5.9/20 | Relative strength 6.0/20
   - Exact sum: 5.7 + 7.2 + 5.9 + 6 = 24.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Divis Laboratories Ltd is the scale leader at ₹10,560 crore, 19.1% ahead of Piramal Pharma Ltd. Neuland Laboratories Ltd's growth is 37% from a ₹2,023 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Divis Laboratories Ltd is the scale benchmark; Neuland Laboratories Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Divis Laboratories Ltd's growth falls below Neuland Laboratories Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Divis Laboratories Ltd · ₹10,560 crore | 19.1% versus #2 · Piramal Pharma Ltd | 8/8 recent comparable periods | 24/24 companies · 415 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Divis Laboratories Ltd (DIVISLAB): ₹10.6K Cr
2. Piramal Pharma Ltd (PPLPHARMA): ₹8.9K Cr
3. Jubilant Pharmova Ltd (JUBLPHARMA): ₹8.3K Cr
4. Laurus Labs Ltd (LAURUSLABS): ₹7.3K Cr
5. Gland Pharma Ltd (GLAND): ₹6.4K Cr

### Revenue growth — fastest growers
1. Neuland Laboratories Ltd (NEULANDLAB): 37%
2. Acutaas Chemicals Ltd (543349): 33%
3. Sai Life Sciences Ltd (SAILIFE): 29%
4. Granules India Ltd (GRANULES): 25%
5. Laurus Labs Ltd (LAURUSLABS): 23%

### 20-quarter Revenue history
- 539268: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹787 Cr | Mar 2023 ₹994 Cr | Jun 2023 ₹808 Cr | Sep 2023 ₹910 Cr | Dec 2023 ₹854 Cr | Mar 2024 ₹917 Cr | Jun 2024 ₹790 Cr | Sep 2024 ₹891 Cr | Dec 2024 ₹944 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹874 Cr | Sep 2025 ₹911 Cr | Dec 2025 ₹917 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- 543349: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹152 Cr | Mar 2023 ₹186 Cr | Jun 2023 ₹154 Cr | Sep 2023 ₹172 Cr | Dec 2023 ₹166 Cr | Mar 2024 ₹225 Cr | Jun 2024 ₹177 Cr | Sep 2024 ₹247 Cr | Dec 2024 ₹275 Cr | Mar 2025 ₹308 Cr | Jun 2025 ₹207 Cr | Sep 2025 ₹306 Cr | Dec 2025 ₹393 Cr | Mar 2026 ₹433 Cr | Jun 2026 ₹330 Cr
- DIVISLAB: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- LAURUSLABS: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹2.0K Cr
- ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹294 Cr | Sep 2023 ₹294 Cr | Dec 2023 ₹416 Cr | Mar 2024 ₹416 Cr | Jun 2024 ₹339 Cr | Sep 2024 ₹525 Cr | Dec 2024 ₹498 Cr | Mar 2025 ₹483 Cr | Jun 2025 ₹540 Cr | Sep 2025 ₹550 Cr | Dec 2025 ₹423 Cr | Mar 2026 ₹611 Cr | Jun 2026 ₹418 Cr
- GLAND: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹857 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹938 Cr | Mar 2023 ₹785 Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹321 Cr | Sep 2023 ₹321 Cr | Dec 2023 ₹384 Cr | Mar 2024 ₹439 Cr | Jun 2024 ₹280 Cr | Sep 2024 ₹396 Cr | Dec 2024 ₹440 Cr | Mar 2025 ₹580 Cr | Jun 2025 ₹496 Cr | Sep 2025 ₹537 Cr | Dec 2025 ₹556 Cr | Mar 2026 ₹602 Cr | Jun 2026 —
- PPLPHARMA: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- NEULANDLAB: Sep 2021 ₹258 Cr | Dec 2021 ₹236 Cr | Mar 2022 ₹256 Cr | Jun 2022 ₹221 Cr | Sep 2022 ₹294 Cr | Dec 2022 ₹269 Cr | Mar 2023 ₹407 Cr | Jun 2023 ₹363 Cr | Sep 2023 ₹418 Cr | Dec 2023 ₹393 Cr | Mar 2024 ₹385 Cr | Jun 2024 ₹440 Cr | Sep 2024 ₹311 Cr | Dec 2024 ₹398 Cr | Mar 2025 ₹328 Cr | Jun 2025 ₹293 Cr | Sep 2025 ₹514 Cr | Dec 2025 ₹440 Cr | Mar 2026 ₹776 Cr | Jun 2026 —
- GRANULES: Sep 2021 ₹888 Cr | Dec 2021 ₹997 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹986 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹967 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 ₹1.5K Cr
- ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹9 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹292 Cr | Sep 2024 ₹334 Cr | Dec 2024 ₹393 Cr | Mar 2025 ₹426 Cr | Jun 2025 ₹327 Cr | Sep 2025 ₹376 Cr | Dec 2025 ₹290 Cr | Mar 2026 ₹428 Cr | Jun 2026 ₹449 Cr
- COHANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹354 Cr | Mar 2023 ₹369 Cr | Jun 2023 ₹348 Cr | Sep 2023 ₹231 Cr | Dec 2023 ₹220 Cr | Mar 2024 ₹253 Cr | Jun 2024 ₹488 Cr | Sep 2024 ₹604 Cr | Dec 2024 ₹676 Cr | Mar 2025 ₹840 Cr | Jun 2025 ₹549 Cr | Sep 2025 ₹556 Cr | Dec 2025 ₹545 Cr | Mar 2026 ₹619 Cr | Jun 2026 —
- JUBLPHARMA: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹181 Cr | Sep 2022 ₹159 Cr | Dec 2022 ₹241 Cr | Mar 2023 ₹273 Cr | Jun 2023 ₹195 Cr | Sep 2023 ₹262 Cr | Dec 2023 ₹241 Cr | Mar 2024 ₹319 Cr | Jun 2024 ₹216 Cr | Sep 2024 ₹310 Cr | Dec 2024 ₹244 Cr | Mar 2025 ₹430 Cr | Jun 2025 ₹204 Cr | Sep 2025 ₹247 Cr | Dec 2025 ₹278 Cr | Mar 2026 ₹326 Cr | Jun 2026 —
- SHILPAMED: Sep 2021 ₹295 Cr | Dec 2021 ₹272 Cr | Mar 2022 ₹342 Cr | Jun 2022 ₹261 Cr | Sep 2022 ₹263 Cr | Dec 2022 ₹262 Cr | Mar 2023 ₹264 Cr | Jun 2023 ₹260 Cr | Sep 2023 ₹313 Cr | Dec 2023 ₹287 Cr | Mar 2024 ₹292 Cr | Jun 2024 ₹293 Cr | Sep 2024 ₹344 Cr | Dec 2024 ₹319 Cr | Mar 2025 ₹331 Cr | Jun 2025 ₹321 Cr | Sep 2025 ₹370 Cr | Dec 2025 ₹410 Cr | Mar 2026 ₹437 Cr | Jun 2026 —
- BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹145 Cr | Sep 2022 ₹190 Cr | Dec 2022 ₹169 Cr | Mar 2023 ₹217 Cr | Jun 2023 ₹180 Cr | Sep 2023 ₹181 Cr | Dec 2023 ₹167 Cr | Mar 2024 ₹184 Cr | Jun 2024 ₹163 Cr | Sep 2024 ₹208 Cr | Dec 2024 ₹318 Cr | Mar 2025 ₹340 Cr | Jun 2025 ₹355 Cr | Sep 2025 ₹165 Cr | Dec 2025 ₹192 Cr | Mar 2026 ₹235 Cr | Jun 2026 —
- SUPRIYA: Sep 2021 ₹148 Cr | Dec 2021 ₹117 Cr | Mar 2022 ₹188 Cr | Jun 2022 ₹101 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹105 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹132 Cr | Sep 2023 ₹140 Cr | Dec 2023 ₹140 Cr | Mar 2024 ₹158 Cr | Jun 2024 ₹161 Cr | Sep 2024 ₹166 Cr | Dec 2024 ₹186 Cr | Mar 2025 ₹184 Cr | Jun 2025 ₹145 Cr | Sep 2025 ₹200 Cr | Dec 2025 ₹206 Cr | Mar 2026 ₹277 Cr | Jun 2026 —
- IOLCP: Sep 2021 ₹538 Cr | Dec 2021 ₹555 Cr | Mar 2022 ₹572 Cr | Jun 2022 ₹565 Cr | Sep 2022 ₹541 Cr | Dec 2022 ₹523 Cr | Mar 2023 ₹587 Cr | Jun 2023 ₹563 Cr | Sep 2023 ₹545 Cr | Dec 2023 ₹520 Cr | Mar 2024 ₹504 Cr | Jun 2024 ₹502 Cr | Sep 2024 ₹526 Cr | Dec 2024 ₹523 Cr | Mar 2025 ₹528 Cr | Jun 2025 ₹552 Cr | Sep 2025 ₹568 Cr | Dec 2025 ₹580 Cr | Mar 2026 ₹619 Cr | Jun 2026 —
- SMSPHARMA: Sep 2021 ₹176 Cr | Dec 2021 ₹123 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹64 Cr | Sep 2022 ₹159 Cr | Dec 2022 ₹149 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹135 Cr | Sep 2023 ₹167 Cr | Dec 2023 ₹161 Cr | Mar 2024 ₹246 Cr | Jun 2024 ₹164 Cr | Sep 2024 ₹197 Cr | Dec 2024 ₹173 Cr | Mar 2025 ₹248 Cr | Jun 2025 ₹196 Cr | Sep 2025 ₹242 Cr | Dec 2025 ₹210 Cr | Mar 2026 ₹238 Cr | Jun 2026 —
- MOREPENLAB: Sep 2021 ₹398 Cr | Dec 2021 ₹399 Cr | Mar 2022 ₹370 Cr | Jun 2022 ₹303 Cr | Sep 2022 ₹404 Cr | Dec 2022 ₹348 Cr | Mar 2023 ₹364 Cr | Jun 2023 ₹401 Cr | Sep 2023 ₹422 Cr | Dec 2023 ₹445 Cr | Mar 2024 ₹423 Cr | Jun 2024 ₹455 Cr | Sep 2024 ₹438 Cr | Dec 2024 ₹453 Cr | Mar 2025 ₹466 Cr | Jun 2025 ₹425 Cr | Sep 2025 ₹412 Cr | Dec 2025 ₹484 Cr | Mar 2026 ₹485 Cr | Jun 2026 —
- DCAL: Sep 2021 ₹459 Cr | Dec 2021 ₹562 Cr | Mar 2022 ₹569 Cr | Jun 2022 ₹541 Cr | Sep 2022 ₹614 Cr | Dec 2022 ₹640 Cr | Mar 2023 ₹619 Cr | Jun 2023 ₹723 Cr | Sep 2023 ₹587 Cr | Dec 2023 ₹651 Cr | Mar 2024 ₹655 Cr | Jun 2024 ₹524 Cr | Sep 2024 ₹789 Cr | Dec 2024 ₹682 Cr | Mar 2025 ₹716 Cr | Jun 2025 ₹708 Cr | Sep 2025 ₹653 Cr | Dec 2025 ₹720 Cr | Mar 2026 ₹851 Cr | Jun 2026 —
- HIKAL: Sep 2021 ₹469 Cr | Dec 2021 ₹515 Cr | Mar 2022 ₹502 Cr | Jun 2022 ₹379 Cr | Sep 2022 ₹559 Cr | Dec 2022 ₹540 Cr | Mar 2023 ₹545 Cr | Jun 2023 ₹388 Cr | Sep 2023 ₹435 Cr | Dec 2023 ₹448 Cr | Mar 2024 ₹514 Cr | Jun 2024 ₹407 Cr | Sep 2024 ₹453 Cr | Dec 2024 ₹448 Cr | Mar 2025 ₹552 Cr | Jun 2025 ₹380 Cr | Sep 2025 ₹318 Cr | Dec 2025 ₹494 Cr | Mar 2026 ₹519 Cr | Jun 2026 —
- SOLARA: Sep 2021 ₹402 Cr | Dec 2021 ₹100 Cr | Mar 2022 ₹361 Cr | Jun 2022 ₹330 Cr | Sep 2022 ₹338 Cr | Dec 2022 ₹395 Cr | Mar 2023 ₹381 Cr | Jun 2023 ₹352 Cr | Sep 2023 ₹425 Cr | Dec 2023 ₹212 Cr | Mar 2024 ₹299 Cr | Jun 2024 ₹363 Cr | Sep 2024 ₹347 Cr | Dec 2024 ₹300 Cr | Mar 2025 ₹273 Cr | Jun 2025 ₹319 Cr | Sep 2025 ₹314 Cr | Dec 2025 ₹349 Cr | Mar 2026 ₹387 Cr | Jun 2026 ₹382 Cr
- WINDLAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹120 Cr | Mar 2023 ₹141 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹153 Cr | Dec 2023 ₹162 Cr | Mar 2024 ₹171 Cr | Jun 2024 ₹175 Cr | Sep 2024 ₹187 Cr | Dec 2024 ₹195 Cr | Mar 2025 ₹203 Cr | Jun 2025 ₹210 Cr | Sep 2025 ₹222 Cr | Dec 2025 ₹233 Cr | Mar 2026 ₹238 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 539268: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.5% | Mar 2024 -7.8% | Jun 2024 -2.2% | Sep 2024 -2.1% | Dec 2024 11% | Mar 2025 11% | Jun 2025 11% | Sep 2025 2.2% | Dec 2025 -2.9% | Mar 2026 1.8% | Jun 2026 —
- 543349: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 9.2% | Mar 2024 21% | Jun 2024 15% | Sep 2024 44% | Dec 2024 66% | Mar 2025 37% | Jun 2025 17% | Sep 2025 24% | Dec 2025 43% | Mar 2026 41% | Jun 2026 59%
- DIVISLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 -6.7% | Dec 2022 -31% | Mar 2023 -23% | Jun 2023 -21% | Sep 2023 2.9% | Dec 2023 8.6% | Mar 2024 18% | Jun 2024 19% | Sep 2024 22% | Dec 2024 25% | Mar 2025 12% | Jun 2025 14% | Sep 2025 16% | Dec 2025 12% | Mar 2026 9.5% | Jun 2026 —
- LAURUSLABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 31% | Dec 2022 50% | Mar 2023 -3.1% | Jun 2023 -23% | Sep 2023 -22% | Dec 2023 -23% | Mar 2024 4.3% | Jun 2024 1.1% | Sep 2024 0.0% | Dec 2024 18% | Mar 2025 19% | Jun 2025 31% | Sep 2025 35% | Dec 2025 26% | Mar 2026 5.4% | Jun 2026 29%
- ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 15% | Sep 2024 79% | Dec 2024 20% | Mar 2025 16% | Jun 2025 59% | Sep 2025 4.8% | Dec 2025 -15% | Mar 2026 27% | Jun 2026 -23%
- GLAND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -26% | Sep 2022 -3.3% | Dec 2022 -12% | Mar 2023 -29% | Jun 2023 41% | Sep 2023 32% | Dec 2023 65% | Mar 2024 96% | Jun 2024 16% | Sep 2024 2.4% | Dec 2024 -10% | Mar 2025 -7.3% | Jun 2025 7.4% | Sep 2025 5.8% | Dec 2025 22% | Mar 2026 22% | Jun 2026 —
- SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -13% | Sep 2024 23% | Dec 2024 15% | Mar 2025 32% | Jun 2025 77% | Sep 2025 36% | Dec 2025 26% | Mar 2026 3.8% | Jun 2026 —
- PPLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.3% | Sep 2022 11% | Dec 2022 14% | Mar 2023 -6.2% | Jun 2023 18% | Sep 2023 8.2% | Dec 2023 14% | Mar 2024 18% | Jun 2024 12% | Sep 2024 17% | Dec 2024 13% | Mar 2025 7.9% | Jun 2025 -0.9% | Sep 2025 -8.8% | Dec 2025 -2.9% | Mar 2026 -0.1% | Jun 2026 —
- NEULANDLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10.0% | Sep 2022 14% | Dec 2022 14% | Mar 2023 59% | Jun 2023 64% | Sep 2023 42% | Dec 2023 46% | Mar 2024 -5.4% | Jun 2024 21% | Sep 2024 -26% | Dec 2024 1.3% | Mar 2025 -15% | Jun 2025 -33% | Sep 2025 65% | Dec 2025 11% | Mar 2026 137% | Jun 2026 —
- GRANULES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 30% | Dec 2022 15% | Mar 2023 16% | Jun 2023 -3.3% | Sep 2023 3.3% | Dec 2023 0.9% | Mar 2024 -1.7% | Jun 2024 20% | Sep 2024 -19% | Dec 2024 -1.6% | Mar 2025 1.8% | Jun 2025 2.5% | Sep 2025 34% | Dec 2025 22% | Mar 2026 23% | Jun 2026 22%
- ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3,144% | Sep 2024 882% | Dec 2024 602% | Mar 2025 484% | Jun 2025 12% | Sep 2025 13% | Dec 2025 -26% | Mar 2026 0.5% | Jun 2026 37%
- COHANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -38% | Mar 2024 -32% | Jun 2024 40% | Sep 2024 161% | Dec 2024 208% | Mar 2025 232% | Jun 2025 13% | Sep 2025 -8.0% | Dec 2025 -19% | Mar 2026 -26% | Jun 2026 —
- JUBLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 -3.4% | Dec 2022 18% | Mar 2023 9.8% | Jun 2023 9.3% | Sep 2023 5.0% | Dec 2023 8.1% | Mar 2024 4.8% | Jun 2024 9.1% | Sep 2024 4.3% | Dec 2024 8.7% | Mar 2025 9.7% | Jun 2025 9.8% | Sep 2025 12% | Dec 2025 16% | Mar 2026 19% | Jun 2026 —
- CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 7.7% | Sep 2023 65% | Dec 2023 0.0% | Mar 2024 17% | Jun 2024 11% | Sep 2024 18% | Dec 2024 1.2% | Mar 2025 35% | Jun 2025 -5.6% | Sep 2025 -20% | Dec 2025 14% | Mar 2026 -24% | Jun 2026 —
- SHILPAMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 -11% | Dec 2022 -3.7% | Mar 2023 -23% | Jun 2023 -0.4% | Sep 2023 19% | Dec 2023 9.5% | Mar 2024 11% | Jun 2024 13% | Sep 2024 9.9% | Dec 2024 11% | Mar 2025 13% | Jun 2025 9.6% | Sep 2025 7.6% | Dec 2025 29% | Mar 2026 32% | Jun 2026 —
- BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 24% | Sep 2023 -4.7% | Dec 2023 -1.2% | Mar 2024 -15% | Jun 2024 -9.4% | Sep 2024 15% | Dec 2024 90% | Mar 2025 85% | Jun 2025 118% | Sep 2025 -21% | Dec 2025 -40% | Mar 2026 -31% | Jun 2026 —
- SUPRIYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 -24% | Dec 2022 -10% | Mar 2023 -24% | Jun 2023 31% | Sep 2023 25% | Dec 2023 33% | Mar 2024 11% | Jun 2024 22% | Sep 2024 19% | Dec 2024 33% | Mar 2025 16% | Jun 2025 -9.9% | Sep 2025 20% | Dec 2025 11% | Mar 2026 51% | Jun 2026 —
- IOLCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.9% | Sep 2022 0.6% | Dec 2022 -5.8% | Mar 2023 2.6% | Jun 2023 -0.4% | Sep 2023 0.7% | Dec 2023 -0.6% | Mar 2024 -14% | Jun 2024 -11% | Sep 2024 -3.5% | Dec 2024 0.6% | Mar 2025 4.8% | Jun 2025 10.0% | Sep 2025 8.0% | Dec 2025 11% | Mar 2026 17% | Jun 2026 —
- SMSPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -61% | Sep 2022 -9.7% | Dec 2022 21% | Mar 2023 166% | Jun 2023 111% | Sep 2023 5.0% | Dec 2023 8.1% | Mar 2024 65% | Jun 2024 21% | Sep 2024 18% | Dec 2024 7.5% | Mar 2025 0.8% | Jun 2025 20% | Sep 2025 23% | Dec 2025 21% | Mar 2026 -4.0% | Jun 2026 —
- MOREPENLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -22% | Sep 2022 1.5% | Dec 2022 -13% | Mar 2023 -1.6% | Jun 2023 32% | Sep 2023 4.5% | Dec 2023 28% | Mar 2024 16% | Jun 2024 13% | Sep 2024 3.8% | Dec 2024 1.8% | Mar 2025 10% | Jun 2025 -6.6% | Sep 2025 -5.9% | Dec 2025 6.8% | Mar 2026 4.1% | Jun 2026 —
- DCAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.8% | Sep 2022 34% | Dec 2022 14% | Mar 2023 8.8% | Jun 2023 34% | Sep 2023 -4.4% | Dec 2023 1.7% | Mar 2024 5.8% | Jun 2024 -28% | Sep 2024 34% | Dec 2024 4.8% | Mar 2025 9.3% | Jun 2025 35% | Sep 2025 -17% | Dec 2025 5.6% | Mar 2026 19% | Jun 2026 —
- HIKAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -17% | Sep 2022 19% | Dec 2022 4.9% | Mar 2023 8.6% | Jun 2023 2.4% | Sep 2023 -22% | Dec 2023 -17% | Mar 2024 -5.7% | Jun 2024 4.9% | Sep 2024 4.1% | Dec 2024 0.0% | Mar 2025 7.4% | Jun 2025 -6.6% | Sep 2025 -30% | Dec 2025 10% | Mar 2026 -6.0% | Jun 2026 —
- SOLARA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -19% | Sep 2022 -16% | Dec 2022 295% | Mar 2023 5.4% | Jun 2023 6.7% | Sep 2023 26% | Dec 2023 -46% | Mar 2024 -21% | Jun 2024 3.1% | Sep 2024 -18% | Dec 2024 42% | Mar 2025 -8.7% | Jun 2025 -12% | Sep 2025 -9.5% | Dec 2025 16% | Mar 2026 42% | Jun 2026 20%
- WINDLAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 35% | Mar 2024 21% | Jun 2024 21% | Sep 2024 22% | Dec 2024 20% | Mar 2025 19% | Jun 2025 20% | Sep 2025 19% | Dec 2025 19% | Mar 2026 17% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Neuland Laboratories Ltd leads both opm at 40% and margin change at +24 percentage points.

