Pharma - API & CRAMS — sector analysis & key numbers
Pharma - API & CRAMS is mid-way through a confirmed up-move: 13 of 24 constituents are in price uptrends, and aggregate profit grew 10% in the latest year.
Pharma - API & CRAMS groups 24 listed companies worth ₹5,87,024 Cr combined, and 13 of 24 are in confirmed price uptrends. Aggregate profit moved +11.9% year-on-year in the latest reported quarter. The sector trades at an aggregate P/E of 54.3×, at the 75th percentile of its own history.
Data as of 1 July 2026 · every number traces to its Screener source column · not investment advice.
- Companies
- 24
- Total market cap
- ₹5,87,024 Cr
- Relative strength
- 33.5
- RRG quadrant
- consolidation
- Weeks in streak
- 12
- In Stage-2 uptrend
- 13 of 24
- Above 200-DMA
- 17 of 24
- Beating NIFTY 500
- 14 of 24
- Latest-quarter revenue
- ₹22,016 Cr
- Latest-quarter profit
- ₹3,012 Cr
- Aggregate P/E
- 54.3×
- Valuation percentile
- 75th of its own history
- Sector wind
- tailwind
- Data as of
- 1 July 2026
The research read on Pharma - API & CRAMS: mid-way through a confirmed up-move.lifecycle_bucket
The sector is experiencing a genuine, durable expansion anchored by structural China+1 CDMO engagements and the global GLP-1 peptide launch wave. This is evidenced by an earnings-led curve move where ΣPAT (+69.5%) outran the multiple expansion (+41.4%), with broad constituent participation. Capital is entering via PLI-backed capex. However, the aggregate valuation is undeniably full (73rd percentile trailing and normalized PE), leaving little room for missteps on US FDA compliance or Red Sea freight shocks. Social sentiment confirms the bullishness but relies on a shared super-group signal.synthesis
What would change this view: US FDA warning letters halt the CDMO/peptide launch pipeline across key constituents, causing aggregate EPS growth to stall while the 73rd percentile multiple violently de-rates.would_change_my_mind
Structural China+1/BIOSECURE CDMO reshoring plus the GLP-1/Semaglutide peptide wave is driving volume recovery and margin expansion, gated by an FDA-compliance overhang and Red Sea freight shocks.one_line_thesis
- ⚠ΣPAT +69.5% over ~3y · sector_cycle_deterministic.curve_move_driver.citations
- ⚠PE +41.4% over 12q · sector_cycle_deterministic.curve_move_driver.citations
- ⚠aggregate OPM 22.4% at 42nd %ile · sector_cycle_deterministic.verdict.citations
- ⚠Concentration broad · curve.contribution.concentration
