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

> Pharma - Others: Unichem Laboratories Ltd owns the largest revenue base; JOJO Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-30. Not investment advice.

## Bottom line

Pharma - Others has outperformed NIFTY 500 by 20.4% over 52 weeks and 21.2% over 13 weeks. 8 of 10 covered companies beat NIFTY on Mansfield relative strength, while 5 of 10 beat the sector itself. Unichem Laboratories Ltd leads with revenue of ₹2,202 crore, based on 10 of 10 comparable companies through Mar 2026.

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

Pharma - Others has outperformed NIFTY 500 by 20.4% over 52 weeks and 21.2% over 13 weeks. 8 of 10 covered companies beat NIFTY on Mansfield relative strength, while 5 of 10 beat the sector itself.

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

Unichem Laboratories Ltd leads with revenue of ₹2,202 crore, based on 10 of 10 comparable companies through Mar 2026.

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

JOJO Ltd has the fastest current revenue growth at 100%, across 10 of 10 comparable companies.

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

JOJO Ltd ranks first at 66.6/100 with 70.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Remus Pharmaceuticals Ltd reports the largest latest CAPEX at ₹11 crore, with 1 of 10 companies comparable.

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

Syncom Formulations (India) Ltd has the lowest comparable gross debt at ₹1 crore. Sun Pharma Advanced Research Company Ltd has the highest at ₹559 crore.

### How much history does this Pharma - Others comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 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 - Others has outperformed NIFTY 500 by 20.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 21.2%. 8 of 10 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Shukra Pharmaceuticals Ltd is the strongest against the sector itself at +49.8%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 21%
52-week sector return versus NIFTY 500: 20%
Stocks leading NIFTY: 8/10
Stocks leading sector: 5/10

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

Companies: 10
Combined market value: ₹20.8K 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. JOJO Ltd (531910): 67/100 — Favorable setup; evidence 70%
   - Growth & earnings 30.0/35 | Capital efficiency 14.0/25 | Valuation 8.9/20 | Relative strength 13.7/20
   - Exact sum: 30 + 14 + 8.9 + 13.7 = 66.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Shukra Pharmaceuticals Ltd (SHUKRAPHAR): 65/100 — Mixed-positive evidence; evidence 66%
   - Growth & earnings 21.8/35 | Capital efficiency 16.8/25 | Valuation 9.3/20 | Relative strength 16.6/20
   - Exact sum: 21.8 + 16.8 + 9.3 + 16.6 = 64.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Sun Pharma Advanced Research Company Ltd (SPARC): 62/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 17.7/35 | Capital efficiency 16.3/25 | Valuation 9.2/20 | Relative strength 18.4/20
   - Exact sum: 17.7 + 16.3 + 9.2 + 18.4 = 61.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Jenburkt Pharmaceuticals Ltd (524731): 52/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 16.9/35 | Capital efficiency 20.3/25 | Valuation 10.1/20 | Relative strength 4.6/20
   - Exact sum: 16.9 + 20.3 + 10.1 + 4.6 = 51.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Remus Pharmaceuticals Ltd (REMUS): 51/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 19.8/35 | Capital efficiency 13.5/25 | Valuation 11.9/20 | Relative strength 6.1/20
   - Exact sum: 19.8 + 13.5 + 11.9 + 6.1 = 51.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Syncom Formulations (India) Ltd (SYNCOMF): 51/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 20.9/35 | Capital efficiency 18.9/25 | Valuation 11.0/20 | Relative strength 0.0/20
   - Exact sum: 20.9 + 18.9 + 11 + 0 = 50.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Madhuveer Com 18 Network Ltd (MADHUVEER): 48/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 15.6/35 | Capital efficiency 10.3/25 | Valuation 8.5/20 | Relative strength 13.9/20
   - Exact sum: 15.6 + 10.3 + 8.5 + 13.9 = 48.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 6.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8. Panacea Biotec Ltd (PANACEABIO): 45/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 20.4/35 | Capital efficiency 4.9/25 | Valuation 10.0/20 | Relative strength 9.2/20
   - Exact sum: 20.4 + 4.9 + 10 + 9.2 = 44.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Unichem Laboratories Ltd (UNICHEMLAB): 43/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 10.3/35 | Capital efficiency 7.2/25 | Valuation 9.6/20 | Relative strength 16.3/20
   - Exact sum: 10.3 + 7.2 + 9.6 + 16.3 = 43.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 25.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
10. TTK Healthcare Ltd (TTKHLTCARE): 42/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 10.4/35 | Capital efficiency 11.3/25 | Valuation 13.8/20 | Relative strength 6.4/20
   - Exact sum: 10.4 + 11.3 + 13.8 + 6.4 = 41.9
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

## Revenue Scale & Growth Durability

What the numbers say: Unichem Laboratories Ltd is the scale leader at ₹2,202 crore, 17.2% ahead of Sun Pharma Advanced Research Company Ltd. JOJO Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 446.9% from a ₹24 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

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

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

Evidence: Unichem Laboratories Ltd · ₹2,202 crore | 17.2% versus #2 · Sun Pharma Advanced Research Company Ltd | 6/8 recent comparable periods | 10/10 companies · 145 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. Unichem Laboratories Ltd (UNICHEMLAB): ₹2.2K Cr
2. Sun Pharma Advanced Research Company Ltd (SPARC): ₹1.9K Cr
3. Remus Pharmaceuticals Ltd (REMUS): ₹1.5K Cr
4. TTK Healthcare Ltd (TTKHLTCARE): ₹857 Cr
5. Panacea Biotec Ltd (PANACEABIO): ₹640 Cr

### Revenue growth — fastest growers
1. JOJO Ltd (531910): 100%
2. Remus Pharmaceuticals Ltd (REMUS): 100%
3. Shukra Pharmaceuticals Ltd (SHUKRAPHAR): 100%
4. Sun Pharma Advanced Research Company Ltd (SPARC): 100%
5. Madhuveer Com 18 Network Ltd (MADHUVEER): 69%

### 20-quarter Revenue history
- 524731: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹35 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹45 Cr
- 531910: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹13 Cr
- SPARC: Jun 2021 ₹22 Cr | Sep 2021 ₹28 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹131 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹1.9K Cr
- UNICHEMLAB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹302 Cr | Mar 2023 ₹402 Cr | Jun 2023 ₹423 Cr | Sep 2023 ₹416 Cr | Dec 2023 ₹466 Cr | Mar 2024 ₹432 Cr | Jun 2024 ₹483 Cr | Sep 2024 ₹507 Cr | Dec 2024 ₹533 Cr | Mar 2025 ₹587 Cr | Jun 2025 ₹527 Cr | Sep 2025 ₹579 Cr | Dec 2025 ₹521 Cr | Mar 2026 ₹575 Cr
- PANACEABIO: Jun 2021 ₹132 Cr | Sep 2021 ₹232 Cr | Dec 2021 ₹156 Cr | Mar 2022 ₹141 Cr | Jun 2022 ₹111 Cr | Sep 2022 ₹105 Cr | Dec 2022 ₹115 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹143 Cr | Dec 2023 ₹151 Cr | Mar 2024 ₹136 Cr | Jun 2024 ₹116 Cr | Sep 2024 ₹147 Cr | Dec 2024 ₹163 Cr | Mar 2025 ₹133 Cr | Jun 2025 ₹167 Cr | Sep 2025 ₹141 Cr | Dec 2025 ₹165 Cr | Mar 2026 ₹167 Cr
- SHUKRAPHAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹39 Cr | Mar 2026 —
- TTKHLTCARE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹183 Cr | Mar 2023 ₹180 Cr | Jun 2023 ₹202 Cr | Sep 2023 ₹186 Cr | Dec 2023 ₹184 Cr | Mar 2024 ₹181 Cr | Jun 2024 ₹208 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹205 Cr | Mar 2025 ₹190 Cr | Jun 2025 ₹226 Cr | Sep 2025 ₹204 Cr | Dec 2025 ₹209 Cr | Mar 2026 ₹218 Cr
- SYNCOMF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹57 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹75 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹102 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹149 Cr | Jun 2025 ₹117 Cr | Sep 2025 ₹122 Cr | Dec 2025 ₹115 Cr | Mar 2026 ₹135 Cr
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹14 Cr | Jun 2022 — | Sep 2022 ₹20 Cr | Dec 2022 — | Mar 2023 ₹25 Cr | Jun 2023 — | Sep 2023 ₹29 Cr | Dec 2023 — | Mar 2024 ₹185 Cr | Jun 2024 — | Sep 2024 ₹273 Cr | Dec 2024 — | Mar 2025 ₹348 Cr | Jun 2025 — | Sep 2025 ₹400 Cr | Dec 2025 — | Mar 2026 ₹453 Cr
- MADHUVEER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹8 Cr | Mar 2026 —

