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

> Pharma - API: Aarti Drugs Ltd owns the largest revenue base; Ind-Swift 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

Pharma - API has outperformed NIFTY 500 by 20.2% over 52 weeks and 28.8% over 13 weeks. 10 of 14 covered companies beat NIFTY on Mansfield relative strength, while 5 of 14 beat the sector itself. Aarti Drugs Ltd leads with revenue of ₹2,566 crore, based on 14 of 14 comparable companies through Mar 2026.

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

Pharma - API has outperformed NIFTY 500 by 20.2% over 52 weeks and 28.8% over 13 weeks. 10 of 14 covered companies beat NIFTY on Mansfield relative strength, while 5 of 14 beat the sector itself.

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

Aarti Drugs Ltd leads with revenue of ₹2,566 crore, based on 14 of 14 comparable companies through Mar 2026.

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

Ind-Swift Laboratories Ltd has the fastest current revenue growth at 100%, across 14 of 14 comparable companies.

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

Senores Pharmaceuticals Ltd ranks first at 72.1/100 with 72% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Innova Captab Ltd reports the largest latest CAPEX at ₹121 crore, with 2 of 14 companies comparable.

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

Anuh Pharma Ltd has the lowest comparable gross debt at ₹0 crore. Aarti Pharmalabs Ltd has the highest at ₹754 crore.

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

Innova Captab Ltd has the lowest comparable Guarded PEG at 1.01, among 5 of 14 companies that pass the metric’s comparability rules.

### How much history does this Pharma - API 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

Pharma - API has outperformed NIFTY 500 by 20.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 28.8%. 10 of 14 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Ind-Swift Laboratories Ltd is the strongest against the sector itself at +42.5%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 29%
52-week sector return versus NIFTY 500: 20%
Stocks leading NIFTY: 10/14
Stocks leading sector: 5/14

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

Companies: 14
Combined market value: ₹41.6K 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. Senores Pharmaceuticals Ltd (SENORES): 72/100 — Favorable setup; evidence 72%
   - Growth & earnings 30.8/35 | Capital efficiency 15.2/25 | Valuation 9.2/20 | Relative strength 16.9/20
   - Exact sum: 30.8 + 15.2 + 9.2 + 16.9 = 72.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Wanbury Ltd (WANBURY): 67/100 — Favorable setup; evidence 73%
   - Growth & earnings 25.4/35 | Capital efficiency 15.3/25 | Valuation 12.1/20 | Relative strength 14.4/20
   - Exact sum: 25.4 + 15.3 + 12.1 + 14.4 = 67.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Innova Captab Ltd (INNOVACAP): 64/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 22.1/35 | Capital efficiency 15.3/25 | Valuation 14.5/20 | Relative strength 11.8/20
   - Exact sum: 22.1 + 15.3 + 14.5 + 11.8 = 63.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Ind-Swift Laboratories Ltd (INDSWFTLAB): 59/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 22.3/35 | Capital efficiency 10.4/25 | Valuation 6.3/20 | Relative strength 20.0/20
   - Exact sum: 22.3 + 10.4 + 6.3 + 20 = 59
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Jagsonpal Pharmaceuticals Ltd (JAGSNPHARM): 58/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 16.8/35 | Capital efficiency 19.1/25 | Valuation 10.6/20 | Relative strength 11.6/20
   - Exact sum: 16.8 + 19.1 + 10.6 + 11.6 = 58.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Fermenta Biotech Ltd (FERMENTA): 56/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 11.4/35 | Capital efficiency 18.0/25 | Valuation 11.3/20 | Relative strength 15.1/20
   - Exact sum: 11.4 + 18 + 11.3 + 15.1 = 55.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 32.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7. Anuh Pharma Ltd (ANUHPHR): 51/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 16.7/35 | Capital efficiency 14.0/25 | Valuation 13.0/20 | Relative strength 7.6/20
   - Exact sum: 16.7 + 14 + 13 + 7.6 = 51.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Aarti Drugs Ltd (AARTIDRUGS): 50/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 17.5/35 | Capital efficiency 12.4/25 | Valuation 13.3/20 | Relative strength 6.6/20
   - Exact sum: 17.5 + 12.4 + 13.3 + 6.6 = 49.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Kopran Ltd (KOPRAN): 44/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 16.9/35 | Capital efficiency 11.2/25 | Valuation 8.1/20 | Relative strength 7.8/20
   - Exact sum: 16.9 + 11.2 + 8.1 + 7.8 = 44
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Beta Drugs Ltd (BETA): 43/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 11.5/35 | Capital efficiency 15.9/25 | Valuation 7.4/20 | Relative strength 8.4/20
   - Exact sum: 11.5 + 15.9 + 7.4 + 8.4 = 43.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Gujarat Themis Biosyn Ltd (GUJTHEM): 38/100 — Mixed-negative evidence; evidence 89%
   - Growth & earnings 15.0/35 | Capital efficiency 15.7/25 | Valuation 6.4/20 | Relative strength 0.8/20
   - Exact sum: 15 + 15.7 + 6.4 + 0.8 = 37.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Themis Medicare Ltd (THEMISMED): 34/100 — Adverse evidence; evidence 68%
   - Growth & earnings 13.0/35 | Capital efficiency 6.6/25 | Valuation 8.5/20 | Relative strength 6.0/20
   - Exact sum: 13 + 6.6 + 8.5 + 6 = 34.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Aarti Pharmalabs Ltd (AARTIPHARM): 28/100 — Adverse evidence; evidence 90%
   - Growth & earnings 7.3/35 | Capital efficiency 11.7/25 | Valuation 3.3/20 | Relative strength 5.5/20
   - Exact sum: 7.3 + 11.7 + 3.3 + 5.5 = 27.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Orchid Pharma Ltd (ORCHPHARMA): 23/100 — Adverse evidence; evidence 90%
   - Growth & earnings 6.1/35 | Capital efficiency 6.4/25 | Valuation 2.7/20 | Relative strength 7.7/20
   - Exact sum: 6.1 + 6.4 + 2.7 + 7.7 = 22.9
   - 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: Aarti Drugs Ltd is the scale leader at ₹2,566 crore, 41.1% ahead of Aarti Pharmalabs Ltd. Ind-Swift Laboratories Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 101% from a ₹627 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Aarti Drugs Ltd is the scale benchmark; Ind-Swift Laboratories Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Aarti Drugs Ltd's growth falls below Ind-Swift Laboratories Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Aarti Drugs Ltd · ₹2,566 crore | 41.1% versus #2 · Aarti Pharmalabs Ltd | 5/8 recent comparable periods | 14/14 companies · 215 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. Aarti Drugs Ltd (AARTIDRUGS): ₹2.6K Cr
2. Aarti Pharmalabs Ltd (AARTIPHARM): ₹1.8K Cr
3. Innova Captab Ltd (INNOVACAP): ₹1.6K Cr
4. Orchid Pharma Ltd (ORCHPHARMA): ₹812 Cr
5. Anuh Pharma Ltd (ANUHPHR): ₹771 Cr

### Revenue growth — fastest growers
1. Ind-Swift Laboratories Ltd (INDSWFTLAB): 100%
2. Senores Pharmaceuticals Ltd (SENORES): 62%
3. Innova Captab Ltd (INNOVACAP): 31%
4. Anuh Pharma Ltd (ANUHPHR): 17%
5. Wanbury Ltd (WANBURY): 17%