- ⚠trailing PE 73rd %ile → normalized PE 73rd %ile · sector_cycle_deterministic.verdict.citations
- ⚠mid-cycle OPM 22.7% · sector_cycle_deterministic.verdict.citations
- ⚠DIVISLAB lifted ΣPAT · sector_cycle_deterministic.top_contributors.top
- ⚠ONESOURCE lifted ΣPAT · sector_cycle_deterministic.top_contributors.top
Research view from 2026-06-27
Across the 4 largest constituents with research timelines, 3 carried trackable guidance: 7 beats, 0 met, 10 misses against what management said.guidance_pairs
Acutaas Chemicals Ltd: Battery electrolyte capacity fully covered by contractsclaims
“Battery electrolyte capacity fully covered by contracts”
Acutaas Chemicals Ltd · 2026-06-27 · concall_transcripts
Research view from 2026-06-27
13 of 24 constituents are in Stage-2 price uptrends, 17 trade above their 200-day averages, and 14 are beating the NIFTY 500 on relative strength.stageabove_dma200rs_mansfield
Over the trailing ~20 weeks, the share of constituents above the 200-day line moved from 21% to 71% — participation is widening.breadth_series
Sector relative strength stands at 33.5, in the consolidation quadrant of the rotation map, with relative strength falling over a 12-week streak.current_rsquadrant
Recent stage changes: JUBLPHARMA (stage 4→1), ONESOURCE (stage 4→2), SUPRIYA (stage 4→2), WINDLAS (stage 4→1).stage
Data: Breadth trend
| Period | % above 200-DMA (%) | % beating NIFTY (%) |
|---|---|---|
| Feb 26 | 20.8 | 21.7 |
| Feb 26 | 29.2 | 26.1 |
| Feb 26 | 33.3 | 30.4 |
| Mar 26 | 25.0 | 26.1 |
| Mar 26 | 20.8 | 26.1 |
| Mar 26 | 20.8 | 26.1 |
| Mar 26 | 25.0 | 39.1 |
| Mar 26 | 42.9 | 46.2 |
| Apr 26 | 57.1 | 61.5 |
| Apr 26 | 50.0 | 39.1 |
| Apr 26 | 50.0 | 43.5 |
| Apr 26 | 54.2 | 47.8 |
| May 26 | 66.7 | 56.5 |
| May 26 | 66.7 | 56.5 |
| May 26 | 66.7 | 56.5 |
| May 26 | 66.7 | 52.2 |
| Jun 26 | 58.3 | 52.2 |
| Jun 26 | 66.7 | 56.5 |
| Jun 26 | 66.7 | 56.5 |
| Jun 26 | 70.8 | 60.9 |
Data as of 2026-07-01
Top performers by 1-year price return: Acutaas Chemicals Ltd (+217.9%), Laurus Labs Ltd (+92.4%), SMS Pharmaceuticals Ltd (+68%), Granules India Ltd (+64.7%), IOL Chemicals & Pharmaceuticals Ltd (+57.2%).price
Data: Indexed price (base 100, ~52 weeks) — default top-5
| Period | 543349 (index) | LAURUSLABS (index) | SMSPHARMA (index) | GRANULES (index) | IOLCP (index) | Sector avg (index) |
|---|---|---|---|---|---|---|
| Jul 25 | 100 | 100 | 100 | 100 | 100 | 100 |
| Jul 25 | 105 | 105 | 106 | 106 | 101 | 104 |
| Jul 25 | 101 | 106 | 100 | 100 | 103 | 102 |
| Aug 25 | 113 | 108 | 96.5 | 96.3 | 110 | 99.1 |
