# Pharma - MNC bulk Drugs — company-by-company sector analysis

> Pharma - MNC bulk Drugs: Abbott India Ltd owns the largest revenue base; Sanofi Consumer Healthcare India 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 - MNC bulk Drugs has underperformed NIFTY 500 by 3.7% over 52 weeks and 11% over 13 weeks. 4 of 8 covered companies beat NIFTY on Mansfield relative strength, while 2 of 8 beat the sector itself. Abbott India Ltd leads with revenue of ₹6,929 crore, based on 8 of 8 comparable companies through Mar 2026.

### Is the Pharma - MNC bulk Drugs sector outperforming NIFTY 500?

Pharma - MNC bulk Drugs has underperformed NIFTY 500 by 3.7% over 52 weeks and 11% over 13 weeks. 4 of 8 covered companies beat NIFTY on Mansfield relative strength, while 2 of 8 beat the sector itself.

### Which Pharma - MNC bulk Drugs company is largest by revenue?

Abbott India Ltd leads with revenue of ₹6,929 crore, based on 8 of 8 comparable companies through Mar 2026.

### Which Pharma - MNC bulk Drugs company is growing fastest?

Sanofi Consumer Healthcare India Ltd has the fastest current revenue growth at 38.3%, across 7 of 8 comparable companies.

### Which Pharma - MNC bulk Drugs company has the strongest 4-Factor Sector Score?

Procter & Gamble Health Ltd ranks first at 75.1/100 with 89.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Pharma - MNC bulk Drugs company has the least gross debt?

Novartis India Ltd has the lowest comparable gross debt at ₹3 crore. Abbott India Ltd has the highest at ₹172 crore.

### Which Pharma - MNC bulk Drugs company has the lowest comparable PEG?

Procter & Gamble Health Ltd has the lowest comparable Guarded PEG at 0.5, among 6 of 8 companies that pass the metric’s comparability rules.

### How much history does this Pharma - MNC bulk Drugs 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 - MNC bulk Drugs has underperformed NIFTY 500 by 3.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 11%. 4 of 8 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Novartis India Ltd is the strongest against the sector itself at +53.2%.

13-week sector return versus NIFTY 500: 11%
52-week sector return versus NIFTY 500: -3.7%
Stocks leading NIFTY: 4/8
Stocks leading sector: 2/8

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

Companies: 8
Combined market value: ₹1.8 L Cr

## 4-Factor Sector Score

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

1. Procter & Gamble Health Ltd (PGHL): 75/100 — Favorable setup; evidence 90%
   - Growth & earnings 28.7/35 | Capital efficiency 20.1/25 | Valuation 14.6/20 | Relative strength 11.7/20
   - Exact sum: 28.7 + 20.1 + 14.6 + 11.7 = 75.1
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Sanofi Consumer Healthcare India Ltd (SANOFICONR): 59/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 25.2/35 | Capital efficiency 18.6/25 | Valuation 9.4/20 | Relative strength 5.9/20
   - Exact sum: 25.2 + 18.6 + 9.4 + 5.9 = 59.1
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -6% and the one-year return is -8.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Novartis India Ltd (NOVARTIND): 52/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 14.2/35 | Capital efficiency 11.2/25 | Valuation 6.6/20 | Relative strength 20.0/20
   - Exact sum: 14.2 + 11.2 + 6.6 + 20 = 52
   - Decision use: Price leads the evidence: RS versus the benchmark is 64.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Pfizer Ltd (PFIZER): 49/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 15.6/35 | Capital efficiency 14.3/25 | Valuation 17.3/20 | Relative strength 1.8/20
   - Exact sum: 15.6 + 14.3 + 17.3 + 1.8 = 49
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
5. Abbott India Ltd (ABBOTINDIA): 49/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 15.4/35 | Capital efficiency 14.6/25 | Valuation 8.2/20 | Relative strength 10.8/20
   - Exact sum: 15.4 + 14.6 + 8.2 + 10.8 = 49
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Glaxosmithkline Pharmaceuticals Ltd (GLAXO): 43/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 12.3/35 | Capital efficiency 20.1/25 | Valuation 5.3/20 | Relative strength 5.0/20
   - Exact sum: 12.3 + 20.1 + 5.3 + 5 = 42.7
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
7. Astrazeneca Pharma India Ltd (ASTRAZEN): 40/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 16.3/35 | Capital efficiency 8.4/25 | Valuation 4.3/20 | Relative strength 10.8/20
   - Exact sum: 16.3 + 8.4 + 4.3 + 10.8 = 39.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Sanofi India Ltd (SANOFI): 50/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 17.9/35 | Capital efficiency 15.3/25 | Valuation 13.9/20 | Relative strength 3.0/20
   - Exact sum: 17.9 + 15.3 + 13.9 + 3 = 50.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Abbott India Ltd is the scale leader at ₹6,929 crore, 81.3% ahead of Glaxosmithkline Pharmaceuticals Ltd. Sanofi Consumer Healthcare India Ltd's growth is 38.3% from a ₹935 crore base, with 11 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Abbott India Ltd is the scale benchmark; Sanofi Consumer Healthcare India Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Abbott India Ltd's growth falls below Sanofi Consumer Healthcare India Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Abbott India Ltd · ₹6,929 crore | 81.3% versus #2 · Glaxosmithkline Pharmaceuticals Ltd | 8/8 recent comparable periods | 8/8 companies · 133 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. Abbott India Ltd (ABBOTINDIA): ₹6.9K Cr
2. Glaxosmithkline Pharmaceuticals Ltd (GLAXO): ₹3.8K Cr
3. Pfizer Ltd (PFIZER): ₹2.5K Cr
4. Astrazeneca Pharma India Ltd (ASTRAZEN): ₹2.3K Cr
5. Sanofi India Ltd (SANOFI): ₹2.0K Cr — older report

### Revenue growth — fastest growers
1. Sanofi Consumer Healthcare India Ltd (SANOFICONR): 38%
2. Astrazeneca Pharma India Ltd (ASTRAZEN): 33%
3. Procter & Gamble Health Ltd (PGHL): 16%
4. Pfizer Ltd (PFIZER): 10%
5. Abbott India Ltd (ABBOTINDIA): 8.1%

### 20-quarter Revenue history
- ABBOTINDIA: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- GLAXO: Sep 2021 ₹1.0K Cr | Dec 2021 ₹816 Cr | Mar 2022 ₹810 Cr | Jun 2022 ₹745 Cr | Sep 2022 ₹917 Cr | Dec 2022 ₹802 Cr | Mar 2023 ₹787 Cr | Jun 2023 ₹762 Cr | Sep 2023 ₹957 Cr | Dec 2023 ₹805 Cr | Mar 2024 ₹930 Cr | Jun 2024 ₹815 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹949 Cr | Mar 2025 ₹974 Cr | Jun 2025 ₹805 Cr | Sep 2025 ₹980 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹995 Cr | Jun 2026 —
- PFIZER: Sep 2021 ₹636 Cr | Dec 2021 ₹676 Cr | Mar 2022 ₹550 Cr | Jun 2022 ₹593 Cr | Sep 2022 ₹637 Cr | Dec 2022 ₹622 Cr | Mar 2023 ₹573 Cr | Jun 2023 ₹531 Cr | Sep 2023 ₹575 Cr | Dec 2023 ₹540 Cr | Mar 2024 ₹547 Cr | Jun 2024 ₹563 Cr | Sep 2024 ₹589 Cr | Dec 2024 ₹538 Cr | Mar 2025 ₹592 Cr | Jun 2025 ₹603 Cr | Sep 2025 ₹642 Cr | Dec 2025 ₹645 Cr | Mar 2026 ₹629 Cr | Jun 2026 —
- ASTRAZEN: Sep 2021 ₹198 Cr | Dec 2021 ₹201 Cr | Mar 2022 ₹232 Cr | Jun 2022 ₹232 Cr | Sep 2022 ₹236 Cr | Dec 2022 ₹250 Cr | Mar 2023 ₹285 Cr | Jun 2023 ₹295 Cr | Sep 2023 ₹311 Cr | Dec 2023 ₹306 Cr | Mar 2024 ₹383 Cr | Jun 2024 ₹388 Cr | Sep 2024 ₹408 Cr | Dec 2024 ₹440 Cr | Mar 2025 ₹480 Cr | Jun 2025 ₹526 Cr | Sep 2025 ₹559 Cr | Dec 2025 ₹612 Cr | Mar 2026 ₹579 Cr | Jun 2026 —
- PGHL: Sep 2021 ₹273 Cr | Dec 2021 ₹278 Cr | Mar 2022 ₹268 Cr | Jun 2022 ₹296 Cr | Sep 2022 ₹298 Cr | Dec 2022 ₹310 Cr | Mar 2023 ₹321 Cr | Jun 2023 ₹301 Cr | Sep 2023 ₹305 Cr | Dec 2023 ₹310 Cr | Mar 2024 ₹252 Cr | Jun 2024 ₹284 Cr | Sep 2024 ₹313 Cr | Dec 2024 ₹310 Cr | Mar 2025 ₹311 Cr | Jun 2025 ₹339 Cr | Sep 2025 ₹325 Cr | Dec 2025 ₹374 Cr | Mar 2026 ₹370 Cr | Jun 2026 —
- SANOFICONR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹210 Cr | Dec 2023 ₹225 Cr | Mar 2024 ₹222 Cr | Jun 2024 ₹172 Cr | Sep 2024 ₹160 Cr | Dec 2024 ₹171 Cr | Mar 2025 ₹173 Cr | Jun 2025 ₹221 Cr | Sep 2025 ₹234 Cr | Dec 2025 ₹251 Cr | Mar 2026 ₹229 Cr | Jun 2026 —
- SANOFI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹515 Cr | Sep 2023 ₹491 Cr | Dec 2023 ₹469 Cr | Mar 2024 ₹511 Cr | Jun 2024 ₹464 Cr | Sep 2024 ₹524 Cr | Dec 2024 ₹515 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NOVARTIND: Sep 2021 ₹104 Cr | Dec 2021 ₹99 Cr | Mar 2022 ₹98 Cr | Jun 2022 ₹121 Cr | Sep 2022 ₹102 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹79 Cr | Dec 2023 ₹85 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹87 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹84 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹91 Cr | Jun 2026 ₹104 Cr