Investor read: Neuland Laboratories Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Neuland Laboratories Ltd · 40% | 11.1% versus #2 · Anthem Biosciences Ltd | 3/8 recent comparable periods | 24/24 companies · 435 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Neuland Laboratories Ltd (NEULANDLAB): 40%
2. Anthem Biosciences Ltd (ANTHEM): 36%
3. Concord Biotech Ltd (CONCORDBIO): 36%
4. Supriya Lifescience Ltd (SUPRIYA): 35%
5. Acutaas Chemicals Ltd (543349): 34%

### Margin change — fastest expanders
1. Neuland Laboratories Ltd (NEULANDLAB): +24.0 pp
2. Acutaas Chemicals Ltd (543349): +9.0 pp
3. Laurus Labs Ltd (LAURUSLABS): +8.0 pp
4. Gland Pharma Ltd (GLAND): +5.0 pp
5. Granules India Ltd (GRANULES): +3.0 pp

### 20-quarter OPM history
- 539268: Sep 2021 29% | Dec 2021 32% | Mar 2022 33% | Jun 2022 27% | Sep 2022 28% | Dec 2022 29% | Mar 2023 32% | Jun 2023 26% | Sep 2023 28% | Dec 2023 27% | Mar 2024 35% | Jun 2024 22% | Sep 2024 27% | Dec 2024 30% | Mar 2025 34% | Jun 2025 24% | Sep 2025 22% | Dec 2025 23% | Mar 2026 29% | Jun 2026 —
- 543349: Sep 2021 22% | Dec 2021 21% | Mar 2022 18% | Jun 2022 17% | Sep 2022 19% | Dec 2022 20% | Mar 2023 22% | Jun 2023 22% | Sep 2023 14% | Dec 2023 16% | Mar 2024 19% | Jun 2024 17% | Sep 2024 20% | Dec 2024 25% | Mar 2025 28% | Jun 2025 25% | Sep 2025 31% | Dec 2025 38% | Mar 2026 42% | Jun 2026 34%
- DIVISLAB: Sep 2021 41% | Dec 2021 44% | Mar 2022 44% | Jun 2022 38% | Sep 2022 33% | Dec 2022 24% | Mar 2023 25% | Jun 2023 28% | Sep 2023 25% | Dec 2023 26% | Mar 2024 32% | Jun 2024 29% | Sep 2024 31% | Dec 2024 32% | Mar 2025 34% | Jun 2025 30% | Sep 2025 33% | Dec 2025 34% | Mar 2026 33% | Jun 2026 —
- LAURUSLABS: Sep 2021 29% | Dec 2021 28% | Mar 2022 28% | Jun 2022 30% | Sep 2022 28% | Dec 2022 26% | Mar 2023 21% | Jun 2023 14% | Sep 2023 15% | Dec 2023 15% | Mar 2024 17% | Jun 2024 14% | Sep 2024 15% | Dec 2024 20% | Mar 2025 24% | Jun 2025 24% | Sep 2025 24% | Dec 2025 27% | Mar 2026 28% | Jun 2026 32%
- ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 30% | Sep 2023 30% | Dec 2023 30% | Mar 2024 30% | Jun 2024 36% | Sep 2024 37% | Dec 2024 32% | Mar 2025 40% | Jun 2025 35% | Sep 2025 40% | Dec 2025 37% | Mar 2026 44% | Jun 2026 36%
- GLAND: Sep 2021 35% | Dec 2021 33% | Mar 2022 32% | Jun 2022 32% | Sep 2022 28% | Dec 2022 31% | Mar 2023 21% | Jun 2023 24% | Sep 2023 24% | Dec 2023 23% | Mar 2024 23% | Jun 2024 19% | Sep 2024 21% | Dec 2024 26% | Mar 2025 24% | Jun 2025 24% | Sep 2025 21% | Dec 2025 26% | Mar 2026 29% | Jun 2026 —
- SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.1% | Sep 2023 10% | Dec 2023 25% | Mar 2024 28% | Jun 2024 9.0% | Sep 2024 26% | Dec 2024 27% | Mar 2025 27% | Jun 2025 24% | Sep 2025 27% | Dec 2025 34% | Mar 2026 29% | Jun 2026 —
- PPLPHARMA: Sep 2021 12% | Dec 2021 15% | Mar 2022 19% | Jun 2022 1.2% | Sep 2022 10% | Dec 2022 5.0% | Mar 2023 16% | Jun 2023 7.6% | Sep 2023 14% | Dec 2023 14% | Mar 2024 21% | Jun 2024 10% | Sep 2024 15% | Dec 2024 15% | Mar 2025 20% | Jun 2025 5.5% | Sep 2025 7.8% | Dec 2025 9.2% | Mar 2026 17% | Jun 2026 —
- NEULANDLAB: Sep 2021 17% | Dec 2021 14% | Mar 2022 15% | Jun 2022 13% | Sep 2022 24% | Dec 2022 20% | Mar 2023 29% | Jun 2023 27% | Sep 2023 33% | Dec 2023 31% | Mar 2024 28% | Jun 2024 28% | Sep 2024 20% | Dec 2024 22% | Mar 2025 16% | Jun 2025 12% | Sep 2025 30% | Dec 2025 18% | Mar 2026 40% | Jun 2026 —
- GRANULES: Sep 2021 17% | Dec 2021 17% | Mar 2022 19% | Jun 2022 21% | Sep 2022 21% | Dec 2022 20% | Mar 2023 19% | Jun 2023 14% | Sep 2023 18% | Dec 2023 22% | Mar 2024 22% | Jun 2024 22% | Sep 2024 21% | Dec 2024 20% | Mar 2025 21% | Jun 2025 20% | Sep 2025 21% | Dec 2025 22% | Mar 2026 24% | Jun 2026 23%
- ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -632% | Sep 2023 -114% | Dec 2023 -19% | Mar 2024 -4.0% | Jun 2024 22% | Sep 2024 23% | Dec 2024 36% | Mar 2025 43% | Jun 2025 27% | Sep 2025 28% | Dec 2025 6.0% | Mar 2026 21% | Jun 2026 27%
- COHANCE: Sep 2021 40% | Dec 2021 48% | Mar 2022 43% | Jun 2022 45% | Sep 2022 36% | Dec 2022 41% | Mar 2023 47% | Jun 2023 48% | Sep 2023 42% | Dec 2023 30% | Mar 2024 29% | Jun 2024 26% | Sep 2024 34% | Dec 2024 35% | Mar 2025 27% | Jun 2025 20% | Sep 2025 22% | Dec 2025 18% | Mar 2026 16% | Jun 2026 —
- JUBLPHARMA: Sep 2021 20% | Dec 2021 15% | Mar 2022 16% | Jun 2022 13% | Sep 2022 14% | Dec 2022 9.0% | Mar 2023 13% | Jun 2023 11% | Sep 2023 14% | Dec 2023 13% | Mar 2024 15% | Jun 2024 15% | Sep 2024 17% | Dec 2024 16% | Mar 2025 18% | Jun 2025 15% | Sep 2025 17% | Dec 2025 14% | Mar 2026 15% | Jun 2026 —
- CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 24% | Dec 2022 46% | Mar 2023 47% | Jun 2023 37% | Sep 2023 44% | Dec 2023 44% | Mar 2024 41% | Jun 2024 38% | Sep 2024 43% | Dec 2024 40% | Mar 2025 44% | Jun 2025 30% | Sep 2025 36% | Dec 2025 35% | Mar 2026 36% | Jun 2026 —
- SHILPAMED: Sep 2021 18% | Dec 2021 16% | Mar 2022 21% | Jun 2022 7.6% | Sep 2022 3.8% | Dec 2022 12% | Mar 2023 14% | Jun 2023 18% | Sep 2023 19% | Dec 2023 23% | Mar 2024 24% | Jun 2024 24% | Sep 2024 25% | Dec 2024 25% | Mar 2025 24% | Jun 2025 28% | Sep 2025 29% | Dec 2025 28% | Mar 2026 27% | Jun 2026 —
- BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 31% | Dec 2022 31% | Mar 2023 32% | Jun 2023 33% | Sep 2023 35% | Dec 2023 33% | Mar 2024 29% | Jun 2024 27% | Sep 2024 33% | Dec 2024 39% | Mar 2025 41% | Jun 2025 34% | Sep 2025 33% | Dec 2025 24% | Mar 2026 30% | Jun 2026 —
- SUPRIYA: Sep 2021 53% | Dec 2021 33% | Mar 2022 42% | Jun 2022 31% | Sep 2022 25% | Dec 2022 13% | Mar 2023 39% | Jun 2023 34% | Sep 2023 23% | Dec 2023 30% | Mar 2024 35% | Jun 2024 39% | Sep 2024 39% | Dec 2024 36% | Mar 2025 37% | Jun 2025 36% | Sep 2025 36% | Dec 2025 35% | Mar 2026 35% | Jun 2026 —
- IOLCP: Sep 2021 8.1% | Dec 2021 11% | Mar 2022 7.9% | Jun 2022 9.9% | Sep 2022 5.9% | Dec 2022 8.0% | Mar 2023 16% | Jun 2023 13% | Sep 2023 12% | Dec 2023 9.0% | Mar 2024 10% | Jun 2024 10% | Sep 2024 8.0% | Dec 2024 9.0% | Mar 2025 12% | Jun 2025 11% | Sep 2025 10% | Dec 2025 10% | Mar 2026 15% | Jun 2026 —
- SMSPHARMA: Sep 2021 27% | Dec 2021 22% | Mar 2022 -6.9% | Jun 2022 -1.3% | Sep 2022 8.5% | Dec 2022 12% | Mar 2023 16% | Jun 2023 19% | Sep 2023 17% | Dec 2023 18% | Mar 2024 14% | Jun 2024 20% | Sep 2024 16% | Dec 2024 19% | Mar 2025 16% | Jun 2025 20% | Sep 2025 20% | Dec 2025 21% | Mar 2026 17% | Jun 2026 —
- MOREPENLAB: Sep 2021 11% | Dec 2021 8.1% | Mar 2022 5.1% | Jun 2022 4.8% | Sep 2022 7.2% | Dec 2022 6.0% | Mar 2023 4.0% | Jun 2023 7.0% | Sep 2023 8.0% | Dec 2023 11% | Mar 2024 11% | Jun 2024 11% | Sep 2024 10% | Dec 2024 8.0% | Mar 2025 9.0% | Jun 2025 6.0% | Sep 2025 7.0% | Dec 2025 10% | Mar 2026 5.0% | Jun 2026 —
- DCAL: Sep 2021 22% | Dec 2021 19% | Mar 2022 3.9% | Jun 2022 16% | Sep 2022 13% | Dec 2022 18% | Mar 2023 8.0% | Jun 2023 17% | Sep 2023 10% | Dec 2023 6.0% | Mar 2024 10% | Jun 2024 6.0% | Sep 2024 19% | Dec 2024 21% | Mar 2025 21% | Jun 2025 20% | Sep 2025 23% | Dec 2025 16% | Mar 2026 19% | Jun 2026 —
- HIKAL: Sep 2021 19% | Dec 2021 18% | Mar 2022 12% | Jun 2022 6.0% | Sep 2022 12% | Dec 2022 14% | Mar 2023 16% | Jun 2023 13% | Sep 2023 13% | Dec 2023 14% | Mar 2024 18% | Jun 2024 14% | Sep 2024 17% | Dec 2024 16% | Mar 2025 22% | Jun 2025 7.0% | Sep 2025 2.0% | Dec 2025 17% | Mar 2026 20% | Jun 2026 —
- SOLARA: Sep 2021 18% | Dec 2021 -97% | Mar 2022 3.8% | Jun 2022 3.8% | Sep 2022 8.2% | Dec 2022 11% | Mar 2023 13% | Jun 2023 5.0% | Sep 2023 9.0% | Dec 2023 -76% | Mar 2024 3.0% | Jun 2024 12% | Sep 2024 18% | Dec 2024 19% | Mar 2025 17% | Jun 2025 18% | Sep 2025 11% | Dec 2025 11% | Mar 2026 15% | Jun 2026 16%
- WINDLAS: Sep 2021 11% | Dec 2021 11% | Mar 2022 11% | Jun 2022 12% | Sep 2022 12% | Dec 2022 12% | Mar 2023 12% | Jun 2023 12% | Sep 2023 12% | Dec 2023 13% | Mar 2024 13% | Jun 2024 12% | Sep 2024 12% | Dec 2024 13% | Mar 2025 13% | Jun 2025 13% | Sep 2025 13% | Dec 2025 10% | Mar 2026 11% | Jun 2026 —