| Aug 25 | 112 | 104 | 94.6 | 93.7 | 102 | 95.7 |
| Aug 25 | 113 | 109 | 99.0 | 98.0 | 101 | 98.2 |
| Aug 25 | 124 | 111 | 100 | 97.8 | 106 | 99.8 |
| Aug 25 | 123 | 108 | 99.9 | 105 | 99.5 | 96.8 |
| Sep 25 | 129 | 111 | 99.6 | 109 | 106 | 100 |
| Sep 25 | 126 | 113 | 123 | 114 | 127 | 103 |
| Sep 25 | 127 | 118 | 123 | 116 | 132 | 105 |
| Sep 25 | 119 | 105 | 106 | 110 | 114 | 97.1 |
| Oct 25 | 121 | 109 | 113 | 119 | 116 | 99.8 |
| Oct 25 | 128 | 111 | 116 | 121 | 112 | 101 |
| Oct 25 | 144 | 114 | 124 | 121 | 107 | 101 |
| Oct 25 | 147 | 117 | 126 | 120 | 102 | 101 |
| Oct 25 | 151 | 121 | 121 | 121 | 102 | 101 |
| Nov 25 | 154 | 124 | 122 | 118 | 99.4 | 99.2 |
| Nov 25 | 149 | 126 | 120 | 117 | 105 | 98.5 |
| Nov 25 | 148 | 124 | 119 | 116 | 99.1 | 94.9 |
| Nov 25 | 160 | 131 | 135 | 119 | 98.7 | 96.4 |
| Dec 25 | 149 | 130 | 134 | 120 | 92.6 | 95.3 |
| Dec 25 | 145 | 128 | 135 | 123 | 91.1 | 95.2 |
| Dec 25 | 144 | 132 | 131 | 124 | 90.3 | 95.1 |
| Dec 25 | 144 | 137 | 129 | 132 | 89.3 | 94.9 |
| Jan 26 | 153 | 140 | 138 | 131 | 92.2 | 96.5 |
| Jan 26 | 147 | 137 | 143 | 128 | 85.9 | 94.0 |
| Jan 26 | 148 | 136 | 141 | 124 | 81.8 | 92.6 |
| Jan 26 | 144 | 129 | 128 | 121 | 75.8 | 85.8 |
| Feb 26 | 159 | 118 | 134 | 118 | 80.4 | 85.8 |
| Feb 26 | 173 | 120 | 134 | 120 | 82.9 | 86.8 |
| Feb 26 | 176 | 128 | 142 | 120 | 82.0 | 88.3 |
| Feb 26 | 184 | 129 | 157 | 128 | 80.4 | 88.5 |
| Feb 26 | 188 | 136 | 162 | 124 | 80.1 | 89.9 |
| Mar 26 | 196 | 130 | 158 | 123 | 81.1 | 88.2 |
| Mar 26 | 182 | 127 | 156 | 120 | 75.5 | 84.8 |
| Mar 26 | 209 | 125 | 162 | 126 | 81.6 | 86.6 |
| Mar 26 | 222 | 128 | 163 | 133 | 85.5 | 87.8 |
| Apr 26 | 184 | 132 | 164 | 131 | 84.8 | 107 |
| Apr 26 | 206 | 139 | 176 | 135 | 90.1 | 115 |
| Apr 26 | 206 | 144 | 181 | 140 | 99.9 | 95.5 |
| Apr 26 | 209 | 141 | 167 | 147 | 97.7 | 95.5 |
| Apr 26 | 226 | 139 | 170 | 149 | 103 | 98.9 |
| May 26 | 239 | 155 | 176 | 161 | 106 | 105 |
| May 26 | 238 | 168 | 169 | 157 | 116 | 104 |
| May 26 | 257 | 170 | 161 | 160 | 130 | 107 |
| May 26 | 273 | 172 | 156 | 165 | 142 | 109 |
| Jun 26 | 290 | 183 | 156 | 168 | 144 | 111 |
| Jun 26 | 274 | 176 | 162 | 163 | 147 | 112 |
| Jun 26 | 283 | 179 | 160 | 168 | 143 | 111 |
| Jun 26 | 288 | 184 | 159 | 163 | 147 | 113 |
| Jul 26 | 311 | 189 | 172 | 173 | 161 | 118 |
Data: Quarterly revenue (8q) — default top-5
| Period | 543349 (₹ Cr) | LAURUSLABS (₹ Cr) | SMSPHARMA (₹ Cr) | GRANULES (₹ Cr) | IOLCP (₹ Cr) | Sector avg (₹ Cr) |
