# Pharma - API & CRAMS — company-by-company sector analysis > Pharma - API & CRAMS: Divis Laboratories Ltd owns the largest revenue base; Neuland Laboratories Ltd has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-08-18. Not investment advice. ## Bottom line Pharma - API & CRAMS has outperformed NIFTY 500 by 20.8% over 52 weeks and 16.8% over 13 weeks. 17 of 24 covered companies beat NIFTY on Mansfield relative strength, while 9 of 24 beat the sector itself. Divis Laboratories Ltd leads with revenue of ₹11,230 crore, based on 24 of 24 comparable companies through Jun 2026. ## Sector relative strength Pharma - API & CRAMS has outperformed NIFTY 500 by 20.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 16.8%. 17 of 24 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Shilpa Medicare Ltd is the strongest against the sector itself at +59%. 13-week sector return versus NIFTY 500: 17% 52-week sector return versus NIFTY 500: 21% Stocks leading NIFTY: 17/24 Stocks leading sector: 9/24 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 24 Combined market value: ₹6.9 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Neuland Laboratories Ltd (NEULANDLAB): 83/100 — Sector-leading setup; evidence 100% - Growth & earnings 33.6/35 | Capital efficiency 19.7/25 | Valuation 11.8/20 | Relative strength 17.6/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 33.6 + 19.7 + 11.8 + 17.6 = 82.7 - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. 2. IOL Chemicals & Pharmaceuticals Ltd (IOLCP): 74/100 — Favorable setup; evidence 100% - Growth & earnings 28.5/35 | Capital efficiency 12.5/25 | Valuation 13.8/20 | Relative strength 19.0/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 28.5 + 12.5 + 13.8 + 19 = 73.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 3. Gland Pharma Ltd (GLAND): 72/100 — Favorable setup; evidence 100% - Growth & earnings 26.4/35 | Capital efficiency 13.9/25 | Valuation 13.7/20 | Relative strength 18.4/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 26.4 + 13.9 + 13.7 + 18.4 = 72.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 4. Acutaas Chemicals Ltd (543349): 72/100 — Favorable setup; evidence 82% - Growth & earnings 31.9/35 | Capital efficiency 20.1/25 | Valuation 7.9/20 | Relative strength 12.1/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 31.9 + 20.1 + 7.9 + 12.1 = 72 - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. 5. Laurus Labs Ltd (LAURUSLABS): 71/100 — Favorable setup; evidence 93% - Growth & earnings 32.2/35 | Capital efficiency 18.2/25 | Valuation 5.3/20 | Relative strength 14.9/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 32.2 + 18.2 + 5.3 + 14.9 = 70.6 - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. 6. Granules India Ltd (GRANULES): 65/100 — Mixed-positive evidence; evidence 100% - Growth & earnings 26.4/35 | Capital efficiency 15.8/25 | Valuation 10.1/20 | Relative strength 12.2/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 26.4 + 15.8 + 10.1 + 12.2 = 64.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 7. Divis Laboratories Ltd (DIVISLAB): 64/100 — Mixed-positive evidence; evidence 100% - Growth & earnings 26.5/35 | Capital efficiency 19.1/25 | Valuation 3.8/20 | Relative strength 15.0/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 26.5 + 19.1 + 3.8 + 15 = 64.4 - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. 8. Sai Life Sciences Ltd (SAILIFE): 64/100 — Mixed-positive evidence; evidence 93% - Growth & earnings 27.2/35 | Capital efficiency 16.6/25 | Valuation 5.0/20 | Relative strength 14.7/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 27.2 + 16.6 + 5 + 14.7 = 63.5 - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. 9. Shilpa Medicare Ltd (SHILPAMED): 63/100 — Mixed-positive evidence; evidence 97% - Growth & earnings 27.1/35 | Capital efficiency 10.4/25 | Valuation 5.8/20 | Relative strength 20.0/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 27.1 + 10.4 + 5.8 + 20 = 63.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 10. Anthem Biosciences Ltd (ANTHEM): 55/100 — Mixed-positive evidence; evidence 77% - Growth & earnings 12.7/35 | Capital efficiency 22.0/25 | Valuation 9.1/20 | Relative strength 10.9/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 12.7 + 22 + 9.1 + 10.9 = 54.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 11. Windlas Biotech Ltd (WINDLAS): 54/100 — Mixed-positive evidence; evidence 77% - Growth & earnings 16.7/35 | Capital efficiency 14.5/25 | Valuation 11.6/20 | Relative strength 10.9/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 10 weeks with a reading, within the last 12 - Exact sum: 16.7 + 14.5 + 11.6 + 10.9 = 53.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 12. Morepen Laboratories Ltd (MOREPENLAB): 49/100 — Mixed-negative evidence; evidence 94% - Growth & earnings 20.3/35 | Capital efficiency 8.2/25 | Valuation 10.4/20 | Relative strength 10.2/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of 10 weeks with a reading, within the last 12 - Exact sum: 20.3 + 8.2 + 10.4 + 10.2 = 49.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 13. Supriya Lifescience Ltd (SUPRIYA): 48/100 — Mixed-negative evidence; evidence 100% - Growth & earnings 16.1/35 | Capital efficiency 17.1/25 | Valuation 7.4/20 | Relative strength 7.1/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 16.1 + 17.1 + 7.4 + 7.1 = 47.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 14. Blue Jet Healthcare Ltd (BLUEJET): 47/100 — Mixed-negative evidence; evidence 94% - Growth & earnings 5.6/35 | Capital efficiency 21.1/25 | Valuation 14.0/20 | Relative strength 6.2/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of 10 weeks with a reading, within the last 12 - Exact sum: 5.6 + 21.1 + 14 + 6.2 = 46.9 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 15. SMS Pharmaceuticals Ltd (SMSPHARMA): 46/100 — Mixed-negative evidence; evidence 100% - Growth & earnings 19.1/35 | Capital efficiency 11.3/25 | Valuation 10.9/20 | Relative strength 5.0/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 19.1 + 11.3 + 10.9 + 5 = 46.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 16. Concord Biotech Ltd (CONCORDBIO): 39/100 — Mixed-negative evidence; evidence 94% - Growth & earnings 9.0/35 | Capital efficiency 14.9/25 | Valuation 6.8/20 | Relative strength 7.8/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of 10 weeks with a reading, within the last 12 - Exact sum: 9 + 14.9 + 6.8 + 7.8 = 38.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 17. Piramal Pharma Ltd (PPLPHARMA): 35/100 — Adverse evidence; evidence 71% - Growth & earnings 13.0/35 | Capital efficiency 1.4/25 | Valuation 10.0/20 | Relative strength 10.3/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks - Exact sum: 13 + 1.4 + 10 + 10.3 = 34.