### 20-quarter Revenue growth history
- 524731: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 11% | Jun 2024 14% | Sep 2024 7.9% | Dec 2024 2.8% | Mar 2025 5.1% | Jun 2025 9.1% | Sep 2025 12% | Dec 2025 16% | Mar 2026 9.8%
- 531910: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 800% | Dec 2023 150% | Mar 2024 — | Jun 2024 -33% | Sep 2024 611% | Dec 2024 4,460% | Mar 2025 -69% | Jun 2025 4,375% | Sep 2025 130% | Dec 2025 257% | Mar 2026 781%
- SPARC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 14% | Dec 2022 111% | Mar 2023 92% | Jun 2023 -14% | Sep 2023 -34% | Dec 2023 -89% | Mar 2024 -65% | Jun 2024 -29% | Sep 2024 -38% | Dec 2024 7.1% | Mar 2025 59% | Jun 2025 -41% | Sep 2025 -38% | Dec 2025 -47% | Mar 2026 6,763%
- UNICHEMLAB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 54% | Mar 2024 7.5% | Jun 2024 14% | Sep 2024 22% | Dec 2024 14% | Mar 2025 36% | Jun 2025 9.1% | Sep 2025 14% | Dec 2025 -2.3% | Mar 2026 -2.0%
- PANACEABIO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -16% | Sep 2022 -55% | Dec 2022 -26% | Mar 2023 -8.6% | Jun 2023 16% | Sep 2023 36% | Dec 2023 31% | Mar 2024 5.8% | Jun 2024 -10% | Sep 2024 3.0% | Dec 2024 8.6% | Mar 2025 -2.9% | Jun 2025 44% | Sep 2025 -4.2% | Dec 2025 1.0% | Mar 2026 26%
- SHUKRAPHAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 850% | Mar 2024 -76% | Jun 2024 -85% | Sep 2024 -76% | Dec 2024 -42% | Mar 2025 18% | Jun 2025 67% | Sep 2025 0.0% | Dec 2025 255% | Mar 2026 —
- TTKHLTCARE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.6% | Mar 2024 0.6% | Jun 2024 3.0% | Sep 2024 6.5% | Dec 2024 11% | Mar 2025 5.0% | Jun 2025 8.7% | Sep 2025 3.0% | Dec 2025 2.0% | Mar 2026 15%
- SYNCOMF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 23% | Jun 2024 45% | Sep 2024 59% | Dec 2024 97% | Mar 2025 99% | Jun 2025 34% | Sep 2025 20% | Dec 2025 -10% | Mar 2026 -9.4%
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 79% | Jun 2023 — | Sep 2023 45% | Dec 2023 — | Mar 2024 640% | Jun 2024 — | Sep 2024 841% | Dec 2024 — | Mar 2025 88% | Jun 2025 — | Sep 2025 47% | Dec 2025 — | Mar 2026 30%
- MADHUVEER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 150% | Mar 2024 — | Jun 2024 -33% | Sep 2024 611% | Dec 2024 4,460% | Mar 2025 -69% | Jun 2025 4,375% | Sep 2025 130% | Dec 2025 257% | Mar 2026 —

## Operating Economics & Margin Trend

What the numbers say: Sun Pharma Advanced Research Company Ltd leads both opm at 96% and margin change at +292 percentage points.

Investor read: Sun Pharma Advanced Research Company 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: Sun Pharma Advanced Research Company Ltd · 96% | 37.7% versus #2 · Madhuveer Com 18 Network Ltd | 4/8 recent comparable periods | 10/10 companies · 180 observations

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

### OPM — highest
1. Sun Pharma Advanced Research Company Ltd (SPARC): 96%
2. Madhuveer Com 18 Network Ltd (MADHUVEER): 70%
3. Shukra Pharmaceuticals Ltd (SHUKRAPHAR): 69%
4. JOJO Ltd (531910): 48%
5. Jenburkt Pharmaceuticals Ltd (524731): 32%

### Margin change — fastest expanders
1. Sun Pharma Advanced Research Company Ltd (SPARC): +292.0 pp
2. JOJO Ltd (531910): +115.2 pp
3. Shukra Pharmaceuticals Ltd (SHUKRAPHAR): +32.0 pp
4. Panacea Biotec Ltd (PANACEABIO): +21.8 pp
5. Madhuveer Com 18 Network Ltd (MADHUVEER): +18.4 pp

### 20-quarter OPM history
- 524731: Jun 2021 20% | Sep 2021 29% | Dec 2021 21% | Mar 2022 16% | Jun 2022 23% | Sep 2022 24% | Dec 2022 20% | Mar 2023 21% | Jun 2023 24% | Sep 2023 24% | Dec 2023 20% | Mar 2024 25% | Jun 2024 29% | Sep 2024 28% | Dec 2024 24% | Mar 2025 26% | Jun 2025 25% | Sep 2025 29% | Dec 2025 17% | Mar 2026 32%
- 531910: Jun 2021 — | Sep 2021 — | Dec 2021 91% | Mar 2022 -25% | Jun 2022 17% | Sep 2022 100% | Dec 2022 50% | Mar 2023 0.0% | Jun 2023 17% | Sep 2023 -222% | Dec 2023 20% | Mar 2024 44% | Jun 2024 — | Sep 2024 -52% | Dec 2024 51% | Mar 2025 -67% | Jun 2025 -8.4% | Sep 2025 -89% | Dec 2025 70% | Mar 2026 48%
- SPARC: Jun 2021 -245% | Sep 2021 -196% | Dec 2021 -18% | Mar 2022 -264% | Jun 2022 -275% | Sep 2022 -198% | Dec 2022 12% | Mar 2023 -188% | Jun 2023 -427% | Sep 2023 -432% | Dec 2023 -740% | Mar 2024 -639% | Jun 2024 -555% | Sep 2024 -800% | Dec 2024 -494% | Mar 2025 -196% | Jun 2025 -540% | Sep 2025 -836% | Dec 2025 -670% | Mar 2026 96%
- UNICHEMLAB: Jun 2021 -0.6% | Sep 2021 2.2% | Dec 2021 -0.5% | Mar 2022 19% | Jun 2022 -0.3% | Sep 2022 -5.6% | Dec 2022 -14% | Mar 2023 4.0% | Jun 2023 7.0% | Sep 2023 2.0% | Dec 2023 7.0% | Mar 2024 6.0% | Jun 2024 8.0% | Sep 2024 11% | Dec 2024 16% | Mar 2025 14% | Jun 2025 4.0% | Sep 2025 11% | Dec 2025 9.0% | Mar 2026 8.0%
- PANACEABIO: Jun 2021 -1.2% | Sep 2021 2.6% | Dec 2021 7.6% | Mar 2022 -21% | Jun 2022 -72% | Sep 2022 -3.7% | Dec 2022 -7.5% | Mar 2023 -4.4% | Jun 2023 -8.0% | Sep 2023 -2.5% | Dec 2023 -0.1% | Mar 2024 -4.4% | Jun 2024 -12% | Sep 2024 4.8% | Dec 2024 4.9% | Mar 2025 -20% | Jun 2025 -0.7% | Sep 2025 -13% | Dec 2025 7.1% | Mar 2026 1.5%
- SHUKRAPHAR: Jun 2021 7.1% | Sep 2021 -65% | Dec 2021 13% | Mar 2022 18% | Jun 2022 15% | Sep 2022 13% | Dec 2022 12% | Mar 2023 8.0% | Jun 2023 2.0% | Sep 2023 21% | Dec 2023 51% | Mar 2024 41% | Jun 2024 25% | Sep 2024 12% | Dec 2024 37% | Mar 2025 55% | Jun 2025 24% | Sep 2025 -7.0% | Dec 2025 69% | Mar 2026 —
- TTKHLTCARE: Jun 2021 4.6% | Sep 2021 1.8% | Dec 2021 5.3% | Mar 2022 3.0% | Jun 2022 2.0% | Sep 2022 2.4% | Dec 2022 5.0% | Mar 2023 8.0% | Jun 2023 5.0% | Sep 2023 5.0% | Dec 2023 3.0% | Mar 2024 7.0% | Jun 2024 3.0% | Sep 2024 4.0% | Dec 2024 4.0% | Mar 2025 6.0% | Jun 2025 1.0% | Sep 2025 3.0% | Dec 2025 3.0% | Mar 2026 5.0%
- SYNCOMF: Jun 2021 14% | Sep 2021 11% | Dec 2021 8.5% | Mar 2022 3.5% | Jun 2022 6.8% | Sep 2022 7.9% | Dec 2022 10% | Mar 2023 10% | Jun 2023 11% | Sep 2023 10% | Dec 2023 11% | Mar 2024 13% | Jun 2024 12% | Sep 2024 12% | Dec 2024 12% | Mar 2025 12% | Jun 2025 14% | Sep 2025 15% | Dec 2025 18% | Mar 2026 16%
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 32% | Dec 2023 — | Mar 2024 11% | Jun 2024 — | Sep 2024 8.0% | Dec 2024 — | Mar 2025 7.0% | Jun 2025 — | Sep 2025 7.0% | Dec 2025 — | Mar 2026 7.0%
- MADHUVEER: Jun 2021 — | Sep 2021 — | Dec 2021 91% | Mar 2022 -25% | Jun 2022 17% | Sep 2022 100% | Dec 2022 50% | Mar 2023 — | Jun 2023 17% | Sep 2023 -222% | Dec 2023 20% | Mar 2024 44% | Jun 2024 — | Sep 2024 -52% | Dec 2024 51% | Mar 2025 -67% | Jun 2025 -8.4% | Sep 2025 -89% | Dec 2025 70% | Mar 2026 —