|---|---|---|---|---|---|---|
| Jun 24 | 177 | 1,195 | 164 | 1,180 | 502 | 659 |
| Sep 24 | 247 | 1,224 | 197 | 967 | 526 | 717 |
| Dec 24 | 275 | 1,415 | 173 | 1,138 | 523 | 740 |
| Mar 25 | 308 | 1,720 | 248 | 1,197 | 528 | 828 |
| Jun 25 | 207 | 1,570 | 196 | 1,210 | 552 | 735 |
| Sep 25 | 306 | 1,653 | 242 | 1,297 | 568 | 776 |
| Dec 25 | 393 | 1,778 | 210 | 1,388 | 580 | 810 |
| Mar 26 | 433 | 1,812 | 238 | 1,471 | 619 | 917 |
Data: Quarterly net profit (8q) — default top-5
| Period | 543349 (₹ Cr) | LAURUSLABS (₹ Cr) | SMSPHARMA (₹ Cr) | GRANULES (₹ Cr) | IOLCP (₹ Cr) | Sector avg (₹ Cr) |
|---|---|---|---|---|---|---|
| Jun 24 | 15.0 | 13.0 | 16.0 | 135 | 30.0 | 67.0 |
| Sep 24 | 38.0 | 20.0 | 14.0 | 97.0 | 19.0 | 73.1 |
| Dec 24 | 45.0 | 93.0 | 18.0 | 118 | 21.0 | 84.0 |
| Mar 25 | 63.0 | 233 | 20.0 | 152 | 31.0 | 112 |
| Jun 25 | 44.0 | 162 | 20.0 | 113 | 34.0 | 73.1 |
| Sep 25 | 72.0 | 194 | 25.0 | 131 | 30.0 | 88.8 |
| Dec 25 | 106 | 252 | 23.0 | 150 | 21.0 | 71.3 |
| Mar 26 | 134 | 282 | 33.0 | 202 | 53.0 | 126 |
Data: Operating margin % (8q) — default top-5
| Period | 543349 (%) | LAURUSLABS (%) | SMSPHARMA (%) | GRANULES (%) | IOLCP (%) | Sector avg (%) |
|---|---|---|---|---|---|---|
| Jun 24 | 17.0 | 14.0 | 20.0 | 22.0 | 10.0 | 20.1 |
| Sep 24 | 20.0 | 15.0 | 16.0 | 21.0 | 8.0 | 22.8 |
| Dec 24 | 25.0 | 20.0 | 19.0 | 20.0 | 9.0 | 24.2 |
| Mar 25 | 28.0 | 24.0 | 16.0 | 21.0 | 12.0 | 25.5 |
| Jun 25 | 25.0 | 24.0 | 20.0 | 20.0 | 11.0 | 21.2 |
| Sep 25 | 31.0 | 24.0 | 20.0 | 21.0 | 10.0 | 22.7 |
| Dec 25 | 38.0 | 27.0 | 21.0 | 22.0 | 10.0 | 21.8 |
| Mar 26 | 42.0 | 28.0 | 17.0 | 24.0 | 15.0 | 24.9 |
Data: Latest reported ROCE / ROE (single latest reading, not a trend) — default top-5
| Period | 543349 (%) | LAURUSLABS (%) | SMSPHARMA (%) | GRANULES (%) | IOLCP (%) | Sector avg (%) |
|---|---|---|---|---|---|---|
| ROCE % | 31.6 | 17.8 | 13.3 | 15.5 | 11.2 | 14.6 |
| ROE % | 24.0 | 18.3 | 14.3 | 13.7 | 8.4 | 11.1 |
Data: 10-year valuation percentile (latest) — default top-5
| Period | 543349 (percentile) | LAURUSLABS (percentile) | SMSPHARMA (percentile) | GRANULES (percentile) | IOLCP (percentile) | Sector avg (percentile) |
|---|---|---|---|---|---|---|
| 10y percentile | 75.0 | 80.0 | 88.0 | 98.0 | 94.0 | 68.1 |
Interactive charts default to the five strongest performers by 1-year price return; use the rail to add or remove any constituent, globally or per chart. Non-interactive readers see the same numbers in each chart’s data table.