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 18. Jubilant Pharmova Ltd (JUBLPHARMA): 35/100 — Adverse evidence; evidence 93% - Growth & earnings 11.8/35 | Capital efficiency 6.8/25 | Valuation 13.8/20 | Relative strength 2.2/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 11.8 + 6.8 + 13.8 + 2.2 = 34.6 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 19. Hikal Ltd (HIKAL): 30/100 — Adverse evidence; evidence 81% - Growth & earnings 11.3/35 | Capital efficiency 4.3/25 | Valuation 6.6/20 | Relative strength 7.8/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 11.3 + 4.3 + 6.6 + 7.8 = 30 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 20. OneSource Specialty Pharma Ltd (ONESOURCE): 27/100 — Adverse evidence; evidence 71% - Growth & earnings 11.3/35 | Capital efficiency 3.3/25 | Valuation 10.0/20 | Relative strength 2.7/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks - Exact sum: 11.3 + 3.3 + 10 + 2.7 = 27.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 21. Syngene International Ltd (SYNGENE): 25/100 — Adverse evidence; evidence 100% - Growth & earnings 6.7/35 | Capital efficiency 8.6/25 | Valuation 7.9/20 | Relative strength 1.6/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 6.7 + 8.6 + 7.9 + 1.6 = 24.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 22. Cohance Lifesciences Ltd (COHANCE): 23/100 — Adverse evidence; evidence 82% - Growth & earnings 3.7/35 | Capital efficiency 7.2/25 | Valuation 6.5/20 | Relative strength 5.7/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks - Exact sum: 3.7 + 7.2 + 6.5 + 5.7 = 23.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 23. Solara Active Pharma Sciences Ltd (SOLARA): 23/100 — Adverse evidence; evidence 83% - Growth & earnings 7.9/35 | Capital efficiency 3.8/25 | Valuation 8.5/20 | Relative strength 2.5/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks - Exact sum: 7.9 + 3.8 + 8.5 + 2.5 = 22.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 24. Dishman Carbogen Amcis Ltd (DCAL): 22/100 — Adverse evidence; evidence 87% - Growth & earnings 7.0/35 | Capital efficiency 4.8/25 | Valuation 6.2/20 | Relative strength 4.2/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of 10 weeks with a reading, within the last 12 - Exact sum: 7 + 4.8 + 6.2 + 4.2 = 22.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. ## Market action Acutaas Chemicals Ltd has the strongest one-year price move in Pharma - API & CRAMS at +152.6%. Shilpa Medicare Ltd leads on Mansfield relative strength against NIFTY at +90.7%. 17 of 24 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14. ### Strongest one-year price performers 1. Acutaas Chemicals Ltd (543349): 153% 2. Laurus Labs Ltd (LAURUSLABS): 118% 3. Shilpa Medicare Ltd (SHILPAMED): 98% 4. Granules India Ltd (GRANULES): 95% 5. IOL Chemicals & Pharmaceuticals Ltd (IOLCP): 79% ### Strongest relative strength versus NIFTY 500 1. Shilpa Medicare Ltd (SHILPAMED): 91% 2. Morepen Laboratories Ltd (MOREPENLAB): 78% 3. IOL Chemicals & Pharmaceuticals Ltd (IOLCP): 60% 4. Laurus Labs Ltd (LAURUSLABS): 53% 5. Gland Pharma Ltd (GLAND): 49% ## Pharma - API & CRAMS — the story behind the numbers This is the written read behind the Pharma - API & CRAMS figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 22 Jul 2026. 4 themes are live here, 1 of them rated high severity. The Pharma - API & CRAMS sector sample shows divergent operational metrics but aligned growth trajectories. Acutaas Chemicals Ltd reported Q4 FY26 revenue of Rs 433 crore, up 40.3% YoY. Granules India Ltd reported Q4 FY26 revenue of INR 14,706 Mn, up 23% YoY. Both constituents demonstrate revenue expansion exceeding 20% YoY. How old this read is: This read comes from our Pharma - API & CRAMS sector brief dated 22 Jul 2026, so the words here and the numbers above them cover the same few weeks. ### Live themes, worst first - HIGH | Gagillapur facility FDA warning letter meeting January 2026; resolution delay caps margin expansion runway. | Additional documentation submitted. | quoted: "Gagillapur facility — post-warning letter meeting with FDA January 2026; additional documentation submitted" | named for GRANULES - MEDIUM | India pharma sector faces potential US tariff headwinds in FY27. | quoted: "India pharma sector faces potential US tariff headwinds in FY27; Granules' US-heavy FD revenue mix makes it more exposed than peers with balanced geographies" | named for GRANULES - MEDIUM | API price compression risk on commodity base (Paracetamol, Metformin). | Product mix shift toward Complex Generics. | quoted: "Granules' historical vulnerability to API price compression is being structurally mitigated via product mix shift; however, the commodity API base (Paracetamol, Metformin) still contributes ~55% of FD revenue" | named for GRANULES - MEDIUM | Multi-currency exposure increasing with geographic diversification and acquisitions. | FX management complexity rising with Senn integration. | named for GRANULES Sources: our Pharma - API & CRAMS sector brief, 22 Jul 2026 · company earnings-call transcripts. ## Revenue Scale & Growth Durability What the numbers say: Divis Laboratories Ltd is the scale leader at ₹11,230 crore, 22% ahead of Piramal Pharma Ltd. Neuland Laboratories Ltd's growth is 78.3% from a ₹2,372 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Divis Laboratories Ltd is the scale benchmark; Neuland Laboratories Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Divis Laboratories Ltd's growth falls below Neuland Laboratories Ltd's for two consecutive comparable reports while operating margin also compresses. Evidence: Divis Laboratories Ltd · ₹11,230 crore | 22% versus #2 · Piramal Pharma Ltd | 8/8 recent comparable periods | 24/24 companies · 437 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. Divis Laboratories Ltd (DIVISLAB): ₹11.2K Cr 2. Piramal Pharma Ltd (PPLPHARMA): ₹9.2K Cr 3. Jubilant Pharmova Ltd (JUBLPHARMA): ₹8.6K Cr 4. Laurus Labs Ltd (LAURUSLABS): ₹7.3K Cr 5. Gland Pharma Ltd (GLAND): ₹6.7K Cr ### Revenue growth — fastest growers 1. Neuland Laboratories Ltd (NEULANDLAB): 78% 2. Acutaas Chemicals Ltd (543349): 41% 3. Supriya Lifescience Ltd (SUPRIYA): 28% 4. Shilpa Medicare Ltd (SHILPAMED): 28% 5. Granules India Ltd (GRANULES): 25% ### 20-quarter Revenue history - 543349: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹152 Cr | Mar 2023 ₹186 Cr | Jun 2023 ₹154 Cr | Sep 2023 ₹172 Cr | Dec 2023 ₹166 Cr | Mar 2024 ₹225 Cr | Jun 2024 ₹177 Cr | Sep 2024 ₹247 Cr | Dec 2024 ₹275 Cr | Mar 2025 ₹308 Cr | Jun 2025 ₹207 Cr | Sep 2025 ₹306 Cr | Dec 2025 ₹393 Cr | Mar 2026 ₹433 Cr | Jun 2026 ₹330 Cr - DIVISLAB: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 ₹3.1K Cr - LAURUSLABS: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹2.0K Cr - ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹294 Cr | Sep 2023 ₹294 Cr | Dec 2023 ₹416 Cr | Mar 2024 ₹416 Cr | Jun 2024 ₹339 Cr | Sep 2024 ₹525 Cr | Dec 2024 ₹498 Cr | Mar 2025 ₹483 Cr | Jun 2025 ₹540 Cr | Sep 2025 ₹550 Cr | Dec 2025 ₹423 Cr | Mar 2026 ₹611 Cr | Jun 2026 ₹418 Cr - GLAND: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹857 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹938 Cr | Mar 2023 ₹785 Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 ₹1.8K Cr - SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹321 Cr | Sep 2023 ₹321 Cr | Dec 2023 ₹384 Cr | Mar 2024 ₹439 Cr | Jun 2024 ₹280 Cr | Sep 2024 ₹396 Cr | Dec 2024 ₹440 Cr | Mar 2025 ₹580 Cr | Jun 2025 ₹496 Cr | Sep 2025 ₹537 Cr | Dec 2025 ₹556 Cr | Mar 2026 ₹602 Cr | Jun 2026 ₹554 Cr - NEULANDLAB: Sep 2021 ₹258 Cr | Dec 2021 ₹236 Cr | Mar 2022 ₹256 Cr | Jun 2022 ₹221 Cr | Sep 2022 ₹294 Cr | Dec 2022 ₹269 Cr | Mar 2023 ₹407 Cr | Jun 2023 ₹363 Cr | Sep 2023 ₹418 Cr | Dec 2023 ₹393 Cr | Mar 2024 ₹385 Cr | Jun 2024 ₹440 Cr | Sep 2024 ₹311 Cr | Dec 2024 ₹398 Cr | Mar 2025 ₹328 Cr | Jun 2025 ₹293 Cr | Sep 2025 ₹514 Cr | Dec 2025 ₹440 Cr | Mar 2026 ₹776 Cr | Jun 2026 ₹642 Cr - PPLPHARMA: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 ₹2.3K Cr - GRANULES: Sep 2021 ₹888 Cr | Dec 2021 ₹997 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹986 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹967 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 ₹1.5K Cr - ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹9 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹292 Cr | Sep 2024 ₹334 Cr | Dec 2024 ₹393 Cr | Mar 2025 ₹426 Cr | Jun 2025 ₹327 Cr | Sep 2025 ₹376 Cr | Dec 2025 ₹290 Cr | Mar 2026 ₹428 Cr | Jun 2026 ₹449 Cr - COHANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹354 Cr | Mar 2023 ₹369 Cr | Jun 2023 ₹348 Cr | Sep 2023 ₹231 Cr | Dec 2023 ₹220 Cr | Mar 2024 ₹253 Cr | Jun 2024 ₹488 Cr | Sep 2024 ₹604 Cr | Dec 2024 ₹676 Cr | Mar 2025 ₹840 Cr | Jun 2025 ₹549 Cr | Sep 2025 ₹556 Cr | Dec 2025 ₹545 Cr | Mar 2026 ₹619 Cr | Jun 2026 ₹422 Cr - SYNGENE: Sep 2021 ₹610 Cr | Dec 2021 ₹641 Cr | Mar 2022 ₹758 Cr | Jun 2022 ₹645 Cr | Sep 2022 ₹768 Cr | Dec 2022 ₹786 Cr | Mar 2023 ₹994 Cr | Jun 2023 ₹808 Cr | Sep 2023 ₹910 Cr | Dec 2023 ₹854 Cr | Mar 2024 ₹917 Cr | Jun 2024 ₹790 Cr | Sep 2024 ₹891 Cr | Dec 2024 ₹944 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹875 Cr | Sep 2025 ₹911 Cr | Dec 2025 ₹917 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 ₹736 Cr - SHILPAMED: Sep 2021 ₹295 Cr | Dec 2021 ₹272 Cr | Mar 2022 ₹342 Cr | Jun 2022 ₹261 Cr | Sep 2022 ₹263 Cr | Dec 2022 ₹262 Cr | Mar 2023 ₹264 Cr | Jun 2023 ₹260 Cr | Sep 2023 ₹313 Cr | Dec 2023 ₹287 Cr | Mar 2024 ₹292 Cr | Jun 2024 ₹293 Cr | Sep 2024 ₹344 Cr | Dec 2024 ₹319 Cr | Mar 2025 ₹331 Cr | Jun 2025 ₹321 Cr | Sep 2025 ₹370 Cr | Dec 2025 ₹410 Cr | Mar 2026 ₹437 Cr | Jun 2026 ₹466 Cr - CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹181 Cr | Sep 2022 ₹159 Cr | Dec 2022 ₹241 Cr | Mar 2023 ₹273 Cr | Jun 2023 ₹195 Cr | Sep 2023 ₹262 Cr | Dec 2023 ₹241 Cr | Mar 2024 ₹319 Cr | Jun 2024 ₹216 Cr | Sep 2024 ₹310 Cr | Dec 2024 ₹244 Cr | Mar 2025 ₹430 Cr | Jun 2025 ₹204 Cr | Sep 2025 ₹247 Cr | Dec 2025 ₹278 Cr | Mar 2026 ₹326 Cr | Jun 2026 ₹257 Cr - JUBLPHARMA: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 ₹2.2K Cr - BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹145 Cr | Sep 2022 ₹190 Cr | Dec 2022 ₹169 Cr | Mar 2023 ₹217 Cr | Jun 2023 ₹180 Cr | Sep 2023 ₹181 Cr | Dec 2023 ₹167 Cr | Mar 2024 ₹184 Cr | Jun 2024 ₹163 Cr | Sep 2024 ₹208 Cr | Dec 2024 ₹318 Cr | Mar 2025 ₹340 Cr | Jun 2025 ₹355 Cr | Sep 2025 ₹165 Cr | Dec 2025 ₹192 Cr | Mar 2026 ₹235 Cr | Jun 2026 ₹293 Cr - SUPRIYA: Sep 2021 ₹148 Cr | Dec 2021 ₹117 Cr | Mar 2022 ₹188 Cr | Jun 2022 ₹101 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹105 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹132 Cr | Sep 2023 ₹140 Cr | Dec 2023 ₹140 Cr | Mar 2024 ₹158 Cr | Jun 2024 ₹161 Cr | Sep 2024 ₹166 Cr | Dec 2024 ₹186 Cr | Mar 2025 ₹184 Cr | Jun 2025 ₹145 Cr | Sep 2025 ₹200 Cr | Dec 2025 ₹206 Cr | Mar 2026 ₹277 Cr | Jun 2026 ₹190 Cr - IOLCP: Sep 2021 ₹538 Cr | Dec 2021 ₹555 Cr | Mar 2022 ₹572 Cr | Jun 2022 ₹565 Cr | Sep 2022 ₹541 Cr | Dec 2022 ₹523 Cr | Mar 2023 ₹587 Cr | Jun 2023 ₹563 Cr | Sep 2023 ₹545 Cr | Dec 2023 ₹520 Cr | Mar 2024 ₹504 Cr | Jun 2024 ₹502 Cr | Sep 2024 ₹526 Cr | Dec 2024 ₹523 Cr | Mar 2025 ₹528 Cr | Jun 2025 ₹552 Cr | Sep 2025 ₹568 Cr | Dec 2025 ₹580 Cr | Mar 2026 ₹619 Cr | Jun 2026 ₹756 Cr - MOREPENLAB: Sep 2021 ₹398 Cr | Dec 2021 ₹399 Cr | Mar 2022 ₹370 Cr | Jun 2022 ₹303 Cr | Sep 2022 ₹404 Cr | Dec 2022 ₹348 Cr | Mar 2023 ₹364 Cr | Jun 2023 ₹401 Cr | Sep 2023 ₹422 Cr | Dec 2023 ₹445 Cr | Mar 2024 ₹423 Cr | Jun 2024 ₹455 Cr | Sep 2024 ₹438 Cr | Dec 2024 ₹453 Cr | Mar 2025 ₹466 Cr | Jun 2025 ₹425 Cr | Sep 2025 ₹412 Cr | Dec 2025 ₹484 Cr | Mar 2026 ₹485 Cr | Jun 2026 ₹570 Cr - SMSPHARMA: Sep 2021 ₹176 Cr | Dec 2021 ₹123 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹64 Cr | Sep 2022 ₹159 Cr | Dec 2022 ₹149 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹135 Cr | Sep 2023 ₹167 Cr | Dec 2023 ₹161 Cr | Mar 2024 ₹246 Cr | Jun 2024 ₹164 Cr | Sep 2024 ₹197 Cr | Dec 2024 ₹173 Cr | Mar 2025 ₹248 Cr | Jun 2025 ₹196 Cr | Sep 2025 ₹242 Cr | Dec 2025 ₹210 Cr | Mar 2026 ₹238 Cr | Jun 2026 ₹207 Cr - DCAL: Sep 2021 ₹459 Cr | Dec 2021 ₹562 Cr | Mar 2022 ₹569 Cr | Jun 2022 ₹541 Cr | Sep 2022 ₹614 Cr | Dec 2022 ₹640 Cr | Mar 2023 ₹619 Cr | Jun 2023 ₹723 Cr | Sep 2023 ₹587 Cr | Dec 2023 ₹651 Cr | Mar 2024 ₹655 Cr | Jun 2024 ₹524 Cr | Sep 2024 ₹789 Cr | Dec 2024 ₹682 Cr | Mar 2025 ₹716 Cr | Jun 2025 ₹708 Cr | Sep 2025 ₹653 Cr | Dec 2025 ₹720 Cr | Mar 2026 ₹851 Cr | Jun 2026 ₹678 Cr - HIKAL: Sep 2021 ₹469 Cr | Dec 2021 ₹515 Cr | Mar 2022 ₹502 Cr | Jun 2022 ₹379 Cr | Sep 2022 ₹559 Cr | Dec 2022 ₹540 Cr | Mar 2023 ₹545 Cr | Jun 2023 ₹388 Cr | Sep 2023 ₹435 Cr | Dec 2023 ₹448 Cr | Mar 2024 ₹514 Cr | Jun 2024 ₹407 Cr | Sep 2024 ₹453 Cr | Dec 2024 ₹448 Cr | Mar 2025 ₹552 Cr | Jun 2025 ₹380 Cr | Sep 2025 ₹319 Cr | Dec 2025 ₹494 Cr | Mar 2026 ₹519 Cr | Jun 2026 ₹403 Cr - SOLARA: Sep 2021 ₹402 Cr | Dec 2021 ₹100 Cr | Mar 2022 ₹361 Cr | Jun 2022 ₹330 Cr | Sep 2022 ₹338 Cr | Dec 2022 ₹395 Cr | Mar 2023 ₹381 Cr | Jun 2023 ₹352 Cr | Sep 2023 ₹425 Cr | Dec 2023 ₹212 Cr | Mar 2024 ₹299 Cr | Jun 2024 ₹363 Cr | Sep 2024 ₹347 Cr | Dec 2024 ₹300 Cr | Mar 2025 ₹273 Cr | Jun 2025 ₹319 Cr | Sep 2025 ₹314 Cr | Dec 2025 ₹349 Cr | Mar 2026 ₹387 Cr | Jun 2026 ₹382 Cr - WINDLAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹120 Cr | Mar 2023 ₹141 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹153 Cr | Dec 2023 ₹162 Cr | Mar 2024 ₹171 Cr | Jun 2024 ₹175 Cr | Sep 2024 ₹187 Cr | Dec 2024 ₹195 Cr | Mar 2025 ₹203 Cr | Jun 2025 ₹210 Cr | Sep 2025 ₹222 Cr | Dec 2025 ₹233 Cr | Mar 2026 ₹238 Cr | Jun 2026 — ### 20-quarter Revenue growth history - 543349: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 9.2% | Mar 2024 21% | Jun 2024 15% | Sep 2024 44% | Dec 2024 66% | Mar 2025 37% | Jun 2025 17% | Sep 2025 24% | Dec 2025 43% | Mar 2026 41% | Jun 2026 59% - DIVISLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 -6.7% | Dec 2022 -31% | Mar 2023 -23% | Jun 2023 -21% | Sep 2023 2.9% | Dec 2023 8.6% | Mar 2024 18% | Jun 2024 19% | Sep 2024 22% | Dec 2024 25% | Mar 2025 12% | Jun 2025 14% | Sep 2025 16% | Dec 2025 12% | Mar 2026 9.5% | Jun 2026 28% - LAURUSLABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 31% | Dec 2022 50% | Mar 2023 -3.1% | Jun 2023 -23% | Sep 2023 -22% | Dec 2023 -23% | Mar 