### 20-quarter Revenue growth history
- ABBOTINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.1% | Sep 2022 13% | Dec 2022 8.0% | Mar 2023 7.5% | Jun 2023 13% | Sep 2023 8.3% | Dec 2023 8.7% | Mar 2024 7.2% | Jun 2024 5.3% | Sep 2024 9.3% | Dec 2024 12% | Mar 2025 12% | Jun 2025 12% | Sep 2025 7.6% | Dec 2025 6.8% | Mar 2026 6.5% | Jun 2026 —
- GLAXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -5.7% | Sep 2022 -9.2% | Dec 2022 -1.7% | Mar 2023 -2.8% | Jun 2023 2.3% | Sep 2023 4.4% | Dec 2023 0.4% | Mar 2024 18% | Jun 2024 7.0% | Sep 2024 5.6% | Dec 2024 18% | Mar 2025 4.7% | Jun 2025 -1.2% | Sep 2025 -3.1% | Dec 2025 9.7% | Mar 2026 2.2% | Jun 2026 —
- PFIZER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -21% | Sep 2022 0.2% | Dec 2022 -8.0% | Mar 2023 4.2% | Jun 2023 -10% | Sep 2023 -9.7% | Dec 2023 -13% | Mar 2024 -4.5% | Jun 2024 6.0% | Sep 2024 2.4% | Dec 2024 -0.4% | Mar 2025 8.2% | Jun 2025 7.1% | Sep 2025 9.0% | Dec 2025 20% | Mar 2026 6.3% | Jun 2026 —
- ASTRAZEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 19% | Dec 2022 24% | Mar 2023 23% | Jun 2023 27% | Sep 2023 32% | Dec 2023 22% | Mar 2024 34% | Jun 2024 32% | Sep 2024 31% | Dec 2024 44% | Mar 2025 25% | Jun 2025 36% | Sep 2025 37% | Dec 2025 39% | Mar 2026 21% | Jun 2026 —
- PGHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.9% | Sep 2022 9.2% | Dec 2022 12% | Mar 2023 20% | Jun 2023 1.7% | Sep 2023 2.4% | Dec 2023 0.0% | Mar 2024 -22% | Jun 2024 -5.7% | Sep 2024 2.6% | Dec 2024 0.0% | Mar 2025 23% | Jun 2025 19% | Sep 2025 3.8% | Dec 2025 21% | Mar 2026 19% | Jun 2026 —
- SANOFICONR: 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 -24% | Dec 2024 -24% | Mar 2025 -22% | Jun 2025 28% | Sep 2025 46% | Dec 2025 47% | Mar 2026 32% | Jun 2026 —
- SANOFI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -9.9% | Sep 2024 6.7% | Dec 2024 9.8% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NOVARTIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 -1.9% | Dec 2022 -19% | Mar 2023 -22% | Jun 2023 -25% | Sep 2023 -23% | Dec 2023 6.3% | Mar 2024 6.6% | Jun 2024 1.1% | Sep 2024 10% | Dec 2024 9.4% | Mar 2025 3.7% | Jun 2025 -4.4% | Sep 2025 3.5% | Dec 2025 -7.5% | Mar 2026 8.3% | Jun 2026 18%

## Operating Economics & Margin Trend

What the numbers say: Sanofi Consumer Healthcare India Ltd leads opm at 39%; Procter & Gamble Health Ltd leads margin change at +11 percentage points.

Investor read: Sanofi Consumer Healthcare India 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: Sanofi Consumer Healthcare India Ltd · 39% | 2.6% versus #2 · Pfizer Ltd | 1/7 recent comparable periods | 8/8 companies · 140 observations

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

### OPM — highest
1. Sanofi Consumer Healthcare India Ltd (SANOFICONR): 39%
2. Pfizer Ltd (PFIZER): 38%
3. Procter & Gamble Health Ltd (PGHL): 37%
4. Glaxosmithkline Pharmaceuticals Ltd (GLAXO): 35%
5. Novartis India Ltd (NOVARTIND): 34%

### Margin change — fastest expanders
1. Procter & Gamble Health Ltd (PGHL): +11.0 pp
2. Novartis India Ltd (NOVARTIND): +3.0 pp
3. Sanofi India Ltd (SANOFI): +2.0 pp — older report
4. Sanofi Consumer Healthcare India Ltd (SANOFICONR): +2.0 pp
5. Abbott India Ltd (ABBOTINDIA): +1.0 pp

### 20-quarter OPM history
- ABBOTINDIA: Sep 2021 21% | Dec 2021 22% | Mar 2022 23% | Jun 2022 21% | Sep 2022 25% | Dec 2022 24% | Mar 2023 21% | Jun 2023 24% | Sep 2023 25% | Dec 2023 27% | Mar 2024 23% | Jun 2024 25% | Sep 2024 27% | Dec 2024 27% | Mar 2025 27% | Jun 2025 26% | Sep 2025 29% | Dec 2025 27% | Mar 2026 28% | Jun 2026 —
- GLAXO: Sep 2021 27% | Dec 2021 24% | Mar 2022 22% | Jun 2022 20% | Sep 2022 28% | Dec 2022 29% | Mar 2023 22% | Jun 2023 19% | Sep 2023 30% | Dec 2023 27% | Mar 2024 28% | Jun 2024 28% | Sep 2024 32% | Dec 2024 31% | Mar 2025 34% | Jun 2025 31% | Sep 2025 34% | Dec 2025 36% | Mar 2026 35% | Jun 2026 —
- PFIZER: Sep 2021 30% | Dec 2021 29% | Mar 2022 30% | Jun 2022 32% | Sep 2022 36% | Dec 2022 33% | Mar 2023 32% | Jun 2023 21% | Sep 2023 32% | Dec 2023 28% | Mar 2024 35% | Jun 2024 32% | Sep 2024 32% | Dec 2024 27% | Mar 2025 38% | Jun 2025 35% | Sep 2025 36% | Dec 2025 35% | Mar 2026 38% | Jun 2026 —
- ASTRAZEN: Sep 2021 9.1% | Dec 2021 7.3% | Mar 2022 16% | Jun 2022 12% | Sep 2022 17% | Dec 2022 15% | Mar 2023 21% | Jun 2023 23% | Sep 2023 17% | Dec 2023 5.0% | Mar 2024 13% | Jun 2024 10% | Sep 2024 13% | Dec 2024 17% | Mar 2025 18% | Jun 2025 15% | Sep 2025 13% | Dec 2025 7.0% | Mar 2026 11% | Jun 2026 —
- PGHL: Sep 2021 29% | Dec 2021 22% | Mar 2022 26% | Jun 2022 20% | Sep 2022 31% | Dec 2022 35% | Mar 2023 25% | Jun 2023 15% | Sep 2023 29% | Dec 2023 33% | Mar 2024 27% | Jun 2024 17% | Sep 2024 36% | Dec 2024 40% | Mar 2025 26% | Jun 2025 27% | Sep 2025 37% | Dec 2025 30% | Mar 2026 37% | Jun 2026 —
- SANOFICONR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 45% | Dec 2023 40% | Mar 2024 37% | Jun 2024 37% | Sep 2024 39% | Dec 2024 36% | Mar 2025 37% | Jun 2025 32% | Sep 2025 36% | Dec 2025 36% | Mar 2026 39% | Jun 2026 —
- SANOFI: Sep 2021 26% | Dec 2021 18% | Mar 2022 28% | Jun 2022 23% | Sep 2022 26% | Dec 2022 25% | Mar 2023 31% | Jun 2023 24% | Sep 2023 23% | Dec 2023 21% | Mar 2024 27% | Jun 2024 25% | Sep 2024 23% | Dec 2024 23% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NOVARTIND: Sep 2021 6.8% | Dec 2021 6.6% | Mar 2022 5.7% | Jun 2022 26% | Sep 2022 16% | Dec 2022 10% | Mar 2023 12% | Jun 2023 19% | Sep 2023 21% | Dec 2023 23% | Mar 2024 14% | Jun 2024 26% | Sep 2024 21% | Dec 2024 28% | Mar 2025 29% | Jun 2025 31% | Sep 2025 26% | Dec 2025 26% | Mar 2026 23% | Jun 2026 34%

