Alkem Laboratories Ltd · ALKEM
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20-quarter listed-company comparison
Pharma - Formulators Stocks in India
Pharma - Formulators: Sun Pharmaceutical Industries Ltd owns the largest revenue base; Fredun Pharmaceuticals Ltd has the fastest current growth.
The 19 Pharma - Formulators companies listed in India are Sun Pharmaceutical Industries Ltd (₹4.4 L Cr, the largest), Cipla Ltd, Mankind Pharma Ltd and 16 more. 9 of 18 covered companies beat NIFTY 500 on relative strength. Readings are as of 28 Sep 2026.
Top 10 Pharma - Formulators Stocks in India (Sep 2026) — ranked by 4-Factor score
- 1Kwality Pharmaceuticals Ltd₹3.7K Cr76.4/100Favorable setup · strongest on PEG and ROCE
- 2Lupin Ltd₹95.7K Cr68.6/100Favorable setup · strongest on ROCE and PEG
- 3Fredun Pharmaceuticals Ltd₹2.2K Cr66.2/100Favorable setup · strongest on profit growth and ROCE
- 4Influx Healthtech Ltd₹652 Cr62.6/100Thin evidence · provisional · strongest on ROCE and ROCE improvement
- 5Mankind Pharma Ltd₹1.0 L Cr56.8/100Mixed-positive evidence · strongest on margin improvement and 13-week relative-strength change
- 6Lincoln Pharmaceuticals Ltd₹1.2K Cr52.9/100Mixed-positive evidence · strongest on financial resilience and sector-relative P/E
- 7ERIS Lifesciences Ltd₹17.5K Cr52.1/100Mixed-positive evidence · strongest on profit growth and operating margin
- 8Alkem Laboratories Ltd₹63.1K Cr52.0/100Mixed-positive evidence · strongest on ROCE and revenue growth
- 9Sun Pharmaceutical Industries Ltd₹4.4 L Cr50.5/100Mixed-positive evidence · strongest on ROCE and operating margin
- 10Amrutanjan Health Care Ltd₹1.5K Cr49.7/100Mixed-negative evidence · strongest on ROCE and own-history P/E
Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 25 Sep 2026. Not investment advice.
01 · the index people search for
Nifty Pharma - Formulators Index — Constituents & Performance
The largest 15 of 19 listed Indian Pharma - Formulators companies are named here; all 19 are ranked in the scorecard — the constituent set people search for as the Nifty Pharma - Formulators index. Every figure is equal-weighted across those companies and carries its own as-of date. One large constituent cannot set the reading.
- Sun Pharmaceutical Industries Ltd₹4.4 L Cr
- Cipla Ltd₹1.1 L Cr
- Mankind Pharma Ltd₹1.0 L Cr
- Dr Reddys Laboratories Ltd₹1.0 L Cr
- Lupin Ltd₹95.7K Cr
- Alkem Laboratories Ltd₹63.1K Cr
- Biocon Ltd₹62.3K Cr
- ERIS Lifesciences Ltd₹17.5K Cr
- Natco Pharma Ltd₹15.0K Cr
- FDC Ltd₹5.6K Cr
- Kwality Pharmaceuticals Ltd₹3.7K Cr
- Fredun Pharmaceuticals Ltd₹2.2K Cr
- Sai Parenterals Ltd₹2.2K Cr
- Amrutanjan Health Care Ltd₹1.5K Cr
- Lincoln Pharmaceuticals Ltd₹1.2K Cr
The remaining 4 Pharma - Formulators companies are named and ranked in the scorecard.
02 · the sector itself · before any single company
How has Pharma - Formulators moved against NIFTY 500?
The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 66% ahead of NIFTY 500. Earnings across its companies grew 10% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 34 weeks running.
LEADER · ahead 34w✓Price and the fundamentals both up29 of 43 companies ahead of NIFTY 500 by 5% or more over three months
RS ↑34w · 33/42 >200d (−1) · 29/43 lead (+3) · EPS 29/42↑
Pharma - Formulators, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Pharma - Formulators, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Pharma - Formulators, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 43 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.
03 · sector relative strength, before individual stocks
Is Pharma - Formulators outperforming NIFTY 500?
Pharma - Formulators has outperformed NIFTY 500 by 13% over the last 52 weeks. Over 13 weeks the gap is a lead of 3%. 9 of 18 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Kwality Pharmaceuticals Ltd is the strongest against the sector itself at +38.7%.
+3.0%Sector vs NIFTY 500 · 13 weeks
+13.0%Sector vs NIFTY 500 · 52 weeks
9/18Stocks leading NIFTY 500
5/18Stocks leading sector
Sector metric: — as of latest available · unclassified · direction unavailable.
The central tension: the companies with the most scale are not necessarily the companies creating the most change.
Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.
Bottom line
Pharma - Formulators has outperformed NIFTY 500 by 13% over 52 weeks and 3% over 13 weeks. 9 of 18 covered companies beat NIFTY on Mansfield relative strength, while 5 of 18 beat the sector itself. Sun Pharmaceutical Industries Ltd leads with revenue of ₹59,911 crore, based on 18 of 19 comparable companies through Jun 2026.
Companies
19
complete canonical membership
Combined market value
₹10.3 L Cr
Sun Pharmaceutical Industries Ltd
Revenue growing
13/17
positive TTM year-on-year growth
Beating NIFTY 500
9/18
positive Mansfield relative strength
Comparing 5 of 19
04 · research priority, made explicit
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.
Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Kwality Pharmaceuticals Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 94% evidence confidence.
Amrutanjan Health Care Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.
Syncom Healthcare Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.
How this score is built, and what the marks mean
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Kwality Pharmaceuticals LtdKPL | 76.4/100Favorable setup94% evidence | 32.4/35 Revenue 37.9% · PAT 88.4% · OPM change 3 pp 100% evidence | 16.5/25 ROCE 24.1% · OPM 25% 100% evidence | 10.5/20 P/E 45× · PEG 0.54 100% evidence | 17.0/20 RS sector 38.7% · RS bench 118.2% · 1Y 268.4%6 of 6 weeks ahead to 2026-08-23 70% evidence | |
| Exact sum: 32.4 + 16.5 + 10.5 + 17 = 76.4 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Lupin LtdLUPIN | 68.6/100Favorable setup93% evidence | ASLEEP | 30.4/35 Revenue 28.2% · PAT 49.2% · OPM change 2 pp 100% evidence | 19.2/25 ROCE 29.9% · OPM 30% 100% evidence | 15.9/20 P/E 16.1× · PEG 0.54 65% evidence | 3.1/20 RS sector -10.3% · RS bench -3.2% · 1Y 1.8%0 of 12 weeks ahead 100% evidence |
| Exact sum: 30.4 + 19.2 + 15.9 + 3.1 = 68.6 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -10.3% and the one-year return is 1.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 3Fredun Pharmaceuticals LtdFREDUN | 66.2/100Favorable setup74% evidence | 27.5/35 Revenue 91.5% · PAT 100% · OPM change 0 pp 95% evidence | 13.7/25 ROCE 21.3% · OPM 14% 95% evidence | 8.9/20 P/E 51.2× · PEG — 15% evidence | 16.1/20 RS sector 22.2% · RS bench 82.2% · 1Y 10.8%4 of 12 weeks ahead 70% evidence | |
| Exact sum: 27.5 + 13.7 + 8.9 + 16.1 = 66.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Influx Healthtech LtdINFLUX | 62.6/100Thin evidence · provisional56% evidence | FADING | 19.7/35 Revenue — · PAT — · OPM change -1 pp 26% evidence | 20.9/25 ROCE 40% · OPM 19% 95% evidence | 9.6/20 P/E 31.7× · PEG — 15% evidence | 12.4/20 RS sector 11.7% · RS bench 19.9% · 1Y 46.6%9 of 12 weeks ahead 100% evidence |
| Exact sum: 19.7 + 20.9 + 9.6 + 12.4 = 62.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 5Mankind Pharma LtdMANKIND | 56.8/100Mixed-positive evidence100% evidence | TURNING | 19.5/35 Revenue 14.2% · PAT 8% · OPM change 2 pp 100% evidence | 13.5/25 ROCE 13.5% · OPM 26% 100% evidence | 7.2/20 P/E 47.9× · PEG 2.81 100% evidence | 16.6/20 RS sector 2.4% · RS bench 10.5% · 1Y -7%4 of 12 weeks ahead 100% evidence |
| Exact sum: 19.5 + 13.5 + 7.2 + 16.6 = 56.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Lincoln Pharmaceuticals LtdLINCOLN | 52.9/100Mixed-positive evidence87% evidence | ASLEEP | 17.4/35 Revenue 10% · PAT 11.5% · OPM change 0 pp 95% evidence | 15.9/25 ROCE 16.3% · OPM 15% 95% evidence | 9.9/20 P/E 12.3× · PEG — 50% evidence | 9.7/20 RS sector -2.5% · RS bench 5% · 1Y 6.5%0 of 12 weeks ahead 100% evidence |
| Exact sum: 17.4 + 15.9 + 9.9 + 9.7 = 52.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7ERIS Lifesciences LtdERIS | 52.1/100Mixed-positive evidence76% evidence | ASLEEP | 21.5/35 Revenue 9.6% · PAT 62.2% · OPM change -2 pp 95% evidence | 14.7/25 ROCE 14.1% · OPM 34% 76% evidence | 11.3/20 P/E 26.6× · PEG — 50% evidence | 4.6/20 RS sector -13.1% · RS bench -10% · 1Y -23.2%0 of 11 weeks ahead 70% evidence |