2024 4.3% | Jun 2024 1.1% | Sep 2024 0.0% | Dec 2024 18% | Mar 2025 19% | Jun 2025 31% | Sep 2025 35% | Dec 2025 26% | Mar 2026 5.4% | Jun 2026 29% - ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 15% | Sep 2024 79% | Dec 2024 20% | Mar 2025 16% | Jun 2025 59% | Sep 2025 4.8% | Dec 2025 -15% | Mar 2026 27% | Jun 2026 -23% - GLAND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -26% | Sep 2022 -3.3% | Dec 2022 -12% | Mar 2023 -29% | Jun 2023 41% | Sep 2023 32% | Dec 2023 65% | Mar 2024 96% | Jun 2024 16% | Sep 2024 2.4% | Dec 2024 -10% | Mar 2025 -7.3% | Jun 2025 7.4% | Sep 2025 5.8% | Dec 2025 22% | Mar 2026 22% | Jun 2026 20% - SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -13% | Sep 2024 23% | Dec 2024 15% | Mar 2025 32% | Jun 2025 77% | Sep 2025 36% | Dec 2025 26% | Mar 2026 3.8% | Jun 2026 12% - NEULANDLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10.0% | Sep 2022 14% | Dec 2022 14% | Mar 2023 59% | Jun 2023 64% | Sep 2023 42% | Dec 2023 46% | Mar 2024 -5.4% | Jun 2024 21% | Sep 2024 -26% | Dec 2024 1.3% | Mar 2025 -15% | Jun 2025 -33% | Sep 2025 65% | Dec 2025 11% | Mar 2026 137% | Jun 2026 119% - PPLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.3% | Sep 2022 11% | Dec 2022 14% | Mar 2023 -6.2% | Jun 2023 18% | Sep 2023 8.2% | Dec 2023 14% | Mar 2024 18% | Jun 2024 12% | Sep 2024 17% | Dec 2024 13% | Mar 2025 7.9% | Jun 2025 -0.9% | Sep 2025 -8.8% | Dec 2025 -2.9% | Mar 2026 -0.1% | Jun 2026 17% - GRANULES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 30% | Dec 2022 15% | Mar 2023 16% | Jun 2023 -3.3% | Sep 2023 3.3% | Dec 2023 0.9% | Mar 2024 -1.7% | Jun 2024 20% | Sep 2024 -19% | Dec 2024 -1.6% | Mar 2025 1.8% | Jun 2025 2.5% | Sep 2025 34% | Dec 2025 22% | Mar 2026 23% | Jun 2026 22% - ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3,144% | Sep 2024 882% | Dec 2024 602% | Mar 2025 484% | Jun 2025 12% | Sep 2025 13% | Dec 2025 -26% | Mar 2026 0.5% | Jun 2026 37% - COHANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -38% | Mar 2024 -32% | Jun 2024 40% | Sep 2024 161% | Dec 2024 207% | Mar 2025 232% | Jun 2025 13% | Sep 2025 -8.0% | Dec 2025 -19% | Mar 2026 -26% | Jun 2026 -23% - SYNGENE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.4% | Sep 2022 26% | Dec 2022 23% | Mar 2023 31% | Jun 2023 25% | Sep 2023 19% | Dec 2023 8.6% | Mar 2024 -7.8% | Jun 2024 -2.3% | Sep 2024 -2.1% | Dec 2024 11% | Mar 2025 11% | Jun 2025 11% | Sep 2025 2.2% | Dec 2025 -2.8% | Mar 2026 1.8% | Jun 2026 -16% - SHILPAMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 -11% | Dec 2022 -3.7% | Mar 2023 -23% | Jun 2023 -0.4% | Sep 2023 19% | Dec 2023 9.5% | Mar 2024 11% | Jun 2024 13% | Sep 2024 9.9% | Dec 2024 11% | Mar 2025 13% | Jun 2025 9.6% | Sep 2025 7.6% | Dec 2025 29% | Mar 2026 32% | Jun 2026 45% - CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 7.7% | Sep 2023 65% | Dec 2023 0.0% | Mar 2024 17% | Jun 2024 11% | Sep 2024 18% | Dec 2024 1.2% | Mar 2025 35% | Jun 2025 -5.6% | Sep 2025 -20% | Dec 2025 14% | Mar 2026 -24% | Jun 2026 26% - JUBLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 -3.4% | Dec 2022 18% | Mar 2023 9.8% | Jun 2023 9.3% | Sep 2023 5.0% | Dec 2023 8.1% | Mar 2024 4.8% | Jun 2024 9.1% | Sep 2024 4.3% | Dec 2024 8.7% | Mar 2025 9.7% | Jun 2025 9.8% | Sep 2025 12% | Dec 2025 16% | Mar 2026 19% | Jun 2026 17% - BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 24% | Sep 2023 -4.7% | Dec 2023 -1.2% | Mar 2024 -15% | Jun 2024 -9.4% | Sep 2024 15% | Dec 2024 90% | Mar 2025 85% | Jun 2025 118% | Sep 2025 -21% | Dec 2025 -40% | Mar 2026 -31% | Jun 2026 -17% - SUPRIYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 -24% | Dec 2022 -10% | Mar 2023 -24% | Jun 2023 31% | Sep 2023 25% | Dec 2023 33% | Mar 2024 11% | Jun 2024 22% | Sep 2024 19% | Dec 2024 33% | Mar 2025 16% | Jun 2025 -9.9% | Sep 2025 20% | Dec 2025 11% | Mar 2026 51% | Jun 2026 31% - IOLCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.9% | Sep 2022 0.6% | Dec 2022 -5.8% | Mar 2023 2.6% | Jun 2023 -0.4% | Sep 2023 0.7% | Dec 2023 -0.6% | Mar 2024 -14% | Jun 2024 -11% | Sep 2024 -3.5% | Dec 2024 0.6% | Mar 2025 4.8% | Jun 2025 10.0% | Sep 2025 8.0% | Dec 2025 11% | Mar 2026 17% | Jun 2026 37% - MOREPENLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -22% | Sep 2022 1.5% | Dec 2022 -13% | Mar 2023 -1.6% | Jun 2023 32% | Sep 2023 4.5% | Dec 2023 28% | Mar 2024 16% | Jun 2024 13% | Sep 2024 3.8% | Dec 2024 1.8% | Mar 2025 10% | Jun 2025 -6.6% | Sep 2025 -5.9% | Dec 2025 6.8% | Mar 2026 4.1% | Jun 2026 34% - SMSPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -61% | Sep 2022 -9.7% | Dec 2022 21% | Mar 2023 166% | Jun 2023 111% | Sep 2023 5.0% | Dec 2023 8.1% | Mar 2024 65% | Jun 2024 21% | Sep 2024 18% | Dec 2024 7.5% | Mar 2025 0.8% | Jun 2025 20% | Sep 2025 23% | Dec 2025 21% | Mar 2026 -4.0% | Jun 2026 5.6% - DCAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.8% | Sep 2022 34% | Dec 2022 14% | Mar 2023 8.8% | Jun 2023 34% | Sep 2023 -4.4% | Dec 2023 1.7% | Mar 2024 5.8% | Jun 2024 -28% | Sep 2024 34% | Dec 2024 4.8% | Mar 2025 9.3% | Jun 2025 35% | Sep 2025 -17% | Dec 2025 5.6% | Mar 2026 19% | Jun 2026 -4.2% - HIKAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -17% | Sep 2022 19% | Dec 2022 4.9% | Mar 2023 8.6% | Jun 2023 2.4% | Sep 2023 -22% | Dec 2023 -17% | Mar 2024 -5.7% | Jun 2024 4.9% | Sep 2024 4.1% | Dec 2024 0.0% | Mar 2025 7.5% | Jun 2025 -6.5% | Sep 2025 -30% | Dec 2025 10% | Mar 2026 -6.0% | Jun 2026 5.9% - SOLARA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -19% | Sep 2022 -16% | Dec 2022 295% | Mar 2023 5.4% | Jun 2023 6.7% | Sep 2023 26% | Dec 2023 -46% | Mar 2024 -21% | Jun 2024 3.1% | Sep 2024 -18% | Dec 2024 42% | Mar 2025 -8.7% | Jun 2025 -12% | Sep 2025 -9.5% | Dec 2025 16% | Mar 2026 42% | Jun 2026 20% - WINDLAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 35% | Mar 2024 21% | Jun 2024 21% | Sep 2024 22% | Dec 2024 20% | Mar 2025 19% | Jun 2025 20% | Sep 2025 19% | Dec 2025 19% | Mar 2026 17% | Jun 2026 — ## Operating Economics & Margin Trend What the numbers say: Divis Laboratories Ltd leads opm at 41%; Neuland Laboratories Ltd leads margin change at +23 percentage points. Investor read: Divis Laboratories 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: Divis Laboratories Ltd · 41% | 13.9% versus #2 · Anthem Biosciences Ltd | 7/8 recent comparable periods | 24/24 companies · 452 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Divis Laboratories Ltd (DIVISLAB): 41% 2. Anthem Biosciences Ltd (ANTHEM): 36% 3. Neuland Laboratories Ltd (NEULANDLAB): 35% 4. Acutaas Chemicals Ltd (543349): 34% 5. Blue Jet Healthcare Ltd (BLUEJET): 33% ### Margin change — fastest expanders 1. Neuland Laboratories Ltd (NEULANDLAB): +23.0 pp 2. Divis Laboratories Ltd (DIVISLAB): +11.0 pp 3. Acutaas Chemicals Ltd (543349): +9.0 pp 4. Laurus Labs Ltd (LAURUSLABS): +8.0 pp 5. Morepen Laboratories Ltd (MOREPENLAB): +8.0 pp ### 20-quarter OPM history - 543349: Sep 2021 22% | Dec 2021 21% | Mar 2022 18% | Jun 2022 17% | Sep 2022 19% | Dec 2022 