Data as of 2026-07-01
In the latest reported quarter (2026-03), constituents together booked ₹22,016 Cr of revenue (+10.8% year-on-year) and ₹3,012 Cr of profit (+11.9%).revenuepat
On the annual arc, aggregate profit grew 10% to ₹8,608 Cr in 2026.pat
Data: Aggregate quarterly revenue
| Period | Revenue (₹ Cr) | Reporters |
|---|---|---|
| Jun 23 | 13,638 | 21 |
| Sep 23 | 14,681 | 22 |
| Dec 23 | 14,894 | 23 |
| Mar 24 | 16,825 | 23 |
| Jun 24 | 15,808 | 24 |
| Sep 24 | 17,202 | 24 |
| Dec 24 | 17,747 | 24 |
| Mar 25 | 19,864 | 24 |
| Jun 25 | 17,632 | 24 |
| Sep 25 | 18,622 | 24 |
| Dec 25 | 19,447 | 24 |
| Mar 26 | 22,016 | 24 |
Data: Aggregate quarterly profit
| Period | Profit after tax (₹ Cr) |
|---|---|
| Jun 23 | 1,045 |
| Sep 23 | 1,097 |
| Dec 23 | 849 |
| Mar 24 | 1,322 |
| Jun 24 | 1,608 |
| Sep 24 | 1,754 |
| Dec 24 | 2,016 |
| Mar 25 | 2,692 |
| Jun 25 | 1,754 |
| Sep 25 | 2,132 |
| Dec 25 | 1,711 |
| Mar 26 | 3,012 |
Data: Aggregate operating margin
| Period | OPM (%) |
|---|---|
| Jun 23 | 18.1 |
| Sep 23 | 18.8 |
| Dec 23 | 17.8 |
| Mar 24 | 21.9 |
| Jun 24 | 18.8 |
| Sep 24 | 21.7 |
| Dec 24 | 23.2 |
| Mar 25 | 25.3 |
| Jun 25 | 20.6 |
| Sep 25 | 22.0 |
| Dec 25 | 21.7 |
| Mar 26 | 24.8 |
Data: Aggregate profit by year
| Period | Profit after tax (₹ Cr) |
|---|---|
| 2015 | 1,137 |
| 2016 | 1,991 |
| 2017 | 2,424 |
| 2018 | 2,564 |
| 2019 | 3,467 |
| 2020 | 5,561 |
| 2021 | 8,310 |
| 2022 | 8,433 |
| 2023 | 5,079 |
| 2024 | 4,560 |
| 2025 | 7,848 |
| 2026 | 8,608 |
Data: Operating margin by year
| Period | OPM (%) |
|---|---|
| 2015 | 18.8 |
| 2016 | 24.4 |
| 2017 | 24.6 |
| 2018 | 22.2 |
| 2019 | 22.7 |
| 2020 | 26.6 |
| 2021 | 28.5 |
| 2022 | 25.5 |
| 2023 | 20.1 |
| 2024 | 19.6 |
| 2025 | 22.4 |
| 2026 | 22.4 |
Data as of 2026-06-27
Sector revenue moved from ₹69,203 Cr to ₹77,726 Cr (+12.3% year-on-year).revenue
The aggregate P/E moved from 38.4× to 54.3× (+41.4%) while sector profits moved +69.5% — earnings led the multiple — the durable pattern.pe
Capital cycle: capital is entering this industry, with constituent capex running +33.5% year-on-year.readcapex_yoy_pct
Participation check: the share of constituents above their 200-day average moved 27%→66% across the trailing weeks — the move is broadening.pct_above_200dma
Sector Σrevenue +12.3% YoY — confirm it is demand/volume-led across constituents, not price/base.
revenueSector PE moved +41.4% but aggregate ΣPAT rose +69.5% over ~3y — EARNINGS led the multiple (the durable pattern). The re-rating is backed by real aggregate earnings.
peprice_idxpatCapital is ENTERING (read=ENTERING; capex +33.53%, FII+DII +1.5pp) — crowding in + a capex surge LATE in the cycle is a HEADWIND (supply coming, competition for returns). Check whether the inflow is EARLY (depressed valuation, fresh turn) or LATE (chasing a run).
capex_yoy_pctfii_dii_delta_4qSector breadth WIDENING — % above 200-DMA 27→66% over the trailing weeks: broad participation corroborates a genuine sector-wide turn rather than a few-name move.