### 20-quarter Margin change history
- 524731: Jun 2021 +16.2 pp | Sep 2021 +5.4 pp | Dec 2021 −0.9 pp | Mar 2022 −0.6 pp | Jun 2022 +3.7 pp | Sep 2022 −4.9 pp | Dec 2022 −0.9 pp | Mar 2023 +4.6 pp | Jun 2023 +0.6 pp | Sep 2023 −0.0 pp | Dec 2023 −0.2 pp | Mar 2024 +4.0 pp | Jun 2024 +5.0 pp | Sep 2024 +4.0 pp | Dec 2024 +4.0 pp | Mar 2025 +1.0 pp | Jun 2025 −4.0 pp | Sep 2025 +1.0 pp | Dec 2025 −7.0 pp | Mar 2026 +6.0 pp
- 531910: Jun 2021 — | Sep 2021 — | Dec 2021 +107.6 pp | Mar 2022 −25.0 pp | Jun 2022 — | Sep 2022 — | Dec 2022 −40.9 pp | Mar 2023 +25.0 pp | Jun 2023 0.0 pp | Sep 2023 −322.2 pp | Dec 2023 −30.0 pp | Mar 2024 +44.1 pp | Jun 2024 −1,716.7 pp | Sep 2024 +170.7 pp | Dec 2024 +31.3 pp | Mar 2025 −111.2 pp | Jun 2025 +1,691.6 pp | Sep 2025 −37.6 pp | Dec 2025 +18.4 pp | Mar 2026 +115.2 pp
- SPARC: Jun 2021 −277.3 pp | Sep 2021 +270.8 pp | Dec 2021 +270.5 pp | Mar 2022 −83.9 pp | Jun 2022 −30.3 pp | Sep 2022 −2.3 pp | Dec 2022 +30.5 pp | Mar 2023 +75.6 pp | Jun 2023 −152.2 pp | Sep 2023 −233.5 pp | Dec 2023 −752.3 pp | Mar 2024 −451.0 pp | Jun 2024 −128.0 pp | Sep 2024 −368.0 pp | Dec 2024 +246.0 pp | Mar 2025 +443.0 pp | Jun 2025 +15.0 pp | Sep 2025 −36.0 pp | Dec 2025 −176.0 pp | Mar 2026 +292.0 pp
- UNICHEMLAB: Jun 2021 −4.4 pp | Sep 2021 −7.2 pp | Dec 2021 −9.6 pp | Mar 2022 +11.6 pp | Jun 2022 +0.3 pp | Sep 2022 −7.8 pp | Dec 2022 −13.6 pp | Mar 2023 −14.5 pp | Jun 2023 +7.3 pp | Sep 2023 +7.6 pp | Dec 2023 +21.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 +9.0 pp | Dec 2024 +9.0 pp | Mar 2025 +8.0 pp | Jun 2025 −4.0 pp | Sep 2025 0.0 pp | Dec 2025 −7.0 pp | Mar 2026 −6.0 pp
- PANACEABIO: Jun 2021 −17.4 pp | Sep 2021 −18.1 pp | Dec 2021 −3.0 pp | Mar 2022 −22.0 pp | Jun 2022 −70.9 pp | Sep 2022 −6.2 pp | Dec 2022 −15.1 pp | Mar 2023 +17.1 pp | Jun 2023 +64.1 pp | Sep 2023 +1.2 pp | Dec 2023 +7.4 pp | Mar 2024 −0.0 pp | Jun 2024 −4.1 pp | Sep 2024 +7.2 pp | Dec 2024 +5.0 pp | Mar 2025 −15.9 pp | Jun 2025 +11.4 pp | Sep 2025 −17.4 pp | Dec 2025 +2.2 pp | Mar 2026 +21.8 pp
- SHUKRAPHAR: Jun 2021 −14.5 pp | Sep 2021 −85.9 pp | Dec 2021 +3.4 pp | Mar 2022 +6.9 pp | Jun 2022 +7.5 pp | Sep 2022 +77.7 pp | Dec 2022 −0.8 pp | Mar 2023 −9.7 pp | Jun 2023 −12.6 pp | Sep 2023 +8.4 pp | Dec 2023 +39.0 pp | Mar 2024 +33.0 pp | Jun 2024 +23.0 pp | Sep 2024 −9.0 pp | Dec 2024 −14.0 pp | Mar 2025 +14.0 pp | Jun 2025 −1.0 pp | Sep 2025 −19.0 pp | Dec 2025 +32.0 pp | Mar 2026 —
- TTKHLTCARE: Jun 2021 +5.2 pp | Sep 2021 −3.9 pp | Dec 2021 −1.3 pp | Mar 2022 −3.9 pp | Jun 2022 −2.7 pp | Sep 2022 +0.6 pp | Dec 2022 −0.3 pp | Mar 2023 +5.0 pp | Jun 2023 +3.0 pp | Sep 2023 +2.6 pp | Dec 2023 −2.0 pp | Mar 2024 −1.0 pp | Jun 2024 −2.0 pp | Sep 2024 −1.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 −2.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp
- SYNCOMF: Jun 2021 −0.4 pp | Sep 2021 −7.9 pp | Dec 2021 −6.9 pp | Mar 2022 −9.4 pp | Jun 2022 −6.9 pp | Sep 2022 −2.8 pp | Dec 2022 +1.5 pp | Mar 2023 +6.5 pp | Jun 2023 +4.2 pp | Sep 2023 +2.1 pp | Dec 2023 +1.0 pp | Mar 2024 +3.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 +2.0 pp | Sep 2025 +3.0 pp | Dec 2025 +6.0 pp | Mar 2026 +4.0 pp
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +12.0 pp | Jun 2023 — | Sep 2023 +9.0 pp | Dec 2023 — | Mar 2024 −12.0 pp | Jun 2024 — | Sep 2024 −24.0 pp | Dec 2024 — | Mar 2025 −4.0 pp | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 — | Mar 2026 0.0 pp
- MADHUVEER: Jun 2021 — | Sep 2021 — | Dec 2021 +107.6 pp | Mar 2022 −25.0 pp | Jun 2022 — | Sep 2022 — | Dec 2022 −40.9 pp | Mar 2023 — | Jun 2023 0.0 pp | Sep 2023 −322.2 pp | Dec 2023 −30.0 pp | Mar 2024 — | Jun 2024 −1,716.7 pp | Sep 2024 +170.7 pp | Dec 2024 +31.3 pp | Mar 2025 −111.2 pp | Jun 2025 +1,691.6 pp | Sep 2025 −37.6 pp | Dec 2025 +18.4 pp | Mar 2026 —