| Exact sum: 21.5 + 14.7 + 11.3 + 4.6 = 52.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Alkem Laboratories LtdALKEM | 52.0/100Mixed-positive evidence82% evidence | TURNING | 16.4/35 Revenue 13.4% · PAT -5.5% · OPM change -2 pp 95% evidence | 18.1/25 ROCE 21.2% · OPM 20% 76% evidence | 10.2/20 P/E 27.7× · PEG — 50% evidence | 7.3/20 RS sector -9.2% · RS bench -1.9% · 1Y -4.8%1 of 12 weeks ahead 100% evidence |
| Exact sum: 16.4 + 18.1 + 10.2 + 7.3 = 52 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Sun Pharmaceutical Industries LtdSUNPHARMA | 50.5/100Mixed-positive evidence100% evidence | BREAKING OUT | 19.0/35 Revenue 11.4% · PAT 16.5% · OPM change -2 pp 100% evidence | 17.3/25 ROCE 20.5% · OPM 29% 100% evidence | 2.3/20 P/E 35.2× · PEG 3.8 100% evidence | 11.9/20 RS sector -1.6% · RS bench 6.1% · 1Y 11.8%5 of 12 weeks ahead 100% evidence |
| Exact sum: 19 + 17.3 + 2.3 + 11.9 = 50.5 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 10Amrutanjan Health Care LtdAMRUTANJAN | 49.7/100Mixed-negative evidence87% evidence | BASING | 14.3/35 Revenue 10.7% · PAT -1.1% · OPM change -2.9 pp 95% evidence | 15.6/25 ROCE 24.8% · OPM 6.1% 95% evidence | 14.1/20 P/E 23.5× · PEG — 50% evidence | 5.7/20 RS sector -19% · RS bench -12% · 1Y -33.8%0 of 12 weeks ahead 100% evidence |
| Exact sum: 14.3 + 15.6 + 14.1 + 5.7 = 49.7 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 11Bajaj Healthcare LtdBAJAJHCARE | 43.2/100Mixed-negative evidence87% evidence | BREAKING OUT | 11.8/35 Revenue 12.3% · PAT -59.1% · OPM change 1 pp 95% evidence | 10.7/25 ROCE 11.5% · OPM 17% 95% evidence | 11.2/20 P/E 20.6× · PEG — 50% evidence | 9.5/20 RS sector -9.9% · RS bench -2.1% · 1Y -18.8%6 of 12 weeks ahead 100% evidence |
| Exact sum: 11.8 + 10.7 + 11.2 + 9.5 = 43.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12FDC LtdFDC | 42.2/100Mixed-negative evidence94% evidence | BASING | 15.0/35 Revenue 3.5% · PAT 8.2% · OPM change -1 pp 100% evidence | 13.1/25 ROCE 15.4% · OPM 21% 100% evidence | 10.7/20 P/E 18× · PEG 2 100% evidence | 3.4/20 RS sector -24.5% · RS bench -9.7% · 1Y -30%3 of 11 weeks ahead 70% evidence |
| Exact sum: 15 + 13.1 + 10.7 + 3.4 = 42.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Natco Pharma LtdNATCOPHARM | 39.6/100Mixed-negative evidence100% evidence | ASLEEP | 3.7/35 Revenue -20.8% · PAT -32.5% · OPM change -18 pp 100% evidence | 14.2/25 ROCE 17.4% · OPM 25% 100% evidence | 18.1/20 P/E 13.1× · PEG 0.76 100% evidence | 3.6/20 RS sector -14% · RS bench -7.2% · 1Y -5.1%0 of 12 weeks ahead 100% evidence |
| Exact sum: 3.7 + 14.2 + 18.1 + 3.6 = 39.6 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 14Cipla LtdCIPLA | 39.1/100Mixed-negative evidence100% evidence | TURNING | 6.3/35 Revenue 1.8% · PAT -37.7% · OPM change -9 pp 100% evidence | 12.7/25 ROCE 15.5% · OPM 17% 100% evidence | 9.5/20 P/E 31.6× · PEG 1.25 100% evidence | 10.6/20 RS sector -6% · RS bench 1.6% · 1Y -11.2%5 of 12 weeks ahead 100% evidence |
| Exact sum: 6.3 + 12.7 + 9.5 + 10.6 = 39.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Biocon LtdBIOCON | 37.9/100Mixed-negative evidence100% evidence | ASLEEP | 14.7/35 Revenue 9.8% · PAT -36.4% · OPM change 1 pp 100% evidence | 7.8/25 ROCE 3.6% · OPM 20% 100% evidence | 9.2/20 P/E 85.6× · PEG 0.82 100% evidence | 6.2/20 RS sector -7.4% · RS bench -0.1% · 1Y 3.5%5 of 12 weeks ahead 100% evidence |
| Exact sum: 14.7 + 7.8 + 9.2 + 6.2 = 37.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Bharat Parenterals Ltd541096 | 34.2/100Thin evidence · provisional58% evidence | 12.8/35 Revenue -11.2% · PAT 16% · OPM change -2.8 pp 71% evidence | 4.0/25 ROCE -1.8% · OPM 9.1% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 7.4/20 RS sector -20.2% · RS bench 7.8% · 1Y 2.6%5 of 6 weeks ahead to 2026-08-16 70% evidence | |
| Exact sum: 12.8 + 4 + 10 + 7.4 = 34.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 17Dr Reddys Laboratories LtdDRREDDY | 32.8/100Adverse evidence100% evidence | ASLEEP | 4.7/35 Revenue -0.9% · PAT -44.6% · OPM change -14 pp 100% evidence | 11.4/25 ROCE 13% · OPM 11% 100% evidence | 11.0/20 P/E 31.1× · PEG 1.15 100% evidence | 5.7/20 RS sector -9% · RS bench -1.7% · 1Y -9.1%0 of 12 weeks ahead 100% evidence |
| Exact sum: 4.7 + 11.4 + 11 + 5.7 = 32.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Syncom Healthcare LtdSYNCOM | 50.4/100Thin evidence · provisional31% evidence | 17.3/35 Revenue -69.4% · PAT 63.5% · OPM change — 16% evidence | 6.8/25 ROCE -20.2% · OPM -225.7% 46% evidence | 10.0/20 P/E — · PEG — 0% evidence | 16.3/20 RS sector 26.8% · RS bench 45.7% · 1Y —9 of 12 weeks ahead to 2021-06-30 70% evidence | |
| Exact sum: 17.3 + 6.8 + 10 + 16.3 = 50.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 19Sai Parenterals LtdSAIPARENT | 37.7/100Thin evidence · provisional38% evidence | ASLEEP | 14.1/35 Revenue — · PAT — · OPM change -1 pp 32% evidence | 5.1/25 ROCE 5.3% · OPM 13.2% 95% evidence | 8.5/20 P/E 107× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —6 of 11 weeks ahead 0% evidence |
| Exact sum: 14.1 + 5.1 + 8.5 + 10 = 37.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Showing 10 of 19 companies
05 · what price has already done
Market action
Kwality Pharmaceuticals Ltd has the strongest one-year price move in Pharma - Formulators at +268.4%. It also leads on Mansfield relative strength against NIFTY at +118.2%. 9 of 18 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-09-25.
Price and relative strength
Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.
How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.
The same measure taken against Pharma - Formulators itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.
06 · the story behind the numbers
Pharma - Formulators — the story behind the numbers
This is the written read behind the Pharma - Formulators figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 9 Aug 2026. 4 themes are live here, 1 of them rated high severity.
The Pharma - Formulators sector shows mixed performance in Q4 FY26 based on the single constituent analyzed. Natco Pharma Ltd reported revenue of ₹1,221 Cr, representing a 14.3% YoY increase versus ₹1,068 Cr in Q4 FY25. However, PAT missed analyst estimates and EBITDA margins contracted year-on-year.
How old this read is: This read comes from our Pharma - Formulators sector brief dated 9 Aug 2026 — 50 days old. The numbers above it are newer than the words here.
What is live in this sector right now
| Live theme | Severity | Evidence on file |
|---|---|---|
| DCGI approval delay risks Semaglutide contribution and growth guidance.Named for NATCOPHARM | high | “We expect to be in the first wave of generic launches in India post-March 2026. DCGI approval is still pending as of the call date” Expectation to be in first wave of generic launches post-March 2026. |
| South Africa macroeconomic fragility affects reported PAT contribution.Named for NATCOPHARM | medium | “The acquisition, valued at approximately $226 million (R4 billion), was completed on November 11, 2025. Adcock Ingram operates across South Africa, Sub-Saharan Africa, India, and select international markets” Diversified operations across India and select international markets. |
| ZAR/INR exchange rate volatility impacts INR terms.Named for NATCOPHARM | medium | “South Africa's ZAR/INR exchange rate volatility and sub-Saharan Africa's macroeconomic fragility could reduce reported PAT contribution in INR terms” Natural hedge via operations in multiple currencies. |
| NCLT and competition authority timelines uncertain for demerger.Named for NATCOPHARM | low | “The demerger is expected to be completed by October-November 2026, subject to NCLT and regulatory approvals” Expected completion by October-November 2026. |
Sources: our Pharma - Formulators sector brief, 9 Aug 2026 · company earnings-call transcripts.