pct_above_200dmapct_outperformingResearch view from 2026-06-27
Ownership: institutional (FII+DII) holdings moved +1.5 percentage points over four quarters; promoter stakes moved +0.06 points over two.fii_dii_delta_4qpromoter_delta_2q
Constituents spent ₹12,705 Cr on capex in the trailing twelve months (+33.5% year-on-year), with gross block growing +18.8%.capex_ttm_sum_crcapex_yoy_pct
On the deterministic capital-flow read, capital is entering this industry.read
Research view from 2026-06-27
The sector trades at an aggregate P/E of 54.25× against a range of 19.91–80.2× over its 40-quarter history.pe
The median constituent sits at the 75th percentile of its own 10-year valuation range.percentile
Data: Aggregate P/E and price index
| Period | P/E (×) | Price index |
|---|---|---|
| Jun 16 | 26.0 | 100 |
| Sep 16 | 30.3 | 117 |
| Dec 16 | 24.8 | 98 |
| Mar 17 | 21.5 | 95 |
| Jun 17 | 21.4 | 93 |
| Sep 17 | 23.4 | 98 |
| Dec 17 | 27.8 | 115 |
| Mar 18 | 29.9 | 112 |
| Jun 18 | 28.0 | 103 |
| Sep 18 | 30.9 | 114 |
| Dec 18 | 31.6 | 117 |
| Mar 19 | 27.5 | 128 |
| Jun 19 | 26.0 | 121 |
| Sep 19 | 25.8 | 120 |
| Dec 19 | 27.2 | 126 |
| Mar 20 | 19.9 | 117 |
| Jun 20 | 28.6 | 169 |
| Sep 20 | 41.3 | 244 |
| Dec 20 | 48.9 | 287 |
| Mar 21 | 35.3 | 278 |
| Jun 21 | 45.9 | 361 |
| Sep 21 | 47.6 | 370 |
| Dec 21 | 45.5 | 356 |
| Mar 22 | 39.4 | 333 |
| Jun 22 | 32.1 | 272 |
| Sep 22 | 31.7 | 268 |
| Dec 22 | 29.5 | 245 |
| Mar 23 | 38.4 | 205 |
| Jun 23 | 46.2 | 247 |
| Sep 23 | 60.0 | 276 |
| Dec 23 | 69.3 | 303 |
| Mar 24 | 65.0 | 289 |
| Jun 24 | 68.9 | 341 |
| Sep 24 | 80.2 | 427 |
| Dec 24 | 74.1 | 460 |
| Mar 25 | 61.3 | 429 |
| Jun 25 | 64.9 | 459 |
| Sep 25 | 61.4 | 445 |
| Dec 25 | 63.3 | 443 |
| Mar 26 | 54.3 | 394 |
Data as of 2026-06-27
24 companies make up this sector, led by Divis Laboratories Ltd at ₹1,79,284 Cr of market value.constituents
| Company | Price | 1y | Stage | RS | 10y val % |
|---|---|---|---|---|---|
| Divis Laboratories Ltd | ₹6,546 | −5.2% | 2 | 2.7 | 74 |
| Laurus Labs Ltd | ₹1,493 | +92.4% | 2 | 42.9 | 80 |
| Anthem Biosciences Ltd | ₹763 | +0.8% | 2 | – | 0 |
| Gland Pharma Ltd | ₹2,465 | +31.6% | 2 | 30.2 | 50 |
| Acutaas Chemicals Ltd | ₹3,568 | +217.9% | 2 | 78.0 | 75 |
| Sai Life Sciences Ltd | ₹1,244 | +56.9% | 2 | 30.7 | 75 |
| Neuland Laboratories Ltd | ₹18,786 | +56.6% | 2 | 25.1 | 86 |
| Piramal Pharma Ltd | ₹169 | −17.2% | 4 | -4.2 | – |
| Granules India Ltd | ₹811 | +64.7% | 2 | 35.7 | 98 |
| OneSource Specialty Pharma Ltd | ₹1,650 | −18.4% | 2 | -2.2 | – |
| Syngene International Ltd | ₹432 | −33.0% | 4 | -21.8 | 27 |
| Cohance Lifesciences Ltd | ₹451 | −56.5% | 4 | -23.7 | 88 |
| Jubilant Pharmova Ltd | ₹974 | −18.6% | 1 | -4.5 | 75 |
| Concord Biotech Ltd | ₹1,286 | −26.0% | 4 | -6.4 | 38 |
| Shilpa Medicare Ltd | ₹571 | +27.3% | 2 | 44.1 | 62 |
| Blue Jet Healthcare Ltd | ₹549 | −38.8% | 4 | -1.1 | 33 |
| Supriya Lifescience Ltd | ₹1,009 | +37.3% | 2 | 39.1 | 95 |
| IOL Chemicals & Pharmaceuticals Ltd | ₹147 | +57.2% | 2 | 55.7 | 94 |
| SMS Pharmaceuticals Ltd | ₹409 | +68.0% | 2 | 25.5 | 88 |
| Morepen Laboratories Ltd | ₹62.7 | −4.1% | 4 | 37.8 | 80 |