### 20-quarter Revenue history
- SENORES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹79 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹101 Cr | Dec 2024 ₹103 Cr | Mar 2025 ₹114 Cr | Jun 2025 ₹138 Cr | Sep 2025 ₹162 Cr | Dec 2025 ₹171 Cr | Mar 2026 ₹175 Cr | Jun 2026 —
- AARTIPHARM: Sep 2021 — | Dec 2021 ₹600 Cr | Mar 2022 ₹600 Cr | Jun 2022 ₹457 Cr | Sep 2022 ₹531 Cr | Dec 2022 ₹472 Cr | Mar 2023 ₹485 Cr | Jun 2023 ₹458 Cr | Sep 2023 ₹440 Cr | Dec 2023 ₹449 Cr | Mar 2024 ₹506 Cr | Jun 2024 ₹555 Cr | Sep 2024 ₹458 Cr | Dec 2024 ₹538 Cr | Mar 2025 ₹564 Cr | Jun 2025 ₹386 Cr | Sep 2025 ₹418 Cr | Dec 2025 ₹432 Cr | Mar 2026 ₹583 Cr | Jun 2026 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 ₹216 Cr | Jun 2022 ₹222 Cr | Sep 2022 ₹242 Cr | Dec 2022 ₹242 Cr | Mar 2023 ₹241 Cr | Jun 2023 ₹233 Cr | Sep 2023 ₹283 Cr | Dec 2023 ₹302 Cr | Mar 2024 ₹263 Cr | Jun 2024 ₹294 Cr | Sep 2024 ₹318 Cr | Dec 2024 ₹316 Cr | Mar 2025 ₹315 Cr | Jun 2025 ₹352 Cr | Sep 2025 ₹380 Cr | Dec 2025 ₹450 Cr | Mar 2026 ₹448 Cr | Jun 2026 —
- ORCHPHARMA: Sep 2021 ₹128 Cr | Dec 2021 ₹161 Cr | Mar 2022 ₹178 Cr | Jun 2022 ₹131 Cr | Sep 2022 ₹165 Cr | Dec 2022 ₹160 Cr | Mar 2023 ₹210 Cr | Jun 2023 ₹183 Cr | Sep 2023 ₹199 Cr | Dec 2023 ₹221 Cr | Mar 2024 ₹217 Cr | Jun 2024 ₹244 Cr | Sep 2024 ₹223 Cr | Dec 2024 ₹217 Cr | Mar 2025 ₹237 Cr | Jun 2025 ₹173 Cr | Sep 2025 ₹194 Cr | Dec 2025 ₹207 Cr | Mar 2026 ₹238 Cr | Jun 2026 —
- GUJTHEM: Sep 2021 ₹35 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹45 Cr | Sep 2022 ₹48 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹44 Cr | Jun 2026 —
- AARTIDRUGS: Sep 2021 ₹580 Cr | Dec 2021 ₹635 Cr | Mar 2022 ₹694 Cr | Jun 2022 ₹622 Cr | Sep 2022 ₹688 Cr | Dec 2022 ₹664 Cr | Mar 2023 ₹742 Cr | Jun 2023 ₹661 Cr | Sep 2023 ₹642 Cr | Dec 2023 ₹606 Cr | Mar 2024 ₹620 Cr | Jun 2024 ₹555 Cr | Sep 2024 ₹598 Cr | Dec 2024 ₹557 Cr | Mar 2025 ₹677 Cr | Jun 2025 ₹591 Cr | Sep 2025 ₹653 Cr | Dec 2025 ₹602 Cr | Mar 2026 ₹720 Cr | Jun 2026 —
- BETA: Sep 2021 ₹88 Cr | Dec 2021 — | Mar 2022 ₹96 Cr | Jun 2022 — | Sep 2022 ₹112 Cr | Dec 2022 — | Mar 2023 ₹115 Cr | Jun 2023 — | Sep 2023 ₹141 Cr | Dec 2023 — | Mar 2024 ₹154 Cr | Jun 2024 — | Sep 2024 ₹180 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹103 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹94 Cr | Jun 2026 ₹126 Cr
- INDSWFTLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹313 Cr | Mar 2023 ₹304 Cr | Jun 2023 ₹310 Cr | Sep 2023 ₹290 Cr | Dec 2023 ₹288 Cr | Mar 2024 ₹529 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹129 Cr | Mar 2025 ₹138 Cr | Jun 2025 ₹153 Cr | Sep 2025 ₹153 Cr | Dec 2025 ₹151 Cr | Mar 2026 ₹170 Cr | Jun 2026 —
- JAGSNPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹60 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹74 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹64 Cr | Jun 2026 —
- FERMENTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹55 Cr | Mar 2023 ₹105 Cr | Jun 2023 ₹82 Cr | Sep 2023 ₹57 Cr | Dec 2023 ₹99 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹156 Cr | Mar 2025 ₹140 Cr | Jun 2025 ₹136 Cr | Sep 2025 ₹130 Cr | Dec 2025 ₹137 Cr | Mar 2026 ₹122 Cr | Jun 2026 —
- WANBURY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹117 Cr | Sep 2022 ₹124 Cr | Dec 2022 ₹126 Cr | Mar 2023 ₹133 Cr | Jun 2023 ₹146 Cr | Sep 2023 ₹144 Cr | Dec 2023 ₹146 Cr | Mar 2024 ₹139 Cr | Jun 2024 ₹131 Cr | Sep 2024 ₹161 Cr | Dec 2024 ₹133 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹160 Cr | Dec 2025 ₹162 Cr | Mar 2026 — | Jun 2026 —
- THEMISMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹89 Cr | Mar 2023 ₹80 Cr | Jun 2023 ₹97 Cr | Sep 2023 ₹105 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹123 Cr | Sep 2024 ₹117 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹77 Cr | Jun 2026 —
- KOPRAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹158 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹117 Cr | Sep 2023 ₹153 Cr | Dec 2023 ₹159 Cr | Mar 2024 ₹186 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹152 Cr | Dec 2024 ₹166 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹118 Cr | Dec 2025 ₹194 Cr | Mar 2026 ₹234 Cr | Jun 2026 —
- ANUHPHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹139 Cr | Mar 2023 ₹157 Cr | Jun 2023 ₹161 Cr | Sep 2023 ₹150 Cr | Dec 2023 ₹172 Cr | Mar 2024 ₹164 Cr | Jun 2024 ₹138 Cr | Sep 2024 ₹166 Cr | Dec 2024 ₹160 Cr | Mar 2025 ₹198 Cr | Jun 2025 ₹186 Cr | Sep 2025 ₹186 Cr | Dec 2025 ₹197 Cr | Mar 2026 ₹202 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- SENORES: 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 30% | Mar 2025 12% | Jun 2025 73% | Sep 2025 60% | Dec 2025 66% | Mar 2026 54% | Jun 2026 —
- AARTIPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -21% | Mar 2023 -19% | Jun 2023 0.2% | Sep 2023 -17% | Dec 2023 -4.9% | Mar 2024 4.3% | Jun 2024 21% | Sep 2024 4.1% | Dec 2024 20% | Mar 2025 11% | Jun 2025 -30% | Sep 2025 -8.7% | Dec 2025 -20% | Mar 2026 3.4% | Jun 2026 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 12% | Jun 2023 5.0% | Sep 2023 17% | Dec 2023 25% | Mar 2024 9.1% | Jun 2024 26% | Sep 2024 12% | Dec 2024 4.6% | Mar 2025 20% | Jun 2025 20% | Sep 2025 20% | Dec 2025 42% | Mar 2026 42% | Jun 2026 —
- ORCHPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 29% | Dec 2022 -0.6% | Mar 2023 18% | Jun 2023 40% | Sep 2023 21% | Dec 2023 38% | Mar 2024 3.3% | Jun 2024 33% | Sep 2024 12% | Dec 2024 -1.8% | Mar 2025 9.2% | Jun 2025 -29% | Sep 2025 -13% | Dec 2025 -4.6% | Mar 2026 0.4% | Jun 2026 —
- GUJTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 41% | Sep 2022 37% | Dec 2022 47% | Mar 2023 -3.5% | Jun 2023 11% | Sep 2023 -17% | Dec 2023 39% | Mar 2024 50% | Jun 2024 -22% | Sep 2024 -13% | Dec 2024 2.6% | Mar 2025 -9.5% | Jun 2025 -7.7% | Sep 2025 20% | Dec 2025 7.5% | Mar 2026 16% | Jun 2026 —
- AARTIDRUGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.2% | Sep 2022 19% | Dec 2022 4.6% | Mar 2023 6.9% | Jun 2023 6.3% | Sep 2023 -6.7% | Dec 2023 -8.7% | Mar 2024 -16% | Jun 2024 -16% | Sep 2024 -6.9% | Dec 2024 -8.1% | Mar 2025 9.2% | Jun 2025 6.5% | Sep 2025 9.2% | Dec 2025 8.1% | Mar 2026 6.4% | Jun 2026 —
- BETA: Sep 2021 73% | Dec 2021 — | Mar 2022 48% | Jun 2022 — | Sep 2022 27% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 26% | Dec 2023 — | Mar 2024 34% | Jun 2024 — | Sep 2024 28% | Dec 2024 — | Mar 2025 -39% | Jun 2025 — | Sep 2025 -43% | Dec 2025 -1.1% | Mar 2026 0.0% | Jun 2026 26%
- INDSWFTLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -7.9% | Mar 2024 74% | Jun 2024 -89% | Sep 2024 -96% | Dec 2024 -55% | Mar 2025 -74% | Jun 2025 364% | Sep 2025 1,175% | Dec 2025 17% | Mar 2026 23% | Jun 2026 —
- JAGSNPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -21% | Mar 2024 -22% | Jun 2024 2.1% | Sep 2024 29% | Dec 2024 57% | Mar 2025 35% | Jun 2025 23% | Sep 2025 -0.3% | Dec 2025 -1.5% | Mar 2026 9.6% | Jun 2026 —
- FERMENTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 80% | Mar 2024 -7.6% | Jun 2024 -4.9% | Sep 2024 67% | Dec 2024 58% | Mar 2025 44% | Jun 2025 74% | Sep 2025 37% | Dec 2025 -12% | Mar 2026 -13% | Jun 2026 —
- WANBURY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 25% | Sep 2023 16% | Dec 2023 16% | Mar 2024 4.5% | Jun 2024 -10% | Sep 2024 12% | Dec 2024 -8.9% | Mar 2025 24% | Jun 2025 24% | Sep 2025 -0.6% | Dec 2025 22% | Mar 2026 — | Jun 2026 —
- THEMISMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -7.3% | Mar 2024 22% | Jun 2024 27% | Sep 2024 12% | Dec 2024 14% | Mar 2025 -27% | Jun 2025 -21% | Sep 2025 -33% | Dec 2025 -3.9% | Mar 2026 6.7% | Jun 2026 —
- KOPRAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.6% | Mar 2024 25% | Jun 2024 19% | Sep 2024 -0.7% | Dec 2024 4.4% | Mar 2025 -7.5% | Jun 2025 -2.9% | Sep 2025 -22% | Dec 2025 17% | Mar 2026 36% | Jun 2026 —
- ANUHPHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 24% | Mar 2024 4.5% | Jun 2024 -14% | Sep 2024 11% | Dec 2024 -7.0% | Mar 2025 21% | Jun 2025 35% | Sep 2025 12% | Dec 2025 23% | Mar 2026 2.0% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Gujarat Themis Biosyn Ltd leads opm at 44%; Ind-Swift Laboratories Ltd leads margin change at +19 percentage points.

Investor read: Gujarat Themis Biosyn 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: Gujarat Themis Biosyn Ltd · 44% | 63% versus #2 · Senores Pharmaceuticals Ltd | 6/8 recent comparable periods | 14/14 companies · 248 observations

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

### OPM — highest
1. Gujarat Themis Biosyn Ltd (GUJTHEM): 44%
2. Senores Pharmaceuticals Ltd (SENORES): 27%
3. Beta Drugs Ltd (BETA): 22%
4. Aarti Pharmalabs Ltd (AARTIPHARM): 19%
5. Jagsonpal Pharmaceuticals Ltd (JAGSNPHARM): 17%

### Margin change — fastest expanders
1. Ind-Swift Laboratories Ltd (INDSWFTLAB): +19.0 pp
2. Themis Medicare Ltd (THEMISMED): +15.7 pp
3. Senores Pharmaceuticals Ltd (SENORES): +10.0 pp
4. Wanbury Ltd (WANBURY): +6.0 pp
5. Kopran Ltd (KOPRAN): +4.0 pp

### 20-quarter OPM history
- SENORES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 19% | Mar 2024 22% | Jun 2024 27% | Sep 2024 23% | Dec 2024 25% | Mar 2025 17% | Jun 2025 25% | Sep 2025 31% | Dec 2025 29% | Mar 2026 27% | Jun 2026 —
- AARTIPHARM: Sep 2021 — | Dec 2021 14% | Mar 2022 16% | Jun 2022 19% | Sep 2022 17% | Dec 2022 18% | Mar 2023 16% | Jun 2023 19% | Sep 2023 20% | Dec 2023 21% | Mar 2024 23% | Jun 2024 17% | Sep 2024 20% | Dec 2024 24% | Mar 2025 26% | Jun 2025 24% | Sep 2025 18% | Dec 2025 24% | Mar 2026 19% | Jun 2026 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 7.9% | Jun 2022 11% | Sep 2022 13% | Dec 2022 14% | Mar 2023 11% | Jun 2023 13% | Sep 2023 14% | Dec 2023 15% | Mar 2024 14% | Jun 2024 14% | Sep 2024 16% | Dec 2024 15% | Mar 2025 15% | Jun 2025 15% | Sep 2025 14% | Dec 2025 15% | Mar 2026 15% | Jun 2026 —
- ORCHPHARMA: Sep 2021 8.9% | Dec 2021 8.7% | Mar 2022 14% | Jun 2022 9.5% | Sep 2022 11% | Dec 2022 9.0% | Mar 2023 19% | Jun 2023 12% | Sep 2023 12% | Dec 2023 16% | Mar 2024 13% | Jun 2024 13% | Sep 2024 14% | Dec 2024 12% | Mar 2025 12% | Jun 2025 8.0% | Sep 2025 -1.0% | Dec 2025 1.0% | Mar 2026 11% | Jun 2026 —
- GUJTHEM: Sep 2021 53% | Dec 2021 53% | Mar 2022 45% | Jun 2022 51% | Sep 2022 51% | Dec 2022 43% | Mar 2023 52% | Jun 2023 47% | Sep 2023 42% | Dec 2023 46% | Mar 2024 50% | Jun 2024 48% | Sep 2024 44% | Dec 2024 48% | Mar 2025 42% | Jun 2025 39% | Sep 2025 49% | Dec 2025 49% | Mar 2026 44% | Jun 2026 —
- AARTIDRUGS: Sep 2021 13% | Dec 2021 14% | Mar 2022 12% | Jun 2022 11% | Sep 2022 11% | Dec 2022 11% | Mar 2023 13% | Jun 2023 13% | Sep 2023 12% | Dec 2023 12% | Mar 2024 14% | Jun 2024 12% | Sep 2024 11% | Dec 2024 11% | Mar 2025 14% | Jun 2025 13% | Sep 2025 13% | Dec 2025 9.0% | Mar 2026 13% | Jun 2026 —
- BETA: Sep 2021 23% | Dec 2021 — | Mar 2022 24% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 23% | Dec 2023 — | Mar 2024 18% | Jun 2024 — | Sep 2024 22% | Dec 2024 21% | Mar 2025 18% | Jun 2025 20% | Sep 2025 21% | Dec 2025 19% | Mar 2026 19% | Jun 2026 22%
- INDSWFTLAB: Sep 2021 24% | Dec 2021 21% | Mar 2022 12% | Jun 2022 19% | Sep 2022 19% | Dec 2022 17% | Mar 2023 21% | Jun 2023 19% | Sep 2023 23% | Dec 2023 18% | Mar 2024 17% | Jun 2024 -29% | Sep 2024 -99% | Dec 2024 -5.0% | Mar 2025 -7.0% | Jun 2025 2.0% | Sep 2025 1.0% | Dec 2025 3.0% | Mar 2026 12% | Jun 2026 —
- JAGSNPHARM: Sep 2021 16% | Dec 2021 10% | Mar 2022 1.5% | Jun 2022 12% | Sep 2022 21% | Dec 2022 14% | Mar 2023 9.8% | Jun 2023 14% | Sep 2023 14% | Dec 2023 7.2% | Mar 2024 6.1% | Jun 2024 17% | Sep 2024 22% | Dec 2024 21% | Mar 2025 15% | Jun 2025 19% | Sep 2025 22% | Dec 2025 22% | Mar 2026 17% | Jun 2026 —
- FERMENTA: Sep 2021 16% | Dec 2021 2.4% | Mar 2022 18% | Jun 2022 5.3% | Sep 2022 3.4% | Dec 2022 -18% | Mar 2023 18% | Jun 2023 13% | Sep 2023 -24% | Dec 2023 25% | Mar 2024 6.0% | Jun 2024 1.0% | Sep 2024 20% | Dec 2024 34% | Mar 2025 26% | Jun 2025 21% | Sep 2025 20% | Dec 2025 18% | Mar 2026 16% | Jun 2026 —
- WANBURY: Sep 2021 5.7% | Dec 2021 7.1% | Mar 2022 9.5% | Jun 2022 -3.0% | Sep 2022 5.0% | Dec 2022 5.0% | Mar 2023 11% | Jun 2023 9.0% | Sep 2023 12% | Dec 2023 15% | Mar 2024 13% | Jun 2024 8.0% | Sep 2024 12% | Dec 2024 10% | Mar 2025 17% | Jun 2025 15% | Sep 2025 16% | Dec 2025 16% | Mar 2026 — | Jun 2026 —
- THEMISMED: Sep 2021 22% | Dec 2021 18% | Mar 2022 18% | Jun 2022 22% | Sep 2022 23% | Dec 2022 17% | Mar 2023 13% | Jun 2023 22% | Sep 2023 12% | Dec 2023 9.8% | Mar 2024 9.5% | Jun 2024 24% | Sep 2024 15% | Dec 2024 6.4% | Mar 2025 -11% | Jun 2025 -10% | Sep 2025 -4.0% | Dec 2025 11% | Mar 2026 4.9% | Jun 2026 —
- KOPRAN: Sep 2021 19% | Dec 2021 21% | Mar 2022 18% | Jun 2022 10% | Sep 2022 8.7% | Dec 2022 7.8% | Mar 2023 8.0% | Jun 2023 5.0% | Sep 2023 15% | Dec 2023 15% | Mar 2024 12% | Jun 2024 13% | Sep 2024 10% | Dec 2024 12% | Mar 2025 10% | Jun 2025 10% | Sep 2025 -4.0% | Dec 2025 9.0% | Mar 2026 14% | Jun 2026 —
- ANUHPHR: Sep 2021 11% | Dec 2021 9.2% | Mar 2022 11% | Jun 2022 9.6% | Sep 2022 12% | Dec 2022 9.0% | Mar 2023 9.0% | Jun 2023 9.0% | Sep 2023 12% | Dec 2023 14% | Mar 2024 12% | Jun 2024 8.0% | Sep 2024 10% | Dec 2024 9.0% | Mar 2025 9.0% | Jun 2025 6.0% | Sep 2025 6.0% | Dec 2025 10% | Mar 2026 10% | Jun 2026 —