### 20-quarter Margin change history
- 539268: Sep 2021 −0.9 pp | Dec 2021 +1.6 pp | Mar 2022 +0.3 pp | Jun 2022 −0.9 pp | Sep 2022 −0.9 pp | Dec 2022 −2.7 pp | Mar 2023 −1.0 pp | Jun 2023 −0.8 pp | Sep 2023 −0.2 pp | Dec 2023 −2.0 pp | Mar 2024 +3.0 pp | Jun 2024 −4.0 pp | Sep 2024 −1.0 pp | Dec 2024 +3.0 pp | Mar 2025 −1.0 pp | Jun 2025 +2.0 pp | Sep 2025 −5.0 pp | Dec 2025 −7.0 pp | Mar 2026 −5.0 pp | Jun 2026 —
- 543349: Sep 2021 −1.6 pp | Dec 2021 −2.4 pp | Mar 2022 −7.1 pp | Jun 2022 −2.0 pp | Sep 2022 −3.2 pp | Dec 2022 −1.2 pp | Mar 2023 +4.0 pp | Jun 2023 +4.5 pp | Sep 2023 −5.1 pp | Dec 2023 −4.0 pp | Mar 2024 −3.0 pp | Jun 2024 −5.0 pp | Sep 2024 +6.0 pp | Dec 2024 +9.0 pp | Mar 2025 +9.0 pp | Jun 2025 +8.0 pp | Sep 2025 +11.0 pp | Dec 2025 +13.0 pp | Mar 2026 +14.0 pp | Jun 2026 +9.0 pp
- DIVISLAB: Sep 2021 −1.2 pp | Dec 2021 +3.4 pp | Mar 2022 +3.8 pp | Jun 2022 −5.8 pp | Sep 2022 −7.7 pp | Dec 2022 −20.0 pp | Mar 2023 −18.9 pp | Jun 2023 −9.7 pp | Sep 2023 −8.5 pp | Dec 2023 +2.0 pp | Mar 2024 +7.0 pp | Jun 2024 +1.0 pp | Sep 2024 +6.0 pp | Dec 2024 +6.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- LAURUSLABS: Sep 2021 −4.2 pp | Dec 2021 −5.4 pp | Mar 2022 −5.6 pp | Jun 2022 −1.4 pp | Sep 2022 −0.2 pp | Dec 2022 −1.7 pp | Mar 2023 −6.8 pp | Jun 2023 −15.5 pp | Sep 2023 −13.5 pp | Dec 2023 −11.0 pp | Mar 2024 −4.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +5.0 pp | Mar 2025 +7.0 pp | Jun 2025 +10.0 pp | Sep 2025 +9.0 pp | Dec 2025 +7.0 pp | Mar 2026 +4.0 pp | Jun 2026 +8.0 pp
- ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +5.6 pp | Sep 2024 +6.6 pp | Dec 2024 +2.5 pp | Mar 2025 +10.5 pp | Jun 2025 −1.0 pp | Sep 2025 +3.0 pp | Dec 2025 +5.0 pp | Mar 2026 +4.0 pp | Jun 2026 +1.0 pp
- GLAND: Sep 2021 −0.9 pp | Dec 2021 +2.1 pp | Mar 2022 −5.3 pp | Jun 2022 −6.3 pp | Sep 2022 −6.4 pp | Dec 2022 −1.8 pp | Mar 2023 −10.6 pp | Jun 2023 −7.5 pp | Sep 2023 −4.4 pp | Dec 2023 −8.0 pp | Mar 2024 +2.0 pp | Jun 2024 −5.0 pp | Sep 2024 −3.0 pp | Dec 2024 +3.0 pp | Mar 2025 +1.0 pp | Jun 2025 +5.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +6.9 pp | Sep 2024 +16.0 pp | Dec 2024 +2.0 pp | Mar 2025 −1.0 pp | Jun 2025 +15.0 pp | Sep 2025 +1.0 pp | Dec 2025 +7.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- PPLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.0 pp | Sep 2022 −2.4 pp | Dec 2022 −9.7 pp | Mar 2023 −2.4 pp | Jun 2023 +6.4 pp | Sep 2023 +3.9 pp | Dec 2023 +8.7 pp | Mar 2024 +4.5 pp | Jun 2024 +2.9 pp | Sep 2024 +1.3 pp | Dec 2024 +1.6 pp | Mar 2025 −0.4 pp | Jun 2025 −5.0 pp | Sep 2025 −7.5 pp | Dec 2025 −6.2 pp | Mar 2026 −3.6 pp | Jun 2026 —
- NEULANDLAB: Sep 2021 −0.3 pp | Dec 2021 −5.3 pp | Mar 2022 +4.8 pp | Jun 2022 +0.2 pp | Sep 2022 +7.0 pp | Dec 2022 +6.3 pp | Mar 2023 +13.8 pp | Jun 2023 +14.1 pp | Sep 2023 +9.4 pp | Dec 2023 +11.0 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 −13.0 pp | Dec 2024 −9.0 pp | Mar 2025 −12.0 pp | Jun 2025 −16.0 pp | Sep 2025 +10.0 pp | Dec 2025 −4.0 pp | Mar 2026 +24.0 pp | Jun 2026 —
- GRANULES: Sep 2021 −12.9 pp | Dec 2021 −7.6 pp | Mar 2022 −6.6 pp | Jun 2022 −3.0 pp | Sep 2022 +4.1 pp | Dec 2022 +2.6 pp | Mar 2023 +0.3 pp | Jun 2023 −6.7 pp | Sep 2023 −3.1 pp | Dec 2023 +2.0 pp | Mar 2024 +3.0 pp | Jun 2024 +8.0 pp | Sep 2024 +3.0 pp | Dec 2024 −2.0 pp | Mar 2025 −1.0 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 +2.0 pp | Mar 2026 +3.0 pp | Jun 2026 +3.0 pp
- ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +653.5 pp | Sep 2024 +137.0 pp | Dec 2024 +55.0 pp | Mar 2025 +47.0 pp | Jun 2025 +5.0 pp | Sep 2025 +5.0 pp | Dec 2025 −30.0 pp | Mar 2026 −22.0 pp | Jun 2026 0.0 pp
- COHANCE: Sep 2021 −0.8 pp | Dec 2021 −2.5 pp | Mar 2022 +7.0 pp | Jun 2022 +1.1 pp | Sep 2022 −4.6 pp | Dec 2022 −6.5 pp | Mar 2023 +3.4 pp | Jun 2023 +3.5 pp | Sep 2023 +6.5 pp | Dec 2023 −10.9 pp | Mar 2024 −17.5 pp | Jun 2024 −22.4 pp | Sep 2024 −8.4 pp | Dec 2024 +5.0 pp | Mar 2025 −1.7 pp | Jun 2025 −5.2 pp | Sep 2025 −12.2 pp | Dec 2025 −17.6 pp | Mar 2026 −11.3 pp | Jun 2026 —
- JUBLPHARMA: Sep 2021 −1.6 pp | Dec 2021 −12.8 pp | Mar 2022 −7.5 pp | Jun 2022 −9.1 pp | Sep 2022 −6.9 pp | Dec 2022 −5.8 pp | Mar 2023 −3.2 pp | Jun 2023 −2.3 pp | Sep 2023 +0.5 pp | Dec 2023 +4.0 pp | Mar 2024 +2.0 pp | Jun 2024 +4.0 pp | Sep 2024 +3.0 pp | Dec 2024 +3.0 pp | Mar 2025 +3.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 −2.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +1.3 pp | Sep 2023 +20.4 pp | Dec 2023 −2.0 pp | Mar 2024 −6.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −4.0 pp | Mar 2025 +3.0 pp | Jun 2025 −8.0 pp | Sep 2025 −7.0 pp | Dec 2025 −5.0 pp | Mar 2026 −8.0 pp | Jun 2026 —
- SHILPAMED: Sep 2021 −7.0 pp | Dec 2021 +5.6 pp | Mar 2022 +8.9 pp | Jun 2022 −5.5 pp | Sep 2022 −13.8 pp | Dec 2022 −4.3 pp | Mar 2023 −7.4 pp | Jun 2023 +10.4 pp | Sep 2023 +15.2 pp | Dec 2023 +11.0 pp | Mar 2024 +10.0 pp | Jun 2024 +6.0 pp | Sep 2024 +6.0 pp | Dec 2024 +2.0 pp | Mar 2025 0.0 pp | Jun 2025 +4.0 pp | Sep 2025 +4.0 pp | Dec 2025 +3.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +6.5 pp | Sep 2023 +4.1 pp | Dec 2023 +2.0 pp | Mar 2024 −3.0 pp | Jun 2024 −6.0 pp | Sep 2024 −2.0 pp | Dec 2024 +6.0 pp | Mar 2025 +12.0 pp | Jun 2025 +7.0 pp | Sep 2025 0.0 pp | Dec 2025 −15.0 pp | Mar 2026 −11.0 pp | Jun 2026 —
- SUPRIYA: Sep 2021 — | Dec 2021 +0.8 pp | Mar 2022 −9.3 pp | Jun 2022 +10.7 pp | Sep 2022 −28.0 pp | Dec 2022 −19.8 pp | Mar 2023 −2.5 pp | Jun 2023 +3.2 pp | Sep 2023 −2.5 pp | Dec 2023 +17.0 pp | Mar 2024 −4.0 pp | Jun 2024 +5.0 pp | Sep 2024 +16.0 pp | Dec 2024 +6.0 pp | Mar 2025 +2.0 pp | Jun 2025 −3.0 pp | Sep 2025 −3.0 pp | Dec 2025 −1.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- IOLCP: Sep 2021 −24.0 pp | Dec 2021 −20.0 pp | Mar 2022 −16.3 pp | Jun 2022 −11.4 pp | Sep 2022 −2.3 pp | Dec 2022 −2.7 pp | Mar 2023 +8.1 pp | Jun 2023 +3.1 pp | Sep 2023 +6.1 pp | Dec 2023 +1.0 pp | Mar 2024 −6.0 pp | Jun 2024 −3.0 pp | Sep 2024 −4.0 pp | Dec 2024 0.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- SMSPHARMA: Sep 2021 +8.6 pp | Dec 2021 −0.9 pp | Mar 2022 −30.9 pp | Jun 2022 −28.6 pp | Sep 2022 −18.3 pp | Dec 2022 −10.3 pp | Mar 2023 +22.9 pp | Jun 2023 +20.3 pp | Sep 2023 +8.5 pp | Dec 2023 +6.0 pp | Mar 2024 −2.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 +1.0 pp | Mar 2025 +2.0 pp | Jun 2025 0.0 pp | Sep 2025 +4.0 pp | Dec 2025 +2.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- MOREPENLAB: Sep 2021 +1.2 pp | Dec 2021 −1.6 pp | Mar 2022 −5.5 pp | Jun 2022 −6.5 pp | Sep 2022 −3.5 pp | Dec 2022 −2.1 pp | Mar 2023 −1.1 pp | Jun 2023 +2.2 pp | Sep 2023 +0.8 pp | Dec 2023 +5.0 pp | Mar 2024 +7.0 pp | Jun 2024 +4.0 pp | Sep 2024 +2.0 pp | Dec 2024 −3.0 pp | Mar 2025 −2.0 pp | Jun 2025 −5.0 pp | Sep 2025 −3.0 pp | Dec 2025 +2.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- DCAL: Sep 2021 +3.4 pp | Dec 2021 +6.1 pp | Mar 2022 −12.8 pp | Jun 2022 −1.9 pp | Sep 2022 −8.8 pp | Dec 2022 −1.5 pp | Mar 2023 +4.1 pp | Jun 2023 +0.7 pp | Sep 2023 −2.8 pp | Dec 2023 −12.0 pp | Mar 2024 +2.0 pp | Jun 2024 −11.0 pp | Sep 2024 +9.0 pp | Dec 2024 +15.0 pp | Mar 2025 +11.0 pp | Jun 2025 +14.0 pp | Sep 2025 +4.0 pp | Dec 2025 −5.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- HIKAL: Sep 2021 +0.6 pp | Dec 2021 −1.7 pp | Mar 2022 −8.4 pp | Jun 2022 −15.0 pp | Sep 2022 −6.9 pp | Dec 2022 −4.3 pp | Mar 2023 +3.9 pp | Jun 2023 +7.0 pp | Sep 2023 +0.5 pp | Dec 2023 +0.2 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 +4.0 pp | Dec 2024 +2.0 pp | Mar 2025 +4.0 pp | Jun 2025 −7.0 pp | Sep 2025 −15.0 pp | Dec 2025 +1.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- SOLARA: Sep 2021 −6.7 pp | Dec 2021 −121.2 pp | Mar 2022 −18.6 pp | Jun 2022 −18.7 pp | Sep 2022 −9.7 pp | Dec 2022 +107.5 pp | Mar 2023 +9.1 pp | Jun 2023 +1.2 pp | Sep 2023 +0.9 pp | Dec 2023 −87.0 pp | Mar 2024 −9.8 pp | Jun 2024 +7.0 pp | Sep 2024 +9.0 pp | Dec 2024 +95.0 pp | Mar 2025 +14.0 pp | Jun 2025 +6.0 pp | Sep 2025 −7.0 pp | Dec 2025 −8.0 pp | Mar 2026 −2.0 pp | Jun 2026 −2.0 pp
- WINDLAS: Sep 2021 −0.8 pp | Dec 2021 −3.7 pp | Mar 2022 +0.9 pp | Jun 2022 +0.3 pp | Sep 2022 +0.7 pp | Dec 2022 +0.9 pp | Mar 2023 +0.7 pp | Jun 2023 +0.5 pp | Sep 2023 −0.1 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 −3.0 pp | Mar 2026 −2.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Divis Laboratories Ltd leads with ₹2,568 crore of TTM profit, 135.6% above Laurus Labs Ltd. Acutaas Chemicals Ltd shows ≥100% on the scoring scale (121.1% uncapped) growth from a ₹356 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Divis Laboratories Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Divis Laboratories Ltd · ₹2,568 crore | 135.6% versus #2 · Laurus Labs Ltd | 7/8 recent comparable periods | 24/24 companies · 415 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Divis Laboratories Ltd (DIVISLAB): ₹2.6K Cr
2. Laurus Labs Ltd (LAURUSLABS): ₹1.1K Cr
3. Gland Pharma Ltd (GLAND): ₹1.0K Cr
4. Granules India Ltd (GRANULES): ₹663 Cr
5. Anthem Biosciences Ltd (ANTHEM): ₹576 Cr

### Profit growth — fastest growers
1. Acutaas Chemicals Ltd (543349): 100%
2. Dishman Carbogen Amcis Ltd (DCAL): 100%
3. Laurus Labs Ltd (LAURUSLABS): 100%
4. Sai Life Sciences Ltd (SAILIFE): 100%
5. Shilpa Medicare Ltd (SHILPAMED): 100%