### 20-quarter Margin change history
- ABBOTINDIA: Sep 2021 −1.6 pp | Dec 2021 −0.1 pp | Mar 2022 +4.6 pp | Jun 2022 −1.1 pp | Sep 2022 +3.6 pp | Dec 2022 +2.0 pp | Mar 2023 −2.4 pp | Jun 2023 +3.3 pp | Sep 2023 +0.1 pp | Dec 2023 +3.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 0.0 pp | Mar 2025 +4.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- GLAXO: Sep 2021 +4.1 pp | Dec 2021 +1.4 pp | Mar 2022 +0.6 pp | Jun 2022 +1.5 pp | Sep 2022 +0.6 pp | Dec 2022 +4.8 pp | Mar 2023 +0.4 pp | Jun 2023 −1.0 pp | Sep 2023 +2.0 pp | Dec 2023 −2.0 pp | Mar 2024 +6.0 pp | Jun 2024 +9.0 pp | Sep 2024 +2.0 pp | Dec 2024 +4.0 pp | Mar 2025 +6.0 pp | Jun 2025 +3.0 pp | Sep 2025 +2.0 pp | Dec 2025 +5.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- PFIZER: Sep 2021 −4.4 pp | Dec 2021 −4.3 pp | Mar 2022 +6.6 pp | Jun 2022 −5.8 pp | Sep 2022 +6.6 pp | Dec 2022 +4.1 pp | Mar 2023 +1.9 pp | Jun 2023 −11.4 pp | Sep 2023 −4.4 pp | Dec 2023 −5.0 pp | Mar 2024 +3.0 pp | Jun 2024 +11.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 +3.0 pp | Jun 2025 +3.0 pp | Sep 2025 +4.0 pp | Dec 2025 +8.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- ASTRAZEN: Sep 2021 −8.0 pp | Dec 2021 −8.0 pp | Mar 2022 −2.9 pp | Jun 2022 +3.1 pp | Sep 2022 +8.2 pp | Dec 2022 +7.7 pp | Mar 2023 +4.6 pp | Jun 2023 +11.0 pp | Sep 2023 −0.3 pp | Dec 2023 −10.0 pp | Mar 2024 −8.0 pp | Jun 2024 −13.0 pp | Sep 2024 −4.0 pp | Dec 2024 +12.0 pp | Mar 2025 +5.0 pp | Jun 2025 +5.0 pp | Sep 2025 0.0 pp | Dec 2025 −10.0 pp | Mar 2026 −7.0 pp | Jun 2026 —
- PGHL: Sep 2021 −1.0 pp | Dec 2021 −14.7 pp | Mar 2022 +11.7 pp | Jun 2022 +3.0 pp | Sep 2022 +1.9 pp | Dec 2022 +12.8 pp | Mar 2023 −0.7 pp | Jun 2023 −5.0 pp | Sep 2023 −1.5 pp | Dec 2023 −2.0 pp | Mar 2024 +2.0 pp | Jun 2024 +2.0 pp | Sep 2024 +7.0 pp | Dec 2024 +7.0 pp | Mar 2025 −1.0 pp | Jun 2025 +10.0 pp | Sep 2025 +1.0 pp | Dec 2025 −10.0 pp | Mar 2026 +11.0 pp | Jun 2026 —
- SANOFICONR: 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 −6.0 pp | Dec 2024 −4.0 pp | Mar 2025 0.0 pp | Jun 2025 −5.0 pp | Sep 2025 −3.0 pp | Dec 2025 0.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- SANOFI: Sep 2021 −1.6 pp | Dec 2021 −4.7 pp | Mar 2022 +1.4 pp | Jun 2022 −8.3 pp | Sep 2022 −0.1 pp | Dec 2022 +6.4 pp | Mar 2023 +3.7 pp | Jun 2023 +1.0 pp | Sep 2023 −3.3 pp | Dec 2023 −3.8 pp | Mar 2024 −4.2 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 +2.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NOVARTIND: Sep 2021 −3.9 pp | Dec 2021 +9.7 pp | Mar 2022 −9.7 pp | Jun 2022 +18.3 pp | Sep 2022 +9.3 pp | Dec 2022 +3.4 pp | Mar 2023 +6.3 pp | Jun 2023 −7.3 pp | Sep 2023 +4.9 pp | Dec 2023 +13.0 pp | Mar 2024 +2.0 pp | Jun 2024 +7.0 pp | Sep 2024 0.0 pp | Dec 2024 +5.0 pp | Mar 2025 +15.0 pp | Jun 2025 +5.0 pp | Sep 2025 +5.0 pp | Dec 2025 −2.0 pp | Mar 2026 −6.0 pp | Jun 2026 +3.0 pp

## Profit Scale & Acceleration

What the numbers say: Abbott India Ltd leads with ₹1,552 crore of TTM profit, 49.8% above Glaxosmithkline Pharmaceuticals Ltd. Astrazeneca Pharma India Ltd shows 63.5% growth from a ₹188 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Abbott India 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: Abbott India Ltd · ₹1,552 crore | 49.8% versus #2 · Glaxosmithkline Pharmaceuticals Ltd | 8/8 recent comparable periods | 8/8 companies · 133 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. Abbott India Ltd (ABBOTINDIA): ₹1.6K Cr
2. Glaxosmithkline Pharmaceuticals Ltd (GLAXO): ₹1.0K Cr
3. Pfizer Ltd (PFIZER): ₹723 Cr
4. Sanofi India Ltd (SANOFI): ₹413 Cr — older report
5. Procter & Gamble Health Ltd (PGHL): ₹328 Cr

### Profit growth — fastest growers
1. Astrazeneca Pharma India Ltd (ASTRAZEN): 64%
2. Sanofi Consumer Healthcare India Ltd (SANOFICONR): 54%
3. Procter & Gamble Health Ltd (PGHL): 31%
4. Glaxosmithkline Pharmaceuticals Ltd (GLAXO): 12%
5. Abbott India Ltd (ABBOTINDIA): 9.7%