07 · compare level, then change
Revenue Scale & Growth Durability
Sun Pharmaceutical Industries Ltd has the highest Revenue among the 19 Pharma - Formulators companies compared here, at ₹59,911 crore. Dr Reddys Laboratories Ltd is next at ₹33,227 crore. Fredun Pharmaceuticals Ltd has the highest Revenue growth at 91.5%, so level and change sit with different companies. 18 of 19 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Sun Pharmaceutical Industries Ltd is the scale leader at ₹59,911 crore, 80.3% ahead of Dr Reddys Laboratories Ltd. Fredun Pharmaceuticals Ltd's growth is 91.5% from a ₹747 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
LeaderSun Pharmaceutical Industries Ltd · ₹59,911 crore
Gap80.3% versus #2 · Dr Reddys Laboratories Ltd
Persistence8/8 recent comparable periods
Coverage18/19 companies · 292 observations
Investor read: Sun Pharmaceutical Industries Ltd is the scale benchmark; Fredun Pharmaceuticals Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.
This conclusion weakens if: Sun Pharmaceutical Industries Ltd's growth falls below Fredun Pharmaceuticals Ltd's for two consecutive comparable reports while operating margin also compresses.
Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
Revenue growthfastest growers
Revenue · company comparison
18/19 level · 17/19 change
On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.
All-company data · latest reported quarter
In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Revenue | Revenue growth | Reported |
|---|---|---|---|
| Sun Pharmaceutical Industries Ltd SUNPHARMA | ₹15.3K Cr | 10% | Jun 2026 |
| Lupin Ltd LUPIN | ₹8.3K Cr | 32% | Jun 2026 |
| Dr Reddys Laboratories Ltd DRREDDY | ₹8.1K Cr | -5.5% | Jun 2026 |
| Cipla Ltd CIPLA | ₹7.1K Cr | 2.3% | Jun 2026 |
| Biocon Ltd BIOCON | ₹4.3K Cr | 10.0% | Jun 2026 |
| Mankind Pharma Ltd MANKIND | ₹4.0K Cr | 13% | Jun 2026 |
| Alkem Laboratories Ltd ALKEM | ₹3.7K Cr | 11% | Jun 2026 |
| ERIS Lifesciences Ltd ERIS | ₹873 Cr | 13% | Jun 2026 |
| Natco Pharma Ltd NATCOPHARM | ₹735 Cr | -45% | Jun 2026 |
| FDC Ltd FDC | ₹668 Cr | 3.1% | Jun 2026 |
| Fredun Pharmaceuticals Ltd FREDUN | ₹228 Cr | 90% | Jun 2026 |
| Sai Parenterals Ltd SAIPARENT⚠ unverified | ₹179 Cr | 435% | Jun 2026 |
| Lincoln Pharmaceuticals Ltd LINCOLN⚠ unverified | ₹177 Cr | 15% | Jun 2026 |
| Bajaj Healthcare Ltd BAJAJHCARE⚠ unverified | ₹166 Cr | 11% | Jun 2026 |
| Kwality Pharmaceuticals Ltd KPL | ₹162 Cr | 46% | Jun 2026 |
| Amrutanjan Health Care Ltd AMRUTANJAN⚠ unverified | ₹103 Cr | 9.5% | Jun 2026 |
| Bharat Parenterals Ltd 541096 | ₹94 Cr | -19% | Jun 2026 |
| Influx Healthtech Ltd INFLUX⚠ unverified | ₹80 Cr | 40% | Mar 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Biocon Ltd · BIOCON
₹1.8K Cr
₹2.2K Cr
₹2.4K Cr
₹2.1K Cr
₹490 Cr
₹2.9K Cr
₹3.8K Cr
₹3.4K Cr
₹3.5K Cr
₹4.0K Cr
₹3.9K Cr
₹3.4K Cr
₹3.6K Cr
₹3.8K Cr
₹4.4K Cr
₹3.9K Cr
₹4.3K Cr
₹4.2K Cr
₹4.5K Cr
₹4.3K Cr
Cipla Ltd · CIPLA
₹5.5K Cr
₹5.5K Cr
₹5.2K Cr
₹5.3K Cr
₹5.8K Cr
₹5.8K Cr
₹5.7K Cr
₹6.3K Cr
₹6.7K Cr
₹6.6K Cr
₹6.2K Cr
₹6.7K Cr
₹7.1K Cr
₹7.1K Cr
₹6.7K Cr
₹7.0K Cr
₹7.6K Cr
₹7.1K Cr
₹6.5K Cr
₹7.1K Cr
Dr Reddys Laboratories Ltd · DRREDDY
₹5.8K Cr
₹5.3K Cr
₹5.4K Cr
₹5.2K Cr
₹6.3K Cr
₹6.8K Cr
₹6.3K Cr
₹6.8K Cr
₹6.9K Cr
₹7.2K Cr
₹7.1K Cr
₹7.7K Cr
₹8.0K Cr
₹8.4K Cr
₹8.5K Cr
₹8.6K Cr
₹8.8K Cr
₹8.8K Cr
₹7.5K Cr
₹8.1K Cr
ERIS Lifesciences Ltd · ERIS
—
—
—
—
—
₹423 Cr
₹403 Cr
₹467 Cr
₹505 Cr
₹486 Cr
₹551 Cr
₹720 Cr
₹741 Cr
₹727 Cr
₹705 Cr
₹773 Cr
₹792 Cr
₹807 Cr
₹757 Cr
₹873 Cr
FDC Ltd · FDC
₹398 Cr
₹342 Cr
₹341 Cr
₹495 Cr
₹445 Cr
₹409 Cr
₹435 Cr
₹536 Cr
₹486 Cr
₹458 Cr
₹462 Cr
₹638 Cr
₹514 Cr
₹464 Cr
₹492 Cr
₹648 Cr
₹473 Cr
₹465 Cr
₹585 Cr
₹668 Cr
Fredun Pharmaceuticals Ltd · FREDUN
—
—
—
—
—
₹78 Cr
₹80 Cr
₹62 Cr
₹82 Cr
₹87 Cr
₹118 Cr
₹79 Cr
₹0 Cr
₹103 Cr
₹167 Cr
₹120 Cr
₹145 Cr
₹161 Cr
₹213 Cr
₹228 Cr
Kwality Pharmaceuticals Ltd · KPL
₹184 Cr
₹88 Cr
₹64 Cr
₹70 Cr
₹56 Cr
₹56 Cr
₹69 Cr
₹67 Cr
₹70 Cr
₹78 Cr
₹92 Cr
₹80 Cr
₹90 Cr
₹84 Cr
₹116 Cr
₹111 Cr
₹111 Cr
₹123 Cr
₹157 Cr
₹162 Cr
Lupin Ltd · LUPIN
₹4.1K Cr
₹4.2K Cr
₹3.9K Cr
₹3.7K Cr
₹4.1K Cr
₹4.3K Cr
₹4.4K Cr
₹4.8K Cr
₹5.0K Cr
₹5.2K Cr
₹5.0K Cr
₹5.6K Cr
₹5.7K Cr
₹5.8K Cr
₹5.7K Cr
₹6.3K Cr
₹7.0K Cr
₹7.2K Cr
₹7.5K Cr
₹8.3K Cr
Mankind Pharma Ltd · MANKIND
—
—
₹1.7K Cr
₹2.2K Cr
₹2.4K Cr
₹2.1K Cr
₹2.1K Cr
₹2.6K Cr
₹2.7K Cr
₹2.6K Cr
₹2.4K Cr
₹2.9K Cr
₹3.1K Cr
₹3.2K Cr
₹3.1K Cr
₹3.6K Cr
₹3.7K Cr
₹3.6K Cr
₹3.4K Cr
₹4.0K Cr
Natco Pharma Ltd · NATCOPHARM
₹377 Cr
₹561 Cr
₹598 Cr
₹885 Cr
₹432 Cr
₹492 Cr
₹898 Cr
₹1.1K Cr
₹1.0K Cr
₹759 Cr
₹1.1K Cr
₹1.4K Cr
₹1.4K Cr
₹475 Cr
₹1.2K Cr
₹1.3K Cr
₹1.4K Cr
₹647 Cr
₹739 Cr
₹735 Cr
Sun Pharmaceutical Industries Ltd · SUNPHARMA
₹9.6K Cr
₹9.9K Cr