### 20-quarter Net profit history
- 539268: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹110 Cr | Mar 2023 ₹179 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹116 Cr | Dec 2023 ₹112 Cr | Mar 2024 ₹189 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹106 Cr | Dec 2024 ₹131 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹148 Cr | Jun 2026 —
- 543349: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹22 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹-17 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹106 Cr | Mar 2026 ₹134 Cr | Jun 2026 ₹75 Cr
- DIVISLAB: Sep 2021 ₹606 Cr | Dec 2021 ₹902 Cr | Mar 2022 ₹895 Cr | Jun 2022 ₹702 Cr | Sep 2022 ₹494 Cr | Dec 2022 ₹306 Cr | Mar 2023 ₹321 Cr | Jun 2023 ₹356 Cr | Sep 2023 ₹348 Cr | Dec 2023 ₹358 Cr | Mar 2024 ₹538 Cr | Jun 2024 ₹430 Cr | Sep 2024 ₹510 Cr | Dec 2024 ₹589 Cr | Mar 2025 ₹662 Cr | Jun 2025 ₹545 Cr | Sep 2025 ₹689 Cr | Dec 2025 ₹583 Cr | Mar 2026 ₹751 Cr | Jun 2026 —
- LAURUSLABS: Sep 2021 ₹202 Cr | Dec 2021 ₹154 Cr | Mar 2022 ₹231 Cr | Jun 2022 ₹251 Cr | Sep 2022 ₹233 Cr | Dec 2022 ₹203 Cr | Mar 2023 ₹105 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹75 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹233 Cr | Jun 2025 ₹162 Cr | Sep 2025 ₹194 Cr | Dec 2025 ₹252 Cr | Mar 2026 ₹282 Cr | Jun 2026 ₹362 Cr
- ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹79 Cr | Sep 2023 ₹79 Cr | Dec 2023 ₹105 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹82 Cr | Sep 2024 ₹162 Cr | Dec 2024 ₹124 Cr | Mar 2025 ₹83 Cr | Jun 2025 ₹136 Cr | Sep 2025 ₹173 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹190 Cr | Jun 2026 ₹120 Cr
- GLAND: Sep 2021 ₹302 Cr | Dec 2021 ₹273 Cr | Mar 2022 ₹286 Cr | Jun 2022 ₹229 Cr | Sep 2022 ₹241 Cr | Dec 2022 ₹232 Cr | Mar 2023 ₹79 Cr | Jun 2023 ₹194 Cr | Sep 2023 ₹194 Cr | Dec 2023 ₹192 Cr | Mar 2024 ₹192 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹164 Cr | Dec 2024 ₹205 Cr | Mar 2025 ₹187 Cr | Jun 2025 ₹215 Cr | Sep 2025 ₹184 Cr | Dec 2025 ₹261 Cr | Mar 2026 ₹367 Cr | Jun 2026 —
- SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-6 Cr | Sep 2023 ₹-6 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹-14 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹84 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹104 Cr | Jun 2026 —
- PPLPHARMA: Sep 2021 ₹37 Cr | Dec 2021 ₹163 Cr | Mar 2022 ₹204 Cr | Jun 2022 ₹-109 Cr | Sep 2022 ₹-37 Cr | Dec 2022 ₹-90 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹-99 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹101 Cr | Jun 2024 ₹-89 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹154 Cr | Jun 2025 ₹-82 Cr | Sep 2025 ₹-99 Cr | Dec 2025 ₹-136 Cr | Mar 2026 ₹-9 Cr | Jun 2026 —
- NEULANDLAB: Sep 2021 ₹20 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹89 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹102 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹97 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹213 Cr | Jun 2026 —
- GRANULES: Sep 2021 ₹81 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹111 Cr | Jun 2022 ₹128 Cr | Sep 2022 ₹145 Cr | Dec 2022 ₹124 Cr | Mar 2023 ₹120 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹130 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹152 Cr | Jun 2025 ₹113 Cr | Sep 2025 ₹131 Cr | Dec 2025 ₹150 Cr | Mar 2026 ₹202 Cr | Jun 2026 ₹180 Cr
- ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-107 Cr | Sep 2023 ₹-114 Cr | Dec 2023 ₹-130 Cr | Mar 2024 ₹-40 Cr | Jun 2024 ₹-6 Cr | Sep 2024 ₹-42 Cr | Dec 2024 ₹-69 Cr | Mar 2025 ₹98 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹-89 Cr | Mar 2026 ₹5 Cr | Jun 2026 ₹25 Cr
- COHANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹108 Cr | Mar 2023 ₹124 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹138 Cr | Dec 2024 ₹153 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- JUBLPHARMA: Sep 2021 ₹143 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹47 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹-16 Cr | Mar 2023 ₹-100 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹-62 Cr | Jun 2024 ₹482 Cr | Sep 2024 ₹102 Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹151 Cr | Jun 2025 ₹102 Cr | Sep 2025 ₹120 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹119 Cr | Jun 2026 —
- CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹49 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹77 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹78 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹140 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹88 Cr | Jun 2026 —
- SHILPAMED: Sep 2021 ₹20 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹-19 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹108 Cr | Jun 2026 —
- BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹28 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹99 Cr | Mar 2025 ₹110 Cr | Jun 2025 ₹91 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹64 Cr | Jun 2026 —
- SUPRIYA: Sep 2021 ₹58 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹74 Cr | Jun 2026 —
- IOLCP: Sep 2021 ₹31 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- SMSPHARMA: Sep 2021 ₹23 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹-13 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- MOREPENLAB: Sep 2021 ₹37 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹16 Cr | Jun 2026 —
- DCAL: Sep 2021 ₹11 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹-45 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹-10 Cr | Dec 2022 ₹47 Cr | Mar 2023 ₹-71 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹-41 Cr | Dec 2023 ₹-60 Cr | Mar 2024 ₹-70 Cr | Jun 2024 ₹-78 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- HIKAL: Sep 2021 ₹44 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹-9 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹-22 Cr | Sep 2025 ₹-35 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- SOLARA: Sep 2021 ₹30 Cr | Dec 2021 ₹-140 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹-16 Cr | Sep 2022 ₹-10 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹-17 Cr | Dec 2023 ₹-275 Cr | Mar 2024 ₹-255 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹-17 Cr | Mar 2026 ₹10 Cr | Jun 2026 ₹16 Cr
- WINDLAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹9 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹16 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 539268: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.8% | Mar 2024 5.6% | Jun 2024 -18% | Sep 2024 -8.6% | Dec 2024 17% | Mar 2025 -3.2% | Jun 2025 14% | Sep 2025 -37% | Dec 2025 -89% | Mar 2026 -19% | Jun 2026 —
- 543349: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -18% | Mar 2024 -3.7% | Jun 2024 -32% | Sep 2024 — | Dec 2024 150% | Mar 2025 142% | Jun 2025 193% | Sep 2025 89% | Dec 2025 136% | Mar 2026 113% | Jun 2026 70%
- DIVISLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 -18% | Dec 2022 -66% | Mar 2023 -64% | Jun 2023 -49% | Sep 2023 -30% | Dec 2023 17% | Mar 2024 68% | Jun 2024 21% | Sep 2024 47% | Dec 2024 65% | Mar 2025 23% | Jun 2025 27% | Sep 2025 35% | Dec 2025 -1.0% | Mar 2026 13% | Jun 2026 —
- LAURUSLABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.2% | Sep 2022 15% | Dec 2022 32% | Mar 2023 -55% | Jun 2023 -89% | Sep 2023 -84% | Dec 2023 -89% | Mar 2024 -29% | Jun 2024 -52% | Sep 2024 -46% | Dec 2024 304% | Mar 2025 211% | Jun 2025 1,146% | Sep 2025 870% | Dec 2025 171% | Mar 2026 21% | Jun 2026 123%
- ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3.8% | Sep 2024 105% | Dec 2024 18% | Mar 2025 -21% | Jun 2025 66% | Sep 2025 6.8% | Dec 2025 -25% | Mar 2026 129% | Jun 2026 -12%
- GLAND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -35% | Sep 2022 -20% | Dec 2022 -15% | Mar 2023 -72% | Jun 2023 -15% | Sep 2023 -20% | Dec 2023 -17% | Mar 2024 143% | Jun 2024 -26% | Sep 2024 -15% | Dec 2024 6.8% | Mar 2025 -2.6% | Jun 2025 49% | Sep 2025 12% | Dec 2025 27% | Mar 2026 96% | Jun 2026 —
- SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 35% | Mar 2025 57% | Jun 2025 — | Sep 2025 100% | Dec 2025 85% | Mar 2026 18% | Jun 2026 —
- PPLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2,825% | Sep 2022 -200% | Dec 2022 -155% | Mar 2023 -75% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 102% | Jun 2024 — | Sep 2024 350% | Dec 2024 -64% | Mar 2025 52% | Jun 2025 — | Sep 2025 -539% | Dec 2025 -3,801% | Mar 2026 -106% | Jun 2026 —
- NEULANDLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 90% | Dec 2022 138% | Mar 2023 286% | Jun 2023 520% | Sep 2023 134% | Dec 2023 161% | Mar 2024 -20% | Jun 2024 58% | Sep 2024 -63% | Dec 2024 26% | Mar 2025 -59% | Jun 2025 -86% | Sep 2025 194% | Dec 2025 -60% | Mar 2026 661% | Jun 2026 —
- GRANULES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 79% | Dec 2022 23% | Mar 2023 8.1% | Jun 2023 -63% | Sep 2023 -30% | Dec 2023 1.6% | Mar 2024 8.3% | Jun 2024 181% | Sep 2024 -4.9% | Dec 2024 -6.4% | Mar 2025 17% | Jun 2025 -16% | Sep 2025 35% | Dec 2025 27% | Mar 2026 33% | Jun 2026 59%
- ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -95% | Jun 2026 —
- COHANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -57% | Mar 2024 -57% | Jun 2024 -38% | Sep 2024 74% | Dec 2024 228% | Mar 2025 120% | Jun 2025 -38% | Sep 2025 -52% | Dec 2025 -81% | Mar 2026 -93% | Jun 2026 —
- JUBLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -71% | Sep 2022 -97% | Dec 2022 -131% | Mar 2023 -269% | Jun 2023 -87% | Sep 2023 1,140% | Dec 2023 — | Mar 2024 — | Jun 2024 7,933% | Sep 2024 65% | Dec 2024 53% | Mar 2025 — | Jun 2025 -79% | Sep 2025 18% | Dec 2025 -45% | Mar 2026 -21% | Jun 2026 —
- CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 10% | Sep 2023 268% | Dec 2023 1.3% | Mar 2024 4.4% | Jun 2024 11% | Sep 2024 19% | Dec 2024 -2.6% | Mar 2025 47% | Jun 2025 -27% | Sep 2025 -34% | Dec 2025 -16% | Mar 2026 -37% | Jun 2026 —
- SHILPAMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 -195% | Dec 2022 -170% | Mar 2023 -127% | Jun 2023 -50% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1,300% | Sep 2024 800% | Dec 2024 540% | Mar 2025 -38% | Jun 2025 236% | Sep 2025 144% | Dec 2025 41% | Mar 2026 620% | Jun 2026 —
- BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 57% | Sep 2023 9.1% | Dec 2023 -16% | Mar 2024 -22% | Jun 2024 -14% | Sep 2024 21% | Dec 2024 209% | Mar 2025 175% | Jun 2025 139% | Sep 2025 -10% | Dec 2025 -60% | Mar 2026 -42% | Jun 2026 —
- SUPRIYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 213% | Sep 2022 -71% | Dec 2022 -75% | Mar 2023 -17% | Jun 2023 16% | Sep 2023 41% | Dec 2023 200% | Mar 2024 -2.6% | Jun 2024 55% | Sep 2024 92% | Dec 2024 57% | Mar 2025 35% | Jun 2025 -22% | Sep 2025 8.7% | Dec 2025 6.4% | Mar 2026 48% | Jun 2026 —
- IOLCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -48% | Sep 2022 -48% | Dec 2022 -40% | Mar 2023 117% | Jun 2023 31% | Sep 2023 138% | Dec 2023 -4.2% | Mar 2024 -57% | Jun 2024 -35% | Sep 2024 -50% | Dec 2024 -8.7% | Mar 2025 11% | Jun 2025 13% | Sep 2025 58% | Dec 2025 0.0% | Mar 2026 71% | Jun 2026 —
- SMSPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -154% | Sep 2022 -109% | Dec 2022 -56% | Mar 2023 0.0% | Jun 2023 — | Sep 2023 — | Dec 2023 175% | Mar 2024 183% | Jun 2024 78% | Sep 2024 17% | Dec 2024 64% | Mar 2025 18% | Jun 2025 25% | Sep 2025 79% | Dec 2025 28% | Mar 2026 65% | Jun 2026 —
- MOREPENLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -80% | Sep 2022 -57% | Dec 2022 -59% | Mar 2023 -33% | Jun 2023 150% | Sep 2023 31% | Dec 2023 256% | Mar 2024 263% | Jun 2024 140% | Sep 2024 67% | Dec 2024 -16% | Mar 2025 -31% | Jun 2025 -69% | Sep 2025 17% | Dec 2025 3.7% | Mar 2026 -20% | Jun 2026 —
- DCAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -75% | Sep 2022 -191% | Dec 2022 34% | Mar 2023 — | Jun 2023 325% | Sep 2023 — | Dec 2023 -228% | Mar 2024 — | Jun 2024 -559% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 97% | Dec 2025 -360% | Mar 2026 -49% | Jun 2026 —
- HIKAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -118% | Sep 2022 -43% | Dec 2022 -41% | Mar 2023 71% | Jun 2023 — | Sep 2023 -48% | Dec 2023 -39% | Mar 2024 -5.6% | Jun 2024 -29% | Sep 2024 38% | Dec 2024 6.3% | Mar 2025 47% | Jun 2025 -540% | Sep 2025 -294% | Dec 2025 -135% | Mar 2026 -72% | Jun 2026 —
- SOLARA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -132% | Sep 2022 -133% | Dec 2022 — | Mar 2023 88% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -6,882% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -225% | Dec 2025 -313% | Mar 2026 — | Jun 2026 45%
- WINDLAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 67% | Mar 2024 55% | Jun 2024 8.3% | Sep 2024 14% | Dec 2024 6.7% | Mar 2025 -5.9% | Jun 2025 38% | Sep 2025 13% | Dec 2025 -6.3% | Mar 2026 0.0% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Piramal Pharma Ltd reports ₹261 crore of CAPEX; Blue Jet Healthcare Ltd has the highest covered intensity at 28.2%. Coverage is only 4 of 24 companies and 14 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Piramal Pharma Ltd · ₹261 crore | 262.5% versus #2 · Anthem Biosciences Ltd | 4/4 recent comparable periods | 4/24 companies · 14 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Piramal Pharma Ltd (PPLPHARMA): ₹261 Cr
2. Anthem Biosciences Ltd (ANTHEM): ₹72 Cr
3. Blue Jet Healthcare Ltd (BLUEJET): ₹51 Cr
4. Sai Life Sciences Ltd (SAILIFE): ₹34 Cr

### CAPEX intensity — highest reinvestment intensity
1. Blue Jet Healthcare Ltd (BLUEJET): 28%
2. Anthem Biosciences Ltd (ANTHEM): 17%
3. Piramal Pharma Ltd (PPLPHARMA): 12%
4. Sai Life Sciences Ltd (SAILIFE): 11%

### 20-quarter CAPEX history
- ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹73 Cr | Sep 2023 ₹73 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹72 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹34 Cr | Sep 2023 ₹34 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PPLPHARMA: Sep 2021 — | Dec 2021 ₹592 Cr | Mar 2022 ₹298 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 ₹277 Cr | Mar 2023 ₹261 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹6 Cr | Sep 2022 ₹19 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 ₹29 Cr | Sep 2023 ₹51 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 25% | Sep 2023 25% | Dec 2023 17% | Mar 2024 17% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 11% | Sep 2023 11% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PPLPHARMA: Sep 2021 — | Dec 2021 39% | Mar 2022 13% | Jun 2022 — | Sep 2022 — | Dec 2022 16% | Mar 2023 12% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.1% | Sep 2022 10% | Dec 2022 — | Mar 2023 — | Jun 2023 16% | Sep 2023 28% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Divis Laboratories Ltd has the clearest covered balance-sheet capacity with ₹3,226 crore net cash and gross debt of ₹7 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Concord Biotech Ltd · ₹2 crore | 60% versus #2 · Supriya Lifescience Ltd | 8/8 recent comparable periods | 24/24 companies · 381 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Concord Biotech Ltd (CONCORDBIO): ₹2 Cr
2. Supriya Lifescience Ltd (SUPRIYA): ₹5 Cr
3. Divis Laboratories Ltd (DIVISLAB): ₹7 Cr
4. Windlas Biotech Ltd (WINDLAS): ₹35 Cr
5. Acutaas Chemicals Ltd (543349): ₹36 Cr

### Net debt — lowest net debt
1. Divis Laboratories Ltd (DIVISLAB): ₹-3.2K Cr
2. Gland Pharma Ltd (GLAND): ₹-3.1K Cr
3. Anthem Biosciences Ltd (ANTHEM): ₹-884 Cr
4. Concord Biotech Ltd (CONCORDBIO): ₹-430 Cr
5. Blue Jet Healthcare Ltd (BLUEJET): ₹-334 Cr

### 20-quarter Gross debt history
- 539268: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.0K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹815 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹555 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹578 Cr | Jun 2025 — | Sep 2025 ₹312 Cr | Dec 2025 — | Mar 2026 ₹458 Cr | Jun 2026 —
- 543349: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹217 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹13 Cr | Jun 2025 — | Sep 2025 ₹8 Cr | Dec 2025 — | Mar 2026 ₹36 Cr | Jun 2026 —
- DIVISLAB: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- LAURUSLABS: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 ₹35 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹126 Cr | Jun 2023 ₹126 Cr | Sep 2023 — | Dec 2023 ₹239 Cr | Mar 2024 ₹239 Cr | Jun 2024 ₹239 Cr | Sep 2024 ₹136 Cr | Dec 2024 — | Mar 2025 ₹113 Cr | Jun 2025 ₹113 Cr | Sep 2025 ₹108 Cr | Dec 2025 ₹110 Cr | Mar 2026 ₹54 Cr | Jun 2026 ₹54 Cr
- GLAND: Sep 2021 ₹5 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹357 Cr | Dec 2023 ₹357 Cr | Mar 2024 ₹372 Cr | Jun 2024 ₹372 Cr | Sep 2024 ₹327 Cr | Dec 2024 ₹327 Cr | Mar 2025 ₹314 Cr | Jun 2025 ₹314 Cr | Sep 2025 ₹302 Cr | Dec 2025 ₹302 Cr | Mar 2026 ₹284 Cr | Jun 2026 —
- SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹752 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹933 Cr | Jun 2023 ₹933 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹928 Cr | Jun 2024 — | Sep 2024 ₹995 Cr | Dec 2024 — | Mar 2025 ₹352 Cr | Jun 2025 ₹352 Cr | Sep 2025 ₹418 Cr | Dec 2025 ₹418 Cr | Mar 2026 ₹288 Cr | Jun 2026 —
- PPLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹4.1K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹5.0K Cr | Dec 2022 ₹5.3K Cr | Mar 2023 ₹5.6K Cr | Jun 2023 ₹5.6K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹4.9K Cr | Jun 2025 ₹4.9K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹5.7K Cr | Jun 2026 —
- NEULANDLAB: Sep 2021 ₹227 Cr | Dec 2021 ₹227 Cr | Mar 2022 ₹241 Cr | Jun 2022 ₹241 Cr | Sep 2022 ₹209 Cr | Dec 2022 ₹209 Cr | Mar 2023 ₹128 Cr | Jun 2023 ₹128 Cr | Sep 2023 ₹101 Cr | Dec 2023 ₹101 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹95 Cr | Sep 2024 ₹109 Cr | Dec 2024 ₹109 Cr | Mar 2025 ₹157 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹265 Cr | Dec 2025 ₹265 Cr | Mar 2026 ₹301 Cr | Jun 2026 —
- GRANULES: Sep 2021 ₹975 Cr | Dec 2021 ₹975 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 ₹1.5K Cr
- ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.2K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹864 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹562 Cr | Jun 2024 — | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹772 Cr | Jun 2025 ₹942 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- COHANCE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹97 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹70 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹65 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹279 Cr | Jun 2025 — | Sep 2025 ₹451 Cr | Dec 2025 — | Mar 2026 ₹400 Cr | Jun 2026 —
- JUBLPHARMA: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 —
- CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹62 Cr | Jun 2022 ₹62 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹32 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- SHILPAMED: Sep 2021 ₹835 Cr | Dec 2021 ₹835 Cr | Mar 2022 ₹683 Cr | Jun 2022 ₹683 Cr | Sep 2022 ₹803 Cr | Dec 2022 ₹803 Cr | Mar 2023 ₹798 Cr | Jun 2023 ₹798 Cr | Sep 2023 ₹865 Cr | Dec 2023 ₹865 Cr | Mar 2024 ₹937 Cr | Jun 2024 ₹937 Cr | Sep 2024 ₹491 Cr | Dec 2024 ₹491 Cr | Mar 2025 ₹588 Cr | Jun 2025 ₹588 Cr | Sep 2025 ₹593 Cr | Dec 2025 ₹593 Cr | Mar 2026 ₹660 Cr | Jun 2026 —
- BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 ₹19 Cr | Jun 2022 ₹17 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹42 Cr | Jun 2026 —
- SUPRIYA: Sep 2021 ₹73 Cr | Dec 2021 — | Mar 2022 ₹27 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- IOLCP: Sep 2021 ₹41 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹44 Cr | Jun 2022 ₹44 Cr | Sep 2022 ₹88 Cr | Dec 2022 ₹88 Cr | Mar 2023 ₹80 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹128 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹117 Cr | Sep 2025 ₹159 Cr | Dec 2025 ₹159 Cr | Mar 2026 ₹135 Cr | Jun 2026 —
- SMSPHARMA: Sep 2021 ₹247 Cr | Dec 2021 ₹247 Cr | Mar 2022 ₹263 Cr | Jun 2022 ₹263 Cr | Sep 2022 ₹254 Cr | Dec 2022 ₹254 Cr | Mar 2023 ₹254 Cr | Jun 2023 ₹254 Cr | Sep 2023 ₹277 Cr | Dec 2023 ₹277 Cr | Mar 2024 ₹281 Cr | Jun 2024 ₹281 Cr | Sep 2024 ₹285 Cr | Dec 2024 ₹285 Cr | Mar 2025 ₹311 Cr | Jun 2025 ₹311 Cr | Sep 2025 ₹324 Cr | Dec 2025 ₹324 Cr | Mar 2026 ₹365 Cr | Jun 2026 —
- MOREPENLAB: Sep 2021 ₹12 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹105 Cr | Jun 2025 ₹105 Cr | Sep 2025 ₹158 Cr | Dec 2025 ₹158 Cr | Mar 2026 ₹208 Cr | Jun 2026 —
- DCAL: Sep 2021 ₹1.6K Cr | Dec 2021 — | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- HIKAL: Sep 2021 ₹625 Cr | Dec 2021 ₹625 Cr | Mar 2022 ₹675 Cr | Jun 2022 ₹675 Cr | Sep 2022 ₹776 Cr | Dec 2022 ₹776 Cr | Mar 2023 ₹748 Cr | Jun 2023 ₹748 Cr | Sep 2023 ₹773 Cr | Dec 2023 ₹773 Cr | Mar 2024 ₹818 Cr | Jun 2024 ₹818 Cr | Sep 2024 ₹775 Cr | Dec 2024 ₹775 Cr | Mar 2025 ₹765 Cr | Jun 2025 ₹765 Cr | Sep 2025 ₹683 Cr | Dec 2025 ₹683 Cr | Mar 2026 ₹684 Cr | Jun 2026 —
- SOLARA: Sep 2021 ₹852 Cr | Dec 2021 ₹852 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹973 Cr | Dec 2022 — | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹985 Cr | Dec 2023 ₹985 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹840 Cr | Dec 2024 ₹840 Cr | Mar 2025 ₹796 Cr | Jun 2025 ₹796 Cr | Sep 2025 ₹646 Cr | Dec 2025 ₹646 Cr | Mar 2026 ₹687 Cr | Jun 2026 —
- WINDLAS: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹35 Cr | Jun 2026 —