### 20-quarter Margin change history
- SENORES: 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 +6.0 pp | Mar 2025 −5.0 pp | Jun 2025 −2.0 pp | Sep 2025 +8.0 pp | Dec 2025 +4.0 pp | Mar 2026 +10.0 pp | Jun 2026 —
- AARTIPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +4.3 pp | Mar 2023 −0.4 pp | Jun 2023 +0.2 pp | Sep 2023 +3.1 pp | Dec 2023 +3.0 pp | Mar 2024 +7.0 pp | Jun 2024 −2.0 pp | Sep 2024 0.0 pp | Dec 2024 +3.0 pp | Mar 2025 +3.0 pp | Jun 2025 +7.0 pp | Sep 2025 −2.0 pp | Dec 2025 0.0 pp | Mar 2026 −7.0 pp | Jun 2026 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +3.1 pp | Jun 2023 +2.3 pp | Sep 2023 +1.2 pp | Dec 2023 +1.0 pp | Mar 2024 +3.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 −2.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- ORCHPHARMA: Sep 2021 −7.7 pp | Dec 2021 +13.5 pp | Mar 2022 +17.6 pp | Jun 2022 +12.8 pp | Sep 2022 +1.9 pp | Dec 2022 +0.3 pp | Mar 2023 +4.5 pp | Jun 2023 +2.5 pp | Sep 2023 +1.2 pp | Dec 2023 +7.0 pp | Mar 2024 −6.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 −4.0 pp | Mar 2025 −1.0 pp | Jun 2025 −5.0 pp | Sep 2025 −15.0 pp | Dec 2025 −11.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- GUJTHEM: Sep 2021 −1.6 pp | Dec 2021 +8.9 pp | Mar 2022 +9.9 pp | Jun 2022 −0.9 pp | Sep 2022 −1.5 pp | Dec 2022 −9.7 pp | Mar 2023 +6.5 pp | Jun 2023 −3.7 pp | Sep 2023 −9.2 pp | Dec 2023 +3.0 pp | Mar 2024 −2.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 +2.0 pp | Mar 2025 −8.0 pp | Jun 2025 −9.0 pp | Sep 2025 +5.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- AARTIDRUGS: Sep 2021 −7.4 pp | Dec 2021 −5.8 pp | Mar 2022 −3.7 pp | Jun 2022 −3.0 pp | Sep 2022 −1.9 pp | Dec 2022 −3.2 pp | Mar 2023 +0.6 pp | Jun 2023 +2.2 pp | Sep 2023 +1.2 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 −1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 −2.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- BETA: Sep 2021 +2.0 pp | Dec 2021 — | Mar 2022 +2.0 pp | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 — | Mar 2023 −1.0 pp | Jun 2023 — | Sep 2023 −1.0 pp | Dec 2023 — | Mar 2024 −5.0 pp | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 — | Mar 2025 0.0 pp | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 −2.0 pp | Mar 2026 +1.0 pp | Jun 2026 +2.0 pp
- INDSWFTLAB: Sep 2021 +2.2 pp | Dec 2021 −0.2 pp | Mar 2022 −6.4 pp | Jun 2022 −1.6 pp | Sep 2022 −4.9 pp | Dec 2022 −4.1 pp | Mar 2023 +9.0 pp | Jun 2023 +0.1 pp | Sep 2023 +4.1 pp | Dec 2023 +0.8 pp | Mar 2024 −4.0 pp | Jun 2024 −48.0 pp | Sep 2024 −122.0 pp | Dec 2024 −23.0 pp | Mar 2025 −24.0 pp | Jun 2025 +31.0 pp | Sep 2025 +100.0 pp | Dec 2025 +8.0 pp | Mar 2026 +19.0 pp | Jun 2026 —
- JAGSNPHARM: Sep 2021 +7.2 pp | Dec 2021 −1.1 pp | Mar 2022 −10.4 pp | Jun 2022 −5.3 pp | Sep 2022 +5.5 pp | Dec 2022 +3.7 pp | Mar 2023 +8.3 pp | Jun 2023 +2.5 pp | Sep 2023 −6.9 pp | Dec 2023 −6.8 pp | Mar 2024 −3.7 pp | Jun 2024 +2.3 pp | Sep 2024 +7.3 pp | Dec 2024 +14.2 pp | Mar 2025 +8.7 pp | Jun 2025 +2.1 pp | Sep 2025 +0.3 pp | Dec 2025 +0.9 pp | Mar 2026 +2.5 pp | Jun 2026 —
- FERMENTA: Sep 2021 −13.1 pp | Dec 2021 −22.3 pp | Mar 2022 +8.2 pp | Jun 2022 −18.2 pp | Sep 2022 −12.4 pp | Dec 2022 −20.4 pp | Mar 2023 −0.5 pp | Jun 2023 +7.7 pp | Sep 2023 −27.4 pp | Dec 2023 +43.0 pp | Mar 2024 −12.0 pp | Jun 2024 −12.0 pp | Sep 2024 +44.0 pp | Dec 2024 +9.0 pp | Mar 2025 +20.0 pp | Jun 2025 +20.0 pp | Sep 2025 0.0 pp | Dec 2025 −16.0 pp | Mar 2026 −10.0 pp | Jun 2026 —
- WANBURY: Sep 2021 −3.7 pp | Dec 2021 −5.5 pp | Mar 2022 +11.0 pp | Jun 2022 −8.1 pp | Sep 2022 −0.7 pp | Dec 2022 −2.1 pp | Mar 2023 +1.5 pp | Jun 2023 +12.0 pp | Sep 2023 +7.0 pp | Dec 2023 +10.0 pp | Mar 2024 +2.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 −5.0 pp | Mar 2025 +4.0 pp | Jun 2025 +7.0 pp | Sep 2025 +4.0 pp | Dec 2025 +6.0 pp | Mar 2026 — | Jun 2026 —
- THEMISMED: Sep 2021 +4.2 pp | Dec 2021 −5.0 pp | Mar 2022 −1.8 pp | Jun 2022 −14.4 pp | Sep 2022 +1.6 pp | Dec 2022 −1.2 pp | Mar 2023 −5.0 pp | Jun 2023 +0.9 pp | Sep 2023 −11.6 pp | Dec 2023 −7.2 pp | Mar 2024 −3.6 pp | Jun 2024 +1.2 pp | Sep 2024 +2.8 pp | Dec 2024 −3.4 pp | Mar 2025 −20.2 pp | Jun 2025 −34.2 pp | Sep 2025 −18.6 pp | Dec 2025 +4.5 pp | Mar 2026 +15.7 pp | Jun 2026 —
- KOPRAN: Sep 2021 +1.0 pp | Dec 2021 +1.7 pp | Mar 2022 +4.4 pp | Jun 2022 −1.9 pp | Sep 2022 −10.2 pp | Dec 2022 −12.8 pp | Mar 2023 −10.2 pp | Jun 2023 −5.5 pp | Sep 2023 +6.3 pp | Dec 2023 +7.2 pp | Mar 2024 +4.0 pp | Jun 2024 +8.0 pp | Sep 2024 −5.0 pp | Dec 2024 −3.0 pp | Mar 2025 −2.0 pp | Jun 2025 −3.0 pp | Sep 2025 −14.0 pp | Dec 2025 −3.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- ANUHPHR: Sep 2021 +1.9 pp | Dec 2021 +2.7 pp | Mar 2022 +6.6 pp | Jun 2022 +2.5 pp | Sep 2022 +0.2 pp | Dec 2022 −0.2 pp | Mar 2023 −1.8 pp | Jun 2023 −0.6 pp | Sep 2023 +0.3 pp | Dec 2023 +5.0 pp | Mar 2024 +3.0 pp | Jun 2024 −1.0 pp | Sep 2024 −2.0 pp | Dec 2024 −5.0 pp | Mar 2025 −3.0 pp | Jun 2025 −2.0 pp | Sep 2025 −4.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Aarti Drugs Ltd leads with ₹195 crore of TTM profit, 4.3% above Aarti Pharmalabs Ltd. Senores Pharmaceuticals Ltd shows ≥100% on the scoring scale (110.3% uncapped) growth from a ₹122 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Aarti Drugs 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: Aarti Drugs Ltd · ₹195 crore | 4.3% versus #2 · Aarti Pharmalabs Ltd | 4/8 recent comparable periods | 14/14 companies · 216 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. Aarti Drugs Ltd (AARTIDRUGS): ₹195 Cr
2. Aarti Pharmalabs Ltd (AARTIPHARM): ₹187 Cr
3. Innova Captab Ltd (INNOVACAP): ₹141 Cr
4. Senores Pharmaceuticals Ltd (SENORES): ₹122 Cr
5. Fermenta Biotech Ltd (FERMENTA): ₹71 Cr

### Profit growth — fastest growers
1. Senores Pharmaceuticals Ltd (SENORES): 100%
2. Wanbury Ltd (WANBURY): 46%
3. Aarti Drugs Ltd (AARTIDRUGS): 16%
4. Innova Captab Ltd (INNOVACAP): 10%
5. Gujarat Themis Biosyn Ltd (GUJTHEM): -6.1%

### 20-quarter Net profit history
- SENORES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹7 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹37 Cr | Jun 2026 —
- AARTIPHARM: Sep 2021 ₹0 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹61 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹74 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 ₹13 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- ORCHPHARMA: Sep 2021 ₹49 Cr | Dec 2021 ₹-14 Cr | Mar 2022 ₹-7 Cr | Jun 2022 ₹-15 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- GUJTHEM: Sep 2021 ₹14 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- AARTIDRUGS: Sep 2021 ₹43 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹55 Cr | Jun 2026 —
- BETA: Sep 2021 ₹12 Cr | Dec 2021 — | Mar 2022 ₹13 Cr | Jun 2022 — | Sep 2022 ₹16 Cr | Dec 2022 — | Mar 2023 ₹15 Cr | Jun 2023 — | Sep 2023 ₹20 Cr | Dec 2023 — | Mar 2024 ₹17 Cr | Jun 2024 — | Sep 2024 ₹24 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹9 Cr | Jun 2026 ₹16 Cr
- INDSWFTLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹28 Cr | Mar 2023 ₹-25 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹494 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹222 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- JAGSNPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- FERMENTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-38 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹-29 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-6 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹19 Cr | Jun 2026 —
- WANBURY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-7 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹16 Cr | Mar 2026 — | Jun 2026 —
- THEMISMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- KOPRAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹19 Cr | Jun 2026 —
- ANUHPHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹9 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹12 Cr | Jun 2026 —