₹9.4K Cr
₹10.8K Cr
₹11.0K Cr
₹11.2K Cr
₹10.9K Cr
₹11.9K Cr
₹12.2K Cr
₹12.4K Cr
₹12.0K Cr
₹12.7K Cr
₹13.3K Cr
₹13.7K Cr
₹13.0K Cr
₹13.9K Cr
₹14.5K Cr
₹15.5K Cr
₹14.6K Cr
₹15.3K Cr
Revenue growth · reported quarter history
Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alkem Laboratories Ltd · ALKEM
—
—
—
—
—
—
—
—
—
9.3%
1.1%
2.2%
-0.7%
1.5%
7.1%
11%
17%
11%
15%
11%
Biocon Ltd · BIOCON
—
—
—
22%
-73%
35%
57%
60%
607%
34%
3.8%
0.3%
3.7%
-3.4%
13%
15%
20%
9.2%
2.3%
10.0%
Cipla Ltd · CIPLA
—
—
—
-3.4%
5.6%
6.0%
10%
19%
15%
14%
7.4%
5.8%
5.6%
7.1%
9.2%
3.9%
7.6%
0.0%
-2.8%
2.3%
Dr Reddys Laboratories Ltd · DRREDDY
—
—
—
6.0%
9.4%
28%
16%
30%
9.5%
6.6%
13%
14%
16%
16%
20%
11%
9.8%
4.4%
-12%
-5.5%
ERIS Lifesciences Ltd · ERIS
—
—
—
—
—
—
—
—
—
15%
37%
54%
47%
50%
28%
7.4%
6.9%
11%
7.4%
13%
FDC Ltd · FDC
—
—
—
11%
12%
20%
28%
8.3%
9.2%
12%
6.2%
19%
5.8%
1.3%
6.5%
1.6%
-8.0%
0.2%
19%
3.1%
Fredun Pharmaceuticals Ltd · FREDUN
—
—
—
—
—
—
—
—
—
12%
48%
27%
-100%
18%
42%
52%
—
56%
28%
90%
Kwality Pharmaceuticals Ltd · KPL
—
—
—
-42%
-70%
-36%
7.8%
-4.3%
25%
39%
33%
19%
29%
7.7%
26%
39%
23%
46%
35%
46%
Lupin Ltd · LUPIN
—
—
—
-12%
1.3%
3.9%
14%
29%
22%
20%
12%
16%
13%
11%
14%
12%
24%
24%
32%
32%
Mankind Pharma Ltd · MANKIND
—
—
—
—
—
—
19%
18%
12%
25%
18%
11%
13%
23%
27%
24%
21%
12%
12%
13%
Natco Pharma Ltd · NATCOPHARM
—
—
—
116%
15%
-12%
50%
29%
139%
54%
19%
20%
33%
-37%
14%
-2.5%
-0.6%
36%
-39%
-45%
Sun Pharmaceutical Industries Ltd · SUNPHARMA
—
—
—
11%
14%
14%
16%
11%
11%
10%
9.6%
6.0%
9.0%
10%
8.1%
9.5%
8.9%
14%
13%
10%
08 · compare level, then change
Operating Economics & Margin Trend
ERIS Lifesciences Ltd has the highest OPM among the 19 Pharma - Formulators companies compared here, at 34%. Lupin Ltd is next at 30%. Kwality Pharmaceuticals Ltd has the highest Margin change at +3 percentage points, so level and change sit with different companies. 19 of 19 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: ERIS Lifesciences Ltd leads opm at 34%; Kwality Pharmaceuticals Ltd leads margin change at +3 percentage points.
LeaderERIS Lifesciences Ltd · 34%
Gap13.3% versus #2 · Lupin Ltd
Persistence3/8 recent comparable periods
Coverage19/19 companies · 327 observations
Investor read: ERIS Lifesciences 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.
Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
Margin changefastest expanders
Operating margin · company comparison
19/19 level · 18/19 change
All-company data · latest reported quarter
| Company | OPM | Margin change | Reported |
|---|---|---|---|
| ERIS Lifesciences Ltd ERIS | 34% | −2.0 pp | Jun 2026 |
| Lupin Ltd LUPIN | 30% | +2.0 pp | Jun 2026 |
| Sun Pharmaceutical Industries Ltd SUNPHARMA | 29% | −2.0 pp | Jun 2026 |
| Mankind Pharma Ltd MANKIND | 26% | +2.0 pp | Jun 2026 |
| Natco Pharma Ltd NATCOPHARM | 25% | −18.0 pp | Jun 2026 |
| Kwality Pharmaceuticals Ltd KPL | 25% | +3.0 pp | Jun 2026 |
| FDC Ltd FDC | 21% | −1.0 pp | Jun 2026 |
| Alkem Laboratories Ltd ALKEM | 20% | −2.0 pp | Jun 2026 |
| Biocon Ltd BIOCON | 20% | +1.0 pp | Jun 2026 |
| Influx Healthtech Ltd INFLUX⚠ unverified | 19% | −1.0 pp | Mar 2026 |
| Cipla Ltd CIPLA | 17% | −9.0 pp | Jun 2026 |
| Bajaj Healthcare Ltd BAJAJHCARE⚠ unverified | 17% | +1.0 pp | Jun 2026 |
| Lincoln Pharmaceuticals Ltd LINCOLN⚠ unverified | 15% | 0.0 pp | Jun 2026 |
| Fredun Pharmaceuticals Ltd FREDUN | 14% | 0.0 pp | Jun 2026 |
| Sai Parenterals Ltd SAIPARENT⚠ unverified | 13% | −1.0 pp | Jun 2026 |
| Dr Reddys Laboratories Ltd DRREDDY | 11% | −14.0 pp | Jun 2026 |
| Bharat Parenterals Ltd 541096 | 9.1% | −2.8 pp | Jun 2026 |
| Amrutanjan Health Care Ltd AMRUTANJAN⚠ unverified | 6.1% | −2.9 pp | Jun 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alkem Laboratories Ltd · ALKEM
22%
19%
14%
7.9%
15%
20%
12%
13%
22%
21%
14%
20%
22%
23%
12%
22%
23%
22%
14%
20%
Biocon Ltd · BIOCON
21%
20%
22%
17%
6.0%
20%
25%
20%
21%
23%
23%
18%
19%
20%
24%
19%
19%
20%
23%
20%
Cipla Ltd · CIPLA
22%
22%
14%
21%
22%
24%
20%
24%
26%
26%
21%
26%
27%
28%
23%
26%
25%
18%
15%
17%
Dr Reddys Laboratories Ltd · DRREDDY
24%
23%
8.2%
18%
30%
29%
24%
31%
29%
28%
26%
28%
26%
27%
23%
25%
23%
22%
5.0%
11%
ERIS Lifesciences Ltd · ERIS
39%
37%
32%
32%
33%
32%
30%
36%
36%
36%
27%
35%
36%
34%
36%
36%
36%
35%
36%
34%
FDC Ltd · FDC
18%
14%
5.6%
16%
15%
12%
11%
23%
16%
18%
12%
23%
14%
10%
11%
22%
7.0%
11%
18%
21%
Fredun Pharmaceuticals Ltd · FREDUN
7.5%
8.0%
7.5%
8.0%
9.7%
9.0%
15%
12%
12%
12%
9.0%
13%
13%
13%
10%
14%
15%
16%
14%
14%
Kwality Pharmaceuticals Ltd · KPL
45%
28%
25%
26%
28%
27%
17%
20%
22%
21%
22%
22%
22%
21%
22%
22%
23%
24%
25%
25%
Lupin Ltd · LUPIN
-32%
8.9%
6.9%
6.2%
11%
12%
13%
18%
18%
20%
20%
22%
24%
24%
23%