### 20-quarter Net debt history
- DIVISLAB: Sep 2021 ₹-1.9K Cr | Dec 2021 ₹-1.9K Cr | Mar 2022 ₹-2.7K Cr | Jun 2022 ₹-2.7K Cr | Sep 2022 ₹-3.3K Cr | Dec 2022 ₹-3.3K Cr | Mar 2023 ₹-4.1K Cr | Jun 2023 ₹-4.1K Cr | Sep 2023 ₹-3.6K Cr | Dec 2023 ₹-3.6K Cr | Mar 2024 ₹-3.7K Cr | Jun 2024 ₹-3.7K Cr | Sep 2024 ₹-3.6K Cr | Dec 2024 ₹-3.6K Cr | Mar 2025 ₹-3.5K Cr | Jun 2025 ₹-3.5K Cr | Sep 2025 ₹-3.2K Cr | Dec 2025 ₹-3.2K Cr | Mar 2026 ₹-3.2K Cr | Jun 2026 —
- LAURUSLABS: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-709 Cr | Sep 2023 — | Dec 2023 ₹-404 Cr | Mar 2024 ₹-404 Cr | Jun 2024 ₹-404 Cr | Sep 2024 ₹-539 Cr | Dec 2024 — | Mar 2025 ₹-371 Cr | Jun 2025 ₹-619 Cr | Sep 2025 ₹-921 Cr | Dec 2025 ₹-921 Cr | Mar 2026 ₹-884 Cr | Jun 2026 ₹-884 Cr
- GLAND: Sep 2021 ₹-2.9K Cr | Dec 2021 ₹-2.9K Cr | Mar 2022 ₹-3.2K Cr | Jun 2022 ₹-3.2K Cr | Sep 2022 ₹-3.3K Cr | Dec 2022 ₹-3.3K Cr | Mar 2023 ₹-3.8K Cr | Jun 2023 ₹-3.8K Cr | Sep 2023 ₹-1.8K Cr | Dec 2023 ₹-1.8K Cr | Mar 2024 ₹-1.6K Cr | Jun 2024 ₹-1.5K Cr | Sep 2024 ₹-2.6K Cr | Dec 2024 ₹-2.6K Cr | Mar 2025 ₹-2.6K Cr | Jun 2025 ₹-2.6K Cr | Sep 2025 ₹-2.9K Cr | Dec 2025 ₹-2.9K Cr | Mar 2026 ₹-3.1K Cr | Jun 2026 —
- SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹728 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹743 Cr | Jun 2024 — | Sep 2024 ₹783 Cr | Dec 2024 — | Mar 2025 ₹-20 Cr | Jun 2025 ₹-112 Cr | Sep 2025 ₹112 Cr | Dec 2025 ₹112 Cr | Mar 2026 ₹130 Cr | Jun 2026 —
- PPLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹3.8K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹4.5K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 ₹5.0K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.1K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹4.4K Cr | Jun 2026 —
- NEULANDLAB: Sep 2021 ₹190 Cr | Dec 2021 ₹190 Cr | Mar 2022 ₹233 Cr | Jun 2022 ₹233 Cr | Sep 2022 ₹186 Cr | Dec 2022 ₹186 Cr | Mar 2023 ₹83 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹-36 Cr | Dec 2023 ₹-36 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹-8 Cr | Sep 2024 ₹-81 Cr | Dec 2024 ₹-81 Cr | Mar 2025 ₹-83 Cr | Jun 2025 ₹-83 Cr | Sep 2025 ₹96 Cr | Dec 2025 ₹96 Cr | Mar 2026 ₹224 Cr | Jun 2026 —
- GRANULES: Sep 2021 ₹616 Cr | Dec 2021 ₹616 Cr | Mar 2022 ₹710 Cr | Jun 2022 ₹710 Cr | Sep 2022 ₹517 Cr | Dec 2022 ₹517 Cr | Mar 2023 ₹844 Cr | Jun 2023 ₹844 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹934 Cr | Jun 2024 ₹934 Cr | Sep 2024 ₹880 Cr | Dec 2024 ₹880 Cr | Mar 2025 ₹986 Cr | Jun 2025 ₹986 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹578 Cr | Jun 2026 ₹578 Cr
- ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹549 Cr | Jun 2024 — | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹731 Cr | Jun 2025 ₹632 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- JUBLPHARMA: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-99 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-139 Cr | Jun 2023 ₹-139 Cr | Sep 2023 ₹-202 Cr | Dec 2023 ₹-202 Cr | Mar 2024 ₹-272 Cr | Jun 2024 ₹-272 Cr | Sep 2024 ₹-281 Cr | Dec 2024 ₹-281 Cr | Mar 2025 ₹-332 Cr | Jun 2025 ₹-315 Cr | Sep 2025 ₹-329 Cr | Dec 2025 ₹-329 Cr | Mar 2026 ₹-430 Cr | Jun 2026 —
- SHILPAMED: Sep 2021 ₹798 Cr | Dec 2021 ₹798 Cr | Mar 2022 ₹658 Cr | Jun 2022 ₹646 Cr | Sep 2022 ₹746 Cr | Dec 2022 ₹746 Cr | Mar 2023 ₹779 Cr | Jun 2023 ₹776 Cr | Sep 2023 ₹834 Cr | Dec 2023 ₹841 Cr | Mar 2024 ₹907 Cr | Jun 2024 ₹907 Cr | Sep 2024 ₹474 Cr | Dec 2024 ₹474 Cr | Mar 2025 ₹562 Cr | Jun 2025 ₹559 Cr | Sep 2025 ₹571 Cr | Dec 2025 ₹571 Cr | Mar 2026 ₹615 Cr | Jun 2026 —
- BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-152 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-252 Cr | Jun 2023 ₹-267 Cr | Sep 2023 ₹-281 Cr | Dec 2023 ₹-281 Cr | Mar 2024 ₹-307 Cr | Jun 2024 ₹-318 Cr | Sep 2024 ₹-363 Cr | Dec 2024 ₹-363 Cr | Mar 2025 ₹-265 Cr | Jun 2025 ₹-286 Cr | Sep 2025 ₹-390 Cr | Dec 2025 ₹-390 Cr | Mar 2026 ₹-334 Cr | Jun 2026 —
- SUPRIYA: Sep 2021 ₹-24 Cr | Dec 2021 — | Mar 2022 ₹-198 Cr | Jun 2022 ₹-207 Cr | Sep 2022 ₹-154 Cr | Dec 2022 ₹-154 Cr | Mar 2023 ₹-136 Cr | Jun 2023 ₹-136 Cr | Sep 2023 ₹-110 Cr | Dec 2023 ₹-110 Cr | Mar 2024 ₹-70 Cr | Jun 2024 ₹-70 Cr | Sep 2024 ₹-78 Cr | Dec 2024 ₹-78 Cr | Mar 2025 ₹-74 Cr | Jun 2025 ₹-74 Cr | Sep 2025 ₹-98 Cr | Dec 2025 ₹-98 Cr | Mar 2026 ₹-74 Cr | Jun 2026 —
- IOLCP: Sep 2021 ₹-273 Cr | Dec 2021 ₹-273 Cr | Mar 2022 ₹-76 Cr | Jun 2022 ₹-76 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-110 Cr | Jun 2024 ₹-82 Cr | Sep 2024 ₹-26 Cr | Dec 2024 ₹-26 Cr | Mar 2025 ₹-92 Cr | Jun 2025 ₹-92 Cr | Sep 2025 ₹-13 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹-67 Cr | Jun 2026 —
- SMSPHARMA: Sep 2021 ₹217 Cr | Dec 2021 ₹217 Cr | Mar 2022 ₹216 Cr | Jun 2022 ₹216 Cr | Sep 2022 ₹253 Cr | Dec 2022 ₹253 Cr | Mar 2023 ₹247 Cr | Jun 2023 ₹247 Cr | Sep 2023 ₹244 Cr | Dec 2023 ₹244 Cr | Mar 2024 ₹245 Cr | Jun 2024 ₹245 Cr | Sep 2024 ₹276 Cr | Dec 2024 ₹276 Cr | Mar 2025 ₹270 Cr | Jun 2025 ₹269 Cr | Sep 2025 ₹224 Cr | Dec 2025 ₹224 Cr | Mar 2026 ₹319 Cr | Jun 2026 —
- MOREPENLAB: Sep 2021 ₹-40 Cr | Dec 2021 ₹-40 Cr | Mar 2022 ₹117 Cr | Jun 2022 ₹-27 Cr | Sep 2022 ₹-18 Cr | Dec 2022 ₹-18 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹-31 Cr | Sep 2023 ₹-30 Cr | Dec 2023 ₹-30 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹-153 Cr | Dec 2024 ₹-153 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-22 Cr | Sep 2025 ₹77 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹116 Cr | Jun 2026 —
- DCAL: Sep 2021 ₹1.2K Cr | Dec 2021 — | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- HIKAL: Sep 2021 ₹563 Cr | Dec 2021 ₹563 Cr | Mar 2022 ₹653 Cr | Jun 2022 ₹616 Cr | Sep 2022 ₹725 Cr | Dec 2022 ₹725 Cr | Mar 2023 ₹721 Cr | Jun 2023 ₹688 Cr | Sep 2023 ₹737 Cr | Dec 2023 ₹737 Cr | Mar 2024 ₹805 Cr | Jun 2024 ₹797 Cr | Sep 2024 ₹738 Cr | Dec 2024 ₹738 Cr | Mar 2025 ₹752 Cr | Jun 2025 ₹747 Cr | Sep 2025 ₹664 Cr | Dec 2025 ₹664 Cr | Mar 2026 ₹670 Cr | Jun 2026 —
- SOLARA: Sep 2021 ₹755 Cr | Dec 2021 ₹755 Cr | Mar 2022 ₹991 Cr | Jun 2022 ₹991 Cr | Sep 2022 ₹970 Cr | Dec 2022 — | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹979 Cr | Dec 2023 ₹979 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹834 Cr | Dec 2024 ₹834 Cr | Mar 2025 ₹792 Cr | Jun 2025 ₹792 Cr | Sep 2025 ₹642 Cr | Dec 2025 ₹642 Cr | Mar 2026 ₹634 Cr | Jun 2026 —
- WINDLAS: Sep 2021 ₹-197 Cr | Dec 2021 ₹-197 Cr | Mar 2022 ₹-169 Cr | Jun 2022 ₹-172 Cr | Sep 2022 ₹-176 Cr | Dec 2022 ₹-176 Cr | Mar 2023 ₹-127 Cr | Jun 2023 ₹-127 Cr | Sep 2023 ₹-163 Cr | Dec 2023 ₹-163 Cr | Mar 2024 ₹-200 Cr | Jun 2024 ₹-200 Cr | Sep 2024 ₹-194 Cr | Dec 2024 ₹-194 Cr | Mar 2025 ₹-206 Cr | Jun 2025 ₹-206 Cr | Sep 2025 ₹-230 Cr | Dec 2025 ₹-230 Cr | Mar 2026 ₹-244 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Acutaas Chemicals Ltd leads ROCE at 31.6%, 1.2 percentage points above Anthem Biosciences Ltd. Acutaas Chemicals Ltd has the strongest latest improvement at +12 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Acutaas Chemicals Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Acutaas Chemicals Ltd · 31.6% | 3.9% versus #2 · Anthem Biosciences Ltd | Not enough history | 24/24 companies · 292 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Acutaas Chemicals Ltd (543349): 32%
2. Anthem Biosciences Ltd (ANTHEM): 30%
3. Blue Jet Healthcare Ltd (BLUEJET): 27%
4. Neuland Laboratories Ltd (NEULANDLAB): 27%
5. Supriya Lifescience Ltd (SUPRIYA): 25%

### ROCE change — fastest improvers
1. Acutaas Chemicals Ltd (543349): +12.0 pp
2. Laurus Labs Ltd (LAURUSLABS): +8.1 pp
3. Neuland Laboratories Ltd (NEULANDLAB): +6.5 pp
4. Sai Life Sciences Ltd (SAILIFE): +5.5 pp
5. Shilpa Medicare Ltd (SHILPAMED): +3.6 pp

### 20-quarter ROCE history
- DIVISLAB: Sep 2021 27% | Dec 2021 — | Mar 2022 29% | Jun 2022 — | Sep 2022 27% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 12% | Dec 2023 15% | Mar 2024 13% | Jun 2024 17% | Sep 2024 15% | Dec 2024 20% | Mar 2025 17% | Jun 2025 21% | Sep 2025 17% | Dec 2025 22% | Mar 2026 17% | Jun 2026 —
- LAURUSLABS: Sep 2021 37% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 25% | Jun 2023 — | Sep 2023 14% | Dec 2023 9.4% | Mar 2024 7.5% | Jun 2024 7.7% | Sep 2024 6.8% | Dec 2024 9.4% | Mar 2025 11% | Jun 2025 16% | Sep 2025 17% | Dec 2025 23% | Mar 2026 19% | Jun 2026 —
- ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 15% | Mar 2024 21% | Jun 2024 — | Sep 2024 23% | Dec 2024 — | Mar 2025 24% | Jun 2025 32% | Sep 2025 23% | Dec 2025 28% | Mar 2026 23% | Jun 2026 28%
- GLAND: Sep 2021 20% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 9.8% | Dec 2023 12% | Mar 2024 11% | Jun 2024 13% | Sep 2024 9.4% | Dec 2024 12% | Mar 2025 9.0% | Jun 2025 13% | Sep 2025 9.6% | Dec 2025 13% | Mar 2026 11% | Jun 2026 —
- SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 12% | Jun 2024 — | Sep 2024 14% | Dec 2024 17% | Mar 2025 11% | Jun 2025 20% | Sep 2025 16% | Dec 2025 23% | Mar 2026 17% | Jun 2026 —
- PPLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 6.1% | Jun 2022 — | Sep 2022 3.6% | Dec 2022 1.3% | Mar 2023 -1.1% | Jun 2023 — | Sep 2023 0.1% | Dec 2023 4.5% | Mar 2024 4.2% | Jun 2024 6.3% | Sep 2024 5.9% | Dec 2024 7.6% | Mar 2025 5.3% | Jun 2025 6.8% | Sep 2025 2.7% | Dec 2025 3.8% | Mar 2026 0.7% | Jun 2026 —
- NEULANDLAB: Sep 2021 9.9% | Dec 2021 — | Mar 2022 9.4% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 29% | Dec 2023 38% | Mar 2024 29% | Jun 2024 36% | Sep 2024 23% | Dec 2024 29% | Mar 2025 16% | Jun 2025 16% | Sep 2025 14% | Dec 2025 15% | Mar 2026 22% | Jun 2026 —
- GRANULES: Sep 2021 23% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 19% | Dec 2023 21% | Mar 2024 19% | Jun 2024 24% | Sep 2024 20% | Dec 2024 22% | Mar 2025 17% | Jun 2025 19% | Sep 2025 17% | Dec 2025 20% | Mar 2026 16% | Jun 2026 20%
- ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -15% | Jun 2024 -32% | Sep 2024 -0.8% | Dec 2024 -0.6% | Mar 2025 2.9% | Jun 2025 3.5% | Sep 2025 3.7% | Dec 2025 2.0% | Mar 2026 0.4% | Jun 2026 —
- JUBLPHARMA: Sep 2021 16% | Dec 2021 — | Mar 2022 10% | Jun 2022 — | Sep 2022 5.8% | Dec 2022 — | Mar 2023 4.0% | Jun 2023 — | Sep 2023 3.9% | Dec 2023 4.2% | Mar 2024 5.4% | Jun 2024 9.7% | Sep 2024 6.6% | Dec 2024 10% | Mar 2025 7.6% | Jun 2025 8.4% | Sep 2025 7.6% | Dec 2025 7.9% | Mar 2026 6.3% | Jun 2026 —
- CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 28% | Dec 2023 30% | Mar 2024 25% | Jun 2024 29% | Sep 2024 26% | Dec 2024 29% | Mar 2025 25% | Jun 2025 28% | Sep 2025 21% | Dec 2025 24% | Mar 2026 15% | Jun 2026 —
- SHILPAMED: Sep 2021 2.9% | Dec 2021 — | Mar 2022 5.3% | Jun 2022 — | Sep 2022 2.8% | Dec 2022 — | Mar 2023 -0.3% | Jun 2023 — | Sep 2023 2.6% | Dec 2023 4.8% | Mar 2024 5.4% | Jun 2024 7.8% | Sep 2024 6.9% | Dec 2024 8.9% | Mar 2025 7.4% | Jun 2025 8.5% | Sep 2025 8.6% | Dec 2025 9.4% | Mar 2026 11% | Jun 2026 —
- BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 28% | Jun 2023 30% | Sep 2023 28% | Dec 2023 30% | Mar 2024 24% | Jun 2024 27% | Sep 2024 21% | Dec 2024 36% | Mar 2025 31% | Jun 2025 48% | Sep 2025 33% | Dec 2025 36% | Mar 2026 19% | Jun 2026 —
- SUPRIYA: Sep 2021 54% | Dec 2021 — | Mar 2022 35% | Jun 2022 — | Sep 2022 29% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 17% | Dec 2023 23% | Mar 2024 19% | Jun 2024 24% | Sep 2024 22% | Dec 2024 28% | Mar 2025 23% | Jun 2025 25% | Sep 2025 21% | Dec 2025 24% | Mar 2026 22% | Jun 2026 —
- IOLCP: Sep 2021 27% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 9.9% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 13% | Dec 2023 16% | Mar 2024 10% | Jun 2024 11% | Sep 2024 6.9% | Dec 2024 8.5% | Mar 2025 7.4% | Jun 2025 9.3% | Sep 2025 8.2% | Dec 2025 9.7% | Mar 2026 10% | Jun 2026 —
- SMSPHARMA: Sep 2021 22% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 0.3% | Dec 2022 — | Mar 2023 3.6% | Jun 2023 — | Sep 2023 10% | Dec 2023 13% | Mar 2024 12% | Jun 2024 15% | Sep 2024 13% | Dec 2024 15% | Mar 2025 13% | Jun 2025 15% | Sep 2025 14% | Dec 2025 17% | Mar 2026 13% | Jun 2026 —
- MOREPENLAB: Sep 2021 22% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 9.5% | Dec 2022 — | Mar 2023 7.1% | Jun 2023 — | Sep 2023 9.0% | Dec 2023 14% | Mar 2024 14% | Jun 2024 20% | Sep 2024 14% | Dec 2024 18% | Mar 2025 11% | Jun 2025 12% | Sep 2025 7.2% | Dec 2025 12% | Mar 2026 6.2% | Jun 2026 —
- DCAL: Sep 2021 2.1% | Dec 2021 — | Mar 2022 1.6% | Jun 2022 — | Sep 2022 1.1% | Dec 2022 — | Mar 2023 2.0% | Jun 2023 — | Sep 2023 2.3% | Dec 2023 -0.7% | Mar 2024 0.5% | Jun 2024 -1.4% | Sep 2024 0.4% | Dec 2024 1.2% | Mar 2025 2.4% | Jun 2025 4.1% | Sep 2025 3.2% | Dec 2025 3.1% | Mar 2026 2.4% | Jun 2026 —
- HIKAL: Sep 2021 21% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 9.5% | Dec 2022 — | Mar 2023 8.6% | Jun 2023 — | Sep 2023 9.6% | Dec 2023 9.5% | Mar 2024 8.6% | Jun 2024 9.0% | Sep 2024 9.5% | Dec 2024 10% | Mar 2025 11% | Jun 2025 9.2% | Sep 2025 4.8% | Dec 2025 2.9% | Mar 2026 3.4% | Jun 2026 —
- SOLARA: Sep 2021 13% | Dec 2021 — | Mar 2022 -1.4% | Jun 2022 — | Sep 2022 -8.4% | Dec 2022 — | Mar 2023 1.5% | Jun 2023 — | Sep 2023 2.9% | Dec 2023 -13% | Mar 2024 -18% | Jun 2024 -25% | Sep 2024 -12% | Dec 2024 -3.2% | Mar 2025 8.4% | Jun 2025 11% | Sep 2025 7.0% | Dec 2025 5.9% | Mar 2026 6.1% | Jun 2026 —
- WINDLAS: Sep 2021 11% | Dec 2021 — | Mar 2022 10% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 13% | Dec 2023 17% | Mar 2024 14% | Jun 2024 18% | Sep 2024 14% | Dec 2024 19% | Mar 2025 13% | Jun 2025 18% | Sep 2025 14% | Dec 2025 18% | Mar 2026 13% | Jun 2026 —