### 20-quarter Profit growth history
- SENORES: 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 129% | Mar 2025 29% | Jun 2025 91% | Sep 2025 131% | Dec 2025 113% | Mar 2026 106% | Jun 2026 —
- AARTIPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -21% | Mar 2023 -30% | Jun 2023 -9.6% | Sep 2023 2.0% | Dec 2023 10% | Mar 2024 51% | Jun 2024 17% | Sep 2024 5.8% | Dec 2024 40% | Mar 2025 35% | Jun 2025 -9.1% | Sep 2025 -49% | Dec 2025 -35% | Mar 2026 -31% | Jun 2026 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 31% | Jun 2023 13% | Sep 2023 21% | Dec 2023 25% | Mar 2024 71% | Jun 2024 61% | Sep 2024 52% | Dec 2024 36% | Mar 2025 3.5% | Jun 2025 6.9% | Sep 2025 -14% | Dec 2025 24% | Mar 2026 27% | Jun 2026 —
- ORCHPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -110% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 263% | Mar 2024 -44% | Jun 2024 222% | Sep 2024 35% | Dec 2024 -28% | Mar 2025 -33% | Jun 2025 -48% | Sep 2025 -122% | Dec 2025 -162% | Mar 2026 9.1% | Jun 2026 —
- GUJTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 36% | Dec 2022 43% | Mar 2023 20% | Jun 2023 0.0% | Sep 2023 -32% | Dec 2023 30% | Mar 2024 33% | Jun 2024 -28% | Sep 2024 -15% | Dec 2024 0.0% | Mar 2025 -25% | Jun 2025 -31% | Sep 2025 27% | Dec 2025 -7.7% | Mar 2026 -8.3% | Jun 2026 —
- AARTIDRUGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -29% | Sep 2022 -9.3% | Dec 2022 -36% | Mar 2023 1.8% | Jun 2023 37% | Sep 2023 2.6% | Dec 2023 0.0% | Mar 2024 -16% | Jun 2024 -31% | Sep 2024 -13% | Dec 2024 0.0% | Mar 2025 34% | Jun 2025 64% | Sep 2025 29% | Dec 2025 11% | Mar 2026 -13% | Jun 2026 —
- BETA: Sep 2021 140% | Dec 2021 — | Mar 2022 86% | Jun 2022 — | Sep 2022 33% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 25% | Dec 2023 — | Mar 2024 13% | Jun 2024 — | Sep 2024 20% | Dec 2024 — | Mar 2025 -47% | Jun 2025 — | Sep 2025 -50% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 33%
- INDSWFTLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -31% | Mar 2024 — | Jun 2024 -94% | Sep 2024 -100% | Dec 2024 -126% | Mar 2025 -55% | Jun 2025 800% | Sep 2025 — | Dec 2025 — | Mar 2026 -93% | Jun 2026 —
- JAGSNPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -51% | Mar 2024 -37% | Jun 2024 -29% | Sep 2024 53% | Dec 2024 708% | Mar 2025 85% | Jun 2025 103% | Sep 2025 9.7% | Dec 2025 -66% | Mar 2026 33% | Jun 2026 —
- FERMENTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -400% | Sep 2024 — | Dec 2024 280% | Mar 2025 — | Jun 2025 — | Sep 2025 64% | Dec 2025 -68% | Mar 2026 -42% | Jun 2026 —
- WANBURY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3,300% | Jun 2024 -80% | Sep 2024 14% | Dec 2024 -90% | Mar 2025 -41% | Jun 2025 1,200% | Sep 2025 88% | Dec 2025 1,500% | Mar 2026 — | Jun 2026 —
- THEMISMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -43% | Mar 2024 -21% | Jun 2024 36% | Sep 2024 26% | Dec 2024 -93% | Mar 2025 -245% | Jun 2025 -158% | Sep 2025 -125% | Dec 2025 1,840% | Mar 2026 — | Jun 2026 —
- KOPRAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 130% | Mar 2024 138% | Jun 2024 267% | Sep 2024 -50% | Dec 2024 -38% | Mar 2025 -47% | Jun 2025 -36% | Sep 2025 -243% | Dec 2025 -10% | Mar 2026 90% | Jun 2026 —
- ANUHPHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 111% | Mar 2024 50% | Jun 2024 -17% | Sep 2024 7.1% | Dec 2024 -47% | Mar 2025 -20% | Jun 2025 -20% | Sep 2025 -47% | Dec 2025 30% | Mar 2026 0.0% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Innova Captab Ltd reports ₹121 crore of CAPEX; Innova Captab Ltd has the highest covered intensity at 42.8%. Coverage is only 2 of 14 companies and 9 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: Innova Captab Ltd · ₹121 crore | 656.3% versus #2 · Aarti Pharmalabs Ltd | 5/5 recent comparable periods | 2/14 companies · 9 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. Innova Captab Ltd (INNOVACAP): ₹121 Cr
2. Aarti Pharmalabs Ltd (AARTIPHARM): ₹16 Cr

### CAPEX intensity — highest reinvestment intensity
1. Innova Captab Ltd (INNOVACAP): 43%
2. Aarti Pharmalabs Ltd (AARTIPHARM): 3.3%

### 20-quarter CAPEX history
- AARTIPHARM: Sep 2021 — | Dec 2021 ₹71 Cr | Mar 2022 ₹71 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 ₹26 Cr | Mar 2023 ₹16 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 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 ₹11 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹18 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 ₹30 Cr | Sep 2023 ₹121 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
- AARTIPHARM: Sep 2021 — | Dec 2021 12% | Mar 2022 12% | Jun 2022 — | Sep 2022 — | Dec 2022 5.5% | Mar 2023 3.3% | 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 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 5.1% | Jun 2022 8.1% | Sep 2022 7.4% | Dec 2022 — | Mar 2023 — | Jun 2023 13% | Sep 2023 43% | 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: Ind-Swift Laboratories Ltd has the clearest covered balance-sheet capacity with ₹421 crore net cash and gross debt of ₹18 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: Anuh Pharma Ltd · ₹0 crore | 100% versus #2 · Jagsonpal Pharmaceuticals Ltd | 8/8 recent comparable periods | 14/14 companies · 229 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. Anuh Pharma Ltd (ANUHPHR): ₹0 Cr
2. Jagsonpal Pharmaceuticals Ltd (JAGSNPHARM): ₹8 Cr
3. Ind-Swift Laboratories Ltd (INDSWFTLAB): ₹18 Cr
4. Themis Medicare Ltd (THEMISMED): ₹100 Cr
5. Fermenta Biotech Ltd (FERMENTA): ₹113 Cr

### Net debt — lowest net debt
1. Ind-Swift Laboratories Ltd (INDSWFTLAB): ₹-421 Cr
2. Jagsonpal Pharmaceuticals Ltd (JAGSNPHARM): ₹-98 Cr
3. Anuh Pharma Ltd (ANUHPHR): ₹-53 Cr
4. Fermenta Biotech Ltd (FERMENTA): ₹80 Cr
5. Themis Medicare Ltd (THEMISMED): ₹91 Cr