20% | Mar 2023 22% | Jun 2023 22% | Sep 2023 14% | Dec 2023 16% | Mar 2024 19% | Jun 2024 17% | Sep 2024 20% | Dec 2024 25% | Mar 2025 28% | Jun 2025 25% | Sep 2025 31% | Dec 2025 38% | Mar 2026 42% | Jun 2026 34% - DIVISLAB: Sep 2021 41% | Dec 2021 44% | Mar 2022 44% | Jun 2022 38% | Sep 2022 33% | Dec 2022 24% | Mar 2023 25% | Jun 2023 28% | Sep 2023 25% | Dec 2023 26% | Mar 2024 32% | Jun 2024 29% | Sep 2024 31% | Dec 2024 32% | Mar 2025 34% | Jun 2025 30% | Sep 2025 33% | Dec 2025 34% | Mar 2026 33% | Jun 2026 41% - LAURUSLABS: Sep 2021 29% | Dec 2021 28% | Mar 2022 28% | Jun 2022 30% | Sep 2022 28% | Dec 2022 26% | Mar 2023 21% | Jun 2023 14% | Sep 2023 15% | Dec 2023 15% | Mar 2024 17% | Jun 2024 14% | Sep 2024 15% | Dec 2024 20% | Mar 2025 24% | Jun 2025 24% | Sep 2025 24% | Dec 2025 27% | Mar 2026 28% | Jun 2026 32% - ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 30% | Sep 2023 30% | Dec 2023 30% | Mar 2024 30% | Jun 2024 36% | Sep 2024 37% | Dec 2024 32% | Mar 2025 40% | Jun 2025 35% | Sep 2025 40% | Dec 2025 37% | Mar 2026 44% | Jun 2026 36% - GLAND: Sep 2021 35% | Dec 2021 33% | Mar 2022 32% | Jun 2022 32% | Sep 2022 28% | Dec 2022 31% | Mar 2023 21% | Jun 2023 24% | Sep 2023 24% | Dec 2023 23% | Mar 2024 23% | Jun 2024 19% | Sep 2024 21% | Dec 2024 26% | Mar 2025 24% | Jun 2025 24% | Sep 2025 21% | Dec 2025 26% | Mar 2026 29% | Jun 2026 27% - SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.1% | Sep 2023 10% | Dec 2023 25% | Mar 2024 28% | Jun 2024 9.0% | Sep 2024 26% | Dec 2024 27% | Mar 2025 27% | Jun 2025 24% | Sep 2025 27% | Dec 2025 34% | Mar 2026 29% | Jun 2026 27% - NEULANDLAB: Sep 2021 17% | Dec 2021 14% | Mar 2022 15% | Jun 2022 13% | Sep 2022 24% | Dec 2022 20% | Mar 2023 29% | Jun 2023 27% | Sep 2023 33% | Dec 2023 31% | Mar 2024 28% | Jun 2024 28% | Sep 2024 20% | Dec 2024 22% | Mar 2025 16% | Jun 2025 12% | Sep 2025 30% | Dec 2025 18% | Mar 2026 40% | Jun 2026 35% - PPLPHARMA: Sep 2021 12% | Dec 2021 15% | Mar 2022 19% | Jun 2022 1.2% | Sep 2022 10% | Dec 2022 5.0% | Mar 2023 16% | Jun 2023 8.0% | Sep 2023 14% | Dec 2023 14% | Mar 2024 21% | Jun 2024 10% | Sep 2024 15% | Dec 2024 15% | Mar 2025 20% | Jun 2025 6.0% | Sep 2025 8.0% | Dec 2025 9.0% | Mar 2026 17% | Jun 2026 9.0% - GRANULES: Sep 2021 17% | Dec 2021 17% | Mar 2022 19% | Jun 2022 21% | Sep 2022 21% | Dec 2022 20% | Mar 2023 19% | Jun 2023 14% | Sep 2023 18% | Dec 2023 22% | Mar 2024 22% | Jun 2024 22% | Sep 2024 21% | Dec 2024 20% | Mar 2025 21% | Jun 2025 20% | Sep 2025 21% | Dec 2025 22% | Mar 2026 24% | Jun 2026 23% - ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -632% | Sep 2023 -114% | Dec 2023 -19% | Mar 2024 -3.8% | Jun 2024 22% | Sep 2024 23% | Dec 2024 36% | Mar 2025 43% | Jun 2025 27% | Sep 2025 28% | Dec 2025 6.0% | Mar 2026 21% | Jun 2026 27% - COHANCE: Sep 2021 40% | Dec 2021 48% | Mar 2022 43% | Jun 2022 45% | Sep 2022 36% | Dec 2022 41% | Mar 2023 47% | Jun 2023 48% | Sep 2023 42% | Dec 2023 30% | Mar 2024 29% | Jun 2024 26% | Sep 2024 34% | Dec 2024 35% | Mar 2025 27% | Jun 2025 20% | Sep 2025 22% | Dec 2025 18% | Mar 2026 16% | Jun 2026 0.3% - SYNGENE: Sep 2021 29% | Dec 2021 32% | Mar 2022 33% | Jun 2022 27% | Sep 2022 28% | Dec 2022 29% | Mar 2023 32% | Jun 2023 26% | Sep 2023 28% | Dec 2023 27% | Mar 2024 35% | Jun 2024 22% | Sep 2024 27% | Dec 2024 30% | Mar 2025 34% | Jun 2025 24% | Sep 2025 22% | Dec 2025 23% | Mar 2026 29% | Jun 2026 12% - SHILPAMED: Sep 2021 18% | Dec 2021 16% | Mar 2022 21% | Jun 2022 7.6% | Sep 2022 3.8% | Dec 2022 12% | Mar 2023 14% | Jun 2023 18% | Sep 2023 19% | Dec 2023 23% | Mar 2024 24% | Jun 2024 24% | Sep 2024 25% | Dec 2024 25% | Mar 2025 24% | Jun 2025 28% | Sep 2025 29% | Dec 2025 28% | Mar 2026 27% | Jun 2026 29% - CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 24% | Dec 2022 46% | Mar 2023 47% | Jun 2023 37% | Sep 2023 44% | Dec 2023 44% | Mar 2024 41% | Jun 2024 38% | Sep 2024 43% | Dec 2024 40% | Mar 2025 44% | Jun 2025 30% | Sep 2025 36% | Dec 2025 35% | Mar 2026 36% | Jun 2026 32% - JUBLPHARMA: Sep 2021 20% | Dec 2021 15% | Mar 2022 16% | Jun 2022 13% | Sep 2022 14% | Dec 2022 9.0% | Mar 2023 13% | Jun 2023 11% | Sep 2023 14% | Dec 2023 13% | Mar 2024 15% | Jun 2024 15% | Sep 2024 17% | Dec 2024 16% | Mar 2025 18% | Jun 2025 15% | Sep 2025 17% | Dec 2025 14% | Mar 2026 15% | Jun 2026 11% - BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 31% | Dec 2022 31% | Mar 2023 32% | Jun 2023 33% | Sep 2023 35% | Dec 2023 33% | Mar 2024 29% | Jun 2024 27% | Sep 2024 33% | Dec 2024 39% | Mar 2025 41% | Jun 2025 34% | Sep 2025 33% | Dec 2025 24% | Mar 2026 30% | Jun 2026 33% - SUPRIYA: Sep 2021 53% | Dec 2021 33% | Mar 2022 42% | Jun 2022 31% | Sep 2022 25% | Dec 2022 13% | Mar 2023 39% | Jun 2023 34% | Sep 2023 23% | Dec 2023 30% | Mar 2024 35% | Jun 2024 39% | Sep 2024 39% | Dec 2024 36% | Mar 2025 37% | Jun 2025 36% | Sep 2025 36% | Dec 2025 35% | Mar 2026 35% | Jun 2026 25% - IOLCP: Sep 2021 8.1% | Dec 2021 11% | Mar 2022 7.9% | Jun 2022 9.9% | Sep 2022 5.9% | Dec 2022 8.0% | Mar 2023 16% | Jun 2023 13% | Sep 2023 12% | Dec 2023 9.0% | Mar 2024 10% | Jun 2024 10% | Sep 2024 8.0% | Dec 2024 9.0% | Mar 2025 12% | Jun 2025 11% | Sep 2025 10% | Dec 2025 10% | Mar 2026 15% | Jun 2026 14% - MOREPENLAB: Sep 2021 11% | Dec 2021 8.1% | Mar 2022 5.1% | Jun 2022 4.8% | Sep 2022 7.2% | Dec 2022 6.0% | Mar 2023 4.3% | Jun 2023 7.0% | Sep 2023 8.0% | Dec 2023 11% | Mar 2024 11% | Jun 2024 11% | Sep 2024 10% | Dec 2024 8.0% | Mar 2025 9.0% | Jun 2025 6.0% | Sep 2025 7.0% | Dec 2025 10% | Mar 2026 5.0% | Jun 2026 14% - SMSPHARMA: Sep 2021 27% | Dec 2021 22% | Mar 2022 -6.9% | Jun 2022 -1.3% | Sep 2022 8.5% | Dec 2022 12% | Mar 2023 16% | Jun 2023 19% | Sep 2023 17% | Dec 2023 18% | Mar 2024 14% | Jun 2024 20% | Sep 2024 16% | Dec 2024 19% | Mar 2025 16% | Jun 2025 20% | Sep 2025 20% | Dec 2025 21% | Mar 2026 17% | Jun 2026 20% - DCAL: Sep 2021 22% | Dec 2021 19% | Mar 2022 3.9% | Jun 2022 16% | Sep 2022 13% | Dec 2022 18% | Mar 2023 8.0% | Jun 2023 17% | Sep 2023 10% | Dec 2023 6.0% | Mar 2024 10% | Jun 2024 6.0% | Sep 2024 19% | Dec 2024 21% | Mar 2025 21% | Jun 2025 20% | Sep 2025 23% | Dec 2025 16% | Mar 2026 19% | Jun 2026 9.0% - HIKAL: Sep 2021 19% | Dec 2021 18% | Mar 2022 12% | Jun 2022 6.0% | Sep 2022 12% | Dec 2022 14% | Mar 2023 16% | Jun 2023 13% | Sep 2023 13% | Dec 2023 14% | Mar 2024 18% | Jun 2024 14% | Sep 2024 17% | Dec 2024 16% | Mar 2025 22% | Jun 2025 6.6% | Sep 2025 2.3% | Dec 2025 17% | Mar 2026 20% | Jun 2026 9.2% - SOLARA: Sep 2021 18% | Dec 2021 -97% | Mar 2022 3.8% | Jun 2022 3.8% | Sep 2022 8.2% | Dec 2022 11% | Mar 2023 13% | Jun 2023 5.0% | Sep 2023 9.0% | Dec 2023 -76% | Mar 2024 3.3% | Jun 2024 12% | Sep 2024 18% | Dec 2024 19% | Mar 2025 17% | Jun 2025 18% | Sep 2025 11% | Dec 2025 11% | Mar 2026 15% | Jun 2026 16% - WINDLAS: Sep 2021 11% | Dec 2021 11% | Mar 2022 11% | Jun 2022 12% | Sep 2022 12% | Dec 2022 12% | Mar 2023 12% | Jun 2023 12% | Sep 2023 12% | Dec 2023 13% | Mar 2024 13% | Jun 2024 12% | Sep 2024 12% | Dec 2024 13% | Mar 2025 13% | Jun 2025 13% | Sep 2025 13% | Dec 2025 10% | Mar 2026 11% | Jun 2026 — ### 20-quarter Margin change history - 543349: Sep 2021 −1.6 pp | Dec 2021 −2.4 pp | Mar 2022 −7.1 pp | Jun 2022 −2.0 pp | Sep 2022 −3.2 pp | Dec 2022 −1.2 pp | Mar 2023 +4.0 pp | Jun 2023 +4.5 pp | Sep 2023 −5.1 pp | Dec 2023 −4.0 pp | Mar 2024 −3.0 pp | Jun 2024 −5.0 pp | Sep 2024 +6.0 pp | Dec 2024 +9.0 pp | Mar 2025 +9.0 pp | Jun 2025 +8.0 pp | Sep 2025 +11.0 pp | Dec 2025 +13.0 pp | Mar 2026 +14.0 pp | Jun 2026 +9.0 pp - DIVISLAB: Sep 2021 −1.2 pp | Dec 2021 +3.4 pp | Mar 2022 +3.8 pp | Jun 2022 −5.8 pp | Sep 2022 −7.7 pp | Dec 2022 −20.0 pp | Mar 2023 −18.9 pp | Jun 2023 −9.7 pp | Sep 2023 −8.5 pp | Dec 2023 +2.0 pp | Mar 2024 +7.0 pp | Jun 2024 +1.0 pp | Sep 2024 +6.0 pp | Dec 2024 +6.