## Profit Scale & Acceleration

What the numbers say: Sun Pharma Advanced Research Company Ltd leads with ₹1,553 crore of TTM profit, 513.8% above Unichem Laboratories Ltd. JOJO Ltd shows ≥100% on the scoring scale growth from a ₹6 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Sun Pharma Advanced Research Company 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: Sun Pharma Advanced Research Company Ltd · ₹1,553 crore | 513.8% versus #2 · Unichem Laboratories Ltd | 0/1 recent comparable periods | 10/10 companies · 145 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. Sun Pharma Advanced Research Company Ltd (SPARC): ₹1.6K Cr
2. Unichem Laboratories Ltd (UNICHEMLAB): ₹253 Cr
3. Remus Pharmaceuticals Ltd (REMUS): ₹87 Cr
4. Syncom Formulations (India) Ltd (SYNCOMF): ₹77 Cr
5. TTK Healthcare Ltd (TTKHLTCARE): ₹66 Cr

### Profit growth — fastest growers
1. JOJO Ltd (531910): 100%
2. Remus Pharmaceuticals Ltd (REMUS): 100%
3. Shukra Pharmaceuticals Ltd (SHUKRAPHAR): 100%
4. Unichem Laboratories Ltd (UNICHEMLAB): 83%
5. Syncom Formulations (India) Ltd (SYNCOMF): 54%

### 20-quarter Net profit history
- 524731: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹11 Cr
- 531910: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹-0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹5 Cr
- SPARC: Jun 2021 ₹-61 Cr | Sep 2021 ₹-55 Cr | Dec 2021 ₹-16 Cr | Mar 2022 ₹-71 Cr | Jun 2022 ₹-82 Cr | Sep 2022 ₹-68 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹-82 Cr | Jun 2023 ₹-95 Cr | Sep 2023 ₹-86 Cr | Dec 2023 ₹-100 Cr | Mar 2024 ₹-106 Cr | Jun 2024 ₹-96 Cr | Sep 2024 ₹-107 Cr | Dec 2024 ₹-80 Cr | Mar 2025 ₹-60 Cr | Jun 2025 ₹-52 Cr | Sep 2025 ₹-76 Cr | Dec 2025 ₹-80 Cr | Mar 2026 ₹1.8K Cr
- UNICHEMLAB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-64 Cr | Mar 2023 ₹-44 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-24 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹-129 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹-10 Cr | Sep 2025 ₹-12 Cr | Dec 2025 ₹264 Cr | Mar 2026 ₹11 Cr
- PANACEABIO: Jun 2021 ₹-57 Cr | Sep 2021 ₹-53 Cr | Dec 2021 ₹-49 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹-56 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹-13 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹-16 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹-14 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-1 Cr
- SHUKRAPHAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹20 Cr | Mar 2026 —
- TTKHLTCARE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹12 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹22 Cr
- SYNCOMF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹25 Cr
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 ₹4 Cr | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 — | Sep 2023 ₹6 Cr | Dec 2023 — | Mar 2024 ₹19 Cr | Jun 2024 — | Sep 2024 ₹19 Cr | Dec 2024 — | Mar 2025 ₹21 Cr | Jun 2025 — | Sep 2025 ₹22 Cr | Dec 2025 — | Mar 2026 ₹25 Cr
- MADHUVEER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹-0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 —

### 20-quarter Profit growth history
- 524731: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 33% | Jun 2024 40% | Sep 2024 43% | Dec 2024 40% | Mar 2025 13% | Jun 2025 14% | Sep 2025 0.0% | Dec 2025 -14% | Mar 2026 22%
- 531910: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 100% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 4,850% | Mar 2025 -98% | Jun 2025 — | Sep 2025 — | Dec 2025 3.0% | Mar 2026 7,883%
- SPARC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1,100% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- UNICHEMLAB: Jun 2021 — | 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 -21% | Mar 2025 — | Jun 2025 -600% | Sep 2025 -148% | Dec 2025 355% | Mar 2026 -79%
- PANACEABIO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -101% | Jun 2023 — | Sep 2023 -152% | Dec 2023 -111% | Mar 2024 — | Jun 2024 -245% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -397% | Dec 2025 -12% | Mar 2026 —
- SHUKRAPHAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0% | Jun 2024 — | Sep 2024 -80% | Dec 2024 -67% | Mar 2025 25% | Jun 2025 — | Sep 2025 100% | Dec 2025 567% | Mar 2026 —
- TTKHLTCARE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.3% | Mar 2024 5.9% | Jun 2024 100% | Sep 2024 6.3% | Dec 2024 31% | Mar 2025 -11% | Jun 2025 -59% | Sep 2025 18% | Dec 2025 -35% | Mar 2026 38%
- SYNCOMF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 75% | Mar 2024 -13% | Jun 2024 100% | Sep 2024 57% | Dec 2024 86% | Mar 2025 157% | Jun 2025 100% | Sep 2025 55% | Dec 2025 46% | Mar 2026 39%
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 300% | Jun 2023 — | Sep 2023 50% | Dec 2023 — | Mar 2024 375% | Jun 2024 — | Sep 2024 217% | Dec 2024 — | Mar 2025 11% | Jun 2025 — | Sep 2025 16% | Dec 2025 — | Mar 2026 19%
- MADHUVEER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 100% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 4,850% | Mar 2025 -98% | Jun 2025 — | Sep 2025 — | Dec 2025 3.0% | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: Remus Pharmaceuticals Ltd reports ₹11 crore of CAPEX; Remus Pharmaceuticals Ltd has the highest covered intensity at 2.4%. Coverage is only 1 of 10 companies and 4 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: Remus Pharmaceuticals Ltd · ₹11 crore | Not enough peers | 4/4 recent comparable periods | 1/10 companies · 4 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. Remus Pharmaceuticals Ltd (REMUS): ₹11 Cr

### CAPEX intensity — highest reinvestment intensity
1. Remus Pharmaceuticals Ltd (REMUS): 2.4%

### 20-quarter CAPEX history
- REMUS: Jun 2021 — | 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 ₹3 Cr | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹3 Cr | Dec 2025 — | Mar 2026 ₹11 Cr

### 20-quarter CAPEX intensity history
- REMUS: Jun 2021 — | 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 1.1% | Dec 2024 — | Mar 2025 0.3% | Jun 2025 — | Sep 2025 0.8% | Dec 2025 — | Mar 2026 2.4%

## Debt Load & Balance-Sheet Headroom

What the numbers say: TTK Healthcare Ltd has the clearest covered balance-sheet capacity with ₹912 crore net cash and gross debt of ₹24 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: Syncom Formulations (India) Ltd · ₹1 crore | 50% versus #2 · Jenburkt Pharmaceuticals Ltd | 8/8 recent comparable periods | 10/10 companies · 114 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. Syncom Formulations (India) Ltd (SYNCOMF): ₹1 Cr
2. Jenburkt Pharmaceuticals Ltd (524731): ₹2 Cr
3. Madhuveer Com 18 Network Ltd (MADHUVEER): ₹2 Cr
4. JOJO Ltd (531910): ₹3 Cr
5. Shukra Pharmaceuticals Ltd (SHUKRAPHAR): ₹4 Cr