### 20-quarter Gross debt history
- SENORES: Sep 2021 — | Dec 2021 — | Mar 2022 ₹15 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹63 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹258 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹315 Cr | Jun 2025 — | Sep 2025 ₹241 Cr | Dec 2025 — | Mar 2026 ₹342 Cr | Jun 2026 —
- AARTIPHARM: Sep 2021 — | Dec 2021 ₹341 Cr | Mar 2022 ₹338 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 ₹300 Cr | Mar 2023 ₹215 Cr | Jun 2023 ₹231 Cr | Sep 2023 ₹217 Cr | Dec 2023 ₹217 Cr | Mar 2024 ₹285 Cr | Jun 2024 ₹285 Cr | Sep 2024 ₹386 Cr | Dec 2024 ₹386 Cr | Mar 2025 ₹413 Cr | Jun 2025 ₹413 Cr | Sep 2025 ₹659 Cr | Dec 2025 ₹675 Cr | Mar 2026 ₹754 Cr | Jun 2026 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 ₹199 Cr | Jun 2022 ₹199 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹237 Cr | Jun 2023 ₹444 Cr | Sep 2023 ₹520 Cr | Dec 2023 ₹520 Cr | Mar 2024 ₹245 Cr | Jun 2024 ₹245 Cr | Sep 2024 ₹261 Cr | Dec 2024 ₹261 Cr | Mar 2025 ₹338 Cr | Jun 2025 ₹338 Cr | Sep 2025 ₹336 Cr | Dec 2025 ₹336 Cr | Mar 2026 ₹344 Cr | Jun 2026 —
- ORCHPHARMA: Sep 2021 ₹301 Cr | Dec 2021 ₹301 Cr | Mar 2022 ₹268 Cr | Jun 2022 ₹268 Cr | Sep 2022 ₹339 Cr | Dec 2022 ₹339 Cr | Mar 2023 ₹331 Cr | Jun 2023 ₹331 Cr | Sep 2023 ₹147 Cr | Dec 2023 ₹147 Cr | Mar 2024 ₹135 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹165 Cr | Dec 2024 ₹165 Cr | Mar 2025 ₹175 Cr | Jun 2025 ₹175 Cr | Sep 2025 ₹282 Cr | Dec 2025 ₹282 Cr | Mar 2026 ₹363 Cr | Jun 2026 —
- GUJTHEM: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹162 Cr | Jun 2026 —
- AARTIDRUGS: Sep 2021 ₹470 Cr | Dec 2021 ₹470 Cr | Mar 2022 ₹543 Cr | Jun 2022 ₹543 Cr | Sep 2022 ₹586 Cr | Dec 2022 ₹586 Cr | Mar 2023 ₹609 Cr | Jun 2023 ₹609 Cr | Sep 2023 ₹589 Cr | Dec 2023 ₹589 Cr | Mar 2024 ₹564 Cr | Jun 2024 ₹564 Cr | Sep 2024 ₹590 Cr | Dec 2024 ₹590 Cr | Mar 2025 ₹615 Cr | Jun 2025 ₹615 Cr | Sep 2025 ₹573 Cr | Dec 2025 ₹573 Cr | Mar 2026 ₹577 Cr | Jun 2026 —
- BETA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹21 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹20 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹15 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹138 Cr | Jun 2025 — | Sep 2025 ₹146 Cr | Dec 2025 — | Mar 2026 ₹148 Cr | Jun 2026 —
- INDSWFTLAB: Sep 2021 ₹973 Cr | Dec 2021 ₹973 Cr | Mar 2022 ₹953 Cr | Jun 2022 ₹953 Cr | Sep 2022 ₹916 Cr | Dec 2022 ₹916 Cr | Mar 2023 ₹862 Cr | Jun 2023 ₹862 Cr | Sep 2023 ₹802 Cr | Dec 2023 ₹802 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- JAGSNPHARM: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 ₹6 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- FERMENTA: Sep 2021 ₹224 Cr | Dec 2021 ₹224 Cr | Mar 2022 ₹239 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹220 Cr | Jun 2023 ₹220 Cr | Sep 2023 ₹172 Cr | Dec 2023 ₹172 Cr | Mar 2024 ₹139 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹125 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹115 Cr | Jun 2025 ₹115 Cr | Sep 2025 ₹112 Cr | Dec 2025 ₹112 Cr | Mar 2026 ₹113 Cr | Jun 2026 —
- WANBURY: Sep 2021 ₹164 Cr | Dec 2021 ₹164 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹95 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹113 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹116 Cr | Sep 2024 ₹181 Cr | Dec 2024 ₹181 Cr | Mar 2025 ₹179 Cr | Jun 2025 ₹177 Cr | Sep 2025 ₹196 Cr | Dec 2025 ₹196 Cr | Mar 2026 ₹224 Cr | Jun 2026 —
- THEMISMED: Sep 2021 ₹67 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹80 Cr | Jun 2022 ₹80 Cr | Sep 2022 ₹76 Cr | Dec 2022 ₹76 Cr | Mar 2023 ₹92 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹95 Cr | Dec 2023 ₹95 Cr | Mar 2024 ₹96 Cr | Jun 2024 ₹96 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 ₹100 Cr | Jun 2026 —
- KOPRAN: Sep 2021 ₹85 Cr | Dec 2021 ₹85 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹117 Cr | Dec 2022 ₹117 Cr | Mar 2023 ₹75 Cr | Jun 2023 ₹75 Cr | Sep 2023 ₹93 Cr | Dec 2023 ₹93 Cr | Mar 2024 ₹99 Cr | Jun 2024 ₹99 Cr | Sep 2024 ₹124 Cr | Dec 2024 ₹124 Cr | Mar 2025 ₹148 Cr | Jun 2025 ₹148 Cr | Sep 2025 ₹157 Cr | Dec 2025 ₹157 Cr | Mar 2026 ₹153 Cr | Jun 2026 —
- ANUHPHR: Sep 2021 ₹44 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter Net debt history
- AARTIPHARM: Sep 2021 — | Dec 2021 ₹258 Cr | Mar 2022 ₹258 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 ₹195 Cr | Mar 2023 ₹152 Cr | Jun 2023 ₹168 Cr | Sep 2023 ₹147 Cr | Dec 2023 ₹147 Cr | Mar 2024 ₹191 Cr | Jun 2024 ₹191 Cr | Sep 2024 ₹286 Cr | Dec 2024 ₹286 Cr | Mar 2025 ₹365 Cr | Jun 2025 ₹357 Cr | Sep 2025 ₹619 Cr | Dec 2025 ₹619 Cr | Mar 2026 ₹784 Cr | Jun 2026 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 ₹198 Cr | Jun 2022 ₹198 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹230 Cr | Jun 2023 ₹371 Cr | Sep 2023 ₹460 Cr | Dec 2023 ₹460 Cr | Mar 2024 ₹161 Cr | Jun 2024 ₹161 Cr | Sep 2024 ₹243 Cr | Dec 2024 ₹243 Cr | Mar 2025 ₹273 Cr | Jun 2025 ₹273 Cr | Sep 2025 ₹278 Cr | Dec 2025 ₹278 Cr | Mar 2026 ₹276 Cr | Jun 2026 —
- ORCHPHARMA: Sep 2021 ₹280 Cr | Dec 2021 ₹280 Cr | Mar 2022 ₹264 Cr | Jun 2022 ₹264 Cr | Sep 2022 ₹326 Cr | Dec 2022 ₹326 Cr | Mar 2023 ₹304 Cr | Jun 2023 ₹304 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹131 Cr | Jun 2024 ₹131 Cr | Sep 2024 ₹-79 Cr | Dec 2024 ₹-79 Cr | Mar 2025 ₹154 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹133 Cr | Mar 2026 ₹280 Cr | Jun 2026 —
- GUJTHEM: Sep 2021 ₹-22 Cr | Dec 2021 ₹-22 Cr | Mar 2022 ₹-21 Cr | Jun 2022 ₹-23 Cr | Sep 2022 ₹-62 Cr | Dec 2022 ₹-62 Cr | Mar 2023 ₹-9 Cr | Jun 2023 ₹-9 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-11 Cr | Jun 2024 ₹-12 Cr | Sep 2024 ₹-15 Cr | Dec 2024 ₹-15 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹61 Cr | Mar 2026 ₹156 Cr | Jun 2026 —
- AARTIDRUGS: Sep 2021 ₹450 Cr | Dec 2021 ₹450 Cr | Mar 2022 ₹509 Cr | Jun 2022 ₹509 Cr | Sep 2022 ₹559 Cr | Dec 2022 ₹559 Cr | Mar 2023 ₹589 Cr | Jun 2023 ₹588 Cr | Sep 2023 ₹564 Cr | Dec 2023 ₹564 Cr | Mar 2024 ₹544 Cr | Jun 2024 ₹543 Cr | Sep 2024 ₹560 Cr | Dec 2024 ₹560 Cr | Mar 2025 ₹593 Cr | Jun 2025 ₹592 Cr | Sep 2025 ₹548 Cr | Dec 2025 ₹548 Cr | Mar 2026 ₹553 Cr | Jun 2026 —
- INDSWFTLAB: Sep 2021 ₹956 Cr | Dec 2021 ₹956 Cr | Mar 2022 ₹932 Cr | Jun 2022 ₹932 Cr | Sep 2022 ₹902 Cr | Dec 2022 ₹902 Cr | Mar 2023 ₹844 Cr | Jun 2023 ₹844 Cr | Sep 2023 ₹789 Cr | Dec 2023 ₹789 Cr | Mar 2024 ₹-277 Cr | Jun 2024 ₹-415 Cr | Sep 2024 ₹-422 Cr | Dec 2024 ₹-422 Cr | Mar 2025 ₹-426 Cr | Jun 2025 ₹-426 Cr | Sep 2025 ₹-397 Cr | Dec 2025 ₹-397 Cr | Mar 2026 ₹-421 Cr | Jun 2026 —
- JAGSNPHARM: Sep 2021 ₹-47 Cr | Dec 2021 ₹-47 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-42 Cr | Dec 2022 ₹-42 Cr | Mar 2023 ₹-109 Cr | Jun 2023 ₹-109 Cr | Sep 2023 ₹-103 Cr | Dec 2023 ₹-103 Cr | Mar 2024 ₹-139 Cr | Jun 2024 ₹-139 Cr | Sep 2024 ₹-68 Cr | Dec 2024 ₹-68 Cr | Mar 2025 ₹-120 Cr | Jun 2025 ₹-120 Cr | Sep 2025 ₹-150 Cr | Dec 2025 ₹-150 Cr | Mar 2026 ₹-98 Cr | Jun 2026 —
- FERMENTA: Sep 2021 ₹187 Cr | Dec 2021 ₹187 Cr | Mar 2022 ₹213 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹160 Cr | Jun 2023 ₹159 Cr | Sep 2023 ₹117 Cr | Dec 2023 ₹117 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹80 Cr | Jun 2026 —
- WANBURY: Sep 2021 ₹112 Cr | Dec 2021 ₹112 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹49 Cr | Sep 2022 ₹61 Cr | Dec 2022 ₹61 Cr | Mar 2023 ₹77 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹102 Cr | Mar 2024 ₹113 Cr | Jun 2024 ₹110 Cr | Sep 2024 ₹169 Cr | Dec 2024 ₹169 Cr | Mar 2025 ₹174 Cr | Jun 2025 ₹164 Cr | Sep 2025 ₹186 Cr | Dec 2025 ₹186 Cr | Mar 2026 ₹216 Cr | Jun 2026 —
- THEMISMED: Sep 2021 ₹41 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹60 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹58 Cr | Mar 2023 ₹79 Cr | Jun 2023 ₹73 Cr | Sep 2023 ₹73 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹86 Cr | Jun 2024 ₹86 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹70 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹83 Cr | Mar 2026 ₹91 Cr | Jun 2026 —
- KOPRAN: Sep 2021 ₹77 Cr | Dec 2021 ₹77 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹69 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹74 Cr | Mar 2023 ₹68 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹116 Cr | Dec 2024 ₹116 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹122 Cr | Sep 2025 ₹120 Cr | Dec 2025 ₹120 Cr | Mar 2026 ₹146 Cr | Jun 2026 —
- ANUHPHR: Sep 2021 ₹-10 Cr | Dec 2021 ₹-10 Cr | Mar 2022 ₹-21 Cr | Jun 2022 ₹-21 Cr | Sep 2022 ₹-50 Cr | Dec 2022 ₹-50 Cr | Mar 2023 ₹-52 Cr | Jun 2023 ₹-52 Cr | Sep 2023 ₹-49 Cr | Dec 2023 ₹-49 Cr | Mar 2024 ₹-59 Cr | Jun 2024 ₹-59 Cr | Sep 2024 ₹-38 Cr | Dec 2024 ₹-38 Cr | Mar 2025 ₹-62 Cr | Jun 2025 ₹-62 Cr | Sep 2025 ₹-13 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹-53 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Wanbury Ltd leads ROCE at 36.6%, 13.9 percentage points above Jagsonpal Pharmaceuticals Ltd. Senores Pharmaceuticals Ltd has the strongest latest improvement at +4 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: Wanbury 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: Wanbury Ltd · 36.6% | 61.2% versus #2 · Jagsonpal Pharmaceuticals Ltd | 1/8 recent comparable periods | 14/14 companies · 179 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. Wanbury Ltd (WANBURY): 37%
2. Jagsonpal Pharmaceuticals Ltd (JAGSNPHARM): 23%
3. Fermenta Biotech Ltd (FERMENTA): 21%
4. Beta Drugs Ltd (BETA): 19%
5. Gujarat Themis Biosyn Ltd (GUJTHEM): 18%

### ROCE change — fastest improvers
1. Senores Pharmaceuticals Ltd (SENORES): +4.0 pp
2. Ind-Swift Laboratories Ltd (INDSWFTLAB): +3.5 pp
3. Wanbury Ltd (WANBURY): +2.4 pp
4. Innova Captab Ltd (INNOVACAP): +0.4 pp
5. Kopran Ltd (KOPRAN): +0.1 pp

### 20-quarter ROCE history
- AARTIPHARM: Sep 2021 -7.3% | Dec 2021 5.6% | Mar 2022 11% | Jun 2022 — | Sep 2022 — | Dec 2022 18% | Mar 2023 17% | Jun 2023 — | Sep 2023 16% | Dec 2023 17% | Mar 2024 17% | Jun 2024 19% | Sep 2024 16% | Dec 2024 19% | Mar 2025 17% | Jun 2025 19% | Sep 2025 14% | Dec 2025 14% | Mar 2026 12% | Jun 2026 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 6.1% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 26% | Jun 2023 17% | Sep 2023 16% | Dec 2023 26% | Mar 2024 14% | Jun 2024 19% | Sep 2024 14% | Dec 2024 18% | Mar 2025 13% | Jun 2025 16% | Sep 2025 13% | Dec 2025 16% | Mar 2026 14% | Jun 2026 —
- ORCHPHARMA: Sep 2021 -6.2% | Dec 2021 — | Mar 2022 -3.5% | Jun 2022 — | Sep 2022 -1.3% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.8% | Dec 2023 13% | Mar 2024 6.0% | Jun 2024 12% | Sep 2024 6.9% | Dec 2024 9.2% | Mar 2025 5.9% | Jun 2025 7.0% | Sep 2025 2.1% | Dec 2025 2.2% | Mar 2026 0.3% | Jun 2026 —
- GUJTHEM: Sep 2021 54% | Dec 2021 — | Mar 2022 54% | Jun 2022 — | Sep 2022 51% | Dec 2022 — | Mar 2023 48% | Jun 2023 — | Sep 2023 36% | Dec 2023 47% | Mar 2024 37% | Jun 2024 42% | Sep 2024 30% | Dec 2024 34% | Mar 2025 23% | Jun 2025 24% | Sep 2025 19% | Dec 2025 23% | Mar 2026 15% | Jun 2026 —
- AARTIDRUGS: Sep 2021 26% | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 18% | Dec 2023 20% | Mar 2024 16% | Jun 2024 16% | Sep 2024 14% | Dec 2024 15% | Mar 2025 13% | Jun 2025 15% | Sep 2025 14% | Dec 2025 14% | Mar 2026 13% | Jun 2026 —
- INDSWFTLAB: Sep 2021 9.0% | Dec 2021 — | Mar 2022 6.3% | Jun 2022 — | Sep 2022 5.4% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 14% | Dec 2023 13% | Mar 2024 22% | Jun 2024 51% | Sep 2024 10% | Dec 2024 43% | Mar 2025 -3.6% | Jun 2025 19% | Sep 2025 -2.3% | Dec 2025 21% | Mar 2026 -0.1% | Jun 2026 —
- JAGSNPHARM: Sep 2021 24% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 17% | Dec 2023 21% | Mar 2024 11% | Jun 2024 15% | Sep 2024 14% | Dec 2024 34% | Mar 2025 17% | Jun 2025 35% | Sep 2025 17% | Dec 2025 23% | Mar 2026 17% | Jun 2026 —
- FERMENTA: Sep 2021 10% | Dec 2021 — | Mar 2022 7.2% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -2.3% | Jun 2023 — | Sep 2023 -4.0% | Dec 2023 1.8% | Mar 2024 0.8% | Jun 2024 -0.7% | Sep 2024 7.1% | Dec 2024 18% | Mar 2025 23% | Jun 2025 34% | Sep 2025 30% | Dec 2025 29% | Mar 2026 18% | Jun 2026 —
- WANBURY: Sep 2021 -92% | Dec 2021 — | Mar 2022 130% | Jun 2022 — | Sep 2022 -84% | Dec 2022 — | Mar 2023 146% | Jun 2023 174% | Sep 2023 46% | Dec 2023 94% | Mar 2024 45% | Jun 2024 116% | Sep 2024 34% | Dec 2024 59% | Mar 2025 27% | Jun 2025 43% | Sep 2025 31% | Dec 2025 42% | Mar 2026 29% | Jun 2026 —
- THEMISMED: Sep 2021 28% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 12% | Dec 2023 17% | Mar 2024 9.5% | Jun 2024 18% | Sep 2024 12% | Dec 2024 16% | Mar 2025 9.1% | Jun 2025 1.0% | Sep 2025 -5.0% | Dec 2025 -1.8% | Mar 2026 -2.3% | Jun 2026 —
- KOPRAN: Sep 2021 22% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 9.6% | Jun 2023 — | Sep 2023 9.2% | Dec 2023 13% | Mar 2024 13% | Jun 2024 18% | Sep 2024 13% | Dec 2024 15% | Mar 2025 11% | Jun 2025 11% | Sep 2025 7.8% | Dec 2025 6.4% | Mar 2026 11% | Jun 2026 —
- ANUHPHR: Sep 2021 8.9% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 20% | Dec 2023 29% | Mar 2024 23% | Jun 2024 28% | Sep 2024 21% | Dec 2024 22% | Mar 2025 17% | Jun 2025 19% | Sep 2025 15% | Dec 2025 18% | Mar 2026 13% | Jun 2026 —