### 20-quarter Net profit history
- ABBOTINDIA: Sep 2021 ₹192 Cr | Dec 2021 ₹199 Cr | Mar 2022 ₹211 Cr | Jun 2022 ₹206 Cr | Sep 2022 ₹266 Cr | Dec 2022 ₹247 Cr | Mar 2023 ₹231 Cr | Jun 2023 ₹290 Cr | Sep 2023 ₹313 Cr | Dec 2023 ₹311 Cr | Mar 2024 ₹287 Cr | Jun 2024 ₹328 Cr | Sep 2024 ₹359 Cr | Dec 2024 ₹361 Cr | Mar 2025 ₹367 Cr | Jun 2025 ₹366 Cr | Sep 2025 ₹415 Cr | Dec 2025 ₹376 Cr | Mar 2026 ₹395 Cr | Jun 2026 —
- GLAXO: Sep 2021 ₹204 Cr | Dec 2021 ₹150 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹119 Cr | Sep 2022 ₹193 Cr | Dec 2022 ₹165 Cr | Mar 2023 ₹133 Cr | Jun 2023 ₹132 Cr | Sep 2023 ₹218 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹194 Cr | Jun 2024 ₹182 Cr | Sep 2024 ₹252 Cr | Dec 2024 ₹230 Cr | Mar 2025 ₹263 Cr | Jun 2025 ₹205 Cr | Sep 2025 ₹257 Cr | Dec 2025 ₹296 Cr | Mar 2026 ₹278 Cr | Jun 2026 —
- PFIZER: Sep 2021 ₹143 Cr | Dec 2021 ₹144 Cr | Mar 2022 ₹126 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹311 Cr | Dec 2022 ₹151 Cr | Mar 2023 ₹130 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹149 Cr | Dec 2023 ₹130 Cr | Mar 2024 ₹179 Cr | Jun 2024 ₹151 Cr | Sep 2024 ₹158 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹331 Cr | Jun 2025 ₹192 Cr | Sep 2025 ₹189 Cr | Dec 2025 ₹142 Cr | Mar 2026 ₹200 Cr | Jun 2026 —
- ASTRAZEN: Sep 2021 ₹12 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹-12 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹58 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹45 Cr | Jun 2026 —
- PGHL: Sep 2021 ₹55 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹51 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹64 Cr | Dec 2022 ₹77 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹78 Cr | Mar 2026 ₹95 Cr | Jun 2026 —
- SANOFICONR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹71 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹63 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹66 Cr | Mar 2026 ₹68 Cr | Jun 2026 —
- SANOFI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹123 Cr | Sep 2023 ₹152 Cr | Dec 2023 ₹138 Cr | Mar 2024 ₹137 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹91 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NOVARTIND: Sep 2021 ₹7 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹-23 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹25 Cr | Jun 2026 ₹32 Cr

### 20-quarter Profit growth history
- ABBOTINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.1% | Sep 2022 39% | Dec 2022 24% | Mar 2023 9.5% | Jun 2023 41% | Sep 2023 18% | Dec 2023 26% | Mar 2024 24% | Jun 2024 13% | Sep 2024 15% | Dec 2024 16% | Mar 2025 28% | Jun 2025 12% | Sep 2025 16% | Dec 2025 4.2% | Mar 2026 7.6% | Jun 2026 —
- GLAXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.7% | Sep 2022 -5.4% | Dec 2022 10% | Mar 2023 -89% | Jun 2023 11% | Sep 2023 13% | Dec 2023 -72% | Mar 2024 46% | Jun 2024 38% | Sep 2024 16% | Dec 2024 400% | Mar 2025 36% | Jun 2025 13% | Sep 2025 2.0% | Dec 2025 29% | Mar 2026 5.7% | Jun 2026 —
- PFIZER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -84% | Sep 2022 117% | Dec 2022 4.9% | Mar 2023 3.2% | Jun 2023 185% | Sep 2023 -52% | Dec 2023 -14% | Mar 2024 38% | Jun 2024 61% | Sep 2024 6.0% | Dec 2024 -1.5% | Mar 2025 85% | Jun 2025 27% | Sep 2025 20% | Dec 2025 11% | Mar 2026 -40% | Jun 2026 —
- ASTRAZEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 100% | Sep 2022 175% | Dec 2022 164% | Mar 2023 -39% | Jun 2023 170% | Sep 2023 58% | Dec 2023 -45% | Mar 2024 129% | Jun 2024 -122% | Sep 2024 -27% | Dec 2024 94% | Mar 2025 49% | Jun 2025 — | Sep 2025 42% | Dec 2025 6.5% | Mar 2026 -22% | Jun 2026 —
- PGHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 16% | Dec 2022 71% | Mar 2023 16% | Jun 2023 -27% | Sep 2023 3.1% | Dec 2023 -6.5% | Mar 2024 -20% | Jun 2024 -43% | Sep 2024 24% | Dec 2024 26% | Mar 2025 30% | Jun 2025 288% | Sep 2025 8.5% | Dec 2025 -14% | Mar 2026 56% | Jun 2026 —
- SANOFICONR: 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 -37% | Dec 2024 -35% | Mar 2025 -21% | Jun 2025 110% | Sep 2025 40% | Dec 2025 50% | Mar 2026 36% | Jun 2026 —
- SANOFI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -16% | Sep 2024 -46% | Dec 2024 -34% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NOVARTIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 767% | Sep 2022 157% | Dec 2022 33% | Mar 2023 — | Jun 2023 -62% | Sep 2023 33% | Dec 2023 238% | Mar 2024 -40% | Jun 2024 30% | Sep 2024 -17% | Dec 2024 -7.4% | Mar 2025 93% | Jun 2025 7.7% | Sep 2025 20% | Dec 2025 -36% | Mar 2026 -14% | Jun 2026 14%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

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: No comparable leader | Not enough peers | Not enough history | 0/8 companies · 0 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

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Pfizer Ltd has the clearest covered balance-sheet capacity with ₹3,018 crore net cash and gross debt of ₹70 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: Novartis India Ltd · ₹3 crore | 66.7% versus #2 · Procter & Gamble Health Ltd | 8/8 recent comparable periods | 8/8 companies · 115 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. Novartis India Ltd (NOVARTIND): ₹3 Cr
2. Procter & Gamble Health Ltd (PGHL): ₹9 Cr
3. Sanofi India Ltd (SANOFI): ₹19 Cr — older report
4. Sanofi Consumer Healthcare India Ltd (SANOFICONR): ₹25 Cr
5. Glaxosmithkline Pharmaceuticals Ltd (GLAXO): ₹33 Cr

### Net debt — lowest net debt
1. Pfizer Ltd (PFIZER): ₹-3.0K Cr
2. Glaxosmithkline Pharmaceuticals Ltd (GLAXO): ₹-2.7K Cr
3. Abbott India Ltd (ABBOTINDIA): ₹-2.2K Cr
4. Novartis India Ltd (NOVARTIND): ₹-665 Cr
5. Astrazeneca Pharma India Ltd (ASTRAZEN): ₹-338 Cr

### 20-quarter Gross debt history
- ABBOTINDIA: Sep 2021 ₹161 Cr | Dec 2021 ₹161 Cr | Mar 2022 ₹152 Cr | Jun 2022 ₹152 Cr | Sep 2022 ₹129 Cr | Dec 2022 ₹129 Cr | Mar 2023 ₹113 Cr | Jun 2023 ₹113 Cr | Sep 2023 ₹92 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹83 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹61 Cr | Mar 2025 ₹197 Cr | Jun 2025 ₹197 Cr | Sep 2025 ₹182 Cr | Dec 2025 ₹182 Cr | Mar 2026 ₹172 Cr | Jun 2026 —
- GLAXO: Sep 2021 ₹28 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- PFIZER: Sep 2021 ₹101 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹167 Cr | Sep 2022 ₹151 Cr | Dec 2022 ₹151 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹134 Cr | Sep 2023 ₹116 Cr | Dec 2023 ₹116 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹95 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹108 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹70 Cr | Jun 2026 —
- ASTRAZEN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹9 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹111 Cr | Jun 2026 —
- PGHL: Sep 2021 ₹8 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹11 Cr | Mar 2024 — | Jun 2024 ₹10 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹8 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- SANOFICONR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹20 Cr | Mar 2025 — | Jun 2025 ₹28 Cr | Sep 2025 — | Dec 2025 ₹25 Cr | Mar 2026 — | Jun 2026 —
- SANOFI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹19 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹19 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NOVARTIND: Sep 2021 ₹59 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹3 Cr | Jun 2026 —