| Solara Active Pharma Sciences Ltd | ₹566 | −11.1% | 4 | 1.3 | – |
| Dishman Carbogen Amcis Ltd | ₹176 | −32.9% | 4 | -20.9 | 46 |
| Hikal Ltd | ₹219 | −36.6% | 4 | -3.2 | 95 |
| Windlas Biotech Ltd | ₹861 | −4.7% | 1 | 0.8 | 71 |
Data as of 2026-07-01
Headwind chain: A cluster of live US trade actions cited across export-exposed sectors: Capital Goods - Solar (high 126% US CVD, Q3), Textiles - Composite Mills (50% US tariff, Q1), Pharma - API & CRAMS (proposed US API tariff + FDA… Also touches: Capital Goods - Solar, Textiles - Composite Mills, Watches.triggermechanism
Tailwind chain: Global inventory destocking phase ending and strategic shift away from China gaining pace. Also touches: Pharma - API, Chemicals - Speciality.triggermechanism
A cluster of live US trade actions cited across export-exposed sectors: Capital Goods - Solar (high 126% US CVD, Q3), Textiles - Composite Mills (50% US tariff, Q1), Pharma - API & CRAMS (proposed US API tariff + FDA overhang, Q3), Pharma - API (US tariff, Q3), Watches (Swiss-import tariffs capping the tailwind, Q3), Lab Grown Diamonds (live US tariff whipsaw, Q4).
US tariff/CVD actions land directly on the export realization or the import-cost line of trade-exposed manufacturers, capping margins and injecting binary policy uncertainty that the trailing curves cannot price — a regulatory overhang that taxes otherwise-structural theses (China+1 pharma/CDMO, solar capacity, textiles PLI).
Global inventory destocking phase ending and strategic shift away from China gaining pace.
Western innovators are signing long-term CDMO contracts with Indian players, resulting in operating leverage as API and CRAMS facilities scale up utilization.
Research view from 2026-06-27
A breakdown is NOT underway: 71% of constituents still trade above their 200-day averages.breadth_series
- A breakdown is NOT underway: 71% of constituents still trade above their 200-day averages.
Data as of 2026-07-01
Straight answers from the data
What is the Pharma - API & CRAMS sector?
The Pharma - API & CRAMS sector groups 24 listed companies with a combined market value of ₹5,87,024 Cr, led by Divis Laboratories Ltd, Laurus Labs Ltd, Anthem Biosciences Ltd. 13 of 24 constituents are currently in confirmed price uptrends.
Which stocks are in the Pharma - API & CRAMS sector?
The largest Pharma - API & CRAMS companies by market value are Divis Laboratories Ltd (₹1,79,284 Cr), Laurus Labs Ltd (₹78,336 Cr), Anthem Biosciences Ltd (₹42,899 Cr), Gland Pharma Ltd (₹38,185 Cr), Acutaas Chemicals Ltd (₹27,017 Cr), Sai Life Sciences Ltd (₹25,926 Cr), Neuland Laboratories Ltd (₹23,044 Cr), Piramal Pharma Ltd (₹22,958 Cr).
What are the best-performing Pharma - API & CRAMS stocks?
By 1-year price return as of 1 July 2026, the strongest Pharma - API & CRAMS stocks are Acutaas Chemicals Ltd (+218%), Laurus Labs Ltd (+92%), SMS Pharmaceuticals Ltd (+68%), Granules India Ltd (+65%), IOL Chemicals & Pharmaceuticals Ltd (+57%). These are descriptive price moves measured from weekly Screener closes, not recommendations.
Is the Pharma - API & CRAMS sector in an uptrend?