### 20-quarter ROCE change history
- AARTIPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +12.8 pp | Mar 2023 +5.7 pp | Jun 2023 — | Sep 2023 — | Dec 2023 −1.7 pp | Mar 2024 −0.4 pp | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 +2.5 pp | Mar 2025 +0.2 pp | Jun 2025 −0.1 pp | Sep 2025 −1.2 pp | Dec 2025 −5.1 pp | Mar 2026 −5.1 pp | Jun 2026 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +19.5 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −12.1 pp | Jun 2024 +1.6 pp | Sep 2024 −1.9 pp | Dec 2024 −7.8 pp | Mar 2025 −0.3 pp | Jun 2025 −2.7 pp | Sep 2025 −1.5 pp | Dec 2025 −2.3 pp | Mar 2026 +0.4 pp | Jun 2026 —
- ORCHPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.9 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +4.1 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +4.1 pp | Dec 2024 −4.2 pp | Mar 2025 −0.1 pp | Jun 2025 −4.5 pp | Sep 2025 −4.8 pp | Dec 2025 −7.0 pp | Mar 2026 −5.6 pp | Jun 2026 —
- GUJTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.1 pp | Dec 2022 — | Mar 2023 −6.1 pp | Jun 2023 — | Sep 2023 −14.9 pp | Dec 2023 — | Mar 2024 −10.9 pp | Jun 2024 — | Sep 2024 −5.8 pp | Dec 2024 −13.0 pp | Mar 2025 −13.8 pp | Jun 2025 −17.3 pp | Sep 2025 −11.3 pp | Dec 2025 −11.4 pp | Mar 2026 −8.1 pp | Jun 2026 —
- AARTIDRUGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.9 pp | Dec 2022 — | Mar 2023 −5.4 pp | Jun 2023 — | Sep 2023 −2.5 pp | Dec 2023 — | Mar 2024 −1.1 pp | Jun 2024 — | Sep 2024 −3.8 pp | Dec 2024 −4.4 pp | Mar 2025 −2.9 pp | Jun 2025 −1.0 pp | Sep 2025 −0.5 pp | Dec 2025 −1.1 pp | Mar 2026 −0.4 pp | Jun 2026 —
- INDSWFTLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.6 pp | Dec 2022 — | Mar 2023 +6.2 pp | Jun 2023 — | Sep 2023 +8.2 pp | Dec 2023 — | Mar 2024 +9.5 pp | Jun 2024 — | Sep 2024 −3.3 pp | Dec 2024 +29.6 pp | Mar 2025 −25.6 pp | Jun 2025 −31.9 pp | Sep 2025 −12.6 pp | Dec 2025 −22.2 pp | Mar 2026 +3.5 pp | Jun 2026 —
- JAGSNPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.6 pp | Dec 2022 — | Mar 2023 +2.3 pp | Jun 2023 — | Sep 2023 +0.3 pp | Dec 2023 — | Mar 2024 −8.9 pp | Jun 2024 — | Sep 2024 −3.3 pp | Dec 2024 +13.5 pp | Mar 2025 +6.1 pp | Jun 2025 +19.5 pp | Sep 2025 +3.7 pp | Dec 2025 −10.8 pp | Mar 2026 −0.1 pp | Jun 2026 —
- FERMENTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −9.5 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +3.1 pp | Jun 2024 — | Sep 2024 +11.1 pp | Dec 2024 +16.4 pp | Mar 2025 +21.7 pp | Jun 2025 +34.4 pp | Sep 2025 +22.6 pp | Dec 2025 +10.7 pp | Mar 2026 −4.7 pp | Jun 2026 —
- WANBURY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.4 pp | Dec 2022 — | Mar 2023 +16.1 pp | Jun 2023 — | Sep 2023 +129.8 pp | Dec 2023 — | Mar 2024 −101.3 pp | Jun 2024 −58.1 pp | Sep 2024 −12.1 pp | Dec 2024 −35.3 pp | Mar 2025 −18.0 pp | Jun 2025 −73.5 pp | Sep 2025 −3.1 pp | Dec 2025 −16.2 pp | Mar 2026 +2.4 pp | Jun 2026 —
- THEMISMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.8 pp | Dec 2022 — | Mar 2023 −11.9 pp | Jun 2023 — | Sep 2023 −6.3 pp | Dec 2023 — | Mar 2024 −5.7 pp | Jun 2024 — | Sep 2024 −0.2 pp | Dec 2024 −1.0 pp | Mar 2025 −0.4 pp | Jun 2025 −17.1 pp | Sep 2025 −16.9 pp | Dec 2025 −18.2 pp | Mar 2026 −11.4 pp | Jun 2026 —
- KOPRAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.4 pp | Dec 2022 — | Mar 2023 −7.1 pp | Jun 2023 — | Sep 2023 −7.0 pp | Dec 2023 — | Mar 2024 +3.4 pp | Jun 2024 — | Sep 2024 +4.0 pp | Dec 2024 +1.4 pp | Mar 2025 −2.4 pp | Jun 2025 −6.7 pp | Sep 2025 −5.4 pp | Dec 2025 −8.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- ANUHPHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.5 pp | Dec 2022 — | Mar 2023 +1.0 pp | Jun 2023 — | Sep 2023 +1.6 pp | Dec 2023 — | Mar 2024 +4.9 pp | Jun 2024 — | Sep 2024 +0.6 pp | Dec 2024 −7.0 pp | Mar 2025 −6.1 pp | Jun 2025 −8.9 pp | Sep 2025 −6.0 pp | Dec 2025 −4.6 pp | Mar 2026 −3.3 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Innova Captab Ltd has the lowest comparable Guarded PEG at 1.01×, 57.9% below Aarti Drugs Ltd. Only 5 of 14 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: Innova Captab Ltd · 1.01× | 57.9% versus #2 · Aarti Drugs Ltd | 0/8 recent comparable periods | 5/14 companies · 34 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. Innova Captab Ltd (INNOVACAP): 1.0
2. Aarti Drugs Ltd (AARTIDRUGS): 2.4
3. Gujarat Themis Biosyn Ltd (GUJTHEM): 2.8
4. Orchid Pharma Ltd (ORCHPHARMA): 4.1
5. Aarti Pharmalabs Ltd (AARTIPHARM): 5.5

### P/E — lowest P/E
1. Aarti Drugs Ltd (AARTIDRUGS): 18.9
2. Fermenta Biotech Ltd (FERMENTA): 20.2
3. Anuh Pharma Ltd (ANUHPHR): 21.8
4. Wanbury Ltd (WANBURY): 27.0
5. Jagsonpal Pharmaceuticals Ltd (JAGSNPHARM): 32.7

### 20-quarter Guarded PEG history
- AARTIPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 — | Sep 2023 — | Dec 2023 2.3 | Mar 2024 0.4 | Jun 2024 1.4 | Sep 2024 1.5 | Dec 2024 1.3 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.5 | Dec 2025 5.5 | Mar 2026 — | Jun 2026 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.2 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 1.4 | Dec 2024 1.5 | Mar 2025 — | Jun 2025 1.5 | Sep 2025 2.2 | Dec 2025 1.4 | Mar 2026 1.0 | Jun 2026 —
- ORCHPHARMA: 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 1.8 | Jun 2025 4.1 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GUJTHEM: Sep 2021 0.7 | Dec 2021 2.7 | Mar 2022 — | Jun 2022 0.4 | Sep 2022 0.7 | Dec 2022 0.6 | Mar 2023 0.9 | Jun 2023 — | Sep 2023 1.3 | Dec 2023 — | Mar 2024 1.5 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.8 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AARTIDRUGS: 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 0.6 | Jun 2025 — | Sep 2025 3.2 | Dec 2025 2.4 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- SENORES: 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 55.1 | Mar 2025 55.3 | Jun 2025 39.7 | Sep 2025 44.0 | Dec 2025 43.5 | Mar 2026 35.7 | Jun 2026 —
- AARTIPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 12.9 | Jun 2023 17.4 | Sep 2023 21.6 | Dec 2023 24.1 | Mar 2024 20.3 | Jun 2024 25.5 | Sep 2024 24.8 | Dec 2024 26.9 | Mar 2025 27.2 | Jun 2025 28.6 | Sep 2025 28.0 | Dec 2025 28.1 | Mar 2026 25.6 | Jun 2026 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 39.2 | Mar 2024 32.5 | Jun 2024 28.5 | Sep 2024 40.0 | Dec 2024 52.3 | Mar 2025 39.5 | Jun 2025 38.4 | Sep 2025 37.3 | Dec 2025 32.6 | Mar 2026 29.0 | Jun 2026 —
- ORCHPHARMA: Sep 2021 -66.1 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -76.6 | Mar 2023 — | Jun 2023 147.0 | Sep 2023 59.5 | Dec 2023 50.3 | Mar 2024 57.7 | Jun 2024 63.1 | Sep 2024 64.8 | Dec 2024 77.2 | Mar 2025 35.7 | Jun 2025 36.0 | Sep 2025 42.9 | Dec 2025 74.0 | Mar 2026 98.1 | Jun 2026 —
- GUJTHEM: Sep 2021 23.3 | Dec 2021 17.3 | Mar 2022 15.8 | Jun 2022 13.7 | Sep 2022 19.0 | Dec 2022 21.1 | Mar 2023 17.8 | Jun 2023 19.9 | Sep 2023 25.7 | Dec 2023 36.0 | Mar 2024 52.4 | Jun 2024 57.6 | Sep 2024 73.4 | Dec 2024 62.9 | Mar 2025 58.3 | Jun 2025 78.0 | Sep 2025 97.4 | Dec 2025 100.3 | Mar 2026 57.4 | Jun 2026 —
- AARTIDRUGS: Sep 2021 23.4 | Dec 2021 24.0 | Mar 2022 20.2 | Jun 2022 17.7 | Sep 2022 22.7 | Dec 2022 22.8 | Mar 2023 18.9 | Jun 2023 25.9 | Sep 2023 28.0 | Dec 2023 25.1 | Mar 2024 22.2 | Jun 2024 27.1 | Sep 2024 30.1 | Dec 2024 27.1 | Mar 2025 20.5 | Jun 2025 24.3 | Sep 2025 25.5 | Dec 2025 22.6 | Mar 2026 14.9 | Jun 2026 —
- BETA: Sep 2021 36.1 | Dec 2021 — | Mar 2022 28.5 | Jun 2022 — | Sep 2022 29.8 | Dec 2022 — | Mar 2023 20.9 | Jun 2023 — | Sep 2023 31.8 | Dec 2023 — | Mar 2024 38.6 | Jun 2024 — | Sep 2024 44.2 | Dec 2024 54.7 | Mar 2025 52.8 | Jun 2025 39.2 | Sep 2025 40.0 | Dec 2025 34.7 | Mar 2026 27.3 | Jun 2026 51.2
- INDSWFTLAB: Sep 2021 34.0 | Dec 2021 15.7 | Mar 2022 12.9 | Jun 2022 11.4 | Sep 2022 -1,632.7 | Dec 2022 36.4 | Mar 2023 28.9 | Jun 2023 15.4 | Sep 2023 17.5 | Dec 2023 16.6 | Mar 2024 20.6 | Jun 2024 3.7 | Sep 2024 4.1 | Dec 2024 3.9 | Mar 2025 3.7 | Jun 2025 4.8 | Sep 2025 27.6 | Dec 2025 20.2 | Mar 2026 20.0 | Jun 2026 —
- JAGSNPHARM: Sep 2021 18.5 | Dec 2021 19.6 | Mar 2022 31.6 | Jun 2022 40.2 | Sep 2022 55.2 | Dec 2022 46.7 | Mar 2023 32.6 | Jun 2023 34.7 | Sep 2023 35.1 | Dec 2023 35.9 | Mar 2024 29.6 | Jun 2024 39.5 | Sep 2024 47.9 | Dec 2024 63.2 | Mar 2025 39.5 | Jun 2025 36.8 | Sep 2025 33.5 | Dec 2025 29.9 | Mar 2026 28.9 | Jun 2026 —
- FERMENTA: Sep 2021 18.7 | Dec 2021 25.9 | Mar 2022 42.5 | Jun 2022 37.2 | Sep 2022 36.9 | Dec 2022 — | Mar 2023 — | Jun 2023 -8.4 | Sep 2023 — | Dec 2023 -24.0 | Mar 2024 — | Jun 2024 — | Sep 2024 105.3 | Dec 2024 128.9 | Mar 2025 22.7 | Jun 2025 12.4 | Sep 2025 8.9 | Dec 2025 9.4 | Mar 2026 11.4 | Jun 2026 —
- WANBURY: Sep 2021 — | Dec 2021 -27.0 | Mar 2022 3.4 | Jun 2022 40.3 | Sep 2022 46.8 | Dec 2022 — | Mar 2023 -11.7 | Jun 2023 117.0 | Sep 2023 107.4 | Dec 2023 41.6 | Mar 2024 19.9 | Jun 2024 16.6 | Sep 2024 34.2 | Dec 2024 33.3 | Mar 2025 41.4 | Jun 2025 30.6 | Sep 2025 18.9 | Dec 2025 17.9 | Mar 2026 17.6 | Jun 2026 —
- THEMISMED: Sep 2021 15.8 | Dec 2021 12.3 | Mar 2022 12.1 | Jun 2022 9.2 | Sep 2022 15.9 | Dec 2022 21.6 | Mar 2023 18.6 | Jun 2023 22.0 | Sep 2023 28.8 | Dec 2023 38.4 | Mar 2024 44.4 | Jun 2024 44.3 | Sep 2024 51.9 | Dec 2024 45.9 | Mar 2025 29.3 | Jun 2025 40.0 | Sep 2025 36.1 | Dec 2025 -53.3 | Mar 2026 530.4 | Jun 2026 —
- KOPRAN: Sep 2021 16.6 | Dec 2021 25.8 | Mar 2022 22.1 | Jun 2022 14.1 | Sep 2022 11.5 | Dec 2022 13.9 | Mar 2023 14.5 | Jun 2023 33.0 | Sep 2023 48.8 | Dec 2023 36.9 | Mar 2024 30.9 | Jun 2024 24.0 | Sep 2024 27.1 | Dec 2024 19.7 | Mar 2025 17.8 | Jun 2025 18.8 | Sep 2025 21.7 | Dec 2025 18.6 | Mar 2026 14.2 | Jun 2026 —
- ANUHPHR: Sep 2021 33.6 | Dec 2021 27.6 | Mar 2022 20.2 | Jun 2022 14.3 | Sep 2022 14.1 | Dec 2022 13.3 | Mar 2023 11.2 | Jun 2023 15.0 | Sep 2023 16.1 | Dec 2023 16.5 | Mar 2024 22.7 | Jun 2024 18.5 | Sep 2024 17.8 | Dec 2024 18.4 | Mar 2025 14.9 | Jun 2025 22.3 | Sep 2025 18.1 | Dec 2025 20.8 | Mar 2026 16.8 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Fermenta Biotech Ltd leads ev/ebitda at 7.7×; Ind-Swift Laboratories Ltd leads p/bv at 1.43×.