### 20-quarter Net debt history
- ABBOTINDIA: Sep 2021 ₹-2.1K Cr | Dec 2021 ₹-2.1K Cr | Mar 2022 ₹-2.6K Cr | Jun 2022 ₹-2.6K Cr | Sep 2022 ₹-1.7K Cr | Dec 2022 ₹-1.7K Cr | Mar 2023 ₹-1.8K Cr | Jun 2023 ₹-1.8K Cr | Sep 2023 ₹-1.9K Cr | Dec 2023 ₹-1.9K Cr | Mar 2024 ₹-2.0K Cr | Jun 2024 ₹-2.0K Cr | Sep 2024 ₹-1.0K Cr | Dec 2024 ₹-1.0K Cr | Mar 2025 ₹-2.9K Cr | Jun 2025 ₹-2.9K Cr | Sep 2025 ₹-2.2K Cr | Dec 2025 ₹-2.2K Cr | Mar 2026 ₹-2.2K Cr | Jun 2026 —
- GLAXO: Sep 2021 ₹-1.2K Cr | Dec 2021 ₹-1.2K Cr | Mar 2022 ₹-2.8K Cr | Jun 2022 ₹-2.8K Cr | Sep 2022 ₹-1.3K Cr | Dec 2022 ₹-1.3K Cr | Mar 2023 ₹-1.6K Cr | Jun 2023 ₹-1.6K Cr | Sep 2023 ₹-1.6K Cr | Dec 2023 ₹-1.6K Cr | Mar 2024 ₹-1.8K Cr | Jun 2024 ₹-1.8K Cr | Sep 2024 ₹-2.1K Cr | Dec 2024 ₹-2.1K Cr | Mar 2025 ₹-2.5K Cr | Jun 2025 ₹-2.5K Cr | Sep 2025 ₹-2.0K Cr | Dec 2025 ₹-2.0K Cr | Mar 2026 ₹-2.7K Cr | Jun 2026 —
- PFIZER: Sep 2021 ₹-1.4K Cr | Dec 2021 ₹-1.4K Cr | Mar 2022 ₹-1.5K Cr | Jun 2022 ₹-1.5K Cr | Sep 2022 ₹-1.4K Cr | Dec 2022 ₹-1.4K Cr | Mar 2023 ₹-1.7K Cr | Jun 2023 ₹-1.7K Cr | Sep 2023 ₹-1.8K Cr | Dec 2023 ₹-1.8K Cr | Mar 2024 ₹-1.9K Cr | Jun 2024 ₹-2.0K Cr | Sep 2024 ₹-2.2K Cr | Dec 2024 ₹-2.2K Cr | Mar 2025 ₹-2.7K Cr | Jun 2025 ₹-2.7K Cr | Sep 2025 ₹-2.6K Cr | Dec 2025 ₹-2.6K Cr | Mar 2026 ₹-3.0K Cr | Jun 2026 —
- ASTRAZEN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-439 Cr | Jun 2022 ₹-439 Cr | Sep 2022 ₹-463 Cr | Dec 2022 ₹-463 Cr | Mar 2023 ₹-493 Cr | Jun 2023 ₹-493 Cr | Sep 2023 ₹-515 Cr | Dec 2023 ₹-515 Cr | Mar 2024 ₹-501 Cr | Jun 2024 ₹-501 Cr | Sep 2024 ₹-480 Cr | Dec 2024 ₹-480 Cr | Mar 2025 ₹-500 Cr | Jun 2025 ₹-500 Cr | Sep 2025 ₹-365 Cr | Dec 2025 ₹-365 Cr | Mar 2026 ₹-338 Cr | Jun 2026 —
- PGHL: Sep 2021 ₹-456 Cr | Dec 2021 ₹-218 Cr | Mar 2022 ₹-218 Cr | Jun 2022 ₹-316 Cr | Sep 2022 ₹-316 Cr | Dec 2022 ₹-398 Cr | Mar 2023 ₹-398 Cr | Jun 2023 ₹-423 Cr | Sep 2023 ₹-423 Cr | Dec 2023 ₹-415 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-181 Cr | Jun 2025 ₹-181 Cr | Sep 2025 ₹-280 Cr | Dec 2025 ₹-280 Cr | Mar 2026 ₹-176 Cr | Jun 2026 —
- NOVARTIND: Sep 2021 ₹-455 Cr | Dec 2021 ₹-455 Cr | Mar 2022 ₹-492 Cr | Jun 2022 ₹-492 Cr | Sep 2022 ₹-543 Cr | Dec 2022 ₹-543 Cr | Mar 2023 ₹-532 Cr | Jun 2023 ₹-532 Cr | Sep 2023 ₹-482 Cr | Dec 2023 ₹-482 Cr | Mar 2024 ₹-578 Cr | Jun 2024 ₹-578 Cr | Sep 2024 ₹-591 Cr | Dec 2024 ₹-591 Cr | Mar 2025 ₹-632 Cr | Jun 2025 ₹-632 Cr | Sep 2025 ₹-613 Cr | Dec 2025 ₹-613 Cr | Mar 2026 ₹-665 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Sanofi Consumer Healthcare India Ltd leads ROCE at 89.9%, 6.4 percentage points above Procter & Gamble Health Ltd. Procter & Gamble Health Ltd has the strongest latest improvement at +14.6 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: Sanofi Consumer Healthcare India 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: Sanofi Consumer Healthcare India Ltd · 89.9% | 7.7% versus #2 · Procter & Gamble Health Ltd | Not enough history | 8/8 companies · 89 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. Sanofi Consumer Healthcare India Ltd (SANOFICONR): 90%
2. Procter & Gamble Health Ltd (PGHL): 84%
3. Glaxosmithkline Pharmaceuticals Ltd (GLAXO): 61%
4. Sanofi India Ltd (SANOFI): 49% — older report
5. Abbott India Ltd (ABBOTINDIA): 45%

### ROCE change — fastest improvers
1. Procter & Gamble Health Ltd (PGHL): +14.6 pp
2. Pfizer Ltd (PFIZER): +4.0 pp
3. Abbott India Ltd (ABBOTINDIA): 0.0 pp
4. Novartis India Ltd (NOVARTIND): 0.0 pp
5. Glaxosmithkline Pharmaceuticals Ltd (GLAXO): −1.6 pp

### 20-quarter ROCE history
- ABBOTINDIA: Sep 2021 35% | Dec 2021 — | Mar 2022 34% | Jun 2022 — | Sep 2022 38% | Dec 2022 — | Mar 2023 34% | Jun 2023 — | Sep 2023 39% | Dec 2023 50% | Mar 2024 36% | Jun 2024 47% | Sep 2024 40% | Dec 2024 52% | Mar 2025 36% | Jun 2025 47% | Sep 2025 41% | Dec 2025 52% | Mar 2026 36% | Jun 2026 —
- GLAXO: Sep 2021 37% | Dec 2021 — | Mar 2022 25% | Jun 2022 — | Sep 2022 42% | Dec 2022 — | Mar 2023 37% | Jun 2023 — | Sep 2023 43% | Dec 2023 42% | Mar 2024 41% | Jun 2024 44% | Sep 2024 50% | Dec 2024 63% | Mar 2025 51% | Jun 2025 61% | Sep 2025 58% | Dec 2025 71% | Mar 2026 49% | Jun 2026 —
- PFIZER: Sep 2021 26% | Dec 2021 — | Mar 2022 24% | Jun 2022 — | Sep 2022 22% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 18% | Dec 2023 21% | Mar 2024 16% | Jun 2024 24% | Sep 2024 17% | Dec 2024 23% | Mar 2025 16% | Jun 2025 27% | Sep 2025 19% | Dec 2025 29% | Mar 2026 20% | Jun 2026 —
- ASTRAZEN: Sep 2021 — | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 25% | Jun 2023 — | Sep 2023 30% | Dec 2023 31% | Mar 2024 24% | Jun 2024 20% | Sep 2024 18% | Dec 2024 18% | Mar 2025 26% | Jun 2025 32% | Sep 2025 33% | Dec 2025 35% | Mar 2026 23% | Jun 2026 —
- PGHL: Sep 2021 — | Dec 2021 30% | Mar 2022 — | Jun 2022 37% | Sep 2022 — | Dec 2022 38% | Mar 2023 — | Jun 2023 37% | Sep 2023 44% | Dec 2023 37% | Mar 2024 36% | Jun 2024 33% | Sep 2024 36% | Dec 2024 38% | Mar 2025 59% | Jun 2025 56% | Sep 2025 58% | Dec 2025 52% | Mar 2026 74% | Jun 2026 —
- NOVARTIND: Sep 2021 2.2% | Dec 2021 — | Mar 2022 3.2% | Jun 2022 — | Sep 2022 7.5% | Dec 2022 — | Mar 2023 7.3% | Jun 2023 — | Sep 2023 6.4% | Dec 2023 16% | Mar 2024 8.2% | Jun 2024 16% | Sep 2024 10% | Dec 2024 16% | Mar 2025 11% | Jun 2025 17% | Sep 2025 12% | Dec 2025 18% | Mar 2026 11% | Jun 2026 —