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 −1.0 pp | Jun 2026 +11.0 pp - LAURUSLABS: Sep 2021 −4.2 pp | Dec 2021 −5.4 pp | Mar 2022 −5.6 pp | Jun 2022 −1.4 pp | Sep 2022 −0.2 pp | Dec 2022 −1.7 pp | Mar 2023 −6.8 pp | Jun 2023 −15.5 pp | Sep 2023 −13.5 pp | Dec 2023 −11.0 pp | Mar 2024 −4.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +5.0 pp | Mar 2025 +7.0 pp | Jun 2025 +10.0 pp | Sep 2025 +9.0 pp | Dec 2025 +7.0 pp | Mar 2026 +4.0 pp | Jun 2026 +8.0 pp - ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +5.6 pp | Sep 2024 +6.6 pp | Dec 2024 +2.5 pp | Mar 2025 +10.5 pp | Jun 2025 −1.0 pp | Sep 2025 +3.0 pp | Dec 2025 +5.0 pp | Mar 2026 +4.0 pp | Jun 2026 +1.0 pp - GLAND: Sep 2021 −0.9 pp | Dec 2021 +2.1 pp | Mar 2022 −5.3 pp | Jun 2022 −6.3 pp | Sep 2022 −6.4 pp | Dec 2022 −1.8 pp | Mar 2023 −10.6 pp | Jun 2023 −7.5 pp | Sep 2023 −4.4 pp | Dec 2023 −8.0 pp | Mar 2024 +2.0 pp | Jun 2024 −5.0 pp | Sep 2024 −3.0 pp | Dec 2024 +3.0 pp | Mar 2025 +1.0 pp | Jun 2025 +5.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +5.0 pp | Jun 2026 +3.0 pp - SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +6.9 pp | Sep 2024 +16.0 pp | Dec 2024 +2.0 pp | Mar 2025 −1.0 pp | Jun 2025 +15.0 pp | Sep 2025 +1.0 pp | Dec 2025 +7.0 pp | Mar 2026 +2.0 pp | Jun 2026 +3.0 pp - NEULANDLAB: Sep 2021 −0.3 pp | Dec 2021 −5.3 pp | Mar 2022 +4.8 pp | Jun 2022 +0.2 pp | Sep 2022 +7.0 pp | Dec 2022 +6.3 pp | Mar 2023 +13.8 pp | Jun 2023 +14.1 pp | Sep 2023 +9.4 pp | Dec 2023 +11.0 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 −13.0 pp | Dec 2024 −9.0 pp | Mar 2025 −12.0 pp | Jun 2025 −16.0 pp | Sep 2025 +10.0 pp | Dec 2025 −4.0 pp | Mar 2026 +24.0 pp | Jun 2026 +23.0 pp - PPLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.0 pp | Sep 2022 −2.4 pp | Dec 2022 −9.7 pp | Mar 2023 −2.4 pp | Jun 2023 +6.9 pp | Sep 2023 +4.0 pp | Dec 2023 +9.0 pp | Mar 2024 +4.8 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 −4.0 pp | Sep 2025 −7.0 pp | Dec 2025 −6.0 pp | Mar 2026 −3.0 pp | Jun 2026 +3.0 pp - GRANULES: Sep 2021 −12.9 pp | Dec 2021 −7.6 pp | Mar 2022 −6.6 pp | Jun 2022 −3.0 pp | Sep 2022 +4.1 pp | Dec 2022 +2.6 pp | Mar 2023 +0.3 pp | Jun 2023 −6.7 pp | Sep 2023 −3.1 pp | Dec 2023 +2.0 pp | Mar 2024 +3.0 pp | Jun 2024 +8.0 pp | Sep 2024 +3.0 pp | Dec 2024 −2.0 pp | Mar 2025 −1.0 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 +2.0 pp | Mar 2026 +3.0 pp | Jun 2026 +3.0 pp - ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +653.5 pp | Sep 2024 +137.0 pp | Dec 2024 +55.0 pp | Mar 2025 +46.8 pp | Jun 2025 +5.0 pp | Sep 2025 +5.0 pp | Dec 2025 −30.0 pp | Mar 2026 −22.0 pp | Jun 2026 0.0 pp - COHANCE: Sep 2021 −0.8 pp | Dec 2021 −2.5 pp | Mar 2022 +7.0 pp | Jun 2022 +1.1 pp | Sep 2022 −4.6 pp | Dec 2022 −6.5 pp | Mar 2023 +3.4 pp | Jun 2023 +3.5 pp | Sep 2023 +6.1 pp | Dec 2023 −11.0 pp | Mar 2024 −17.5 pp | Jun 2024 −22.0 pp | Sep 2024 −8.0 pp | Dec 2024 +5.0 pp | Mar 2025 −2.0 pp | Jun 2025 −6.0 pp | Sep 2025 −12.0 pp | Dec 2025 −17.0 pp | Mar 2026 −11.0 pp | Jun 2026 −19.7 pp - SYNGENE: Sep 2021 −0.9 pp | Dec 2021 +1.6 pp | Mar 2022 +0.3 pp | Jun 2022 −0.9 pp | Sep 2022 −0.9 pp | Dec 2022 −2.7 pp | Mar 2023 −1.0 pp | Jun 2023 −0.6 pp | Sep 2023 −0.3 pp | Dec 2023 −1.9 pp | Mar 2024 +2.6 pp | Jun 2024 −4.7 pp | Sep 2024 −0.5 pp | Dec 2024 +2.9 pp | Mar 2025 −0.8 pp | Jun 2025 +2.1 pp | Sep 2025 −5.6 pp | Dec 2025 −7.2 pp | Mar 2026 −4.5 pp | Jun 2026 −11.3 pp - SHILPAMED: Sep 2021 −7.0 pp | Dec 2021 +5.6 pp | Mar 2022 +8.9 pp | Jun 2022 −5.5 pp | Sep 2022 −13.8 pp | Dec 2022 −4.3 pp | Mar 2023 −7.4 pp | Jun 2023 +10.4 pp | Sep 2023 +15.2 pp | Dec 2023 +11.0 pp | Mar 2024 +10.0 pp | Jun 2024 +6.0 pp | Sep 2024 +6.0 pp | Dec 2024 +2.0 pp | Mar 2025 0.0 pp | Jun 2025 +4.0 pp | Sep 2025 +4.0 pp | Dec 2025 +3.0 pp | Mar 2026 +3.0 pp | Jun 2026 +1.0 pp - CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +1.3 pp | Sep 2023 +20.4 pp | Dec 2023 −2.0 pp | Mar 2024 −6.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −4.0 pp | Mar 2025 +3.0 pp | Jun 2025 −8.0 pp | Sep 2025 −7.0 pp | Dec 2025 −5.0 pp | Mar 2026 −8.0 pp | Jun 2026 +2.0 pp - JUBLPHARMA: Sep 2021 −1.6 pp | Dec 2021 −12.8 pp | Mar 2022 −7.5 pp | Jun 2022 −9.1 pp | Sep 2022 −6.9 pp | Dec 2022 −5.8 pp | Mar 2023 −3.2 pp | Jun 2023 −2.3 pp | Sep 2023 +0.5 pp | Dec 2023 +4.0 pp | Mar 2024 +2.0 pp | Jun 2024 +4.0 pp | Sep 2024 +3.0 pp | Dec 2024 +3.0 pp | Mar 2025 +3.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 −2.0 pp | Mar 2026 −3.0 pp | Jun 2026 −4.0 pp - BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +6.5 pp | Sep 2023 +4.1 pp | Dec 2023 +2.0 pp | Mar 2024 −3.0 pp | Jun 2024 −6.0 pp | Sep 2024 −2.0 pp | Dec 2024 +6.0 pp | Mar 2025 +12.0 pp | Jun 2025 +7.0 pp | Sep 2025 0.0 pp | Dec 2025 −15.0 pp | Mar 2026 −11.0 pp | Jun 2026 −1.0 pp - SUPRIYA: Sep 2021 — | Dec 2021 +0.8 pp | Mar 2022 −9.3 pp | Jun 2022 +10.7 pp | Sep 2022 −28.0 pp | Dec 2022 −19.8 pp | Mar 2023 −2.5 pp | Jun 2023 +3.2 pp | Sep 2023 −2.5 pp | Dec 2023 +17.0 pp | Mar 2024 −4.0 pp | Jun 2024 +5.0 pp | Sep 2024 +16.0 pp | Dec 2024 +6.0 pp | Mar 2025 +2.0 pp | Jun 2025 −3.0 pp | Sep 2025 −3.0 pp | Dec 2025 −1.0 pp | Mar 2026 −2.0 pp | Jun 2026 −11.0 pp - IOLCP: Sep 2021 −24.0 pp | Dec 2021 −20.0 pp | Mar 2022 −16.3 pp | Jun 2022 −11.4 pp | Sep 2022 −2.3 pp | Dec 2022 −2.7 pp | Mar 2023 +8.1 pp | Jun 2023 +3.1 pp | Sep 2023 +6.1 pp | Dec 2023 +1.0 pp | Mar 2024 −6.0 pp | Jun 2024 −3.0 pp | Sep 2024 −4.0 pp | Dec 2024 0.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +3.0 pp | Jun 2026 +3.0 pp - MOREPENLAB: Sep 2021 +1.2 pp | Dec 2021 −1.6 pp | Mar 2022 −5.5 pp | Jun 2022 −6.5 pp | Sep 2022 −3.5 pp | Dec 2022 −2.1 pp | Mar 2023 −0.8 pp | Jun 2023 +2.2 pp | Sep 2023 +0.8 pp | Dec 2023 +5.0 pp | Mar 2024 +6.7 pp | Jun 2024 +4.0 pp | Sep 2024 +2.0 pp | Dec 2024 −3.0 pp | Mar 2025 −2.0 pp | Jun 2025 −5.0 pp | Sep 2025 −3.0 pp | Dec 2025 +2.0 pp | Mar 2026 −4.0 pp | Jun 2026 +8.0 pp - SMSPHARMA: Sep 2021 +8.6 pp | Dec 2021 −0.9 pp | Mar 2022 −30.9 pp | Jun 2022 −28.6 pp | Sep 2022 −18.3 pp | Dec 2022 −10.3 pp | Mar 2023 +22.9 pp | Jun 2023 +20.3 pp | Sep 2023 +8.5 pp | Dec 2023 +6.0 pp | Mar 2024 −2.