28%
33%
32%
33%
30%
Mankind Pharma Ltd · MANKIND
—
—
17%
21%
24%
21%
20%
25%
25%
23%
24%
23%
28%
26%
22%
24%
25%
26%
27%
26%
Natco Pharma Ltd · NATCOPHARM
19%
18%
-3.1%
45%
22%
22%
38%
46%
44%
35%
47%
59%
59%
8.0%
45%
43%
42%
25%
17%
25%
Sun Pharmaceutical Industries Ltd · SUNPHARMA
27%
26%
25%
27%
27%
27%
26%
28%
26%
28%
25%
29%
30%
29%
29%
31%
31%
32%
27%
29%
Margin change · reported quarter history
Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alkem Laboratories Ltd · ALKEM
−3.1 pp
−3.8 pp
+0.3 pp
−13.8 pp
−7.6 pp
+1.0 pp
−1.6 pp
+5.1 pp
+7.3 pp
+1.0 pp
+2.0 pp
+7.0 pp
0.0 pp
+2.0 pp
−2.0 pp
+2.0 pp
+1.0 pp
−1.0 pp
+2.0 pp
−2.0 pp
Biocon Ltd · BIOCON
−0.6 pp
−1.2 pp
+2.5 pp
−2.3 pp
−15.5 pp
−0.3 pp
+2.6 pp
+3.3 pp
+15.0 pp
+3.0 pp
−2.0 pp
−2.0 pp
−2.0 pp
−3.0 pp
+1.0 pp
+1.0 pp
0.0 pp
0.0 pp
−1.0 pp
+1.0 pp
Cipla Ltd · CIPLA
−1.1 pp
−1.3 pp
−3.0 pp
−3.2 pp
+0.1 pp
+1.5 pp
+5.8 pp
+2.7 pp
+3.7 pp
+2.0 pp
+1.0 pp
+2.0 pp
+1.0 pp
+2.0 pp
+2.0 pp
0.0 pp
−2.0 pp
−10.0 pp
−8.0 pp
−9.0 pp
Dr Reddys Laboratories Ltd · DRREDDY
−0.0 pp
+11.9 pp
−13.9 pp
+3.1 pp
+6.5 pp
+6.2 pp
+15.8 pp
+13.0 pp
−1.0 pp
−1.0 pp
+2.0 pp
−3.0 pp
−3.0 pp
−1.0 pp
−3.0 pp
−3.0 pp
−3.0 pp
−5.0 pp
−18.0 pp
−14.0 pp
ERIS Lifesciences Ltd · ERIS
+1.1 pp
+2.1 pp
−2.3 pp
−3.8 pp
−6.0 pp
−4.7 pp
−1.7 pp
+3.6 pp
+3.1 pp
+4.0 pp
−3.0 pp
−1.0 pp
0.0 pp
−2.0 pp
+9.0 pp
+1.0 pp
0.0 pp
+1.0 pp
0.0 pp
−2.0 pp
FDC Ltd · FDC
−10.6 pp
−7.7 pp
−10.8 pp
−10.0 pp
−2.8 pp
−2.0 pp
+5.4 pp
+7.2 pp
+0.9 pp
+6.0 pp
+1.0 pp
0.0 pp
−2.0 pp
−8.0 pp
−1.0 pp
−1.0 pp
−7.0 pp
+1.0 pp
+7.0 pp
−1.0 pp
Fredun Pharmaceuticals Ltd · FREDUN
−2.7 pp
+1.3 pp
+0.9 pp
+4.5 pp
+2.2 pp
+1.0 pp
+7.5 pp
+4.0 pp
+2.3 pp
+3.0 pp
−6.0 pp
+1.0 pp
+1.0 pp
+1.0 pp
+1.0 pp
+1.0 pp
+2.0 pp
+3.0 pp
+4.0 pp
0.0 pp
Kwality Pharmaceuticals Ltd · KPL
+34.3 pp
—
+14.4 pp
−13.9 pp
−17.5 pp
−0.8 pp
−8.3 pp
−5.6 pp
−5.9 pp
−6.0 pp
+5.0 pp
+2.0 pp
0.0 pp
0.0 pp
0.0 pp
0.0 pp
+1.0 pp
+3.0 pp
+3.0 pp
+3.0 pp
Lupin Ltd · LUPIN
−47.5 pp
−10.5 pp
−12.1 pp
−16.4 pp
+43.4 pp
+3.1 pp
+6.1 pp
+11.8 pp
+7.0 pp
+8.0 pp
+7.0 pp
+4.0 pp
+6.0 pp
+4.0 pp
+3.0 pp
+6.0 pp
+9.0 pp
+8.0 pp
+10.0 pp
+2.0 pp
Mankind Pharma Ltd · MANKIND
—
—
—
—
—
—
+3.5 pp
+4.1 pp
+0.7 pp
+2.0 pp
+4.0 pp
−2.0 pp
+3.0 pp
+3.0 pp
−2.0 pp
+1.0 pp
−3.0 pp
0.0 pp
+5.0 pp
+2.0 pp
Natco Pharma Ltd · NATCOPHARM
−15.8 pp
−5.1 pp
−26.1 pp
+17.9 pp
+3.4 pp
+3.8 pp
+41.1 pp
+1.3 pp
+21.9 pp
+13.0 pp
+9.0 pp
+13.0 pp
+15.0 pp
−27.0 pp
−2.0 pp
−16.0 pp
−17.0 pp
+17.0 pp
−28.0 pp
−18.0 pp
Sun Pharmaceutical Industries Ltd · SUNPHARMA
+1.7 pp
−0.8 pp
+0.7 pp
−2.2 pp
−0.3 pp
+0.6 pp
+1.2 pp
+1.2 pp
−1.0 pp
+1.0 pp
−1.0 pp
+1.0 pp
+4.0 pp
+1.0 pp
+4.0 pp
+2.0 pp
+1.0 pp
+3.0 pp
−2.0 pp
−2.0 pp
09 · compare level, then change
Profit Scale & Acceleration
Sun Pharmaceutical Industries Ltd has the highest Net profit among the 19 Pharma - Formulators companies compared here, at ₹12,117 crore. Lupin Ltd is next at ₹5,552 crore. Fredun Pharmaceuticals Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.
What the numbers say: Sun Pharmaceutical Industries Ltd leads with ₹12,117 crore of TTM profit, 118.2% above Lupin Ltd. Fredun Pharmaceuticals Ltd shows ≥100% on the scoring scale (138.9% uncapped) growth from a ₹43 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
LeaderSun Pharmaceutical Industries Ltd · ₹12,117 crore
Gap118.2% versus #2 · Lupin Ltd
Persistence6/8 recent comparable periods
Coverage18/19 companies · 292 observations
Investor read: Sun Pharmaceutical Industries 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.
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 profitlargest
Profit growthfastest growers
Net profit · company comparison
18/19 level · 15/19 change
All-company data · latest reported quarter
| Company | Net profit | Profit growth | Reported |
|---|---|---|---|
| Sun Pharmaceutical Industries Ltd SUNPHARMA | ₹2.9K Cr | 27% | Jun 2026 |
| Lupin Ltd LUPIN | ₹1.4K Cr | 16% | Jun 2026 |
| Cipla Ltd CIPLA | ₹786 Cr | -39% | Jun 2026 |
| Mankind Pharma Ltd MANKIND | ₹574 Cr | 29% | Jun 2026 |
| Alkem Laboratories Ltd ALKEM | ₹521 Cr | -22% | Jun 2026 |
| Dr Reddys Laboratories Ltd DRREDDY | ₹436 Cr | -69% | Jun 2026 |
| Natco Pharma Ltd NATCOPHARM | ₹206 Cr | -57% | Jun 2026 |
| ERIS Lifesciences Ltd ERIS | ₹143 Cr | 14% | Jun 2026 |
| Biocon Ltd BIOCON | ₹137 Cr | 54% | Jun 2026 |
| FDC Ltd FDC | ₹132 Cr | 9.1% | Jun 2026 |
| Lincoln Pharmaceuticals Ltd LINCOLN⚠ unverified | ₹36 Cr | 29% | Jun 2026 |
| Kwality Pharmaceuticals Ltd KPL | ₹26 Cr | 117% | Jun 2026 |
| Bajaj Healthcare Ltd BAJAJHCARE⚠ unverified | ₹14 Cr | 17% | Jun 2026 |
| Fredun Pharmaceuticals Ltd FREDUN | ₹13 Cr | 86% | Jun 2026 |