### 20-quarter ROCE change history
- ABBOTINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.3 pp | Dec 2022 — | Mar 2023 +0.2 pp | Jun 2023 — | Sep 2023 +0.5 pp | Dec 2023 — | Mar 2024 +2.0 pp | Jun 2024 — | Sep 2024 +1.6 pp | Dec 2024 +1.7 pp | Mar 2025 +0.1 pp | Jun 2025 +0.2 pp | Sep 2025 +0.5 pp | Dec 2025 −0.3 pp | Mar 2026 0.0 pp | Jun 2026 —
- GLAXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.9 pp | Dec 2022 — | Mar 2023 +12.3 pp | Jun 2023 — | Sep 2023 +1.0 pp | Dec 2023 — | Mar 2024 +3.9 pp | Jun 2024 — | Sep 2024 +6.8 pp | Dec 2024 +21.0 pp | Mar 2025 +9.3 pp | Jun 2025 +17.1 pp | Sep 2025 +8.1 pp | Dec 2025 +8.4 pp | Mar 2026 −1.6 pp | Jun 2026 —
- PFIZER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.7 pp | Dec 2022 — | Mar 2023 −2.6 pp | Jun 2023 — | Sep 2023 −4.3 pp | Dec 2023 — | Mar 2024 −5.4 pp | Jun 2024 — | Sep 2024 −0.7 pp | Dec 2024 +2.3 pp | Mar 2025 0.0 pp | Jun 2025 +3.1 pp | Sep 2025 +2.2 pp | Dec 2025 +5.9 pp | Mar 2026 +4.0 pp | Jun 2026 —
- ASTRAZEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +11.6 pp | Jun 2023 — | Sep 2023 +11.0 pp | Dec 2023 — | Mar 2024 −1.0 pp | Jun 2024 — | Sep 2024 −12.3 pp | Dec 2024 −12.4 pp | Mar 2025 +2.6 pp | Jun 2025 +12.2 pp | Sep 2025 +15.0 pp | Dec 2025 +16.1 pp | Mar 2026 −3.2 pp | Jun 2026 —
- PGHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +7.7 pp | Mar 2023 — | Jun 2023 +0.1 pp | Sep 2023 — | Dec 2023 −1.1 pp | Mar 2024 — | Jun 2024 −3.7 pp | Sep 2024 −7.3 pp | Dec 2024 +0.7 pp | Mar 2025 +23.2 pp | Jun 2025 +22.9 pp | Sep 2025 +22.2 pp | Dec 2025 +14.5 pp | Mar 2026 +14.6 pp | Jun 2026 —
- NOVARTIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.3 pp | Dec 2022 — | Mar 2023 +4.1 pp | Jun 2023 — | Sep 2023 −1.1 pp | Dec 2023 — | Mar 2024 +0.9 pp | Jun 2024 — | Sep 2024 +3.9 pp | Dec 2024 −0.5 pp | Mar 2025 +2.9 pp | Jun 2025 +0.8 pp | Sep 2025 +1.5 pp | Dec 2025 +1.6 pp | Mar 2026 0.0 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Procter & Gamble Health Ltd has the lowest comparable Guarded PEG at 0.5×, 58% below Pfizer Ltd. Only 6 of 8 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: Procter & Gamble Health Ltd · 0.5× | 58% versus #2 · Pfizer Ltd | 0/8 recent comparable periods | 6/8 companies · 59 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. Procter & Gamble Health Ltd (PGHL): 0.5
2. Pfizer Ltd (PFIZER): 1.2
3. Novartis India Ltd (NOVARTIND): 2.0
4. Abbott India Ltd (ABBOTINDIA): 2.6
5. Astrazeneca Pharma India Ltd (ASTRAZEN): 4.0

### P/E — lowest P/E
1. Sanofi India Ltd (SANOFI): 17.6 — older report
2. Pfizer Ltd (PFIZER): 27.9
3. Procter & Gamble Health Ltd (PGHL): 34.1
4. Abbott India Ltd (ABBOTINDIA): 38.5
5. Novartis India Ltd (NOVARTIND): 41.4

### 20-quarter Guarded PEG history
- ABBOTINDIA: Sep 2021 12.1 | Dec 2021 4.6 | Mar 2022 3.3 | Jun 2022 3.1 | Sep 2022 3.0 | Dec 2022 2.2 | Mar 2023 5.3 | Jun 2023 1.3 | Sep 2023 1.7 | Dec 2023 2.0 | Mar 2024 2.1 | Jun 2024 3.8 | Sep 2024 2.5 | Dec 2024 2.6 | Mar 2025 3.0 | Jun 2025 3.0 | Sep 2025 2.5 | Dec 2025 2.3 | Mar 2026 2.6 | Jun 2026 —
- GLAXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 5.8 | Mar 2023 — | Jun 2023 — | Sep 2023 0.9 | Dec 2023 — | Mar 2024 1.1 | Jun 2024 6.0 | Sep 2024 3.7 | Dec 2024 1.9 | Mar 2025 1.6 | Jun 2025 2.0 | Sep 2025 — | Dec 2025 2.3 | Mar 2026 6.7 | Jun 2026 —
- PFIZER: Sep 2021 4.5 | Dec 2021 2.3 | Mar 2022 1.4 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.0 | Jun 2024 — | Sep 2024 7.0 | Dec 2024 2.5 | Mar 2025 — | Jun 2025 — | Sep 2025 2.7 | Dec 2025 2.1 | Mar 2026 1.2 | Jun 2026 —
- ASTRAZEN: Sep 2021 4.0 | 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 25.3 | Jun 2025 — | Sep 2025 3.1 | Dec 2025 16.8 | Mar 2026 4.0 | Jun 2026 —
- PGHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.0 | Dec 2022 2.8 | Mar 2023 0.6 | Jun 2023 1.2 | Sep 2023 1.9 | Dec 2023 1.8 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 4.2 | Jun 2025 1.8 | Sep 2025 0.8 | Dec 2025 0.9 | Mar 2026 0.5 | Jun 2026 —
- NOVARTIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.2 | Sep 2024 1.2 | Dec 2024 — | Mar 2025 — | Jun 2025 3.3 | Sep 2025 1.6 | Dec 2025 — | Mar 2026 2.0 | Jun 2026 —

### 20-quarter P/E history
- ABBOTINDIA: Sep 2021 63.8 | Dec 2021 57.7 | Mar 2022 46.0 | Jun 2022 48.0 | Sep 2022 50.3 | Dec 2022 51.5 | Mar 2023 50.5 | Jun 2023 52.4 | Sep 2023 47.6 | Dec 2023 44.9 | Mar 2024 50.3 | Jun 2024 48.9 | Sep 2024 50.2 | Dec 2024 48.4 | Mar 2025 48.9 | Jun 2025 52.5 | Sep 2025 43.5 | Dec 2025 40.7 | Mar 2026 36.4 | Jun 2026 —
- GLAXO: Sep 2021 63.8 | Dec 2021 63.1 | Mar 2022 55.0 | Jun 2022 61.1 | Sep 2022 58.8 | Dec 2022 53.9 | Mar 2023 51.6 | Jun 2023 40.9 | Sep 2023 42.9 | Dec 2023 50.5 | Mar 2024 51.4 | Jun 2024 68.4 | Sep 2024 59.3 | Dec 2024 48.1 | Mar 2025 57.1 | Jun 2025 66.7 | Sep 2025 47.8 | Dec 2025 43.8 | Mar 2026 38.1 | Jun 2026 —
- PFIZER: Sep 2021 45.6 | Dec 2021 39.6 | Mar 2022 34.3 | Jun 2022 30.6 | Sep 2022 35.1 | Dec 2022 34.8 | Mar 2023 26.9 | Jun 2023 28.5 | Sep 2023 31.7 | Dec 2023 36.5 | Mar 2024 37.8 | Jun 2024 38.0 | Sep 2024 44.3 | Dec 2024 36.4 | Mar 2025 29.8 | Jun 2025 41.0 | Sep 2025 33.4 | Dec 2025 32.7 | Mar 2026 28.2 | Jun 2026 —
- ASTRAZEN: Sep 2021 90.8 | Dec 2021 109.8 | Mar 2022 107.3 | Jun 2022 111.0 | Sep 2022 108.8 | Dec 2022 89.5 | Mar 2023 73.9 | Jun 2023 70.7 | Sep 2023 68.3 | Dec 2023 79.9 | Mar 2024 83.5 | Jun 2024 104.3 | Sep 2024 137.1 | Dec 2024 123.5 | Mar 2025 128.4 | Jun 2025 117.0 | Sep 2025 104.2 | Dec 2025 96.0 | Mar 2026 95.3 | Jun 2026 —
- PGHL: Sep 2021 50.6 | Dec 2021 51.2 | Mar 2022 46.8 | Jun 2022 36.3 | Sep 2022 35.4 | Dec 2022 32.7 | Mar 2023 33.4 | Jun 2023 36.2 | Sep 2023 37.0 | Dec 2023 35.5 | Mar 2024 34.5 | Jun 2024 39.2 | Sep 2024 43.7 | Dec 2024 38.7 | Mar 2025 34.8 | Jun 2025 37.8 | Sep 2025 34.7 | Dec 2025 30.5 | Mar 2026 27.5 | Jun 2026 —
- SANOFICONR: 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 57.3 | Sep 2025 56.5 | Dec 2025 51.2 | Mar 2026 40.0 | Jun 2026 —
- SANOFI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 32.5 | Jun 2024 44.0 | Sep 2024 44.1 | Dec 2024 39.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NOVARTIND: Sep 2021 88.8 | Dec 2021 85.9 | Mar 2022 51.3 | Jun 2022 35.0 | Sep 2022 18.7 | Dec 2022 16.5 | Mar 2023 13.6 | Jun 2023 19.4 | Sep 2023 24.9 | Dec 2023 24.9 | Mar 2024 26.6 | Jun 2024 32.0 | Sep 2024 31.7 | Dec 2024 26.5 | Mar 2025 22.5 | Jun 2025 24.5 | Sep 2025 21.0 | Dec 2025 18.2 | Mar 2026 24.9 | Jun 2026 38.1