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: Fermenta Biotech Ltd · 7.7× | 11.5% versus #2 · Kopran Ltd | 0/8 recent comparable periods | 14/14 companies · 232 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. Fermenta Biotech Ltd (FERMENTA): 7.7
2. Kopran Ltd (KOPRAN): 8.7
3. Anuh Pharma Ltd (ANUHPHR): 10.4
4. Wanbury Ltd (WANBURY): 10.5
5. Aarti Drugs Ltd (AARTIDRUGS): 11.6

### P/BV — lowest P/BV
1. Ind-Swift Laboratories Ltd (INDSWFTLAB): 1.4
2. Kopran Ltd (KOPRAN): 1.8
3. Anuh Pharma Ltd (ANUHPHR): 2.3
4. Aarti Drugs Ltd (AARTIDRUGS): 2.4
5. Themis Medicare Ltd (THEMISMED): 2.5

### 20-quarter EV/EBITDA history
- SENORES: 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 64.5 | Mar 2025 64.7 | Jun 2025 26.9 | Sep 2025 25.1 | Dec 2025 24.8 | Mar 2026 20.2 | Jun 2026 —
- AARTIPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 13.2 | Jun 2023 17.3 | Sep 2023 12.8 | Dec 2023 13.9 | Mar 2024 11.7 | Jun 2024 14.7 | Sep 2024 14.4 | Dec 2024 15.7 | Mar 2025 15.8 | Jun 2025 17.0 | Sep 2025 16.7 | Dec 2025 16.4 | Mar 2026 14.6 | Jun 2026 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 29.5 | Mar 2024 25.1 | Jun 2024 18.4 | Sep 2024 25.6 | Dec 2024 34.4 | Mar 2025 27.6 | Jun 2025 25.6 | Sep 2025 24.2 | Dec 2025 20.2 | Mar 2026 17.5 | Jun 2026 —
- ORCHPHARMA: Sep 2021 92.1 | Dec 2021 108.1 | Mar 2022 38.7 | Jun 2022 27.7 | Sep 2022 22.5 | Dec 2022 21.8 | Mar 2023 20.5 | Jun 2023 27.1 | Sep 2023 26.8 | Dec 2023 31.0 | Mar 2024 38.5 | Jun 2024 43.1 | Sep 2024 45.2 | Dec 2024 55.8 | Mar 2025 24.9 | Jun 2025 23.9 | Sep 2025 28.1 | Dec 2025 39.3 | Mar 2026 36.2 | Jun 2026 —
- GUJTHEM: Sep 2021 15.8 | Dec 2021 12.0 | Mar 2022 11.0 | Jun 2022 9.2 | Sep 2022 13.3 | Dec 2022 14.8 | Mar 2023 12.6 | Jun 2023 14.2 | Sep 2023 18.3 | Dec 2023 25.6 | Mar 2024 37.1 | Jun 2024 40.9 | Sep 2024 51.7 | Dec 2024 43.9 | Mar 2025 40.4 | Jun 2025 53.4 | Sep 2025 65.7 | Dec 2025 67.7 | Mar 2026 37.4 | Jun 2026 —
- AARTIDRUGS: Sep 2021 15.5 | Dec 2021 16.0 | Mar 2022 13.5 | Jun 2022 11.7 | Sep 2022 15.0 | Dec 2022 14.8 | Mar 2023 12.1 | Jun 2023 15.7 | Sep 2023 17.2 | Dec 2023 15.5 | Mar 2024 13.9 | Jun 2024 16.3 | Sep 2024 17.4 | Dec 2024 16.0 | Mar 2025 12.6 | Jun 2025 14.4 | Sep 2025 16.0 | Dec 2025 14.3 | Mar 2026 11.6 | Jun 2026 —
- BETA: Sep 2021 17.1 | Dec 2021 — | Mar 2022 15.0 | Jun 2022 — | Sep 2022 17.0 | Dec 2022 — | Mar 2023 12.1 | Jun 2023 — | Sep 2023 18.1 | Dec 2023 — | Mar 2024 21.9 | Jun 2024 — | Sep 2024 26.1 | Dec 2024 32.3 | Mar 2025 31.2 | Jun 2025 22.0 | Sep 2025 22.5 | Dec 2025 18.2 | Mar 2026 13.7 | Jun 2026 25.4
- INDSWFTLAB: Sep 2021 6.5 | Dec 2021 6.3 | Mar 2022 6.1 | Jun 2022 5.6 | Sep 2022 5.1 | Dec 2022 5.3 | Mar 2023 5.1 | Jun 2023 5.5 | Sep 2023 5.1 | Dec 2023 5.3 | Mar 2024 5.3 | Jun 2024 4.5 | Sep 2024 1.2 | Dec 2024 0.9 | Mar 2025 0.5 | Jun 2025 1.5 | Sep 2025 16.8 | Dec 2025 8.6 | Mar 2026 12.7 | Jun 2026 —
- JAGSNPHARM: Sep 2021 11.4 | Dec 2021 12.4 | Mar 2022 20.4 | Jun 2022 25.1 | Sep 2022 34.8 | Dec 2022 31.0 | Mar 2023 22.2 | Jun 2023 24.2 | Sep 2023 23.0 | Dec 2023 23.2 | Mar 2024 49.3 | Jun 2024 24.2 | Sep 2024 28.7 | Dec 2024 40.1 | Mar 2025 25.9 | Jun 2025 22.3 | Sep 2025 20.3 | Dec 2025 17.6 | Mar 2026 16.2 | Jun 2026 —
- FERMENTA: Sep 2021 10.6 | Dec 2021 12.5 | Mar 2022 13.0 | Jun 2022 10.9 | Sep 2022 16.0 | Dec 2022 18.5 | Mar 2023 20.4 | Jun 2023 23.9 | Sep 2023 21.2 | Dec 2023 51.2 | Mar 2024 11.5 | Jun 2024 16.5 | Sep 2024 32.1 | Dec 2024 18.5 | Mar 2025 9.8 | Jun 2025 8.5 | Sep 2025 6.2 | Dec 2025 6.7 | Mar 2026 7.7 | Jun 2026 —
- WANBURY: Sep 2021 21.2 | Dec 2021 13.6 | Mar 2022 17.9 | Jun 2022 10.5 | Sep 2022 9.5 | Dec 2022 8.0 | Mar 2023 7.8 | Jun 2023 10.0 | Sep 2023 7.7 | Dec 2023 10.5 | Mar 2024 8.8 | Jun 2024 8.2 | Sep 2024 14.6 | Dec 2024 14.6 | Mar 2025 13.9 | Jun 2025 13.1 | Sep 2025 11.1 | Dec 2025 10.6 | Mar 2026 10.5 | Jun 2026 —
- THEMISMED: Sep 2021 10.7 | Dec 2021 8.5 | Mar 2022 8.2 | Jun 2022 6.5 | Sep 2022 10.5 | Dec 2022 13.8 | Mar 2023 11.9 | Jun 2023 14.1 | Sep 2023 18.5 | Dec 2023 23.9 | Mar 2024 27.1 | Jun 2024 26.7 | Sep 2024 32.1 | Dec 2024 28.8 | Mar 2025 17.8 | Jun 2025 21.3 | Sep 2025 88.5 | Dec 2025 — | Mar 2026 3,822.5 | Jun 2026 —
- KOPRAN: Sep 2021 10.8 | Dec 2021 16.8 | Mar 2022 16.1 | Jun 2022 10.1 | Sep 2022 8.4 | Dec 2022 9.6 | Mar 2023 8.2 | Jun 2023 16.7 | Sep 2023 23.2 | Dec 2023 20.1 | Mar 2024 18.1 | Jun 2024 14.4 | Sep 2024 16.8 | Dec 2024 12.3 | Mar 2025 10.9 | Jun 2025 11.1 | Sep 2025 12.5 | Dec 2025 10.9 | Mar 2026 8.7 | Jun 2026 —
- ANUHPHR: Sep 2021 14.8 | Dec 2021 14.2 | Mar 2022 11.3 | Jun 2022 8.3 | Sep 2022 8.4 | Dec 2022 8.1 | Mar 2023 6.8 | Jun 2023 9.2 | Sep 2023 10.3 | Dec 2023 10.8 | Mar 2024 15.2 | Jun 2024 12.7 | Sep 2024 12.2 | Dec 2024 13.0 | Mar 2025 10.4 | Jun 2025 14.9 | Sep 2025 11.8 | Dec 2025 12.9 | Mar 2026 10.4 | Jun 2026 —