| Influx Healthtech Ltd INFLUX⚠ unverified | ₹11 Cr | 38% | Mar 2026 |
| Sai Parenterals Ltd SAIPARENT⚠ unverified | ₹8 Cr | 458% | Jun 2026 |
| Amrutanjan Health Care Ltd AMRUTANJAN⚠ unverified | ₹4 Cr | -47% | Jun 2026 |
| Bharat Parenterals Ltd 541096 | ₹-4 Cr | -316% | Jun 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alkem Laboratories Ltd · ALKEM
—
—
—
—
—
₹460 Cr
₹68 Cr
₹288 Cr
₹615 Cr
₹604 Cr
₹304 Cr
₹550 Cr
₹702 Cr
₹641 Cr
₹322 Cr
₹668 Cr
₹779 Cr
₹653 Cr
₹251 Cr
₹521 Cr
Biocon Ltd · BIOCON
₹160 Cr
₹220 Cr
₹284 Cr
₹167 Cr
₹988 Cr
₹-21 Cr
₹414 Cr
₹149 Cr
₹173 Cr
₹753 Cr
₹223 Cr
₹862 Cr
₹27 Cr
₹81 Cr
₹459 Cr
₹89 Cr
₹133 Cr
₹-52 Cr
₹199 Cr
₹137 Cr
Cipla Ltd · CIPLA
₹711 Cr
₹729 Cr
₹362 Cr
₹686 Cr
₹789 Cr
₹808 Cr
₹522 Cr
₹998 Cr
₹1.2K Cr
₹1.1K Cr
₹932 Cr
₹1.2K Cr
₹1.3K Cr
₹1.6K Cr
₹1.2K Cr
₹1.3K Cr
₹1.4K Cr
₹674 Cr
₹543 Cr
₹786 Cr
Dr Reddys Laboratories Ltd · DRREDDY
₹992 Cr
₹707 Cr
₹88 Cr
₹1.2K Cr
₹1.1K Cr
₹1.2K Cr
₹960 Cr
₹1.4K Cr
₹1.5K Cr
₹1.4K Cr
₹1.3K Cr
₹1.4K Cr
₹1.3K Cr
₹1.4K Cr
₹1.6K Cr
₹1.4K Cr
₹1.3K Cr
₹1.2K Cr
₹221 Cr
₹436 Cr
ERIS Lifesciences Ltd · ERIS
—
—
—
—
—
₹100 Cr
₹61 Cr
₹94 Cr
₹122 Cr
₹101 Cr
₹80 Cr
₹90 Cr
₹96 Cr
₹87 Cr
₹102 Cr
₹125 Cr
₹134 Cr
₹109 Cr
₹279 Cr
₹143 Cr
FDC Ltd · FDC
₹72 Cr
₹36 Cr
₹10 Cr
₹71 Cr
₹52 Cr
₹41 Cr
₹31 Cr
₹110 Cr
₹70 Cr
₹79 Cr
₹46 Cr
₹119 Cr
₹72 Cr
₹37 Cr
₹39 Cr
₹121 Cr
₹28 Cr
₹28 Cr
₹103 Cr
₹132 Cr
Fredun Pharmaceuticals Ltd · FREDUN
—
—
—
—
—
₹3 Cr
₹4 Cr
₹2 Cr
₹4 Cr
₹4 Cr
₹5 Cr
₹4 Cr
₹0 Cr
₹5 Cr
₹6 Cr
₹7 Cr
₹9 Cr
₹10 Cr
₹11 Cr
₹13 Cr
Kwality Pharmaceuticals Ltd · KPL
₹60 Cr
₹16 Cr
₹10 Cr
₹11 Cr
₹9 Cr
₹7 Cr
₹-7 Cr
₹5 Cr
₹6 Cr
₹8 Cr
₹4 Cr
₹8 Cr
₹8 Cr
₹9 Cr
₹14 Cr
₹12 Cr
₹14 Cr
₹16 Cr
₹25 Cr
₹26 Cr
Lupin Ltd · LUPIN
₹-2.1K Cr
₹549 Cr
₹-512 Cr
₹-87 Cr
₹134 Cr
₹158 Cr
₹242 Cr
₹453 Cr
₹495 Cr
₹619 Cr
₹368 Cr
₹806 Cr
₹859 Cr
₹859 Cr
₹782 Cr
₹1.2K Cr
₹1.5K Cr
₹1.2K Cr
₹1.5K Cr
₹1.4K Cr
Mankind Pharma Ltd · MANKIND
—
—
₹190 Cr
₹293 Cr
₹420 Cr
₹296 Cr
₹294 Cr
₹494 Cr
₹511 Cr
₹460 Cr
₹477 Cr
₹543 Cr
₹659 Cr
₹385 Cr
₹425 Cr
₹445 Cr
₹520 Cr
₹414 Cr
₹559 Cr
₹574 Cr
Natco Pharma Ltd · NATCOPHARM
₹65 Cr
₹80 Cr
₹-51 Cr
₹320 Cr
₹57 Cr
₹62 Cr
₹276 Cr
₹420 Cr
₹369 Cr
₹213 Cr
₹386 Cr
₹668 Cr
₹676 Cr
₹132 Cr
₹406 Cr
₹480 Cr
₹518 Cr
₹151 Cr
₹269 Cr
₹206 Cr
Sun Pharmaceutical Industries Ltd · SUNPHARMA
₹2.0K Cr
₹2.1K Cr
₹-2.3K Cr
₹2.1K Cr
₹2.3K Cr
₹2.2K Cr
₹2.0K Cr
₹2.0K Cr
₹2.4K Cr
₹2.6K Cr
₹2.7K Cr
₹2.9K Cr
₹3.0K Cr
₹2.9K Cr
₹2.2K Cr
₹2.3K Cr
₹3.1K Cr
₹3.4K Cr
₹2.7K Cr
₹2.9K Cr
Profit growth · reported quarter history
Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alkem Laboratories Ltd · ALKEM
—
—
—
—
—
—
—
—
—
31%
347%
91%
14%
6.1%
5.9%
21%
11%
1.9%
-22%
-22%
Biocon Ltd · BIOCON
—
—
—
55%
518%
-110%
46%
-11%
-82%
—
-46%
479%
-84%
-89%
106%
-90%
393%
-164%
-57%
54%
Cipla Ltd · CIPLA
—
—
—
-4.1%
11%
11%
44%
45%
46%
32%
79%
18%
13%
47%
30%
10.0%
3.7%
-57%
-55%
-39%
Dr Reddys Laboratories Ltd · DRREDDY
—
—
—
108%
12%
76%
991%
18%
33%
11%
36%
-0.9%
-9.5%
1.7%
21%
1.3%
-0.4%
-15%
-86%
-69%
ERIS Lifesciences Ltd · ERIS
—
—
—
—
—
—
—
—
—
1.0%
31%
-4.3%
-21%
-14%
28%
39%
40%
25%
174%
14%
FDC Ltd · FDC
—
—
—
-28%
-28%
14%
210%
55%
35%
93%
48%
8.2%
2.9%
-53%
-15%
1.7%
-61%
-24%
164%
9.1%
Fredun Pharmaceuticals Ltd · FREDUN
—
—
—
—
—
—
—
—
—
33%
25%
100%
-100%
25%
20%
75%
—
100%
83%
86%
Kwality Pharmaceuticals Ltd · KPL
—
—
—
-68%
-85%
-56%
-170%
-55%
-33%
14%
—
60%
33%
13%
250%
50%
75%
78%
79%
117%
Lupin Ltd · LUPIN
—
—
—
-116%
—
-71%
—
—
269%
292%
52%
78%
74%
39%
113%
51%
73%
37%
88%
16%
Mankind Pharma Ltd · MANKIND
—
—
—
—
—
—
55%
69%
22%
55%
62%
9.9%
29%
-16%
-11%
-18%
-21%
7.5%
32%
29%
Natco Pharma Ltd · NATCOPHARM
—
—
—
327%
-12%
-23%
—
31%
547%
244%
40%
59%
83%
-38%
5.2%
-28%
-23%
14%
-34%
-57%
Sun Pharmaceutical Industries Ltd · SUNPHARMA
—
—
—
43%
11%
5.9%
—
-2.7%
5.4%
17%
34%
43%
27%
14%
-19%
-20%
2.9%
16%
26%
27%
10 · compare level, then change
Return On Capital Employed
Influx Healthtech Ltd has the highest ROCE among the 19 Pharma - Formulators companies compared here, at 40%. Lupin Ltd is next at 29.9%. Lupin Ltd has the highest ROCE change at +7.9 percentage points, so level and change sit with different companies. 19 of 19 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Influx Healthtech Ltd leads ROCE at 40%, 10.1 percentage points above Lupin Ltd. Lupin Ltd has the strongest latest improvement at +7.9 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.
LeaderInflux Healthtech Ltd · 40%
Gap33.8% versus #2 · Lupin Ltd
Persistence1/1 recent comparable periods
Coverage19/19 companies · 199 observations
Investor read: Influx Healthtech 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.
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.