## Enterprise Value & Book Value

What the numbers say: Pfizer Ltd leads ev/ebitda at 17.3×; Novartis India Ltd leads p/bv at 4.96×.

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: Pfizer Ltd · 17.3× | 7% versus #2 · Procter & Gamble Health Ltd | 0/8 recent comparable periods | 8/8 companies · 126 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. Pfizer Ltd (PFIZER): 17.3
2. Procter & Gamble Health Ltd (PGHL): 18.6
3. Novartis India Ltd (NOVARTIND): 21.7
4. Abbott India Ltd (ABBOTINDIA): 25.5
5. Glaxosmithkline Pharmaceuticals Ltd (GLAXO): 26.1

### P/BV — lowest P/BV
1. Novartis India Ltd (NOVARTIND): 5.0
2. Pfizer Ltd (PFIZER): 5.0
3. Sanofi India Ltd (SANOFI): 9.1 — older report
4. Abbott India Ltd (ABBOTINDIA): 12.5
5. Glaxosmithkline Pharmaceuticals Ltd (GLAXO): 18.8

### 20-quarter EV/EBITDA history
- ABBOTINDIA: Sep 2021 41.6 | Dec 2021 37.7 | Mar 2022 29.7 | Jun 2022 30.9 | Sep 2022 33.1 | Dec 2022 34.2 | Mar 2023 32.9 | Jun 2023 34.6 | Sep 2023 32.1 | Dec 2023 30.4 | Mar 2024 34.3 | Jun 2024 33.4 | Sep 2024 34.3 | Dec 2024 33.7 | Mar 2025 34.1 | Jun 2025 36.6 | Sep 2025 30.4 | Dec 2025 28.6 | Mar 2026 25.5 | Jun 2026 —
- GLAXO: Sep 2021 30.7 | Dec 2021 33.7 | Mar 2022 29.6 | Jun 2022 28.5 | Sep 2022 27.5 | Dec 2022 25.2 | Mar 2023 22.2 | Jun 2023 26.3 | Sep 2023 27.6 | Dec 2023 32.8 | Mar 2024 33.9 | Jun 2024 44.7 | Sep 2024 40.0 | Dec 2024 32.4 | Mar 2025 38.6 | Jun 2025 45.3 | Sep 2025 32.5 | Dec 2025 30.1 | Mar 2026 26.1 | Jun 2026 —
- PFIZER: Sep 2021 28.2 | Dec 2021 24.7 | Mar 2022 21.2 | Jun 2022 19.7 | Sep 2022 22.2 | Dec 2022 21.7 | Mar 2023 16.2 | Jun 2023 17.2 | Sep 2023 18.7 | Dec 2023 21.9 | Mar 2024 22.7 | Jun 2024 23.1 | Sep 2024 27.6 | Dec 2024 22.1 | Mar 2025 17.7 | Jun 2025 26.3 | Sep 2025 20.4 | Dec 2025 20.2 | Mar 2026 17.3 | Jun 2026 —
- ASTRAZEN: Sep 2021 54.3 | Dec 2021 63.5 | Mar 2022 60.1 | Jun 2022 64.4 | Sep 2022 63.9 | Dec 2022 55.1 | Mar 2023 46.6 | Jun 2023 46.2 | Sep 2023 45.9 | Dec 2023 53.6 | Mar 2024 55.9 | Jun 2024 69.0 | Sep 2024 91.8 | Dec 2024 81.2 | Mar 2025 84.1 | Jun 2025 73.9 | Sep 2025 63.2 | Dec 2025 60.5 | Mar 2026 59.7 | Jun 2026 —
- PGHL: Sep 2021 31.4 | Dec 2021 33.2 | Mar 2022 29.2 | Jun 2022 24.1 | Sep 2022 22.6 | Dec 2022 21.2 | Mar 2023 21.6 | Jun 2023 23.7 | Sep 2023 23.8 | Dec 2023 22.7 | Mar 2024 22.0 | Jun 2024 24.7 | Sep 2024 27.2 | Dec 2024 24.8 | Mar 2025 22.7 | Jun 2025 25.3 | Sep 2025 24.2 | Dec 2025 21.1 | Mar 2026 18.6 | Jun 2026 —
- SANOFICONR: 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 34.5 | Dec 2024 36.1 | Mar 2025 36.0 | Jun 2025 39.6 | Sep 2025 39.4 | Dec 2025 35.6 | Mar 2026 28.8 | Jun 2026 —
- SANOFI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 20.2 | Jun 2024 28.5 | Sep 2024 30.9 | Dec 2024 28.1 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NOVARTIND: Sep 2021 25.2 | Dec 2021 24.1 | Mar 2022 15.5 | Jun 2022 18.2 | Sep 2022 10.9 | Dec 2022 9.9 | Mar 2023 7.7 | Jun 2023 11.9 | Sep 2023 13.1 | Dec 2023 13.6 | Mar 2024 15.7 | Jun 2024 17.3 | Sep 2024 17.4 | Dec 2024 13.7 | Mar 2025 11.2 | Jun 2025 14.2 | Sep 2025 11.1 | Dec 2025 9.4 | Mar 2026 13.2 | Jun 2026 21.7