### 20-quarter ROCE change history
- DIVISLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 — | Mar 2023 −14.1 pp | Jun 2023 — | Sep 2023 −15.0 pp | Dec 2023 — | Mar 2024 −2.3 pp | Jun 2024 — | Sep 2024 +3.7 pp | Dec 2024 +5.3 pp | Mar 2025 +3.7 pp | Jun 2025 +4.1 pp | Sep 2025 +2.0 pp | Dec 2025 +1.4 pp | Mar 2026 0.0 pp | Jun 2026 —
- LAURUSLABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.1 pp | Dec 2022 — | Mar 2023 −2.6 pp | Jun 2023 — | Sep 2023 −13.8 pp | Dec 2023 — | Mar 2024 −17.3 pp | Jun 2024 — | Sep 2024 −7.2 pp | Dec 2024 0.0 pp | Mar 2025 +3.3 pp | Jun 2025 +8.7 pp | Sep 2025 +9.8 pp | Dec 2025 +13.5 pp | Mar 2026 +8.1 pp | Jun 2026 —
- ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +3.1 pp | Jun 2025 — | Sep 2025 +0.9 pp | Dec 2025 — | Mar 2026 −0.9 pp | Jun 2026 −4.1 pp
- GLAND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.9 pp | Dec 2022 — | Mar 2023 −8.3 pp | Jun 2023 — | Sep 2023 −4.8 pp | Dec 2023 — | Mar 2024 −0.5 pp | Jun 2024 — | Sep 2024 −0.4 pp | Dec 2024 +0.7 pp | Mar 2025 −1.5 pp | Jun 2025 −0.2 pp | Sep 2025 +0.2 pp | Dec 2025 +0.8 pp | Mar 2026 +2.1 pp | Jun 2026 —
- SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −0.5 pp | Jun 2025 — | Sep 2025 +1.7 pp | Dec 2025 +6.7 pp | Mar 2026 +5.5 pp | Jun 2026 —
- PPLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −7.2 pp | Jun 2023 — | Sep 2023 −3.5 pp | Dec 2023 +3.2 pp | Mar 2024 +5.3 pp | Jun 2024 — | Sep 2024 +5.8 pp | Dec 2024 +3.1 pp | Mar 2025 +1.1 pp | Jun 2025 +0.5 pp | Sep 2025 −3.2 pp | Dec 2025 −3.8 pp | Mar 2026 −4.6 pp | Jun 2026 —
- NEULANDLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.9 pp | Dec 2022 — | Mar 2023 +10.8 pp | Jun 2023 — | Sep 2023 +17.1 pp | Dec 2023 — | Mar 2024 +8.5 pp | Jun 2024 — | Sep 2024 −6.0 pp | Dec 2024 −8.2 pp | Mar 2025 −13.2 pp | Jun 2025 −20.8 pp | Sep 2025 −9.2 pp | Dec 2025 −14.2 pp | Mar 2026 +6.5 pp | Jun 2026 —
- GRANULES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 — | Mar 2023 +4.0 pp | Jun 2023 — | Sep 2023 −4.0 pp | Dec 2023 — | Mar 2024 −4.9 pp | Jun 2024 — | Sep 2024 +1.0 pp | Dec 2024 +0.6 pp | Mar 2025 −2.0 pp | Jun 2025 −4.8 pp | Sep 2025 −3.8 pp | Dec 2025 −1.5 pp | Mar 2026 −1.1 pp | Jun 2026 +1.2 pp
- ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +17.6 pp | Jun 2025 +35.7 pp | Sep 2025 +4.5 pp | Dec 2025 +2.6 pp | Mar 2026 −2.5 pp | Jun 2026 —
- JUBLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.9 pp | Dec 2022 — | Mar 2023 −6.0 pp | Jun 2023 — | Sep 2023 −1.9 pp | Dec 2023 — | Mar 2024 +1.4 pp | Jun 2024 — | Sep 2024 +2.7 pp | Dec 2024 +5.8 pp | Mar 2025 +2.2 pp | Jun 2025 −1.3 pp | Sep 2025 +1.0 pp | Dec 2025 −2.1 pp | Mar 2026 −1.3 pp | Jun 2026 —
- CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +2.1 pp | Jun 2024 — | Sep 2024 −2.6 pp | Dec 2024 −0.4 pp | Mar 2025 +0.2 pp | Jun 2025 −1.6 pp | Sep 2025 −4.9 pp | Dec 2025 −5.5 pp | Mar 2026 −10.3 pp | Jun 2026 —
- SHILPAMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 — | Mar 2023 −5.6 pp | Jun 2023 — | Sep 2023 −0.2 pp | Dec 2023 — | Mar 2024 +5.7 pp | Jun 2024 — | Sep 2024 +4.3 pp | Dec 2024 +4.1 pp | Mar 2025 +2.0 pp | Jun 2025 +0.7 pp | Sep 2025 +1.7 pp | Dec 2025 +0.5 pp | Mar 2026 +3.6 pp | Jun 2026 —
- BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −4.5 pp | Jun 2024 −2.9 pp | Sep 2024 −7.0 pp | Dec 2024 +6.2 pp | Mar 2025 +7.3 pp | Jun 2025 +21.0 pp | Sep 2025 +11.4 pp | Dec 2025 −0.5 pp | Mar 2026 −11.9 pp | Jun 2026 —
- SUPRIYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −25.6 pp | Dec 2022 — | Mar 2023 −15.4 pp | Jun 2023 — | Sep 2023 −11.7 pp | Dec 2023 — | Mar 2024 −0.3 pp | Jun 2024 — | Sep 2024 +5.5 pp | Dec 2024 +4.8 pp | Mar 2025 +4.3 pp | Jun 2025 +1.9 pp | Sep 2025 −1.5 pp | Dec 2025 −4.0 pp | Mar 2026 −1.8 pp | Jun 2026 —
- IOLCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −17.3 pp | Dec 2022 — | Mar 2023 −3.4 pp | Jun 2023 — | Sep 2023 +3.5 pp | Dec 2023 — | Mar 2024 −1.5 pp | Jun 2024 — | Sep 2024 −6.5 pp | Dec 2024 −7.2 pp | Mar 2025 −2.6 pp | Jun 2025 −1.3 pp | Sep 2025 +1.3 pp | Dec 2025 +1.2 pp | Mar 2026 +2.6 pp | Jun 2026 —
- SMSPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −21.6 pp | Dec 2022 — | Mar 2023 −8.9 pp | Jun 2023 — | Sep 2023 +9.8 pp | Dec 2023 — | Mar 2024 +8.6 pp | Jun 2024 — | Sep 2024 +2.4 pp | Dec 2024 +2.5 pp | Mar 2025 +0.5 pp | Jun 2025 +0.1 pp | Sep 2025 +1.4 pp | Dec 2025 +1.8 pp | Mar 2026 +0.3 pp | Jun 2026 —
- MOREPENLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −12.2 pp | Dec 2022 — | Mar 2023 −12.1 pp | Jun 2023 — | Sep 2023 −0.5 pp | Dec 2023 — | Mar 2024 +6.9 pp | Jun 2024 — | Sep 2024 +5.1 pp | Dec 2024 +4.1 pp | Mar 2025 −2.6 pp | Jun 2025 −7.5 pp | Sep 2025 −6.9 pp | Dec 2025 −6.1 pp | Mar 2026 −5.2 pp | Jun 2026 —
- DCAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 — | Mar 2023 +0.4 pp | Jun 2023 — | Sep 2023 +1.2 pp | Dec 2023 — | Mar 2024 −1.5 pp | Jun 2024 — | Sep 2024 −1.9 pp | Dec 2024 +1.9 pp | Mar 2025 +1.9 pp | Jun 2025 +5.5 pp | Sep 2025 +2.8 pp | Dec 2025 +1.9 pp | Mar 2026 0.0 pp | Jun 2026 —
- HIKAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.8 pp | Dec 2022 — | Mar 2023 −8.4 pp | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 +0.7 pp | Mar 2025 +2.6 pp | Jun 2025 +0.2 pp | Sep 2025 −4.7 pp | Dec 2025 −7.3 pp | Mar 2026 −7.8 pp | Jun 2026 —
- SOLARA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −21.7 pp | Dec 2022 — | Mar 2023 +2.9 pp | Jun 2023 — | Sep 2023 +11.3 pp | Dec 2023 — | Mar 2024 −19.3 pp | Jun 2024 — | Sep 2024 −14.9 pp | Dec 2024 +9.4 pp | Mar 2025 +26.2 pp | Jun 2025 +35.9 pp | Sep 2025 +19.0 pp | Dec 2025 +9.1 pp | Mar 2026 −2.3 pp | Jun 2026 —
- WINDLAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 — | Mar 2023 +1.6 pp | Jun 2023 — | Sep 2023 +1.7 pp | Dec 2023 — | Mar 2024 +2.5 pp | Jun 2024 — | Sep 2024 +1.4 pp | Dec 2024 +1.9 pp | Mar 2025 −1.2 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 −0.4 pp | Mar 2026 −0.4 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Supriya Lifescience Ltd has the lowest comparable Guarded PEG at 0.55×, 16.7% below IOL Chemicals & Pharmaceuticals Ltd. Only 15 of 24 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Supriya Lifescience Ltd · 0.55× | 16.7% versus #2 · IOL Chemicals & Pharmaceuticals Ltd | 0/8 recent comparable periods | 15/24 companies · 74 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Supriya Lifescience Ltd (SUPRIYA): 0.6
2. IOL Chemicals & Pharmaceuticals Ltd (IOLCP): 0.7
3. Neuland Laboratories Ltd (NEULANDLAB): 1.1
4. Jubilant Pharmova Ltd (JUBLPHARMA): 1.2
5. Granules India Ltd (GRANULES): 1.3

### P/E — lowest P/E
1. Windlas Biotech Ltd (WINDLAS): 26.6
2. Dishman Carbogen Amcis Ltd (DCAL): 29.0
3. IOL Chemicals & Pharmaceuticals Ltd (IOLCP): 30.0
4. Granules India Ltd (GRANULES): 31.8
5. Supriya Lifescience Ltd (SUPRIYA): 32.3

### 20-quarter Guarded PEG history
- DIVISLAB: Sep 2021 2.3 | Dec 2021 2.7 | Mar 2022 — | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 6.5 | Dec 2024 2.2 | Mar 2025 1.5 | Jun 2025 2.2 | Sep 2025 1.7 | Dec 2025 — | Mar 2026 2.8 | Jun 2026 —
- LAURUSLABS: Sep 2021 — | Dec 2021 — | Mar 2022 3.0 | Jun 2022 — | Sep 2022 — | Dec 2022 0.7 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.3 | Jun 2026 —
- ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 12.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GLAND: Sep 2021 2.1 | Dec 2021 1.9 | Mar 2022 4.8 | Jun 2022 1.7 | Sep 2022 3.6 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 6.3 | Dec 2025 2.4 | Mar 2026 1.5 | Jun 2026 —
- SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 3.7 | Mar 2025 2.7 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.5 | Jun 2026 —
- PPLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 11.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NEULANDLAB: Sep 2021 — | Dec 2021 — | Mar 2022 2.4 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.6 | Sep 2024 1.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GRANULES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.6 | Mar 2023 0.8 | Jun 2023 0.5 | Sep 2023 3.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.0 | Dec 2024 1.2 | Mar 2025 1.4 | Jun 2025 1.4 | Sep 2025 — | Dec 2025 — | Mar 2026 0.9 | Jun 2026 1.3
- JUBLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.2 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 5.8 | Sep 2024 3.8 | Dec 2024 1.8 | Mar 2025 7.5 | Jun 2025 2.1 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SHILPAMED: Sep 2021 — | Dec 2021 6.9 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.5 | Dec 2024 5.7 | Mar 2025 1.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SUPRIYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.8 | Sep 2023 — | Dec 2023 — | Mar 2024 1.0 | Jun 2024 0.5 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 0.9 | Jun 2025 0.5 | Sep 2025 1.0 | Dec 2025 2.1 | Mar 2026 0.6 | Jun 2026 —
- IOLCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.6 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 2.1 | Sep 2025 0.5 | Dec 2025 — | Mar 2026 0.7 | Jun 2026 —
- SMSPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.6 | Mar 2025 — | Jun 2025 1.7 | Sep 2025 1.2 | Dec 2025 1.6 | Mar 2026 1.5 | Jun 2026 —
- MOREPENLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.3 | Jun 2025 1.7 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DCAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.7 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HIKAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.4 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SOLARA: Sep 2021 1.1 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 539268: Sep 2021 65.3 | Dec 2021 61.7 | Mar 2022 57.4 | Jun 2022 54.1 | Sep 2022 53.9 | Dec 2022 54.9 | Mar 2023 55.0 | Jun 2023 66.1 | Sep 2023 66.7 | Dec 2023 55.9 | Mar 2024 55.5 | Jun 2024 55.0 | Sep 2024 74.5 | Dec 2024 74.2 | Mar 2025 61.2 | Jun 2025 54.8 | Sep 2025 48.4 | Dec 2025 56.3 | Mar 2026 40.9 | Jun 2026 —
- 543349: Sep 2021 74.9 | Dec 2021 62.2 | Mar 2022 51.5 | Jun 2022 43.6 | Sep 2022 45.5 | Dec 2022 47.1 | Mar 2023 41.9 | Jun 2023 55.6 | Sep 2023 51.0 | Dec 2023 54.6 | Mar 2024 57.6 | Jun 2024 70.2 | Sep 2024 104.5 | Dec 2024 94.3 | Mar 2025 80.3 | Jun 2025 58.9 | Sep 2025 58.8 | Dec 2025 60.4 | Mar 2026 72.6 | Jun 2026 75.8
- DIVISLAB: Sep 2021 66.2 | Dec 2021 58.1 | Mar 2022 46.0 | Jun 2022 33.0 | Sep 2022 31.7 | Dec 2022 30.3 | Mar 2023 31.3 | Jun 2023 52.2 | Sep 2023 67.7 | Dec 2023 77.9 | Mar 2024 66.1 | Jun 2024 76.3 | Sep 2024 86.5 | Dec 2024 85.0 | Mar 2025 74.2 | Jun 2025 80.7 | Sep 2025 65.5 | Dec 2025 68.7 | Mar 2026 62.9 | Jun 2026 —
- LAURUSLABS: Sep 2021 31.1 | Dec 2021 28.6 | Mar 2022 35.4 | Jun 2022 30.3 | Sep 2022 32.9 | Dec 2022 23.2 | Mar 2023 17.2 | Jun 2023 25.0 | Sep 2023 37.7 | Dec 2023 63.0 | Mar 2024 112.4 | Jun 2024 141.5 | Sep 2024 168.9 | Dec 2024 241.4 | Mar 2025 165.3 | Jun 2025 133.9 | Sep 2025 88.3 | Dec 2025 85.6 | Mar 2026 64.5 | Jun 2026 87.5
- ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 94.2 | Dec 2025 70.7 | Mar 2026 73.2 | Jun 2026 71.0
- GLAND: Sep 2021 63.1 | Dec 2021 56.7 | Mar 2022 44.2 | Jun 2022 35.8 | Sep 2022 31.6 | Dec 2022 25.2 | Mar 2023 21.1 | Jun 2023 21.4 | Sep 2023 35.3 | Dec 2023 43.2 | Mar 2024 43.8 | Jun 2024 38.9 | Sep 2024 40.7 | Dec 2024 43.1 | Mar 2025 37.2 | Jun 2025 42.0 | Sep 2025 41.9 | Dec 2025 34.5 | Mar 2026 32.9 | Jun 2026 —
- SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 113.2 | Mar 2025 93.2 | Jun 2025 66.1 | Sep 2025 62.9 | Dec 2025 66.2 | Mar 2026 60.9 | Jun 2026 —
- PPLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -43.8 | Jun 2023 — | Sep 2023 -101.0 | Dec 2023 -551.0 | Mar 2024 957.0 | Jun 2024 683.6 | Sep 2024 719.7 | Dec 2024 578.5 | Mar 2025 561.9 | Jun 2025 294.0 | Sep 2025 288.8 | Dec 2025 307.1 | Mar 2026 — | Jun 2026 —
- NEULANDLAB: Sep 2021 26.6 | Dec 2021 27.1 | Mar 2022 23.7 | Jun 2022 21.1 | Sep 2022 26.9 | Dec 2022 25.7 | Mar 2023 23.0 | Jun 2023 22.2 | Sep 2023 22.0 | Dec 2023 25.5 | Mar 2024 25.6 | Jun 2024 32.0 | Sep 2024 51.2 | Dec 2024 66.6 | Mar 2025 64.5 | Jun 2025 77.7 | Sep 2025 136.0 | Dec 2025 98.2 | Mar 2026 86.4 | Jun 2026 —
- GRANULES: Sep 2021 14.3 | Dec 2021 17.5 | Mar 2022 18.4 | Jun 2022 15.4 | Sep 2022 20.4 | Dec 2022 16.3 | Mar 2023 14.1 | Jun 2023 14.1 | Sep 2023 19.8 | Dec 2023 24.9 | Mar 2024 26.4 | Jun 2024 29.5 | Sep 2024 27.4 | Dec 2024 29.1 | Mar 2025 24.6 | Jun 2025 25.1 | Sep 2025 26.2 | Dec 2025 29.3 | Mar 2026 27.9 | Jun 2026 31.0
- ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -1,115.8 | Jun 2025 — | Sep 2025 527.6 | Dec 2025 150.3 | Mar 2026 540.0 | Jun 2026 684.8
- COHANCE: Sep 2021 36.6 | Dec 2021 31.5 | Mar 2022 34.3 | Jun 2022 26.7 | Sep 2022 25.2 | Dec 2022 29.2 | Mar 2023 31.7 | Jun 2023 30.1 | Sep 2023 33.7 | Dec 2023 42.6 | Mar 2024 46.5 | Jun 2024 68.1 | Sep 2024 115.7 | Dec 2024 94.7 | Mar 2025 69.7 | Jun 2025 48.2 | Sep 2025 48.1 | Dec 2025 36.9 | Mar 2026 31.6 | Jun 2026 —
- JUBLPHARMA: Sep 2021 10.7 | Dec 2021 11.1 | Mar 2022 11.9 | Jun 2022 13.3 | Sep 2022 17.8 | Dec 2022 47.0 | Mar 2023 73.2 | Jun 2023 95.2 | Sep 2023 -155.0 | Dec 2023 229.4 | Mar 2024 — | Jun 2024 87.3 | Sep 2024 79.1 | Dec 2024 60.3 | Mar 2025 42.6 | Jun 2025 38.2 | Sep 2025 34.2 | Dec 2025 34.4 | Mar 2026 29.1 | Jun 2026 —
- CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 47.8 | Dec 2023 64.9 | Mar 2024 52.2 | Jun 2024 54.5 | Sep 2024 68.4 | Dec 2024 69.1 | Mar 2025 53.9 | Jun 2025 51.3 | Sep 2025 46.0 | Dec 2025 43.3 | Mar 2026 33.7 | Jun 2026 —
- SHILPAMED: Sep 2021 73.0 | Dec 2021 138.6 | Mar 2022 99.5 | Jun 2022 62.9 | Sep 2022 60.6 | Dec 2022 113.2 | Mar 2023 381.4 | Jun 2023 -76.7 | Sep 2023 -260.9 | Dec 2023 -3,941.6 | Mar 2024 125.6 | Jun 2024 174.7 | Sep 2024 177.0 | Dec 2024 124.0 | Mar 2025 74.4 | Jun 2025 86.0 | Sep 2025 57.6 | Dec 2025 40.0 | Mar 2026 38.1 | Jun 2026 —
- BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 40.0 | Mar 2024 41.7 | Jun 2024 41.1 | Sep 2024 54.4 | Dec 2024 54.7 | Mar 2025 65.4 | Jun 2025 49.2 | Sep 2025 31.2 | Dec 2025 26.1 | Mar 2026 20.3 | Jun 2026 —
- SUPRIYA: Sep 2021 — | Dec 2021 28.6 | Mar 2022 27.9 | Jun 2022 16.8 | Sep 2022 13.8 | Dec 2022 14.8 | Mar 2023 15.7 | Jun 2023 22.2 | Sep 2023 24.3 | Dec 2023 25.3 | Mar 2024 22.3 | Jun 2024 26.2 | Sep 2024 33.6 | Dec 2024 36.0 | Mar 2025 33.9 | Jun 2025 29.5 | Sep 2025 31.7 | Dec 2025 32.6 | Mar 2026 25.5 | Jun 2026 —
- IOLCP: Sep 2021 12.1 | Dec 2021 13.3 | Mar 2022 12.4 | Jun 2022 10.9 | Sep 2022 11.5 | Dec 2022 12.3 | Mar 2023 15.9 | Jun 2023 17.6 | Sep 2023 18.6 | Dec 2023 15.8 | Mar 2024 12.4 | Jun 2024 17.6 | Sep 2024 23.6 | Dec 2024 24.1 | Mar 2025 18.5 | Jun 2025 28.3 | Sep 2025 29.0 | Dec 2025 20.6 | Mar 2026 18.4 | Jun 2026 —
- SMSPHARMA: Sep 2021 16.3 | Dec 2021 11.9 | Mar 2022 11.2 | Jun 2022 10.6 | Sep 2022 29.4 | Dec 2022 34.9 | Mar 2023 -65.7 | Jun 2023 52.8 | Sep 2023 61.7 | Dec 2023 32.3 | Mar 2024 38.9 | Jun 2024 38.0 | Sep 2024 52.2 | Dec 2024 33.5 | Mar 2025 27.3 | Jun 2025 30.9 | Sep 2025 29.9 | Dec 2025 32.4 | Mar 2026 39.4 | Jun 2026 —
- MOREPENLAB: Sep 2021 23.6 | Dec 2021 21.4 | Mar 2022 15.4 | Jun 2022 15.9 | Sep 2022 14.2 | Dec 2022 32.6 | Mar 2023 30.0 | Jun 2023 39.9 | Sep 2023 39.9 | Dec 2023 46.7 | Mar 2024 28.2 | Jun 2024 29.6 | Sep 2024 37.7 | Dec 2024 30.5 | Mar 2025 20.1 | Jun 2025 28.5 | Sep 2025 28.9 | Dec 2025 29.9 | Mar 2026 26.0 | Jun 2026 —
- DCAL: Sep 2021 -25.3 | Dec 2021 -43.6 | Mar 2022 — | Jun 2022 56.3 | Sep 2022 77.1 | Dec 2022 86.7 | Mar 2023 189.0 | Jun 2023 124.3 | Sep 2023 82.9 | Dec 2023 74.7 | Mar 2024 — | Jun 2024 — | Sep 2024 -16.2 | Dec 2024 -38.6 | Mar 2025 1,053.9 | Jun 2025 177.7 | Sep 2025 37.1 | Dec 2025 26.2 | Mar 2026 17.0 | Jun 2026 —
- HIKAL: Sep 2021 46.0 | Dec 2021 35.0 | Mar 2022 27.2 | Jun 2022 19.2 | Sep 2022 41.0 | Dec 2022 61.8 | Mar 2023 55.0 | Jun 2023 49.3 | Sep 2023 38.7 | Dec 2023 45.8 | Mar 2024 45.7 | Jun 2024 59.3 | Sep 2024 67.7 | Dec 2024 64.1 | Mar 2025 66.1 | Jun 2025 49.3 | Sep 2025 49.7 | Dec 2025 45.2 | Mar 2026 76.8 | Jun 2026 —
- SOLARA: Sep 2021 31.9 | Dec 2021 22.2 | Mar 2022 20.7 | Jun 2022 — | Sep 2022 — | Dec 2022 -64.2 | Mar 2023 -53.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -7.1 | Dec 2024 -12.9 | Mar 2025 — | Jun 2025 125.1 | Sep 2025 90.5 | Dec 2025 88.2 | Mar 2026 -276.6 | Jun 2026 —
- WINDLAS: Sep 2021 7.7 | Dec 2021 5.7 | Mar 2022 11.0 | Jun 2022 12.2 | Sep 2022 12.4 | Dec 2022 12.1 | Mar 2023 10.7 | Jun 2023 15.2 | Sep 2023 16.9 | Dec 2023 19.3 | Mar 2024 20.3 | Jun 2024 25.6 | Sep 2024 29.0 | Dec 2024 35.5 | Mar 2025 35.2 | Jun 2025 30.6 | Sep 2025 29.6 | Dec 2025 24.8 | Mar 2026 24.1 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Dishman Carbogen Amcis Ltd leads both ev/ebitda at 6.9× and p/bv at 0.43×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Dishman Carbogen Amcis Ltd · 6.9× | 20.7% versus #2 · IOL Chemicals & Pharmaceuticals Ltd | 0/8 recent comparable periods | 24/24 companies · 392 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Dishman Carbogen Amcis Ltd (DCAL): 6.9
2. IOL Chemicals & Pharmaceuticals Ltd (IOLCP): 8.7
3. Hikal Ltd (HIKAL): 10.6
4. Jubilant Pharmova Ltd (JUBLPHARMA): 11.9
5. Morepen Laboratories Ltd (MOREPENLAB): 13.1