### Net debt — lowest net debt
1. TTK Healthcare Ltd (TTKHLTCARE): ₹-912 Cr
2. Syncom Formulations (India) Ltd (SYNCOMF): ₹-112 Cr
3. Panacea Biotec Ltd (PANACEABIO): ₹-111 Cr
4. Remus Pharmaceuticals Ltd (REMUS): ₹-28 Cr
5. Sun Pharma Advanced Research Company Ltd (SPARC): ₹558 Cr

### 20-quarter Gross debt history
- 524731: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹7 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹2 Cr
- 531910: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹7 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹7 Cr | Jun 2025 — | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 ₹3 Cr
- SPARC: Jun 2021 ₹197 Cr | Sep 2021 ₹155 Cr | Dec 2021 ₹155 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹79 Cr | Sep 2022 ₹193 Cr | Dec 2022 ₹193 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹101 Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹269 Cr | Jun 2025 ₹269 Cr | Sep 2025 ₹417 Cr | Dec 2025 ₹417 Cr | Mar 2026 ₹559 Cr
- UNICHEMLAB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹349 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹314 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹248 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹460 Cr | Jun 2025 — | Sep 2025 ₹502 Cr | Dec 2025 — | Mar 2026 ₹500 Cr
- PANACEABIO: Jun 2021 ₹851 Cr | Sep 2021 ₹827 Cr | Dec 2021 ₹827 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹24 Cr
- SHUKRAPHAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹3 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹3 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 — | Sep 2025 ₹4 Cr | Dec 2025 — | Mar 2026 —
- TTKHLTCARE: Jun 2021 ₹19 Cr | Sep 2021 ₹6 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹24 Cr
- SYNCOMF: Jun 2021 ₹62 Cr | Sep 2021 ₹64 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹58 Cr | Sep 2022 ₹96 Cr | Dec 2022 ₹96 Cr | Mar 2023 ₹83 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹8 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹14 Cr | Jun 2024 — | Sep 2024 ₹21 Cr | Dec 2024 — | Mar 2025 ₹23 Cr | Jun 2025 — | Sep 2025 ₹16 Cr | Dec 2025 — | Mar 2026 ₹27 Cr
- MADHUVEER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹7 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹7 Cr | Jun 2025 — | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 —

### 20-quarter Net debt history
- SPARC: Jun 2021 ₹181 Cr | Sep 2021 ₹72 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹66 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹189 Cr | Dec 2022 ₹189 Cr | Mar 2023 ₹-386 Cr | Jun 2023 ₹-386 Cr | Sep 2023 ₹-352 Cr | Dec 2023 ₹-352 Cr | Mar 2024 ₹-96 Cr | Jun 2024 ₹-96 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹267 Cr | Jun 2025 ₹267 Cr | Sep 2025 ₹416 Cr | Dec 2025 ₹416 Cr | Mar 2026 ₹558 Cr
- PANACEABIO: Jun 2021 ₹715 Cr | Sep 2021 ₹686 Cr | Dec 2021 ₹686 Cr | Mar 2022 ₹-518 Cr | Jun 2022 ₹-554 Cr | Sep 2022 ₹-268 Cr | Dec 2022 ₹-268 Cr | Mar 2023 ₹-193 Cr | Jun 2023 ₹-219 Cr | Sep 2023 ₹-163 Cr | Dec 2023 ₹-163 Cr | Mar 2024 ₹-130 Cr | Jun 2024 ₹-159 Cr | Sep 2024 ₹-155 Cr | Dec 2024 ₹-155 Cr | Mar 2025 ₹-107 Cr | Jun 2025 ₹-88 Cr | Sep 2025 ₹-105 Cr | Dec 2025 ₹-105 Cr | Mar 2026 ₹-111 Cr
- TTKHLTCARE: Jun 2021 ₹-208 Cr | Sep 2021 ₹-242 Cr | Dec 2021 ₹-242 Cr | Mar 2022 ₹-251 Cr | Jun 2022 ₹-251 Cr | Sep 2022 ₹-928 Cr | Dec 2022 ₹-928 Cr | Mar 2023 ₹-820 Cr | Jun 2023 ₹-820 Cr | Sep 2023 ₹-820 Cr | Dec 2023 ₹-820 Cr | Mar 2024 ₹-822 Cr | Jun 2024 ₹-822 Cr | Sep 2024 ₹-762 Cr | Dec 2024 ₹-762 Cr | Mar 2025 ₹-831 Cr | Jun 2025 ₹-831 Cr | Sep 2025 ₹-574 Cr | Dec 2025 ₹-574 Cr | Mar 2026 ₹-912 Cr
- SYNCOMF: Jun 2021 ₹-12 Cr | Sep 2021 ₹-32 Cr | Dec 2021 ₹-32 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹-60 Cr | Jun 2024 ₹-60 Cr | Sep 2024 ₹-78 Cr | Dec 2024 ₹-78 Cr | Mar 2025 ₹-85 Cr | Jun 2025 ₹-85 Cr | Sep 2025 ₹-144 Cr | Dec 2025 ₹-144 Cr | Mar 2026 ₹-112 Cr
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-11 Cr | Jun 2024 — | Sep 2024 ₹-25 Cr | Dec 2024 — | Mar 2025 ₹-4 Cr | Jun 2025 — | Sep 2025 ₹-16 Cr | Dec 2025 — | Mar 2026 ₹-28 Cr

## Return On Capital Employed

What the numbers say: Sun Pharma Advanced Research Company Ltd leads ROCE at 164%, 136.8 percentage points above Jenburkt Pharmaceuticals Ltd. JOJO Ltd has the strongest latest improvement at +18.1 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: Sun Pharma Advanced Research Company 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: Sun Pharma Advanced Research Company Ltd · 164% | 502.9% versus #2 · Jenburkt Pharmaceuticals Ltd | 2/8 recent comparable periods | 10/10 companies · 64 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. Sun Pharma Advanced Research Company Ltd (SPARC): 164%
2. Jenburkt Pharmaceuticals Ltd (524731): 27%
3. Syncom Formulations (India) Ltd (SYNCOMF): 27%
4. Shukra Pharmaceuticals Ltd (SHUKRAPHAR): 22%
5. JOJO Ltd (531910): 17%

### ROCE change — fastest improvers
1. JOJO Ltd (531910): +18.1 pp
2. Syncom Formulations (India) Ltd (SYNCOMF): +2.5 pp
3. Panacea Biotec Ltd (PANACEABIO): +1.2 pp
4. Jenburkt Pharmaceuticals Ltd (524731): 0.0 pp
5. TTK Healthcare Ltd (TTKHLTCARE): −0.3 pp

### 20-quarter ROCE history
- SPARC: Jun 2021 — | Sep 2021 -251% | Dec 2021 — | Mar 2022 -181% | Jun 2022 — | Sep 2022 625% | Dec 2022 — | Mar 2023 -34% | Jun 2023 — | Sep 2023 -61% | Dec 2023 -129% | Mar 2024 -165% | Jun 2024 -86% | Sep 2024 -991% | Dec 2024 -154% | Mar 2025 862% | Jun 2025 -195% | Sep 2025 150% | Dec 2025 -574% | Mar 2026 112%
- PANACEABIO: Jun 2021 — | Sep 2021 -1.5% | Dec 2021 — | Mar 2022 -4.9% | Jun 2022 — | Sep 2022 -12% | Dec 2022 — | Mar 2023 -11% | Jun 2023 — | Sep 2023 -4.8% | Dec 2023 2.7% | Mar 2024 -4.5% | Jun 2024 -2.7% | Sep 2024 -4.2% | Dec 2024 -0.7% | Mar 2025 -5.3% | Jun 2025 2.1% | Sep 2025 -7.1% | Dec 2025 0.0% | Mar 2026 -4.1%
- TTKHLTCARE: Jun 2021 — | Sep 2021 8.2% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.6% | Dec 2022 — | Mar 2023 1.9% | Jun 2023 — | Sep 2023 3.1% | Dec 2023 9.1% | Mar 2024 2.4% | Jun 2024 11% | Sep 2024 2.1% | Dec 2024 11% | Mar 2025 1.9% | Jun 2025 8.7% | Sep 2025 1.2% | Dec 2025 7.4% | Mar 2026 1.6%
- SYNCOMF: Jun 2021 — | Sep 2021 14% | Dec 2021 — | Mar 2022 7.0% | Jun 2022 — | Sep 2022 4.3% | Dec 2022 — | Mar 2023 5.7% | Jun 2023 — | Sep 2023 7.2% | Dec 2023 14% | Mar 2024 8.3% | Jun 2024 14% | Sep 2024 11% | Dec 2024 18% | Mar 2025 14% | Jun 2025 23% | Sep 2025 16% | Dec 2025 25% | Mar 2026 17%
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 15% | Jun 2024 — | Sep 2024 31% | Dec 2024 — | Mar 2025 14% | Jun 2025 — | Sep 2025 13% | Dec 2025 — | Mar 2026 13%