### 20-quarter P/BV history
- ABBOTINDIA: Sep 2021 17.3 | Dec 2021 17.2 | Mar 2022 14.1 | Jun 2022 14.8 | Sep 2022 15.0 | Dec 2022 16.7 | Mar 2023 16.6 | Jun 2023 17.6 | Sep 2023 15.4 | Dec 2023 15.6 | Mar 2024 18.5 | Jun 2024 18.4 | Sep 2024 16.8 | Dec 2024 17.7 | Mar 2025 18.5 | Jun 2025 20.1 | Sep 2025 14.9 | Dec 2025 15.3 | Mar 2026 13.8 | Jun 2026 —
- GLAXO: Sep 2021 17.2 | Dec 2021 23.0 | Mar 2022 20.2 | Jun 2022 17.2 | Sep 2022 16.6 | Dec 2022 15.4 | Mar 2023 8.4 | Jun 2023 13.9 | Sep 2023 15.1 | Dec 2023 20.9 | Mar 2024 21.4 | Jun 2024 25.3 | Sep 2024 25.7 | Dec 2024 23.0 | Mar 2025 29.2 | Jun 2025 29.9 | Sep 2025 23.2 | Dec 2025 24.4 | Mar 2026 22.4 | Jun 2026 —
- PFIZER: Sep 2021 10.9 | Dec 2021 9.0 | Mar 2022 7.8 | Jun 2022 7.8 | Sep 2022 6.7 | Dec 2022 7.0 | Mar 2023 5.5 | Jun 2023 6.0 | Sep 2023 5.5 | Dec 2023 6.0 | Mar 2024 5.9 | Jun 2024 6.5 | Sep 2024 7.4 | Dec 2024 5.9 | Mar 2025 4.9 | Jun 2025 7.2 | Sep 2025 5.3 | Dec 2025 6.0 | Mar 2026 5.6 | Jun 2026 —
- ASTRAZEN: Sep 2021 16.9 | Dec 2021 16.4 | Mar 2022 13.8 | Jun 2022 15.0 | Sep 2022 14.3 | Dec 2022 15.2 | Mar 2023 15.9 | Jun 2023 18.1 | Sep 2023 19.1 | Dec 2023 21.1 | Mar 2024 20.3 | Jun 2024 26.5 | Sep 2024 25.2 | Dec 2024 23.4 | Mar 2025 31.7 | Jun 2025 31.3 | Sep 2025 28.6 | Dec 2025 27.8 | Mar 2026 24.8 | Jun 2026 —
- PGHL: Sep 2021 9.9 | Dec 2021 15.1 | Mar 2022 11.9 | Jun 2022 11.5 | Sep 2022 9.7 | Dec 2022 10.6 | Mar 2023 10.6 | Jun 2023 14.2 | Sep 2023 13.8 | Dec 2023 10.9 | Mar 2024 9.7 | Jun 2024 10.4 | Sep 2024 12.2 | Dec 2024 16.3 | Mar 2025 14.0 | Jun 2025 18.3 | Sep 2025 19.4 | Dec 2025 15.1 | Mar 2026 13.0 | Jun 2026 —
- SANOFICONR: 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 60.9 | Mar 2025 40.7 | Jun 2025 42.3 | Sep 2025 44.3 | Dec 2025 40.1 | Mar 2026 34.5 | Jun 2026 —
- SANOFI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 14.1 | Dec 2023 15.7 | Mar 2024 11.3 | Jun 2024 14.7 | Sep 2024 22.7 | Dec 2024 20.5 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NOVARTIND: Sep 2021 2.9 | Dec 2021 2.7 | Mar 2022 2.1 | Jun 2022 2.1 | Sep 2022 2.3 | Dec 2022 2.3 | Mar 2023 2.0 | Jun 2023 2.6 | Sep 2023 2.3 | Dec 2023 2.7 | Mar 2024 3.6 | Jun 2024 3.5 | Sep 2024 3.9 | Dec 2024 3.2 | Mar 2025 2.7 | Jun 2025 3.3 | Sep 2025 2.8 | Dec 2025 2.5 | Mar 2026 3.1 | Jun 2026 4.3

## Market action

Novartis India Ltd has the strongest one-year price move in Pharma - MNC bulk Drugs at +54.5%. It also leads on Mansfield relative strength against NIFTY at +64.4%. 4 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Novartis India Ltd (NOVARTIND): 55%
2. Procter & Gamble Health Ltd (PGHL): 15%
3. Sanofi Consumer Healthcare India Ltd (SANOFICONR): -8.2%
4. Astrazeneca Pharma India Ltd (ASTRAZEN): -12%
5. Pfizer Ltd (PFIZER): -13%

### Strongest relative strength versus NIFTY 500
1. Novartis India Ltd (NOVARTIND): 64%
2. Procter & Gamble Health Ltd (PGHL): 17%
3. Sanofi Consumer Healthcare India Ltd (SANOFICONR): 1.2%
4. Glaxosmithkline Pharmaceuticals Ltd (GLAXO): 0.7%
5. Abbott India Ltd (ABBOTINDIA): -0.2%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 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
- Abbott India Ltd (ABBOTINDIA) — market value ₹59.5K Cr; latest fundamentals Mar 2026
- Glaxosmithkline Pharmaceuticals Ltd (GLAXO) — market value ₹42.6K Cr; latest fundamentals Mar 2026
- Pfizer Ltd (PFIZER) — market value ₹21.2K Cr; latest fundamentals Mar 2026
- Astrazeneca Pharma India Ltd (ASTRAZEN) — market value ₹20.0K Cr; latest fundamentals Mar 2026
- Procter & Gamble Health Ltd (PGHL) — market value ₹11.1K Cr; latest fundamentals Mar 2026
- Sanofi Consumer Healthcare India Ltd (SANOFICONR) — market value ₹10.8K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Sanofi India Ltd (SANOFI) — market value ₹7.8K Cr; latest fundamentals Dec 2024; second-feed figures WITHHELD
- Novartis India Ltd (NOVARTIND) — market value ₹4.1K Cr; latest fundamentals Jun 2026

## Source standing of each company

Cross-checked: 6. Unverified: 0. Withheld: 2. Graded companies: 8.

2 of 8 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Sanofi Consumer Healthcare India Ltd (SANOFICONR) — its two data sources disagree by up to 132% on reported income across 11 comparable periods, so its derived ratios are withheld; Sanofi India Ltd (SANOFI) — its two data sources disagree by up to 45% on reported income across 6 comparable periods, so its derived ratios are withheld.

- WITHHELD | SANOFICONR | Sanofi Consumer Healthcare India Ltd | diff_gt_2pct | disagreement up to 132% over 11 comparable periods
- WITHHELD | SANOFI | Sanofi India Ltd | diff_gt_2pct | disagreement up to 45.44% over 6 comparable periods

## 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 - MNC bulk Drugs index?

The Nifty Pharma - MNC bulk Drugs index tracks India's listed Pharma - MNC bulk Drugs companies as a single basket. This page follows the same 8 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Pharma - MNC bulk Drugs sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Pharma - MNC bulk Drugs stocks in India?

Ranked by this page's four-factor score, Procter & Gamble Health Ltd places first among 8 listed Pharma - MNC bulk Drugs companies, followed by Sanofi Consumer Healthcare India 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 - MNC bulk Drugs stocks are listed in India?

This comparison covers 8 listed Pharma - MNC bulk Drugs 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 - MNC bulk Drugs company is the biggest?

Abbott India Ltd is the largest, with trailing-twelve-month revenue of ₹6,929 crore, ahead of Glaxosmithkline Pharmaceuticals Ltd at ₹3,821 crore. That covers 8 of 8 companies with comparable reporting through Mar 2026.

### Which Pharma - MNC bulk Drugs company is growing fastest?

Sanofi Consumer Healthcare India Ltd has the fastest revenue growth at 38.3% year on year, across 7 of 8 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 - MNC bulk Drugs company has the best profit margins?

Sanofi Consumer Healthcare India Ltd has the highest operating margin at 39%, from 8 of 8 comparable companies. Procter & Gamble Health Ltd shows the biggest recent improvement, at +11 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Pharma - MNC bulk Drugs company makes the most profit?

Abbott India Ltd earns the most, at ₹1,552 crore of trailing-twelve-month net profit, from 8 of 8 comparable companies. Astrazeneca Pharma India Ltd has the fastest profit growth at 63.5%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Pharma - MNC bulk Drugs company earns the highest return on capital?

Sanofi Consumer Healthcare India Ltd leads on return on capital employed at 89.9%, across 8 of 8 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 - MNC bulk Drugs stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Procter & Gamble Health Ltd screens cheapest at 0.5×. Only 6 of 8 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 - MNC bulk Drugs company has the strongest balance sheet?

Novartis India Ltd carries the lowest comparable gross debt at ₹3 crore, from 8 of 8 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 - MNC bulk Drugs sector beating the market?

Pharma - MNC bulk Drugs has underperformed NIFTY 500 by 3.7% over the last 52 weeks and 11% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 8 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Pharma - MNC bulk Drugs stock has the strongest price momentum?

Novartis India 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 - MNC bulk Drugs company scores highest for research priority?

Procter & Gamble Health Ltd scores 75.1 out of 100 with 89.6% evidence confidence, from 28.7 points on growth and earnings, 20.1 on capital efficiency, 14.6 on valuation and 11.7 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 - MNC bulk Drugs companies does this comparison cover, and over what period?

It compares 8 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 - MNC bulk Drugs sector?

The 8 Pharma - MNC bulk Drugs companies on this page carry ₹1,77,039 crore of combined market value. Abbott India Ltd is the largest at ₹59,511 crore, about 34% 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 - MNC bulk Drugs sector's P/E ratio?

The median price-to-earnings ratio across the 8 Pharma - MNC bulk Drugs companies on this page is 41.4×, measured on the 8 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 - MNC bulk Drugs sector performing?

4 of the 8 covered Pharma - MNC bulk Drugs companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 3.7% behind 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-mnc-bulk-drugs