### P/BV — lowest P/BV
1. Dishman Carbogen Amcis Ltd (DCAL): 0.4
2. Solara Active Pharma Sciences Ltd (SOLARA): 1.4
3. Jubilant Pharmova Ltd (JUBLPHARMA): 2.2
4. Hikal Ltd (HIKAL): 2.2
5. Morepen Laboratories Ltd (MOREPENLAB): 2.4

### 20-quarter EV/EBITDA history
- 539268: Sep 2021 33.7 | Dec 2021 31.9 | Mar 2022 29.1 | Jun 2022 27.2 | Sep 2022 27.0 | Dec 2022 26.9 | Mar 2023 26.1 | Jun 2023 31.1 | Sep 2023 31.0 | Dec 2023 25.6 | Mar 2024 25.4 | Jun 2024 26.1 | Sep 2024 33.6 | Dec 2024 32.9 | Mar 2025 27.1 | Jun 2025 23.2 | Sep 2025 21.2 | Dec 2025 23.9 | Mar 2026 16.3 | Jun 2026 —
- 543349: Sep 2021 59.0 | Dec 2021 46.5 | Mar 2022 38.2 | Jun 2022 31.2 | Sep 2022 30.2 | Dec 2022 31.6 | Mar 2023 28.0 | Jun 2023 35.7 | Sep 2023 32.4 | Dec 2023 30.4 | Mar 2024 30.5 | Jun 2024 38.5 | Sep 2024 54.7 | Dec 2024 55.2 | Mar 2025 47.9 | Jun 2025 38.2 | Sep 2025 38.2 | Dec 2025 40.0 | Mar 2026 49.3 | Jun 2026 51.4
- DIVISLAB: Sep 2021 43.1 | Dec 2021 38.5 | Mar 2022 32.5 | Jun 2022 23.9 | Sep 2022 23.5 | Dec 2022 22.3 | Mar 2023 21.8 | Jun 2023 34.0 | Sep 2023 40.6 | Dec 2023 45.0 | Mar 2024 38.4 | Jun 2024 46.3 | Sep 2024 53.0 | Dec 2024 52.3 | Mar 2025 47.4 | Jun 2025 52.0 | Sep 2025 42.5 | Dec 2025 45.5 | Mar 2026 40.7 | Jun 2026 —
- LAURUSLABS: Sep 2021 20.2 | Dec 2021 18.5 | Mar 2022 22.0 | Jun 2022 18.6 | Sep 2022 19.8 | Dec 2022 14.0 | Mar 2023 10.2 | Jun 2023 13.6 | Sep 2023 17.7 | Dec 2023 24.0 | Mar 2024 27.9 | Jun 2024 31.4 | Sep 2024 34.0 | Dec 2024 43.0 | Mar 2025 39.3 | Jun 2025 37.7 | Sep 2025 35.2 | Dec 2025 38.0 | Mar 2026 31.7 | Jun 2026 43.9
- ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 55.9 | Dec 2025 41.4 | Mar 2026 41.3 | Jun 2026 43.8
- GLAND: Sep 2021 41.8 | Dec 2021 37.9 | Mar 2022 29.3 | Jun 2022 23.4 | Sep 2022 19.7 | Dec 2022 15.0 | Mar 2023 12.1 | Jun 2023 11.4 | Sep 2023 19.0 | Dec 2023 23.6 | Mar 2024 21.8 | Jun 2024 17.5 | Sep 2024 18.8 | Dec 2024 18.6 | Mar 2025 15.9 | Jun 2025 18.8 | Sep 2025 18.9 | Dec 2025 15.2 | Mar 2026 15.2 | Jun 2026 —
- SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 52.0 | Mar 2025 41.2 | Jun 2025 38.2 | Sep 2025 34.2 | Dec 2025 32.8 | Mar 2026 32.0 | Jun 2026 —
- PPLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 15.1 | Mar 2023 9.9 | Jun 2023 17.3 | Sep 2023 19.1 | Dec 2023 20.6 | Mar 2024 16.9 | Jun 2024 18.3 | Sep 2024 22.6 | Dec 2024 24.2 | Mar 2025 21.3 | Jun 2025 18.9 | Sep 2025 18.4 | Dec 2025 19.5 | Mar 2026 18.1 | Jun 2026 —
- NEULANDLAB: Sep 2021 13.7 | Dec 2021 13.8 | Mar 2022 11.0 | Jun 2022 10.4 | Sep 2022 13.2 | Dec 2022 13.5 | Mar 2023 13.1 | Jun 2023 13.7 | Sep 2023 13.6 | Dec 2023 15.9 | Mar 2024 16.4 | Jun 2024 20.3 | Sep 2024 32.4 | Dec 2024 40.8 | Mar 2025 38.9 | Jun 2025 45.1 | Sep 2025 68.9 | Dec 2025 55.6 | Mar 2026 45.6 | Jun 2026 —
- GRANULES: Sep 2021 9.5 | Dec 2021 11.2 | Mar 2022 11.4 | Jun 2022 9.4 | Sep 2022 12.2 | Dec 2022 9.8 | Mar 2023 8.7 | Jun 2023 8.5 | Sep 2023 11.1 | Dec 2023 13.4 | Mar 2024 13.8 | Jun 2024 14.8 | Sep 2024 14.6 | Dec 2024 15.4 | Mar 2025 13.2 | Jun 2025 13.6 | Sep 2025 13.9 | Dec 2025 15.7 | Mar 2026 15.2 | Jun 2026 16.4
- ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 69.1 | Jun 2025 53.0 | Sep 2025 41.3 | Dec 2025 40.7 | Mar 2026 43.1 | Jun 2026 60.3
- COHANCE: Sep 2021 26.5 | Dec 2021 22.5 | Mar 2022 23.5 | Jun 2022 17.2 | Sep 2022 15.7 | Dec 2022 18.1 | Mar 2023 19.9 | Jun 2023 20.2 | Sep 2023 22.7 | Dec 2023 28.8 | Mar 2024 30.8 | Jun 2024 43.9 | Sep 2024 68.2 | Dec 2024 55.4 | Mar 2025 41.0 | Jun 2025 41.7 | Sep 2025 39.5 | Dec 2025 27.4 | Mar 2026 19.7 | Jun 2026 —
- JUBLPHARMA: Sep 2021 6.6 | Dec 2021 6.6 | Mar 2022 6.6 | Jun 2022 6.6 | Sep 2022 8.1 | Dec 2022 9.8 | Mar 2023 8.0 | Jun 2023 10.3 | Sep 2023 12.0 | Dec 2023 13.7 | Mar 2024 12.4 | Jun 2024 14.5 | Sep 2024 19.7 | Dec 2024 17.0 | Mar 2025 14.0 | Jun 2025 17.4 | Sep 2025 14.4 | Dec 2025 14.8 | Mar 2026 11.9 | Jun 2026 —
- CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 30.0 | Dec 2023 40.6 | Mar 2024 34.1 | Jun 2024 35.5 | Sep 2024 44.8 | Dec 2024 45.6 | Mar 2025 35.6 | Jun 2025 34.6 | Sep 2025 30.7 | Dec 2025 28.4 | Mar 2026 21.8 | Jun 2026 —
- SHILPAMED: Sep 2021 30.6 | Dec 2021 36.8 | Mar 2022 25.4 | Jun 2022 19.8 | Sep 2022 19.6 | Dec 2022 18.6 | Mar 2023 17.0 | Jun 2023 26.9 | Sep 2023 28.6 | Dec 2023 20.4 | Mar 2024 22.5 | Jun 2024 25.6 | Sep 2024 31.5 | Dec 2024 25.8 | Mar 2025 21.4 | Jun 2025 27.4 | Sep 2025 22.6 | Dec 2025 18.1 | Mar 2026 18.0 | Jun 2026 —
- BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 26.1 | Mar 2024 27.1 | Jun 2024 26.9 | Sep 2024 35.8 | Dec 2024 36.8 | Mar 2025 45.8 | Jun 2025 35.2 | Sep 2025 22.2 | Dec 2025 18.1 | Mar 2026 13.8 | Jun 2026 —
- SUPRIYA: Sep 2021 — | Dec 2021 21.8 | Mar 2022 21.2 | Jun 2022 11.9 | Sep 2022 9.5 | Dec 2022 9.3 | Mar 2023 8.3 | Jun 2023 13.0 | Sep 2023 14.0 | Dec 2023 15.6 | Mar 2024 14.1 | Jun 2024 16.3 | Sep 2024 22.2 | Dec 2024 23.8 | Mar 2025 22.6 | Jun 2025 20.2 | Sep 2025 21.4 | Dec 2025 21.8 | Mar 2026 16.8 | Jun 2026 —
- IOLCP: Sep 2021 7.4 | Dec 2021 8.0 | Mar 2022 7.0 | Jun 2022 6.4 | Sep 2022 7.2 | Dec 2022 7.6 | Mar 2023 7.8 | Jun 2023 9.4 | Sep 2023 10.6 | Dec 2023 8.9 | Mar 2024 6.9 | Jun 2024 9.3 | Sep 2024 11.2 | Dec 2024 11.0 | Mar 2025 8.3 | Jun 2025 12.2 | Sep 2025 12.6 | Dec 2025 9.5 | Mar 2026 8.7 | Jun 2026 —
- SMSPHARMA: Sep 2021 10.2 | Dec 2021 7.6 | Mar 2022 6.6 | Jun 2022 7.3 | Sep 2022 13.7 | Dec 2022 24.3 | Mar 2023 23.0 | Jun 2023 16.6 | Sep 2023 15.2 | Dec 2023 12.4 | Mar 2024 15.9 | Jun 2024 17.7 | Sep 2024 24.9 | Dec 2024 17.0 | Mar 2025 15.7 | Jun 2025 16.9 | Sep 2025 17.3 | Dec 2025 18.5 | Mar 2026 21.4 | Jun 2026 —
- MOREPENLAB: Sep 2021 16.9 | Dec 2021 15.8 | Mar 2022 10.9 | Jun 2022 11.7 | Sep 2022 10.3 | Dec 2022 18.8 | Mar 2023 14.5 | Jun 2023 17.8 | Sep 2023 18.9 | Dec 2023 23.2 | Mar 2024 15.3 | Jun 2024 16.3 | Sep 2024 23.8 | Dec 2024 19.8 | Mar 2025 13.1 | Jun 2025 17.8 | Sep 2025 16.5 | Dec 2025 15.6 | Mar 2026 13.1 | Jun 2026 —
- DCAL: Sep 2021 11.9 | Dec 2021 11.6 | Mar 2022 9.6 | Jun 2022 8.2 | Sep 2022 9.2 | Dec 2022 9.7 | Mar 2023 11.0 | Jun 2023 10.7 | Sep 2023 11.6 | Dec 2023 12.2 | Mar 2024 18.5 | Jun 2024 15.3 | Sep 2024 22.0 | Dec 2024 21.0 | Mar 2025 13.8 | Jun 2025 11.8 | Sep 2025 10.1 | Dec 2025 9.3 | Mar 2026 6.9 | Jun 2026 —
- HIKAL: Sep 2021 22.3 | Dec 2021 17.9 | Mar 2022 14.6 | Jun 2022 10.6 | Sep 2022 17.9 | Dec 2022 23.0 | Mar 2023 17.4 | Jun 2023 17.1 | Sep 2023 15.1 | Dec 2023 16.3 | Mar 2024 15.2 | Jun 2024 17.8 | Sep 2024 19.4 | Dec 2024 18.6 | Mar 2025 18.6 | Jun 2025 15.8 | Sep 2025 12.9 | Dec 2025 15.1 | Mar 2026 10.6 | Jun 2026 —
- SOLARA: Sep 2021 18.3 | Dec 2021 13.3 | Mar 2022 20.2 | Jun 2022 21.0 | Sep 2022 21.1 | Dec 2022 25.3 | Mar 2023 19.9 | Jun 2023 17.1 | Sep 2023 16.4 | Dec 2023 15.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 15.4 | Jun 2025 15.1 | Sep 2025 13.1 | Dec 2025 13.1 | Mar 2026 12.3 | Jun 2026 17.4
- WINDLAS: Sep 2021 14.2 | Dec 2021 8.1 | Mar 2022 6.6 | Jun 2022 8.1 | Sep 2022 6.6 | Dec 2022 6.6 | Mar 2023 5.5 | Jun 2023 7.3 | Sep 2023 9.8 | Dec 2023 11.4 | Mar 2024 12.4 | Jun 2024 16.1 | Sep 2024 17.6 | Dec 2024 21.1 | Mar 2025 20.1 | Jun 2025 16.5 | Sep 2025 16.5 | Dec 2025 13.8 | Mar 2026 13.2 | Jun 2026 —