ROCEhighest
ROCE changefastest improvers
5Bharat Parenterals Ltd 541096+2.0 pp
Return on capital · company comparison
19/19 level · 19/19 change
Withheld from this chart: Alkem Laboratories Ltd (ALKEM) — its two data sources disagree by up to 5.6% on reported income across 14 comparable periods, so its derived ratios are withheld; ERIS Lifesciences Ltd (ERIS) — its two data sources disagree by up to 11% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
All-company data · latest reported quarter
| Company | ROCE | ROCE change | Reported |
|---|---|---|---|
| Lupin Ltd LUPIN | 35% | +7.9 pp | Jun 2026 |
| Kwality Pharmaceuticals Ltd KPL | 28% | +4.6 pp | Jun 2026 |
| Influx Healthtech Ltd INFLUX⚠ unverified | 27% | +5.7 pp | Mar 2026 |
| Sun Pharmaceutical Industries Ltd SUNPHARMA | 21% | +1.2 pp | Jun 2026 |
| Amrutanjan Health Care Ltd AMRUTANJAN⚠ unverified | 16% | +0.3 pp | Jun 2026 |
| Mankind Pharma Ltd MANKIND | 14% | −4.3 pp | Jun 2026 |
| Cipla Ltd CIPLA | 14% | −10.1 pp | Jun 2026 |
| Natco Pharma Ltd NATCOPHARM | 13% | −12.5 pp | Jun 2026 |
| FDC Ltd FDC | 11% | −0.6 pp | Jun 2026 |
| Lincoln Pharmaceuticals Ltd LINCOLN⚠ unverified | 11% | −2.2 pp | Jun 2026 |
| Bajaj Healthcare Ltd BAJAJHCARE⚠ unverified | 8.9% | −7.8 pp | Jun 2026 |
| Dr Reddys Laboratories Ltd DRREDDY | 8.4% | −10.6 pp | Jun 2026 |
| Sai Parenterals Ltd SAIPARENT⚠ unverified | 4.2% | — | Jun 2026 |
| Biocon Ltd BIOCON | 3.5% | −0.1 pp | Jun 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
Showing the 12 largest of 14 companies with a series here. The remaining 2 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Amrutanjan Health Care Ltd · AMRUTANJAN⚠ unverified
30%
—
29%
—
22%
—
14%
—
13%
21%
16%
20%
16%
24%
16%
24%
17%
24%
16%
—
Biocon Ltd · BIOCON
6.3%
—
6.7%
—
5.9%
—
3.6%
7.9%
4.2%
8.6%
4.4%
8.2%
4.0%
6.2%
3.6%
4.2%
3.7%
3.8%
3.5%
—
Cipla Ltd · CIPLA
17%
—
16%
—
15%
—
17%
—
19%
22%
20%
23%
20%
24%
19%
24%
18%
19%
14%
14%
Dr Reddys Laboratories Ltd · DRREDDY
17%
17%
18%
18%
20%
22%
23%
25%
25%
23%
23%
21%
20%
20%
20%
19%
18%
16%
12%
8.4%
FDC Ltd · FDC
14%
—
11%
—
9.0%
—
10%
—
13%
19%
14%
20%
13%
17%
11%
16%
8.7%
12%
11%
—
Kwality Pharmaceuticals Ltd · KPL
77%
—
81%
—
28%
—
21%
—
17%
10%
20%
19%
23%
21%
23%
27%
25%
31%
28%
—
Lincoln Pharmaceuticals Ltd · LINCOLN⚠ unverified
19%
—
20%
—
16%
—
16%
—
15%
23%
15%
22%
13%
19%
13%
18%
12%
16%
11%
—
Lupin Ltd · LUPIN
11%
—
9.2%
—
8.2%
—
6.2%
12%
13%
18%
18%
22%
21%
24%
20%
27%
23%
31%
27%
35%
Mankind Pharma Ltd · MANKIND
—
—
3.0%
—
—
19%
20%
—
21%
27%
28%
28%
18%
28%
19%
19%
9.0%
18%
13%
14%
Natco Pharma Ltd · NATCOPHARM
4.9%
—
2.8%
—
9.6%
—
16%
—
25%
31%
27%
37%
30%
36%
26%
31%
17%
24%
13%
—
Sai Parenterals Ltd · SAIPARENT⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
3.0%
6.1%
2.1%
4.2%
—
Sun Pharmaceutical Industries Ltd · SUNPHARMA
14%
—
16%
—
15%
—
15%
—
15%
18%
15%
19%
16%
20%
17%
19%
16%
20%
16%
21%
ROCE change · reported quarter history
Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Amrutanjan Health Care Ltd · AMRUTANJAN⚠ unverified
—
—
—
—
−8.3 pp
—
−15.3 pp
—
−8.2 pp
—
+1.9 pp
—
+2.9 pp
+2.4 pp
−0.1 pp
+3.7 pp
+1.0 pp
0.0 pp
+0.3 pp
—
Bajaj Healthcare Ltd · BAJAJHCARE⚠ unverified
—
—
—
—
−11.0 pp
—
—
—
−9.5 pp
—
—
—
−1.4 pp
+10.2 pp
−4.9 pp
+16.4 pp
−1.3 pp
+9.8 pp
+2.9 pp
−7.8 pp
Biocon Ltd · BIOCON
—
—
—
—
−0.4 pp
—
−3.1 pp
—
−1.7 pp
—
+0.8 pp
+0.3 pp
−0.2 pp
−2.4 pp
−0.8 pp
−4.0 pp
−0.3 pp
−2.4 pp
−0.1 pp
—
Cipla Ltd · CIPLA
—
—
—
—
−2.5 pp
—
+0.4 pp
—
+3.8 pp
—
+3.0 pp
—
+0.9 pp
+2.4 pp
−0.3 pp
+0.4 pp
−1.4 pp
−4.9 pp
−5.6 pp
−10.1 pp
Dr Reddys Laboratories Ltd · DRREDDY
—
—
—
—
+2.2 pp
+4.7 pp
+4.5 pp
+7.9 pp
+5.1 pp
+1.0 pp
+0.1 pp
−4.0 pp
−4.4 pp
−3.0 pp
−2.8 pp
−2.4 pp
−2.3 pp
−3.8 pp
−7.9 pp
−10.6 pp
FDC Ltd · FDC
—
—
—
—
−5.2 pp
—
−0.4 pp
—
+4.1 pp
—
+3.4 pp
—
+0.1 pp
−2.3 pp
−2.5 pp
−4.3 pp
−4.5 pp
−5.0 pp
−0.6 pp
—
Kwality Pharmaceuticals Ltd · KPL
—
—
—
—
−48.8 pp
—
−60.2 pp
—
−11.7 pp
—
−0.7 pp
—
+6.0 pp
+10.4 pp
+3.0 pp
+7.9 pp
+2.2 pp
+9.8 pp
+4.6 pp
—
Lincoln Pharmaceuticals Ltd · LINCOLN⚠ unverified
—
—
—
—
−3.1 pp
—
−4.2 pp
—
−1.0 pp
—
−0.9 pp
—
−2.0 pp
−3.7 pp
−1.8 pp
−4.5 pp
−1.6 pp
−2.6 pp
−2.2 pp
—
Lupin Ltd · LUPIN
—
—
—
—
−2.8 pp
—
−3.0 pp
—
+5.2 pp
—
+11.7 pp
+9.9 pp
+7.3 pp
+6.1 pp
+2.2 pp
+5.0 pp
+2.2 pp
+6.8 pp
+7.1 pp
+7.9 pp
Mankind Pharma Ltd · MANKIND
—
—
—
—
—
—
+16.7 pp
—
—
+8.0 pp
+7.8 pp
—
−3.1 pp
+1.2 pp
−9.0 pp
−9.3 pp
−8.5 pp
−10.7 pp
−5.4 pp
−4.3 pp
Natco Pharma Ltd · NATCOPHARM
—
—
—
—
+4.7 pp
—
+13.5 pp
—
+15.0 pp
—
+11.0 pp
—
+5.7 pp
+5.6 pp
−1.7 pp
−6.0 pp
−13.3 pp
−12.5 pp
−12.5 pp
—
Sun Pharmaceutical Industries Ltd · SUNPHARMA
—
—
—
—
+0.4 pp
—
−0.2 pp
—
+0.6 pp
—
+0.1 pp
—
+0.9 pp
+2.5 pp
+1.7 pp
+0.4 pp
+0.2 pp
−0.1 pp
−1.3 pp
+1.2 pp
11 · compare level, then change
Valuation Against Growth & Quality
Kwality Pharmaceuticals Ltd has the lowest PEG among the 19 Pharma - Formulators companies compared here, at 0.54×. Lincoln Pharmaceuticals Ltd has the lowest P/E at 12.3×, so level and change sit with different companies. 9 of 19 companies report a comparable reading, the latest through Jun 2026. Its PEG series carries 5 reported observations across the 20-quarter window.
What the numbers say: Kwality Pharmaceuticals Ltd has the lowest comparable PEG at 0.54×, 0% below Lupin Ltd. Only 9 of 19 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.
LeaderKwality Pharmaceuticals Ltd · 0.54×
Gap0% versus #2 · Lupin Ltd
Persistence0/8 recent comparable periods
Coverage9/19 companies · 60 observations
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.
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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.