### 20-quarter ROCE change history
- SPARC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +875.8 pp | Dec 2022 — | Mar 2023 +146.5 pp | Jun 2023 — | Sep 2023 −686.1 pp | Dec 2023 — | Mar 2024 −130.3 pp | Jun 2024 — | Sep 2024 −929.7 pp | Dec 2024 −24.6 pp | Mar 2025 +1,027.0 pp | Jun 2025 −109.0 pp | Sep 2025 +1,140.7 pp | Dec 2025 −420.2 pp | Mar 2026 −750.2 pp
- PANACEABIO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.9 pp | Dec 2022 — | Mar 2023 −6.0 pp | Jun 2023 — | Sep 2023 +7.6 pp | Dec 2023 — | Mar 2024 +6.4 pp | Jun 2024 — | Sep 2024 +0.6 pp | Dec 2024 −3.4 pp | Mar 2025 −0.8 pp | Jun 2025 +4.8 pp | Sep 2025 −2.9 pp | Dec 2025 +0.7 pp | Mar 2026 +1.2 pp
- TTKHLTCARE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.6 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +1.5 pp | Dec 2023 — | Mar 2024 +0.5 pp | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 +2.3 pp | Mar 2025 −0.5 pp | Jun 2025 −2.3 pp | Sep 2025 −0.9 pp | Dec 2025 −4.0 pp | Mar 2026 −0.3 pp
- SYNCOMF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.8 pp | Dec 2022 — | Mar 2023 −1.3 pp | Jun 2023 — | Sep 2023 +2.9 pp | Dec 2023 — | Mar 2024 +2.6 pp | Jun 2024 — | Sep 2024 +3.3 pp | Dec 2024 +3.7 pp | Mar 2025 +5.7 pp | Jun 2025 +8.8 pp | Sep 2025 +5.1 pp | Dec 2025 +7.6 pp | Mar 2026 +2.5 pp
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −0.4 pp | Jun 2025 — | Sep 2025 −17.6 pp | Dec 2025 — | Mar 2026 −1.5 pp

## Valuation Against Growth & Quality

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

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: No comparable leader | Not enough peers | Not enough history | 0/10 companies · 0 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

### P/E — lowest P/E
1. Sun Pharma Advanced Research Company Ltd (SPARC): 4.5
2. Jenburkt Pharmaceuticals Ltd (524731): 13.2
3. Syncom Formulations (India) Ltd (SYNCOMF): 16.1
4. TTK Healthcare Ltd (TTKHLTCARE): 21.6
5. Remus Pharmaceuticals Ltd (REMUS): 22.9

### 20-quarter Guarded PEG history

### 20-quarter P/E history
- 524731: Jun 2021 13.6 | Sep 2021 11.1 | Dec 2021 10.9 | Mar 2022 10.8 | Jun 2022 10.0 | Sep 2022 10.6 | Dec 2022 13.3 | Mar 2023 14.1 | Jun 2023 13.3 | Sep 2023 13.1 | Dec 2023 12.4 | Mar 2024 12.4 | Jun 2024 14.8 | Sep 2024 17.1 | Dec 2024 17.3 | Mar 2025 14.2 | Jun 2025 18.3 | Sep 2025 14.7 | Dec 2025 14.4 | Mar 2026 13.8
- 531910: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3,400.0 | Sep 2023 3,069.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 87.9 | Dec 2024 190.6 | Mar 2025 118.3 | Jun 2025 110.4 | Sep 2025 — | Dec 2025 669.7 | Mar 2026 572.8
- SPARC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -27.1 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.4
- UNICHEMLAB: Jun 2021 66.0 | Sep 2021 87.8 | Dec 2021 82.7 | Mar 2022 — | Jun 2022 51.2 | Sep 2022 129.1 | Dec 2022 149.3 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 191.4 | Mar 2025 63.4 | Jun 2025 30.3 | Sep 2025 27.0 | Dec 2025 21.5 | Mar 2026 19.0
- PANACEABIO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 0.8 | Jun 2022 — | Sep 2022 0.7 | Dec 2022 0.7 | Mar 2023 — | Jun 2023 23.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -123.9 | Dec 2024 -314.9 | Mar 2025 — | Jun 2025 227.6 | Sep 2025 — | Dec 2025 -296.3 | Mar 2026 -337.7
- SHUKRAPHAR: Jun 2021 — | Sep 2021 38.0 | Dec 2021 44.0 | Mar 2022 36.0 | Jun 2022 26.0 | Sep 2022 52.0 | Dec 2022 23.0 | Mar 2023 58.5 | Jun 2023 46.6 | Sep 2023 38.9 | Dec 2023 14.8 | Mar 2024 19.0 | Jun 2024 25.9 | Sep 2024 15.7 | Dec 2024 37.5 | Mar 2025 115.0 | Jun 2025 62.1 | Sep 2025 149.9 | Dec 2025 217.6 | Mar 2026 —
- TTKHLTCARE: Jun 2021 23.1 | Sep 2021 20.9 | Dec 2021 41.0 | Mar 2022 49.1 | Jun 2022 62.8 | Sep 2022 79.8 | Dec 2022 62.9 | Mar 2023 51.5 | Jun 2023 2.8 | Sep 2023 29.3 | Dec 2023 31.2 | Mar 2024 32.1 | Jun 2024 33.1 | Sep 2024 37.2 | Dec 2024 31.0 | Mar 2025 24.5 | Jun 2025 25.6 | Sep 2025 24.2 | Dec 2025 20.8 | Mar 2026 15.6
- SYNCOMF: Jun 2021 56.7 | Sep 2021 49.8 | Dec 2021 94.0 | Mar 2022 82.4 | Jun 2022 57.1 | Sep 2022 58.4 | Dec 2022 63.4 | Mar 2023 32.8 | Jun 2023 36.1 | Sep 2023 38.1 | Dec 2023 60.2 | Mar 2024 39.9 | Jun 2024 46.1 | Sep 2024 73.3 | Dec 2024 56.7 | Mar 2025 39.2 | Jun 2025 36.3 | Sep 2025 27.4 | Dec 2025 21.5 | Mar 2026 15.0
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 132.8 | Dec 2023 — | Mar 2024 49.5 | Jun 2024 — | Sep 2024 76.0 | Dec 2024 — | Mar 2025 47.1 | Jun 2025 — | Sep 2025 31.0 | Dec 2025 — | Mar 2026 21.6
- MADHUVEER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3,400.0 | Sep 2023 3,069.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 87.9 | Dec 2024 190.6 | Mar 2025 118.3 | Jun 2025 110.4 | Sep 2025 — | Dec 2025 669.7 | Mar 2026 —

## Enterprise Value & Book Value

What the numbers say: Sun Pharma Advanced Research Company Ltd leads ev/ebitda at 4.65×; TTK Healthcare Ltd leads p/bv at 1.33×.