### 20-quarter P/BV history
- SENORES: 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 3.4 | Sep 2025 4.1 | Dec 2025 4.7 | Mar 2026 4.5 | Jun 2026 —
- AARTIPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.6 | Jun 2023 2.2 | Sep 2023 2.7 | Dec 2023 2.8 | Mar 2024 2.4 | Jun 2024 3.5 | Sep 2024 3.2 | Dec 2024 3.3 | Mar 2025 3.7 | Jun 2025 4.4 | Sep 2025 3.8 | Dec 2025 3.3 | Mar 2026 2.7 | Jun 2026 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.0 | Mar 2024 6.6 | Jun 2024 3.5 | Sep 2024 5.3 | Dec 2024 6.9 | Mar 2025 5.6 | Jun 2025 5.9 | Sep 2025 5.0 | Dec 2025 4.0 | Mar 2026 3.8 | Jun 2026 —
- ORCHPHARMA: Sep 2021 2.6 | Dec 2021 2.4 | Mar 2022 1.7 | Jun 2022 1.8 | Sep 2022 2.1 | Dec 2022 2.4 | Mar 2023 2.4 | Jun 2023 3.1 | Sep 2023 3.1 | Dec 2023 3.3 | Mar 2024 4.8 | Jun 2024 6.7 | Sep 2024 6.2 | Dec 2024 7.5 | Mar 2025 3.2 | Jun 2025 3.1 | Sep 2025 2.9 | Dec 2025 3.0 | Mar 2026 2.0 | Jun 2026 —
- GUJTHEM: Sep 2021 12.5 | Dec 2021 7.2 | Mar 2022 6.5 | Jun 2022 8.5 | Sep 2022 6.9 | Dec 2022 8.4 | Mar 2023 9.7 | Jun 2023 11.2 | Sep 2023 10.0 | Dec 2023 10.5 | Mar 2024 16.2 | Jun 2024 16.9 | Sep 2024 20.0 | Dec 2024 14.8 | Mar 2025 13.7 | Jun 2025 18.6 | Sep 2025 17.5 | Dec 2025 18.3 | Mar 2026 10.4 | Jun 2026 —
- AARTIDRUGS: Sep 2021 6.3 | Dec 2021 5.4 | Mar 2022 4.3 | Jun 2022 4.0 | Sep 2022 3.9 | Dec 2022 3.8 | Mar 2023 3.0 | Jun 2023 4.2 | Sep 2023 4.2 | Dec 2023 3.7 | Mar 2024 3.3 | Jun 2024 3.9 | Sep 2024 3.7 | Dec 2024 3.2 | Mar 2025 2.4 | Jun 2025 3.2 | Sep 2025 3.1 | Dec 2025 2.6 | Mar 2026 2.1 | Jun 2026 —
- BETA: Sep 2021 6.2 | Dec 2021 — | Mar 2022 6.5 | Jun 2022 — | Sep 2022 6.9 | Dec 2022 — | Mar 2023 6.5 | Jun 2023 — | Sep 2023 8.0 | Dec 2023 — | Mar 2024 8.4 | Jun 2024 — | Sep 2024 10.3 | Dec 2024 11.0 | Mar 2025 10.6 | Jun 2025 11.4 | Sep 2025 9.3 | Dec 2025 7.1 | Mar 2026 5.3 | Jun 2026 8.7
- INDSWFTLAB: Sep 2021 0.6 | Dec 2021 0.7 | Mar 2022 0.6 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.6 | Mar 2023 0.5 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 1.1 | Sep 2024 0.8 | Dec 2024 0.6 | Mar 2025 0.5 | Jun 2025 0.7 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.9 | Jun 2026 —
- JAGSNPHARM: Sep 2021 3.2 | Dec 2021 3.7 | Mar 2022 6.0 | Jun 2022 6.3 | Sep 2022 6.8 | Dec 2022 7.1 | Mar 2023 5.7 | Jun 2023 7.5 | Sep 2023 6.9 | Dec 2023 6.0 | Mar 2024 4.3 | Jun 2024 5.6 | Sep 2024 5.8 | Dec 2024 8.6 | Mar 2025 7.3 | Jun 2025 7.8 | Sep 2025 6.0 | Dec 2025 5.2 | Mar 2026 4.9 | Jun 2026 —
- FERMENTA: Sep 2021 2.2 | Dec 2021 2.3 | Mar 2022 1.7 | Jun 2022 1.6 | Sep 2022 1.7 | Dec 2022 1.4 | Mar 2023 0.8 | Jun 2023 1.1 | Sep 2023 1.5 | Dec 2023 1.7 | Mar 2024 1.6 | Jun 2024 1.6 | Sep 2024 3.1 | Dec 2024 3.8 | Mar 2025 2.8 | Jun 2025 3.3 | Sep 2025 2.5 | Dec 2025 2.7 | Mar 2026 2.6 | Jun 2026 —
- WANBURY: Sep 2021 -1.4 | Dec 2021 -2.5 | Mar 2022 -2.7 | Jun 2022 -1.1 | Sep 2022 -6.8 | Dec 2022 -5.1 | Mar 2023 -5.2 | Jun 2023 -7.7 | Sep 2023 -9.8 | Dec 2023 -13.2 | Mar 2024 17.1 | Jun 2024 18.3 | Sep 2024 23.2 | Dec 2024 24.7 | Mar 2025 13.0 | Jun 2025 15.5 | Sep 2025 8.3 | Dec 2025 7.4 | Mar 2026 9.8 | Jun 2026 —
- THEMISMED: Sep 2021 4.3 | Dec 2021 3.3 | Mar 2022 3.2 | Jun 2022 3.1 | Sep 2022 3.0 | Dec 2022 3.9 | Mar 2023 3.8 | Jun 2023 4.3 | Sep 2023 4.9 | Dec 2023 5.4 | Mar 2024 5.5 | Jun 2024 5.7 | Sep 2024 6.9 | Dec 2024 5.9 | Mar 2025 3.3 | Jun 2025 3.2 | Sep 2025 3.0 | Dec 2025 2.5 | Mar 2026 1.7 | Jun 2026 —
- KOPRAN: Sep 2021 3.6 | Dec 2021 5.3 | Mar 2022 4.9 | Jun 2022 3.3 | Sep 2022 1.8 | Dec 2022 1.7 | Mar 2023 1.2 | Jun 2023 2.1 | Sep 2023 2.5 | Dec 2023 2.6 | Mar 2024 2.8 | Jun 2024 2.8 | Sep 2024 3.3 | Dec 2024 2.1 | Mar 2025 1.7 | Jun 2025 1.8 | Sep 2025 1.6 | Dec 2025 1.4 | Mar 2026 1.1 | Jun 2026 —
- ANUHPHR: Sep 2021 3.0 | Dec 2021 2.7 | Mar 2022 2.3 | Jun 2022 2.3 | Sep 2022 2.1 | Dec 2022 2.0 | Mar 2023 1.9 | Jun 2023 2.5 | Sep 2023 2.7 | Dec 2023 2.9 | Mar 2024 4.8 | Jun 2024 4.6 | Sep 2024 3.5 | Dec 2024 3.6 | Mar 2025 2.5 | Jun 2025 3.6 | Sep 2025 2.5 | Dec 2025 2.5 | Mar 2026 2.1 | Jun 2026 —

## Market action

Senores Pharmaceuticals Ltd has the strongest one-year price move in Pharma - API at +122.2%. Ind-Swift Laboratories Ltd leads on Mansfield relative strength against NIFTY at +77.4%. 10 of 14 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Senores Pharmaceuticals Ltd (SENORES): 122%
2. Ind-Swift Laboratories Ltd (INDSWFTLAB): 113%
3. Beta Drugs Ltd (BETA): 38%
4. Orchid Pharma Ltd (ORCHPHARMA): 35%
5. Wanbury Ltd (WANBURY): 23%

### Strongest relative strength versus NIFTY 500
1. Ind-Swift Laboratories Ltd (INDSWFTLAB): 77%
2. Senores Pharmaceuticals Ltd (SENORES): 59%
3. Beta Drugs Ltd (BETA): 44%
4. Orchid Pharma Ltd (ORCHPHARMA): 34%
5. Fermenta Biotech Ltd (FERMENTA): 33%

## 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.
- 7 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 2 companies are 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.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Senores Pharmaceuticals Ltd (SENORES) — market value ₹6.4K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Aarti Pharmalabs Ltd (AARTIPHARM) — market value ₹6.1K Cr; latest fundamentals Mar 2026
- Innova Captab Ltd (INNOVACAP) — market value ₹5.4K Cr; latest fundamentals Mar 2026
- Orchid Pharma Ltd (ORCHPHARMA) — market value ₹5.0K Cr; latest fundamentals Mar 2026
- Gujarat Themis Biosyn Ltd (GUJTHEM) — market value ₹3.9K Cr; latest fundamentals Mar 2026
- Aarti Drugs Ltd (AARTIDRUGS) — market value ₹3.7K Cr; latest fundamentals Mar 2026
- Beta Drugs Ltd (BETA) — market value ₹2.4K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Ind-Swift Laboratories Ltd (INDSWFTLAB) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Jagsonpal Pharmaceuticals Ltd (JAGSNPHARM) — market value ₹1.5K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Fermenta Biotech Ltd (FERMENTA) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Wanbury Ltd (WANBURY) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Themis Medicare Ltd (THEMISMED) — market value ₹1.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Kopran Ltd (KOPRAN) — market value ₹960 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Anuh Pharma Ltd (ANUHPHR) — market value ₹792 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 5. Unverified: 7. Withheld: 2. Graded companies: 14.

7 of 14 companies draw 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.

2 of 14 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Senores Pharmaceuticals Ltd (SENORES) — its two data sources disagree by up to 13% on reported income across 10 comparable periods, so its derived ratios are withheld; Beta Drugs Ltd (BETA) — its two data sources disagree by up to 50% on reported income across 11 comparable periods, so its derived ratios are withheld.

- WITHHELD | SENORES | Senores Pharmaceuticals Ltd | diff_gt_2pct | disagreement up to 13.22% over 10 comparable periods
- WITHHELD | BETA | Beta Drugs Ltd | diff_gt_2pct | disagreement up to 49.5% over 11 comparable periods

- UNVERIFIED | INDSWFTLAB | Ind-Swift Laboratories Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | JAGSNPHARM | Jagsonpal Pharmaceuticals Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | FERMENTA | Fermenta Biotech Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | WANBURY | Wanbury Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | THEMISMED | Themis Medicare Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | KOPRAN | Kopran Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ANUHPHR | Anuh Pharma 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 index?

The Nifty Pharma - API index tracks India's listed Pharma - API companies as a single basket. This page follows the same 14 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 sector rather than to its largest constituent. Figures are as of Jun 2026.

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

Ranked by this page's four-factor score, Senores Pharmaceuticals Ltd places first among 14 listed Pharma - API companies, followed by Wanbury 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 stocks are listed in India?

This comparison covers 14 listed Pharma - API 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 company is the biggest?

Aarti Drugs Ltd is the largest, with trailing-twelve-month revenue of ₹2,566 crore, ahead of Aarti Pharmalabs Ltd at ₹1,819 crore. That covers 14 of 14 companies with comparable reporting through Mar 2026.

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

Ind-Swift Laboratories Ltd has the fastest revenue growth at 100% year on year, across 14 of 14 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 company has the best profit margins?

Gujarat Themis Biosyn Ltd has the highest operating margin at 44%, from 14 of 14 comparable companies. Ind-Swift Laboratories Ltd shows the biggest recent improvement, at +19 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

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

Aarti Drugs Ltd earns the most, at ₹195 crore of trailing-twelve-month net profit, from 14 of 14 comparable companies. Senores Pharmaceuticals 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 company earns the highest return on capital?

Wanbury Ltd leads on return on capital employed at 36.6%, across 14 of 14 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 stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Innova Captab Ltd screens cheapest at 1.01×. Only 5 of 14 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 company has the strongest balance sheet?

Anuh Pharma Ltd carries the lowest comparable gross debt at ₹0 crore, from 14 of 14 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.

### Is the Pharma - API sector beating the market?

Pharma - API has outperformed NIFTY 500 by 20.2% over the last 52 weeks and 28.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 10 of 14 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

Ind-Swift Laboratories 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 company scores highest for research priority?

Senores Pharmaceuticals Ltd scores 72.1 out of 100 with 72% evidence confidence, from 30.8 points on growth and earnings, 15.2 on capital efficiency, 9.2 on valuation and 16.9 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 companies does this comparison cover, and over what period?

It compares 14 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 sector?

The 14 Pharma - API companies on this page carry ₹41,621 crore of combined market value. Senores Pharmaceuticals Ltd is the largest at ₹6,390 crore, about 15% 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 sector's P/E ratio?

The median price-to-earnings ratio across the 14 Pharma - API companies on this page is 38.8×, measured on the 14 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 sector performing?

10 of the 14 covered Pharma - API companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 20.2% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. 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