13 of 24 Pharma - API & CRAMS constituents are in Stage-2 price uptrends, 17 trade above their 200-day average, and 14 are beating the NIFTY 500 on relative strength. Sector relative strength reads 33.5, in the consolidation quadrant of the rotation map, falling over a 12-week streak.
How many Pharma - API & CRAMS stocks trade above their 200-day average?
17 of 24 Pharma - API & CRAMS constituents currently trade above their 200-day moving average. Over the trailing ~20 weeks, that share moved from 21% to 71% — participation is widening.
Is the Pharma - API & CRAMS sector expensive versus its own history?
The Pharma - API & CRAMS sector trades at an aggregate P/E of 54.3× against a 19.9–80.2× band over its own history. The median constituent sits at the 75th percentile of its own 10-year P/E range, above the middle of its own historical range.
Is money entering or leaving the Pharma - API & CRAMS sector?
On Sector Alpha's deterministic capital-flow read, money is entering the Pharma - API & CRAMS sector. Institutional (FII+DII) holdings moved +1.50 percentage points across constituents over the last four quarters, and constituents grew capex +33.5% year-on-year.
How fast is the Pharma - API & CRAMS sector growing?
In the latest reported quarter (March 2026), Pharma - API & CRAMS constituents together booked ₹22,016 Cr of revenue, +10.8% year-on-year, with aggregate profit +11.9% year-on-year. Figures aggregate Screener-scraped quarterly filings across the sector.
How are Pharma - API & CRAMS operating margins trending?
Aggregate Pharma - API & CRAMS operating margin was 24.8% in the latest reported quarter (March 2026), versus 25.3% a year earlier — margins are softening.
Which sectors is the Pharma - API & CRAMS sector connected to?
The Pharma - API & CRAMS sector sits in 2 cross-sector chains: as a potential casualty it connects to Capital Goods - Solar, Textiles - Composite Mills, Watches — A cluster of live US trade actions cited across export-exposed sectors: Capital Goods - Solar (high 126% US CVD, Q3), Textiles - Composite Mills (50% US tariff, Q1)…; as a beneficiary it connects to Pharma - API, Chemicals - Speciality — Global inventory destocking phase ending and strategic shift away from China gaining pace..
What is the bull case for the Pharma - API & CRAMS sector?
Structural China+1/BIOSECURE CDMO reshoring plus the GLP-1/Semaglutide peptide wave is driving volume recovery and margin expansion, gated by an FDA-compliance overhang and Red Sea freight shocks.
What could change the view on the Pharma - API & CRAMS sector?
US FDA warning letters halt the CDMO/peptide launch pipeline across key constituents, causing aggregate EPS growth to stall while the 73rd percentile multiple violently de-rates. Also worth noting: a breakdown is NOT underway: 71% of constituents still trade above their 200-day averages.
What is the research view on the Pharma - API & CRAMS sector?
Sector Alpha does not publish trading recommendations or price calls — this is a research read, not advice. What the data says: broken out mid · aligned. The sector is experiencing a genuine, durable expansion anchored by structural China+1 CDMO engagements and the global GLP-1 peptide launch wave. This is evidenced by an earnings-led curve move where ΣPAT (+69.5%) outran the multiple expansion (+41.4%), with broad constituent participation. Every number on this page traces to its source column; it is machine-written research, not investment advice.
Should I invest in the Pharma - API & CRAMS sector?
Sector Alpha does not publish sector allocations or trading calls — for Pharma - API & CRAMS or any sector. What this page provides is a data-first read: how many constituents are in confirmed uptrends, how the sector's valuation compares with its own history, where earnings sit in their cycle, and whether capital is entering or leaving. Use it to study the sector on the evidence, then do your own diligence.
What is the Pharma - API & CRAMS sector's relative-strength position?
Pharma - API & CRAMS relative strength reads 33.5 on Sector Alpha's rotation map, placing it in the consolidation quadrant. Relative strength is falling and has held for 12 weeks. A positive, rising relative-strength trend means the sector has been outperforming the broad market week after week.