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: Sun Pharma Advanced Research Company Ltd · 4.65× | 8.8% versus #2 · TTK Healthcare Ltd | 3/8 recent comparable periods | 9/10 companies · 148 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. Sun Pharma Advanced Research Company Ltd (SPARC): 4.7
2. TTK Healthcare Ltd (TTKHLTCARE): 5.1
3. Unichem Laboratories Ltd (UNICHEMLAB): 8.7
4. Jenburkt Pharmaceuticals Ltd (524731): 9.1
5. Syncom Formulations (India) Ltd (SYNCOMF): 10.6

### P/BV — lowest P/BV
1. TTK Healthcare Ltd (TTKHLTCARE): 1.3
2. Unichem Laboratories Ltd (UNICHEMLAB): 1.4
3. Remus Pharmaceuticals Ltd (REMUS): 2.4
4. Jenburkt Pharmaceuticals Ltd (524731): 2.5
5. Syncom Formulations (India) Ltd (SYNCOMF): 3.0

### 20-quarter EV/EBITDA history
- 524731: Jun 2021 7.0 | Sep 2021 5.9 | Dec 2021 6.2 | Mar 2022 6.2 | Jun 2022 5.3 | Sep 2022 6.0 | Dec 2022 7.8 | Mar 2023 7.7 | Jun 2023 7.8 | Sep 2023 7.3 | Dec 2023 6.9 | Mar 2024 7.0 | Jun 2024 8.8 | Sep 2024 9.8 | Dec 2024 10.3 | Mar 2025 8.1 | Jun 2025 12.0 | Sep 2025 9.6 | Dec 2025 9.4 | Mar 2026 9.1
- 531910: Jun 2021 — | Sep 2021 102.5 | Dec 2021 — | Mar 2022 16.8 | Jun 2022 85.2 | Sep 2022 53.4 | Dec 2022 43.8 | Mar 2023 315.2 | Jun 2023 1,605.0 | Sep 2023 1,727.5 | Dec 2023 — | Mar 2024 — | Jun 2024 73.0 | Sep 2024 97.9 | Dec 2024 200.6 | Mar 2025 98.6 | Jun 2025 680.1 | Sep 2025 481.1 | Dec 2025 1,387.0 | Mar 2026 120.4
- UNICHEMLAB: Jun 2021 15.9 | Sep 2021 14.5 | Dec 2021 20.0 | Mar 2022 29.8 | Jun 2022 14.5 | Sep 2022 24.2 | Dec 2022 23.4 | Mar 2023 42.0 | Jun 2023 52.8 | Sep 2023 — | Dec 2023 66.8 | Mar 2024 32.1 | Jun 2024 31.0 | Sep 2024 35.1 | Dec 2024 28.4 | Mar 2025 21.0 | Jun 2025 14.2 | Sep 2025 13.0 | Dec 2025 11.2 | Mar 2026 8.7
- PANACEABIO: Jun 2021 34.9 | Sep 2021 38.0 | Dec 2021 58.5 | Mar 2022 61.1 | Jun 2022 52.7 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 47.8 | Dec 2023 89.0 | Mar 2024 59.6 | Jun 2024 107.4 | Sep 2024 107.8 | Dec 2024 212.4 | Mar 2025 145.2 | Jun 2025 175.5 | Sep 2025 254.1 | Dec 2025 — | Mar 2026 —
- SHUKRAPHAR: Jun 2021 13.6 | Sep 2021 14.6 | Dec 2021 15.9 | Mar 2022 14.1 | Jun 2022 10.6 | Sep 2022 13.1 | Dec 2022 8.6 | Mar 2023 15.0 | Jun 2023 31.7 | Sep 2023 25.8 | Dec 2023 11.2 | Mar 2024 16.7 | Jun 2024 22.0 | Sep 2024 12.7 | Dec 2024 27.5 | Mar 2025 67.5 | Jun 2025 35.0 | Sep 2025 76.3 | Dec 2025 — | Mar 2026 —
- TTKHLTCARE: Jun 2021 18.2 | Sep 2021 14.2 | Dec 2021 16.5 | Mar 2022 19.7 | Jun 2022 21.9 | Sep 2022 14.3 | Dec 2022 13.6 | Mar 2023 20.6 | Jun 2023 12.1 | Sep 2023 9.0 | Dec 2023 11.6 | Mar 2024 12.3 | Jun 2024 12.6 | Sep 2024 16.2 | Dec 2024 12.4 | Mar 2025 8.8 | Jun 2025 9.9 | Sep 2025 8.4 | Dec 2025 8.8 | Mar 2026 5.1
- SYNCOMF: Jun 2021 32.7 | Sep 2021 30.2 | Dec 2021 56.8 | Mar 2022 51.7 | Jun 2022 39.2 | Sep 2022 44.4 | Dec 2022 47.8 | Mar 2023 19.2 | Jun 2023 21.0 | Sep 2023 23.9 | Dec 2023 38.0 | Mar 2024 26.1 | Jun 2024 28.8 | Sep 2024 44.4 | Dec 2024 35.6 | Mar 2025 26.1 | Jun 2025 25.4 | Sep 2025 19.3 | Dec 2025 15.2 | Mar 2026 10.6
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 83.1 | Dec 2023 — | Mar 2024 35.6 | Jun 2024 — | Sep 2024 49.9 | Dec 2024 — | Mar 2025 29.1 | Jun 2025 — | Sep 2025 18.1 | Dec 2025 — | Mar 2026 12.8
- MADHUVEER: Jun 2021 — | Sep 2021 102.5 | Dec 2021 — | Mar 2022 16.8 | Jun 2022 85.2 | Sep 2022 53.4 | Dec 2022 43.8 | Mar 2023 315.2 | Jun 2023 1,605.0 | Sep 2023 1,727.5 | Dec 2023 — | Mar 2024 — | Jun 2024 73.0 | Sep 2024 97.9 | Dec 2024 200.6 | Mar 2025 98.6 | Jun 2025 680.1 | Sep 2025 481.1 | Dec 2025 1,387.0 | Mar 2026 —