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 +1.0 pp | Mar 2025 +2.0 pp | Jun 2025 0.0 pp | Sep 2025 +4.0 pp | Dec 2025 +2.0 pp | Mar 2026 +1.0 pp | Jun 2026 0.0 pp - DCAL: Sep 2021 +3.4 pp | Dec 2021 +6.1 pp | Mar 2022 −12.8 pp | Jun 2022 −1.9 pp | Sep 2022 −8.8 pp | Dec 2022 −1.5 pp | Mar 2023 +4.1 pp | Jun 2023 +0.7 pp | Sep 2023 −2.8 pp | Dec 2023 −12.0 pp | Mar 2024 +2.0 pp | Jun 2024 −11.0 pp | Sep 2024 +9.0 pp | Dec 2024 +15.0 pp | Mar 2025 +11.0 pp | Jun 2025 +14.0 pp | Sep 2025 +4.0 pp | Dec 2025 −5.0 pp | Mar 2026 −2.0 pp | Jun 2026 −11.0 pp - HIKAL: Sep 2021 +0.6 pp | Dec 2021 −1.7 pp | Mar 2022 −8.4 pp | Jun 2022 −15.0 pp | Sep 2022 −6.9 pp | Dec 2022 −4.3 pp | Mar 2023 +3.9 pp | Jun 2023 +7.0 pp | Sep 2023 +0.8 pp | Dec 2023 +0.7 pp | Mar 2024 +2.4 pp | Jun 2024 +1.3 pp | Sep 2024 +3.3 pp | Dec 2024 +1.6 pp | Mar 2025 +4.0 pp | Jun 2025 −7.7 pp | Sep 2025 −14.3 pp | Dec 2025 +0.6 pp | Mar 2026 −2.1 pp | Jun 2026 +2.6 pp - SOLARA: Sep 2021 −6.7 pp | Dec 2021 −121.2 pp | Mar 2022 −18.6 pp | Jun 2022 −18.7 pp | Sep 2022 −9.7 pp | Dec 2022 +107.5 pp | Mar 2023 +9.1 pp | Jun 2023 +1.2 pp | Sep 2023 +0.9 pp | Dec 2023 −87.0 pp | Mar 2024 −9.5 pp | Jun 2024 +7.0 pp | Sep 2024 +9.0 pp | Dec 2024 +95.0 pp | Mar 2025 +13.7 pp | Jun 2025 +6.0 pp | Sep 2025 −7.0 pp | Dec 2025 −8.0 pp | Mar 2026 −2.0 pp | Jun 2026 −2.0 pp - WINDLAS: Sep 2021 −0.8 pp | Dec 2021 −3.7 pp | Mar 2022 +0.9 pp | Jun 2022 +0.3 pp | Sep 2022 +0.7 pp | Dec 2022 +0.9 pp | Mar 2023 +0.7 pp | Jun 2023 +0.5 pp | Sep 2023 −0.1 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 −3.0 pp | Mar 2026 −2.0 pp | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: Divis Laboratories Ltd leads with ₹2,925 crore of TTM profit, 159.1% above Gland Pharma Ltd. Acutaas Chemicals Ltd shows ≥100% on the scoring scale (103.7% uncapped) growth from a ₹387 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Divis Laboratories 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: Divis Laboratories Ltd · ₹2,925 crore | 159.1% versus #2 · Gland Pharma Ltd | 7/8 recent comparable periods | 24/24 companies · 437 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. Divis Laboratories Ltd (DIVISLAB): ₹2.9K Cr 2. Gland Pharma Ltd (GLAND): ₹1.1K Cr 3. Laurus Labs Ltd (LAURUSLABS): ₹1.1K Cr 4. Granules India Ltd (GRANULES): ₹663 Cr 5. Anthem Biosciences Ltd (ANTHEM): ₹576 Cr ### Profit growth — fastest growers 1. Acutaas Chemicals Ltd (543349): 100% 2. Laurus Labs Ltd (LAURUSLABS): 100% 3. Neuland Laboratories Ltd (NEULANDLAB): 100% 4. Shilpa Medicare Ltd (SHILPAMED): 100% 5. IOL Chemicals & Pharmaceuticals Ltd (IOLCP): 60% ### 20-quarter Net profit history - 543349: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹22 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹-17 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹106 Cr | Mar 2026 ₹134 Cr | Jun 2026 ₹75 Cr - DIVISLAB: Sep 2021 ₹606 Cr | Dec 2021 ₹902 Cr | Mar 2022 ₹895 Cr | Jun 2022 ₹702 Cr | Sep 2022 ₹494 Cr | Dec 2022 ₹306 Cr | Mar 2023 ₹321 Cr | Jun 2023 ₹356 Cr | Sep 2023 ₹348 Cr | Dec 2023 ₹358 Cr | Mar 2024 ₹538 Cr | Jun 2024 ₹430 Cr | Sep 2024 ₹510 Cr | Dec 2024 ₹589 Cr | Mar 2025 ₹662 Cr | Jun 2025 ₹545 Cr | Sep 2025 ₹689 Cr | Dec 2025 ₹583 Cr | Mar 2026 ₹751 Cr | Jun 2026 ₹902 Cr - LAURUSLABS: Sep 2021 ₹202 Cr | Dec 2021 ₹154 Cr | Mar 2022 ₹231 Cr | Jun 2022 ₹251 Cr | Sep 2022 ₹233 Cr | Dec 2022 ₹203 Cr | Mar 2023 ₹105 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹75 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹233 Cr | Jun 2025 ₹162 Cr | Sep 2025 ₹194 Cr | Dec 2025 ₹252 Cr | Mar 2026 ₹282 Cr | Jun 2026 ₹362 Cr - ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹79 Cr | Sep 2023 ₹79 Cr | Dec 2023 ₹105 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹82 Cr | Sep 2024 ₹162 Cr | Dec 2024 ₹124 Cr | Mar 2025 ₹83 Cr | Jun 2025 ₹136 Cr | Sep 2025 ₹173 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹190 Cr | Jun 2026 ₹120 Cr - GLAND: Sep 2021 ₹302 Cr | Dec 2021 ₹273 Cr | Mar 2022 ₹286 Cr | Jun 2022 ₹229 Cr | Sep 2022 ₹241 Cr | Dec 2022 ₹232 Cr | Mar 2023 ₹79 Cr | Jun 2023 ₹194 Cr | Sep 2023 ₹194 Cr | Dec 2023 ₹192 Cr | Mar 2024 ₹192 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹164 Cr | Dec 2024 ₹205 Cr | Mar 2025 ₹187 Cr | Jun 2025 ₹215 Cr | Sep 2025 ₹184 Cr | Dec 2025 ₹261 Cr | Mar 2026 ₹367 Cr | Jun 2026 ₹317 Cr - SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-6 Cr | Sep 2023 ₹-6 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹-14 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹84 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹104 Cr | Jun 2026 ₹73 Cr - NEULANDLAB: Sep 2021 ₹20 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹89 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹102 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹97 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹213 Cr | Jun 2026 ₹148 Cr - PPLPHARMA: Sep 2021 ₹37 Cr | Dec 2021 ₹163 Cr | Mar 2022 ₹204 Cr | Jun 2022 ₹-109 Cr | Sep 2022 ₹-37 Cr | Dec 2022 ₹-90 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹-99 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹101 Cr | Jun 2024 ₹-89 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹154 Cr | Jun 2025 ₹-82 Cr | Sep 2025 ₹-99 Cr | Dec 2025 ₹-136 Cr | Mar 2026 ₹-9 Cr | Jun 2026 ₹-69 Cr - GRANULES: Sep 2021 ₹81 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹111 Cr | Jun 2022 ₹128 Cr | Sep 2022 ₹145 Cr | Dec 2022 ₹124 Cr | Mar 2023 ₹120 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹130 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹152 Cr | Jun 2025 ₹113 Cr | Sep 2025 ₹131 Cr | Dec 2025 ₹150 Cr | Mar 2026 ₹202 Cr | Jun 2026 ₹180 Cr - ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-107 Cr | Sep 2023 ₹-114 Cr | Dec 2023 ₹-130 Cr | Mar 2024 ₹-40 Cr | Jun 2024 ₹-6 Cr | Sep 2024 ₹-42 Cr | Dec 2024 ₹-69 Cr | Mar 2025 ₹98 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹-89 Cr | Mar 2026 ₹5 Cr | Jun 2026 ₹25 Cr - COHANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹108 Cr | Mar 2023 ₹124 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹138 Cr | Dec 2024 ₹153 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹8 Cr | Jun 2026 ₹-45 Cr - SYNGENE: Sep 2021 ₹67 Cr | Dec 2021 ₹104 Cr | Mar 2022 ₹148 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹102 Cr | Dec 2022 ₹110 Cr | Mar 2023 ₹179 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹117 Cr | Dec 2023 ₹112 Cr | Mar 2024 ₹189 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹106 Cr | Dec 2024 ₹131 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹148 Cr | Jun 2026 ₹-9 Cr - SHILPAMED: Sep 2021 ₹20 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹-19 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹108 Cr | Jun 2026 ₹101 Cr - CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹49 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹77 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹78 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹140 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹88 Cr | Jun 2026 ₹58 Cr - JUBLPHARMA: Sep 2021 ₹143 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹47 