### 20-quarter P/BV history
- 539268: Sep 2021 9.1 | Dec 2021 8.3 | Mar 2022 7.7 | Jun 2022 8.1 | Sep 2022 6.9 | Dec 2022 7.2 | Mar 2023 7.2 | Jun 2023 9.3 | Sep 2023 8.9 | Dec 2023 7.2 | Mar 2024 7.3 | Jun 2024 7.9 | Sep 2024 8.3 | Dec 2024 7.8 | Mar 2025 6.7 | Jun 2025 6.1 | Sep 2025 5.2 | Dec 2025 5.6 | Mar 2026 3.5 | Jun 2026 —
- 543349: Sep 2021 — | Dec 2021 7.5 | Mar 2022 6.2 | Jun 2022 6.2 | Sep 2022 6.1 | Dec 2022 6.5 | Mar 2023 6.2 | Jun 2023 8.9 | Sep 2023 7.6 | Dec 2023 6.6 | Mar 2024 6.4 | Jun 2024 7.9 | Sep 2024 9.4 | Dec 2024 7.7 | Mar 2025 8.3 | Jun 2025 12.4 | Sep 2025 8.5 | Dec 2025 9.6 | Mar 2026 14.7 | Jun 2026 16.3
- DIVISLAB: Sep 2021 14.6 | Dec 2021 12.5 | Mar 2022 11.9 | Jun 2022 10.5 | Sep 2022 8.1 | Dec 2022 7.5 | Mar 2023 6.4 | Jun 2023 8.1 | Sep 2023 7.8 | Dec 2023 8.2 | Mar 2024 7.2 | Jun 2024 9.6 | Sep 2024 10.7 | Dec 2024 11.4 | Mar 2025 11.2 | Jun 2025 13.0 | Sep 2025 10.1 | Dec 2025 11.1 | Mar 2026 10.3 | Jun 2026 —
- LAURUSLABS: Sep 2021 12.6 | Dec 2021 9.6 | Mar 2022 10.6 | Jun 2022 7.5 | Sep 2022 7.3 | Dec 2022 5.4 | Mar 2023 4.7 | Jun 2023 4.9 | Sep 2023 5.3 | Dec 2023 5.8 | Mar 2024 5.2 | Jun 2024 5.6 | Sep 2024 6.1 | Dec 2024 7.7 | Mar 2025 8.0 | Jun 2025 8.5 | Sep 2025 10.0 | Dec 2025 12.2 | Mar 2026 11.3 | Jun 2026 14.8
- ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 15.5 | Dec 2025 13.3 | Mar 2026 13.4 | Jun 2026 14.2
- GLAND: Sep 2021 10.7 | Dec 2021 9.6 | Mar 2022 8.0 | Jun 2022 7.3 | Sep 2022 4.5 | Dec 2022 3.4 | Mar 2023 2.9 | Jun 2023 2.4 | Sep 2023 3.5 | Dec 2023 3.8 | Mar 2024 3.7 | Jun 2024 3.8 | Sep 2024 3.4 | Dec 2024 3.4 | Mar 2025 3.0 | Jun 2025 3.4 | Sep 2025 3.5 | Dec 2025 2.9 | Mar 2026 3.0 | Jun 2026 —
- SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 7.5 | Jun 2025 7.6 | Sep 2025 8.7 | Dec 2025 8.4 | Mar 2026 9.2 | Jun 2026 —
- PPLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.0 | Mar 2023 1.3 | Jun 2023 1.8 | Sep 2023 2.0 | Dec 2023 2.4 | Mar 2024 2.2 | Jun 2024 3.0 | Sep 2024 3.7 | Dec 2024 4.3 | Mar 2025 3.8 | Jun 2025 3.4 | Sep 2025 3.1 | Dec 2025 2.9 | Mar 2026 2.4 | Jun 2026 —
- NEULANDLAB: Sep 2021 2.5 | Dec 2021 2.5 | Mar 2022 1.7 | Jun 2022 1.7 | Sep 2022 2.0 | Dec 2022 2.4 | Mar 2023 2.8 | Jun 2023 4.3 | Sep 2023 4.8 | Dec 2023 6.0 | Mar 2024 7.2 | Jun 2024 9.7 | Sep 2024 12.8 | Dec 2024 12.6 | Mar 2025 11.1 | Jun 2025 12.1 | Sep 2025 11.8 | Dec 2025 11.9 | Mar 2026 9.6 | Jun 2026 —
- GRANULES: Sep 2021 3.7 | Dec 2021 3.5 | Mar 2022 3.4 | Jun 2022 2.9 | Sep 2022 3.3 | Dec 2022 3.0 | Mar 2023 2.8 | Jun 2023 2.9 | Sep 2023 3.0 | Dec 2023 3.3 | Mar 2024 3.5 | Jun 2024 4.2 | Sep 2024 4.2 | Dec 2024 4.1 | Mar 2025 3.4 | Jun 2025 3.7 | Sep 2025 3.4 | Dec 2025 3.8 | Mar 2026 3.8 | Jun 2026 5.0
- ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 3.4 | Jun 2025 4.3 | Sep 2025 3.5 | Dec 2025 3.5 | Mar 2026 2.8 | Jun 2026 3.1
- COHANCE: Sep 2021 11.7 | Dec 2021 9.2 | Mar 2022 11.2 | Jun 2022 10.3 | Sep 2022 7.6 | Dec 2022 8.4 | Mar 2023 7.9 | Jun 2023 8.1 | Sep 2023 9.4 | Dec 2023 9.5 | Mar 2024 8.9 | Jun 2024 11.8 | Sep 2024 14.4 | Dec 2024 15.0 | Mar 2025 14.8 | Jun 2025 11.7 | Sep 2025 13.0 | Dec 2025 5.4 | Mar 2026 3.1 | Jun 2026 —
- JUBLPHARMA: Sep 2021 2.1 | Dec 2021 1.8 | Mar 2022 1.3 | Jun 2022 1.2 | Sep 2022 1.0 | Dec 2022 1.1 | Mar 2023 0.8 | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 1.6 | Mar 2024 1.7 | Jun 2024 2.2 | Sep 2024 3.4 | Dec 2024 2.9 | Mar 2025 2.4 | Jun 2025 3.4 | Sep 2025 2.7 | Dec 2025 2.6 | Mar 2026 2.0 | Jun 2026 —
- CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 8.4 | Dec 2023 11.4 | Mar 2024 11.8 | Jun 2024 10.6 | Sep 2024 14.0 | Dec 2024 14.2 | Mar 2025 11.1 | Jun 2025 12.5 | Sep 2025 9.0 | Dec 2025 7.7 | Mar 2026 5.8 | Jun 2026 —
- SHILPAMED: Sep 2021 3.1 | Dec 2021 2.9 | Mar 2022 2.3 | Jun 2022 2.2 | Sep 2022 1.9 | Dec 2022 1.3 | Mar 2023 1.1 | Jun 2023 1.4 | Sep 2023 1.8 | Dec 2023 1.6 | Mar 2024 2.2 | Jun 2024 2.8 | Sep 2024 3.9 | Dec 2024 3.2 | Mar 2025 2.8 | Jun 2025 4.1 | Sep 2025 3.2 | Dec 2025 2.6 | Mar 2026 2.8 | Jun 2026 —
- BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.3 | Mar 2024 8.6 | Jun 2024 8.3 | Sep 2024 10.6 | Dec 2024 10.4 | Mar 2025 16.6 | Jun 2025 17.8 | Sep 2025 9.9 | Dec 2025 7.3 | Mar 2026 4.8 | Jun 2026 —
- SUPRIYA: Sep 2021 — | Dec 2021 — | Mar 2022 6.5 | Jun 2022 4.3 | Sep 2022 3.7 | Dec 2022 2.9 | Mar 2023 2.5 | Jun 2023 3.2 | Sep 2023 3.2 | Dec 2023 3.4 | Mar 2024 3.6 | Jun 2024 4.5 | Sep 2024 5.6 | Dec 2024 6.2 | Mar 2025 6.5 | Jun 2025 6.8 | Sep 2025 5.7 | Dec 2025 5.5 | Mar 2026 4.4 | Jun 2026 —
- IOLCP: Sep 2021 2.6 | Dec 2021 2.1 | Mar 2022 1.5 | Jun 2022 1.4 | Sep 2022 1.4 | Dec 2022 1.5 | Mar 2023 1.2 | Jun 2023 1.8 | Sep 2023 1.9 | Dec 2023 1.7 | Mar 2024 1.3 | Jun 2024 1.6 | Sep 2024 1.7 | Dec 2024 1.4 | Mar 2025 1.1 | Jun 2025 1.8 | Sep 2025 1.8 | Dec 2025 1.4 | Mar 2026 1.3 | Jun 2026 —
- SMSPHARMA: Sep 2021 3.1 | Dec 2021 2.4 | Mar 2022 1.9 | Jun 2022 1.6 | Sep 2022 1.6 | Dec 2022 1.6 | Mar 2023 1.1 | Jun 2023 1.6 | Sep 2023 2.3 | Dec 2023 2.1 | Mar 2024 3.1 | Jun 2024 4.1 | Sep 2024 5.5 | Dec 2024 3.5 | Mar 2025 3.2 | Jun 2025 3.9 | Sep 2025 4.0 | Dec 2025 3.9 | Mar 2026 5.0 | Jun 2026 —
- MOREPENLAB: Sep 2021 6.0 | Dec 2021 5.1 | Mar 2022 3.6 | Jun 2022 3.7 | Sep 2022 1.6 | Dec 2022 2.6 | Mar 2023 2.1 | Jun 2023 2.5 | Sep 2023 2.5 | Dec 2023 3.1 | Mar 2024 2.7 | Jun 2024 3.8 | Sep 2024 5.2 | Dec 2024 3.8 | Mar 2025 2.4 | Jun 2025 3.8 | Sep 2025 2.3 | Dec 2025 1.9 | Mar 2026 1.7 | Jun 2026 —
- DCAL: Sep 2021 0.6 | Dec 2021 0.5 | Mar 2022 0.5 | Jun 2022 0.3 | Sep 2022 0.3 | Dec 2022 0.3 | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.5 | Mar 2024 0.6 | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 0.7 | Mar 2025 0.6 | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 0.6 | Mar 2026 0.3 | Jun 2026 —
- HIKAL: Sep 2021 8.3 | Dec 2021 6.4 | Mar 2022 5.1 | Jun 2022 3.3 | Sep 2022 3.8 | Dec 2022 4.7 | Mar 2023 3.2 | Jun 2023 3.6 | Sep 2023 3.2 | Dec 2023 3.3 | Mar 2024 2.9 | Jun 2024 3.6 | Sep 2024 3.9 | Dec 2024 3.9 | Mar 2025 4.1 | Jun 2025 3.8 | Sep 2025 2.5 | Dec 2025 2.4 | Mar 2026 1.6 | Jun 2026 —
- SOLARA: Sep 2021 4.6 | Dec 2021 2.7 | Mar 2022 1.8 | Jun 2022 1.1 | Sep 2022 1.2 | Dec 2022 1.3 | Mar 2023 0.9 | Jun 2023 1.1 | Sep 2023 1.1 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.7 | Sep 2024 4.2 | Dec 2024 2.2 | Mar 2025 1.7 | Jun 2025 3.2 | Sep 2025 2.0 | Dec 2025 1.6 | Mar 2026 1.3 | Jun 2026 1.6
- WINDLAS: Sep 2021 2.1 | Dec 2021 1.6 | Mar 2022 1.3 | Jun 2022 1.2 | Sep 2022 1.2 | Dec 2022 1.3 | Mar 2023 1.2 | Jun 2023 1.6 | Sep 2023 1.9 | Dec 2023 2.1 | Mar 2024 2.5 | Jun 2024 3.8 | Sep 2024 3.8 | Dec 2024 4.6 | Mar 2025 4.6 | Jun 2025 4.1 | Sep 2025 3.8 | Dec 2025 3.1 | Mar 2026 3.0 | Jun 2026 —

## Market action

Acutaas Chemicals Ltd has the strongest one-year price move in Pharma - API & CRAMS at +200.8%. It also leads on Mansfield relative strength against NIFTY at +71.1%. 18 of 24 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Acutaas Chemicals Ltd (543349): 201%
2. Laurus Labs Ltd (LAURUSLABS): 85%
3. Granules India Ltd (GRANULES): 78%
4. IOL Chemicals & Pharmaceuticals Ltd (IOLCP): 62%
5. Sai Life Sciences Ltd (SAILIFE): 56%

### Strongest relative strength versus NIFTY 500
1. Acutaas Chemicals Ltd (543349): 71%
2. Shilpa Medicare Ltd (SHILPAMED): 52%
3. IOL Chemicals & Pharmaceuticals Ltd (IOLCP): 51%
4. Granules India Ltd (GRANULES): 42%
5. Laurus Labs Ltd (LAURUSLABS): 41%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

## Every company
- Divis Laboratories Ltd (DIVISLAB) — market value ₹1.9 L Cr; latest fundamentals Mar 2026
- Laurus Labs Ltd (LAURUSLABS) — market value ₹86.5K Cr; latest fundamentals Jun 2026
- Anthem Biosciences Ltd (ANTHEM) — market value ₹43.4K Cr; latest fundamentals Jun 2026
- Gland Pharma Ltd (GLAND) — market value ₹39.3K Cr; latest fundamentals Mar 2026
- Acutaas Chemicals Ltd (543349) — market value ₹26.7K Cr; latest fundamentals Jun 2026
- Sai Life Sciences Ltd (SAILIFE) — market value ₹26.2K Cr; latest fundamentals Mar 2026
- Piramal Pharma Ltd (PPLPHARMA) — market value ₹24.1K Cr; latest fundamentals Mar 2026
- Neuland Laboratories Ltd (NEULANDLAB) — market value ₹23.8K Cr; latest fundamentals Mar 2026
- Granules India Ltd (GRANULES) — market value ₹20.7K Cr; latest fundamentals Jun 2026
- OneSource Specialty Pharma Ltd (ONESOURCE) — market value ₹19.0K Cr; latest fundamentals Jun 2026
- Syngene International Ltd (539268) — market value ₹16.7K Cr; latest fundamentals Mar 2026
- Cohance Lifesciences Ltd (COHANCE) — market value ₹16.0K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Jubilant Pharmova Ltd (JUBLPHARMA) — market value ₹15.4K Cr; latest fundamentals Mar 2026
- Concord Biotech Ltd (CONCORDBIO) — market value ₹13.1K Cr; latest fundamentals Mar 2026
- Shilpa Medicare Ltd (SHILPAMED) — market value ₹11.9K Cr; latest fundamentals Mar 2026
- Blue Jet Healthcare Ltd (BLUEJET) — market value ₹10.7K Cr; latest fundamentals Mar 2026
- Supriya Lifescience Ltd (SUPRIYA) — market value ₹6.8K Cr; latest fundamentals Mar 2026
- IOL Chemicals & Pharmaceuticals Ltd (IOLCP) — market value ₹4.4K Cr; latest fundamentals Mar 2026
- SMS Pharmaceuticals Ltd (SMSPHARMA) — market value ₹3.6K Cr; latest fundamentals Mar 2026
- Morepen Laboratories Ltd (MOREPENLAB) — market value ₹2.9K Cr; latest fundamentals Mar 2026
- Dishman Carbogen Amcis Ltd (DCAL) — market value ₹2.9K Cr; latest fundamentals Mar 2026
- Hikal Ltd (HIKAL) — market value ₹2.7K Cr; latest fundamentals Mar 2026
- Solara Active Pharma Sciences Ltd (SOLARA) — market value ₹2.4K Cr; latest fundamentals Jun 2026
- Windlas Biotech Ltd (WINDLAS) — market value ₹1.8K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 20. Unverified: 3. Withheld: 1. Graded companies: 24.

1 of 24 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 24 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Cohance Lifesciences Ltd (COHANCE) — its two data sources disagree by up to 129% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | COHANCE | Cohance Lifesciences Ltd | diff_gt_2pct | disagreement up to 129.24% over 14 comparable periods

- UNVERIFIED | WINDLAS | Windlas Biotech Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Pharma - API & CRAMS index?

The Nifty Pharma - API & CRAMS index tracks India's listed Pharma - API & CRAMS companies as a single basket. This page follows the same 24 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Pharma - API & CRAMS sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Pharma - API & CRAMS stocks in India?

Ranked by this page's four-factor score, Acutaas Chemicals Ltd places first among 24 listed Pharma - API & CRAMS companies, followed by Neuland Laboratories Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Pharma - API & CRAMS stocks are listed in India?

This comparison covers 24 listed Pharma - API & CRAMS companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Pharma - API & CRAMS company is the biggest?

Divis Laboratories Ltd is the largest, with trailing-twelve-month revenue of ₹10,560 crore, ahead of Piramal Pharma Ltd at ₹8,869 crore. That covers 24 of 24 companies with comparable reporting through Mar 2026.

### Which Pharma - API & CRAMS company is growing fastest?

Neuland Laboratories Ltd has the fastest revenue growth at 37% year on year, across 24 of 24 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Pharma - API & CRAMS company has the best profit margins?

Neuland Laboratories Ltd has the highest operating margin at 40%, from 24 of 24 comparable companies. Neuland Laboratories Ltd shows the biggest recent improvement, at +24 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Pharma - API & CRAMS company makes the most profit?

Divis Laboratories Ltd earns the most, at ₹2,568 crore of trailing-twelve-month net profit, from 24 of 24 comparable companies. Acutaas Chemicals Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Pharma - API & CRAMS company earns the highest return on capital?

Acutaas Chemicals Ltd leads on return on capital employed at 31.6%, across 24 of 24 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Pharma - API & CRAMS stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Supriya Lifescience Ltd screens cheapest at 0.55×. Only 15 of 24 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Pharma - API & CRAMS company has the strongest balance sheet?

Concord Biotech Ltd carries the lowest comparable gross debt at ₹2 crore, from 24 of 24 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Pharma - API & CRAMS stock has the strongest price momentum?

Acutaas Chemicals Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Pharma - API & CRAMS company scores highest for research priority?

Acutaas Chemicals Ltd scores 75.9 out of 100 with 83.2% evidence confidence, from 32 points on growth and earnings, 20.3 on capital efficiency, 7.3 on valuation and 16.3 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Pharma - API & CRAMS companies does this comparison cover, and over what period?

It compares 24 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Pharma - API & CRAMS sector?

The 24 Pharma - API & CRAMS companies on this page carry ₹6,12,982 crore of combined market value. Divis Laboratories Ltd is the largest at ₹1,92,425 crore, about 31% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Pharma - API & CRAMS sector's P/E ratio?

The median price-to-earnings ratio across the 24 Pharma - API & CRAMS companies on this page is 50.8×, measured on the 22 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Pharma - API & CRAMS sector performing?

18 of the 24 covered Pharma - API & CRAMS companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/pharma-api-crams