### 20-quarter P/BV history
- 524731: Jun 2021 2.8 | Sep 2021 2.3 | Dec 2021 2.3 | Mar 2022 2.3 | Jun 2022 2.2 | Sep 2022 2.0 | Dec 2022 2.4 | Mar 2023 2.6 | Jun 2023 2.8 | Sep 2023 2.5 | Dec 2023 2.3 | Mar 2024 2.3 | Jun 2024 3.1 | Sep 2024 3.3 | Dec 2024 3.3 | Mar 2025 2.8 | Jun 2025 3.4 | Sep 2025 2.8 | Dec 2025 2.6 | Mar 2026 2.4
- 531910: Jun 2021 0.4 | Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.6 | Jun 2022 2.7 | Sep 2022 1.7 | Dec 2022 1.5 | Mar 2023 1.4 | Jun 2023 4.8 | Sep 2023 5.1 | Dec 2023 16.5 | Mar 2024 11.9 | Jun 2024 16.4 | Sep 2024 19.8 | Dec 2024 28.3 | Mar 2025 21.8 | Jun 2025 4.1 | Sep 2025 10.9 | Dec 2025 13.5 | Mar 2026 11.6
- SPARC: Jun 2021 -35.8 | Sep 2021 1,651.3 | Dec 2021 1,601.2 | Mar 2022 258.6 | Jun 2022 182.0 | Sep 2022 -50.4 | Dec 2022 -48.4 | Mar 2023 11.4 | Jun 2023 13.2 | Sep 2023 14.8 | Dec 2023 28.1 | Mar 2024 36.0 | Jun 2024 62.1 | Sep 2024 54.9 | Dec 2024 52.1 | Mar 2025 38.2 | Jun 2025 41.7 | Sep 2025 -19.7 | Dec 2025 -12.6 | Mar 2026 -11.4
- UNICHEMLAB: Jun 2021 0.9 | Sep 2021 0.7 | Dec 2021 0.7 | Mar 2022 0.7 | Jun 2022 0.7 | Sep 2022 1.1 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 1.0 | Sep 2023 1.2 | Dec 2023 1.2 | Mar 2024 1.4 | Jun 2024 1.5 | Sep 2024 1.9 | Dec 2024 2.1 | Mar 2025 2.0 | Jun 2025 1.7 | Sep 2025 1.4 | Dec 2025 1.3 | Mar 2026 0.8
- PANACEABIO: Jun 2021 11.7 | Sep 2021 -7.7 | Dec 2021 -3.6 | Mar 2022 -3.2 | Jun 2022 -3.5 | Sep 2022 1.0 | Dec 2022 1.1 | Mar 2023 0.8 | Jun 2023 0.9 | Sep 2023 1.2 | Dec 2023 1.2 | Mar 2024 0.9 | Jun 2024 1.0 | Sep 2024 2.1 | Dec 2024 3.1 | Mar 2025 3.2 | Jun 2025 3.0 | Sep 2025 3.0 | Dec 2025 3.0 | Mar 2026 2.4
- SHUKRAPHAR: Jun 2021 0.9 | Sep 2021 1.1 | Dec 2021 1.2 | Mar 2022 0.9 | Jun 2022 1.5 | Sep 2022 2.7 | Dec 2022 1.8 | Mar 2023 2.7 | Jun 2023 10.8 | Sep 2023 6.7 | Dec 2023 3.0 | Mar 2024 8.0 | Jun 2024 15.1 | Sep 2024 5.1 | Dec 2024 10.0 | Mar 2025 17.6 | Jun 2025 6.6 | Sep 2025 23.9 | Dec 2025 34.1 | Mar 2026 —
- TTKHLTCARE: Jun 2021 3.5 | Sep 2021 3.2 | Dec 2021 3.2 | Mar 2022 3.6 | Jun 2022 3.5 | Sep 2022 1.4 | Dec 2022 1.5 | Mar 2023 4.5 | Jun 2023 1.9 | Sep 2023 1.7 | Dec 2023 2.1 | Mar 2024 2.1 | Jun 2024 2.2 | Sep 2024 2.4 | Dec 2024 1.9 | Mar 2025 1.6 | Jun 2025 1.8 | Sep 2025 1.5 | Dec 2025 1.4 | Mar 2026 1.0
- SYNCOMF: Jun 2021 5.3 | Sep 2021 4.7 | Dec 2021 8.8 | Mar 2022 7.7 | Jun 2022 5.0 | Sep 2022 5.3 | Dec 2022 3.5 | Mar 2023 3.5 | Jun 2023 4.4 | Sep 2023 3.1 | Dec 2023 5.2 | Mar 2024 3.9 | Jun 2024 4.6 | Sep 2024 7.2 | Dec 2024 6.0 | Mar 2025 4.9 | Jun 2025 6.3 | Sep 2025 4.6 | Dec 2025 3.6 | Mar 2026 2.7
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 14.0 | Jun 2024 — | Sep 2024 9.9 | Dec 2024 — | Mar 2025 13.2 | Jun 2025 — | Sep 2025 3.5 | Dec 2025 — | Mar 2026 2.4
- MADHUVEER: Jun 2021 0.4 | Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.6 | Jun 2022 2.7 | Sep 2022 1.7 | Dec 2022 1.5 | Mar 2023 1.4 | Jun 2023 4.8 | Sep 2023 5.1 | Dec 2023 16.5 | Mar 2024 11.9 | Jun 2024 16.4 | Sep 2024 19.8 | Dec 2024 28.3 | Mar 2025 21.8 | Jun 2025 4.1 | Sep 2025 10.9 | Dec 2025 13.5 | Mar 2026 —

## Market action

Shukra Pharmaceuticals Ltd has the strongest one-year price move in Pharma - Others at +92.1%. Sun Pharma Advanced Research Company Ltd leads on Mansfield relative strength against NIFTY at +41%. 8 of 10 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Shukra Pharmaceuticals Ltd (SHUKRAPHAR): 92%
2. Sun Pharma Advanced Research Company Ltd (SPARC): 34%
3. JOJO Ltd (531910): 21%
4. Madhuveer Com 18 Network Ltd (MADHUVEER): 9.1%
5. Panacea Biotec Ltd (PANACEABIO): 2.8%

### Strongest relative strength versus NIFTY 500
1. Sun Pharma Advanced Research Company Ltd (SPARC): 41%
2. Shukra Pharmaceuticals Ltd (SHUKRAPHAR): 40%
3. Unichem Laboratories Ltd (UNICHEMLAB): 25%
4. JOJO Ltd (531910): 16%
5. Panacea Biotec Ltd (PANACEABIO): 9.5%

## 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.
- 3 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.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Sun Pharma Advanced Research Company Ltd (SPARC) — market value ₹7.0K Cr; latest fundamentals Mar 2026
- Unichem Laboratories Ltd (UNICHEMLAB) — market value ₹3.8K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Panacea Biotec Ltd (PANACEABIO) — market value ₹2.7K Cr; latest fundamentals Mar 2026
- Shukra Pharmaceuticals Ltd (SHUKRAPHAR) — market value ₹1.8K Cr; latest fundamentals Dec 2025
- TTK Healthcare Ltd (TTKHLTCARE) — market value ₹1.5K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Syncom Formulations (India) Ltd (SYNCOMF) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- JOJO Ltd (531910) — market value ₹874 Cr; latest fundamentals Mar 2026
- Remus Pharmaceuticals Ltd (REMUS) — market value ₹848 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Madhuveer Com 18 Network Ltd (MADHUVEER) — market value ₹581 Cr; latest fundamentals Dec 2025
- Jenburkt Pharmaceuticals Ltd (524731) — market value ₹498 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 2. Unverified: 7. Withheld: 1. Graded companies: 10.

3 of 10 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.

1 of 10 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Unichem Laboratories Ltd (UNICHEMLAB) — its two data sources disagree by up to 338% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | UNICHEMLAB | Unichem Laboratories Ltd | diff_gt_2pct | disagreement up to 337.79% over 14 comparable periods

- UNVERIFIED | TTKHLTCARE | TTK Healthcare Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SYNCOMF | Syncom Formulations (India) Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | REMUS | Remus Pharmaceuticals Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 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 - Others index?

The Nifty Pharma - Others index tracks India's listed Pharma - Others companies as a single basket. This page follows the same 10 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Pharma - Others sector rather than to its largest constituent. Figures are as of Mar 2026.

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

Ranked by this page's four-factor score, JOJO Ltd places first among 10 listed Pharma - Others companies, followed by Shukra Pharmaceuticals Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Pharma - Others stocks are listed in India?

This comparison covers 10 listed Pharma - Others 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 Mar 2026.

### Which Pharma - Others company is the biggest?

Unichem Laboratories Ltd is the largest, with trailing-twelve-month revenue of ₹2,202 crore, ahead of Sun Pharma Advanced Research Company Ltd at ₹1,879 crore. That covers 10 of 10 companies with comparable reporting through Mar 2026.

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

JOJO Ltd has the fastest revenue growth at 100% year on year, across 10 of 10 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 - Others company has the best profit margins?

Sun Pharma Advanced Research Company Ltd has the highest operating margin at 96%, from 10 of 10 comparable companies. Sun Pharma Advanced Research Company Ltd shows the biggest recent improvement, at +292 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

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

Sun Pharma Advanced Research Company Ltd earns the most, at ₹1,553 crore of trailing-twelve-month net profit, from 10 of 10 comparable companies. JOJO 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 - Others company earns the highest return on capital?

Sun Pharma Advanced Research Company Ltd leads on return on capital employed at 164%, across 10 of 10 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 - Others company has the strongest balance sheet?

Syncom Formulations (India) Ltd carries the lowest comparable gross debt at ₹1 crore, from 10 of 10 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 - Others sector beating the market?

Pharma - Others has outperformed NIFTY 500 by 20.4% over the last 52 weeks and 21.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 8 of 10 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

Sun Pharma Advanced Research Company 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 - Others company scores highest for research priority?

JOJO Ltd scores 66.6 out of 100 with 70.2% evidence confidence, from 30 points on growth and earnings, 14 on capital efficiency, 8.9 on valuation and 13.7 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 - Others companies does this comparison cover, and over what period?

It compares 10 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 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 - Others sector?

The 10 Pharma - Others companies on this page carry ₹20,827 crore of combined market value. Sun Pharma Advanced Research Company Ltd is the largest at ₹7,017 crore, about 34% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-30.

### What is the Pharma - Others sector's P/E ratio?

The median price-to-earnings ratio across the 10 Pharma - Others companies on this page is 22.9×, measured on the 9 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 2026-07-30.

### How is the Pharma - Others sector performing?

8 of the 10 covered Pharma - Others companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 20.4% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-30.

### 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-others