PEGlowest PEG
P/Elowest P/E
Valuation · company comparison
9/19 level · 17/19 change
All-company data · latest reported quarter
| Company | PEG | P/E | Reported |
|---|---|---|---|
| Sun Pharmaceutical Industries Ltd SUNPHARMA | 3.8 | 35.9 | Jun 2026 |
| Mankind Pharma Ltd MANKIND | 2.8 | 50.8 | Jun 2026 |
| FDC Ltd FDC | 2.0 | 22.4 | Jun 2026 |
| Cipla Ltd CIPLA | 1.3 | 30.6 | Jun 2026 |
| Dr Reddys Laboratories Ltd DRREDDY | 1.2 | 26.9 | Jun 2026 |
| Biocon Ltd BIOCON | 0.8 | 93.3 | Jun 2026 |
| Natco Pharma Ltd NATCOPHARM | 0.8 | 11.4 | Jun 2026 |
| Lupin Ltd LUPIN | 0.5 | 18.6 | Jun 2026 |
| Kwality Pharmaceuticals Ltd KPL | 0.5 | 37.1 | Jun 2026 |
| Bharat Parenterals Ltd 541096 | — | 50.6 | Jun 2026 |
| Alkem Laboratories Ltd ALKEM | — | 26.9 | Jun 2026 |
| ERIS Lifesciences Ltd ERIS | — | 31.7 | Jun 2026 |
| Fredun Pharmaceuticals Ltd FREDUN | — | 45.1 | Jun 2026 |
| Sai Parenterals Ltd SAIPARENT⚠ unverified | — | 108.5 | Jun 2026 |
| Amrutanjan Health Care Ltd AMRUTANJAN⚠ unverified | — | 24.0 | Jun 2026 |
| Lincoln Pharmaceuticals Ltd LINCOLN⚠ unverified | — | 14.4 | Jun 2026 |
| Bajaj Healthcare Ltd BAJAJHCARE⚠ unverified | — | 24.2 | Jun 2026 |
| Influx Healthtech Ltd INFLUX⚠ unverified | — | 23.6 | Mar 2026 |
Full 20-quarter history · every available company
PEG · reported quarter history
Biocon Ltd · BIOCON
—
10.8
4.1
—
2.6
—
—
—
—
3.5
—
0.8
—
—
—
—
—
—
—
—
Cipla Ltd · CIPLA
—
—
—
—
—
3.4
—
0.6
1.1
0.9
0.6
1.5
0.8
0.5
0.9
2.3
—
1.3
—
—
Dr Reddys Laboratories Ltd · DRREDDY
—
—
—
—
—
—
—
—
0.3
1.8
0.5
0.8
1.2
—
—
—
—
—
—
—
FDC Ltd · FDC
1.4
—
—
—
—
—
—
—
1.1
0.5
—
0.4
0.8
0.9
—
—
—
—
—
2.0
Kwality Pharmaceuticals Ltd · KPL
—
—
—
—
—
—
—
—
—
—
—
—
—
1.1
1.1
0.7
0.6
0.5
—
—
Lupin Ltd · LUPIN
—
1.0
—
—
—
—
—
—
—
—
0.8
—
—
—
0.5
—
—
—
—
—
Mankind Pharma Ltd · MANKIND
—
—
—
—
—
—
—
—
3.0
0.9
—
1.1
0.9
1.5
2.8
—
—
—
—
—
Natco Pharma Ltd · NATCOPHARM
—
—
—
—
4.8
0.4
0.6
—
—
—
—
—
—
—
0.2
0.2
—
0.8
—
—
Sun Pharmaceutical Industries Ltd · SUNPHARMA
—
—
—
0.7
2.5
4.2
5.1
—
2.1
2.5
2.4
—
2.3
1.6
1.4
2.5
3.8
—
—
—
P/E · reported quarter history
Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alkem Laboratories Ltd · ALKEM
29.3
25.4
24.4
21.8
29.9
32.7
39.5
41.3
36.7
41.2
34.9
31.6
34.4
30.2
27.0
27.1
28.6
28.2
26.6
26.9
Biocon Ltd · BIOCON
64.8
64.1
59.7
54.2
44.6
48.4
39.2
46.8
51.3
41.3
26.5
41.3
28.4
30.2
52.6
43.8
113.0
102.5
57.5
93.3
Cipla Ltd · CIPLA
29.7
28.5
30.8
28.7
35.8
33.5
27.3
28.2
29.8
28.3
30.6
28.1
30.4
26.4
23.3
23.6
22.5
22.4
21.1
30.6
Dr Reddys Laboratories Ltd · DRREDDY
45.8
41.6
27.5
32.9
24.1
22.7
21.1
19.1
19.7
19.0
19.6
19.1
20.2
21.7
17.8
19.2
18.4
18.4
19.2
26.9
ERIS Lifesciences Ltd · ERIS
26.9
26.9
24.5
22.0
24.5
22.2
19.6
24.9
31.2
32.1
29.7
35.5
45.3
52.6
58.5
64.7
55.8
50.0
41.2
31.7
FDC Ltd · FDC
19.4
17.4
17.0
18.1
23.4
26.8
24.5
26.5
27.3
26.1
24.1
24.8
28.0
25.7
23.4
29.3
27.5
29.4
22.5
22.4
Fredun Pharmaceuticals Ltd · FREDUN
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
19.4
31.3
40.9
25.5
45.1
Kwality Pharmaceuticals Ltd · KPL
47.1
9.3
5.2
2.9
3.6
8.7
8.5
8.6
12.2
15.0
15.0
17.5
25.5
26.9
25.7
26.4
21.6
23.3
25.3
37.1
Lupin Ltd · LUPIN
25.4
25.2
—
—
453.1
-102.9
68.5
95.5
54.9
45.2
41.1
38.6
44.6
38.7
32.2
26.9
23.7
22.3
21.4
18.6
Mankind Pharma Ltd · MANKIND
—
—
—
—
—
—
—
49.9
57.4
51.0
53.4
44.6
53.0
54.4
48.0
47.6
53.6
51.8
45.3
50.8
Natco Pharma Ltd · NATCOPHARM
40.8
64.5
51.8
69.1
26.6
25.2
26.4
17.7
19.4
13.0
13.4
15.1
15.5
12.8
7.7
8.4
8.7
10.6
11.3
11.4
Sun Pharmaceutical Industries Ltd · SUNPHARMA
26.9
27.6
28.6
26.2
29.6
30.4
29.5
29.2
31.4
33.7
41.5
36.5
44.3
39.8
35.3
35.4
33.2
35.7
35.5
35.9
12 · before the conclusion, check the blind spots
What can make this comparison misleading?
This Pharma - Formulators comparison names 7 specific ways its own evidence can mislead, all listed below. 1 of the 19 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 5 draw at least one figure from a second feed with too little overlap to cross-check.
Keep these limits visible
- 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.
- 5 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
13 · evidence and freshness
How was this comparison built?
This comparison is built from the reported filings of 19 Pharma - Formulators companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-09-25. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.
FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-09-25 · weekly price and relative-strength history
Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing9 cross-checked · 8 unverified · 2 withheld, of 19 graded companies.
How a second data feed is admitted, and what happens when it disagrees
A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.
14 · questions investors ask, short speakable answers
Pharma - Formulators company comparison FAQs
These 24 answers restate the Pharma - Formulators comparison above in question form. Every one is computed from the same 19 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-09-25. Nothing here is estimated, and none of it is a recommendation.
Is the Pharma - Formulators sector outperforming NIFTY 500?
Pharma - Formulators has outperformed NIFTY 500 by 13% over 52 weeks and 3% over 13 weeks. 9 of 18 covered companies beat NIFTY on Mansfield relative strength, while 5 of 18 beat the sector itself.
Which Pharma - Formulators company is largest by revenue?
Sun Pharmaceutical Industries Ltd leads with revenue of ₹59,911 crore, based on 18 of 19 comparable companies through Jun 2026.
Which Pharma - Formulators company is growing fastest?
Fredun Pharmaceuticals Ltd has the fastest current revenue growth at 91.5%, across 17 of 19 comparable companies.
Which Pharma - Formulators company has the strongest 4-Factor Sector Score?
Kwality Pharmaceuticals Ltd ranks first at 76.4/100 with 94% evidence confidence. The score prioritizes research; it is not a buy recommendation.
Which Pharma - Formulators company has the lowest comparable PEG?
Kwality Pharmaceuticals Ltd has the lowest comparable PEG at 0.54, among 9 of 19 companies whose earnings and growth are steady enough for the ratio to mean anything.
How much history does this Pharma - Formulators comparison include?
The page compares up to 20 reported quarters per company for fundamentals, returns 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.
Is there a Nifty Pharma - Formulators index?
NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Pharma - Formulators, this page builds its own equal-weight basket of 19 listed Pharma - Formulators companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.
Which are the best Pharma - Formulators stocks in India?
Ranked by this page's four-factor score, Kwality Pharmaceuticals Ltd places first among 19 listed Pharma - Formulators companies, followed by Lupin 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 - Formulators stocks are listed in India?
This comparison covers 19 listed Pharma - Formulators 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 - Formulators company is the biggest?
Sun Pharmaceutical Industries Ltd is the largest, with trailing-twelve-month revenue of ₹59,911 crore, ahead of Dr Reddys Laboratories Ltd at ₹33,227 crore. That covers 18 of 19 companies with comparable reporting through Jun 2026.
Which Pharma - Formulators company has the best profit margins?
ERIS Lifesciences Ltd has the highest operating margin at 34%, from 19 of 19 comparable companies. Kwality Pharmaceuticals Ltd shows the biggest recent improvement, at +3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.
Which Pharma - Formulators company makes the most profit?
Sun Pharmaceutical Industries Ltd earns the most, at ₹12,117 crore of trailing-twelve-month net profit, from 18 of 19 comparable companies. Fredun Pharmaceuticals Ltd has the fastest profit growth at the ≥100% scoring cap, though growth off a small or recovering profit base overstates how much has actually changed.
Which Pharma - Formulators company earns the highest return on capital?
Influx Healthtech Ltd leads on return on capital employed at 40%, across 19 of 19 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 - Formulators stock is the cheapest?
On PEG — where a LOWER number is cheaper — Kwality Pharmaceuticals Ltd screens cheapest at 0.54×. Only 9 of 19 companies have earnings and growth steady enough for the ratio to mean anything, 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.
Is the Pharma - Formulators sector beating the market?
Pharma - Formulators has outperformed NIFTY 500 by 13% over the last 52 weeks and 3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 9 of 18 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.
Which Pharma - Formulators stock has the strongest price momentum?
Kwality Pharmaceuticals 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 - Formulators company scores highest for research priority?
Kwality Pharmaceuticals Ltd scores 76.4 out of 100 with 94% evidence confidence, from 32.4 points on growth and earnings, 16.5 on capital efficiency, 10.5 on valuation and 17 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 - Formulators companies does this comparison cover, and over what period?
It compares 19 listed companies over up to 20 reported quarters of fundamentals, 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 - Formulators sector?
The 19 Pharma - Formulators companies on this page carry ₹10,32,555 crore of combined market value. Sun Pharmaceutical Industries Ltd is the largest at ₹4,44,405 crore, about 43% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-09-28.
What is the Pharma - Formulators sector's P/E ratio?
The median price-to-earnings ratio across the 19 Pharma - Formulators companies on this page is 31.1×, measured on the 17 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 2026-09-28.
How is the Pharma - Formulators sector performing?
9 of the 18 covered Pharma - Formulators companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 13% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-09-28.
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.
Not SEBI Registered !! Not Investment advice !!