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹-16 Cr | Mar 2023 ₹-100 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹-62 Cr | Jun 2024 ₹482 Cr | Sep 2024 ₹102 Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹151 Cr | Jun 2025 ₹102 Cr | Sep 2025 ₹120 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹119 Cr | Jun 2026 ₹56 Cr - BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹28 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹99 Cr | Mar 2025 ₹110 Cr | Jun 2025 ₹91 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹64 Cr | Jun 2026 ₹78 Cr - SUPRIYA: Sep 2021 ₹58 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹74 Cr | Jun 2026 ₹24 Cr - IOLCP: Sep 2021 ₹31 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹53 Cr | Jun 2026 ₹64 Cr - MOREPENLAB: Sep 2021 ₹37 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹16 Cr | Jun 2026 ₹56 Cr - SMSPHARMA: Sep 2021 ₹23 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹-13 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹33 Cr | Jun 2026 ₹21 Cr - DCAL: Sep 2021 ₹11 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹-45 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹-10 Cr | Dec 2022 ₹47 Cr | Mar 2023 ₹-71 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹-41 Cr | Dec 2023 ₹-60 Cr | Mar 2024 ₹-70 Cr | Jun 2024 ₹-78 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹22 Cr | Jun 2026 ₹-58 Cr - HIKAL: Sep 2021 ₹44 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹-9 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹-22 Cr | Sep 2025 ₹-35 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹14 Cr | Jun 2026 ₹-7 Cr - SOLARA: Sep 2021 ₹30 Cr | Dec 2021 ₹-140 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹-16 Cr | Sep 2022 ₹-10 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹-17 Cr | Dec 2023 ₹-275 Cr | Mar 2024 ₹-255 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹-17 Cr | Mar 2026 ₹10 Cr | Jun 2026 ₹16 Cr - WINDLAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹9 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹16 Cr | Jun 2026 — ### 20-quarter Profit growth history - 543349: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -18% | Mar 2024 -3.7% | Jun 2024 -32% | Sep 2024 — | Dec 2024 150% | Mar 2025 142% | Jun 2025 193% | Sep 2025 89% | Dec 2025 136% | Mar 2026 113% | Jun 2026 70% - DIVISLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 -18% | Dec 2022 -66% | Mar 2023 -64% | Jun 2023 -49% | Sep 2023 -30% | Dec 2023 17% | Mar 2024 68% | Jun 2024 21% | Sep 2024 47% | Dec 2024 65% | Mar 2025 23% | Jun 2025 27% | Sep 2025 35% | Dec 2025 -1.0% | Mar 2026 13% | Jun 2026 66% - LAURUSLABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.2% | Sep 2022 15% | Dec 2022 32% | Mar 2023 -55% | Jun 2023 -89% | Sep 2023 -84% | Dec 2023 -89% | Mar 2024 -29% | Jun 2024 -52% | Sep 2024 -46% | Dec 2024 304% | Mar 2025 211% | Jun 2025 1,146% | Sep 2025 870% | Dec 2025 171% | Mar 2026 21% | Jun 2026 123% - ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3.8% | Sep 2024 105% | Dec 2024 18% | Mar 2025 -21% | Jun 2025 66% | Sep 2025 6.8% | Dec 2025 -25% | Mar 2026 129% | Jun 2026 -12% - GLAND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -35% | Sep 2022 -20% | Dec 2022 -15% | Mar 2023 -72% | Jun 2023 -15% | Sep 2023 -20% | Dec 2023 -17% | Mar 2024 143% | Jun 2024 -26% | Sep 2024 -15% | Dec 2024 6.8% | Mar 2025 -2.6% | Jun 2025 49% | Sep 2025 12% | Dec 2025 27% | Mar 2026 96% | Jun 2026 47% - SAILIFE: 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 35% | Mar 2025 57% | Jun 2025 — | Sep 2025 100% | Dec 2025 85% | Mar 2026 18% | Jun 2026 22% - NEULANDLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 90% | Dec 2022 138% | Mar 2023 286% | Jun 2023 520% | Sep 2023 134% | Dec 2023 161% | Mar 2024 -20% | Jun 2024 58% | Sep 2024 -63% | Dec 2024 26% | Mar 2025 -59% | Jun 2025 -86% | Sep 2025 194% | Dec 2025 -60% | Mar 2026 661% | Jun 2026 957% - PPLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2,825% | Sep 2022 -200% | Dec 2022 -155% | Mar 2023 -75% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 102% | Jun 2024 — | Sep 2024 360% | Dec 2024 -60% | Mar 2025 52% | Jun 2025 — | Sep 2025 -530% | Dec 2025 -3,500% | Mar 2026 -106% | Jun 2026 — - GRANULES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 79% | Dec 2022 23% | Mar 2023 8.1% | Jun 2023 -63% | Sep 2023 -30% | Dec 2023 1.6% | Mar 2024 8.3% | Jun 2024 181% | Sep 2024 -4.9% | Dec 2024 -6.4% | Mar 2025 17% | Jun 2025 -16% | Sep 2025 35% | Dec 2025 27% | Mar 2026 33% | Jun 2026 59% - ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -95% | Jun 2026 — - COHANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -56% | Mar 2024 -57% | Jun 2024 -38% | Sep 2024 73% | Dec 2024 226% | Mar 2025 121% | Jun 2025 -39% | Sep 2025 -52% | Dec 2025 -81% | Mar 2026 -93% | Jun 2026 -198% - SYNGENE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.9% | Sep 2022 52% | Dec 2022 5.8% | Mar 2023 21% | Jun 2023 26% | Sep 2023 14% | Dec 2023 1.4% | Mar 2024 5.4% | Jun 2024 -19% | Sep 2024 -8.9% | Dec 2024 18% | Mar 2025 -2.8% | Jun 2025 15% | Sep 2025 -37% | Dec 2025 -89% | Mar 2026 -19% | Jun 2026 -110% - SHILPAMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 -195% | Dec 2022 -170% | Mar 2023 -127% | Jun 2023 -50% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1,300% | Sep 2024 800% | Dec 2024 540% | Mar 2025 -38% | Jun 2025 236% | Sep 2025 144% | Dec 2025 41% | Mar 2026 620% | Jun 2026 115% - CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 10% | Sep 2023 268% | Dec 2023 1.3% | Mar 2024 4.4% | Jun 2024 11% | Sep 2024 19% | Dec 2024 -2.6% | Mar 2025 47% | Jun 2025 -27% | Sep 2025 -34% | Dec 2025 -16% | Mar 2026 -37% | Jun 2026 32% - JUBLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -71% | Sep 2022 -97% | Dec 2022 -131% | Mar 2023 -269% | Jun 2023 -87% | Sep 2023 1,140% | Dec 2023 — | Mar 2024 — | Jun 2024 7,933% | Sep 2024 65% | Dec 2024 53% | Mar 2025 — | Jun 2025 -79% | Sep 2025 18% | Dec 2025 -45% | Mar 2026 -21% | Jun 2026 -45% - BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 57% | Sep 2023 9.1% | Dec 2023 -16% | Mar 2024 -22% | Jun 2024 -14% | Sep 2024 21% | Dec 2024 209% | Mar 2025 175% | Jun 2025 139% | Sep 2025 -10% | Dec 2025 -60% | Mar 2026 -42% | Jun 2026 -14% - SUPRIYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 213% | Sep 2022 -71% | Dec 2022 -75% | Mar 2023 -17% | Jun 2023 16% | Sep 2023 41% | Dec 2023 200% | Mar 2024 -2.6% | Jun 2024 55% | Sep 2024 92% | Dec 2024 57% | Mar 2025 35% | Jun 2025 -22% | Sep 2025 8.7% | Dec 2025 6.4% | Mar 2026 48% | Jun 2026 -31% - IOLCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -48% | Sep 2022 -48% | Dec 2022 -40% | Mar 2023 117% | Jun 2023 31% | Sep 2023 138% | Dec 2023 -4.2% | Mar 2024 -57% | Jun 2024 -35% | Sep 2024 -50% | Dec 2024 -8.7% | Mar 2025 11% | Jun 2025 13% | Sep 2025 58% | Dec 2025 0.0% | Mar 2026 71% | Jun 2026 88% - MOREPENLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -80% | Sep 2022 -57% | Dec 2022 -59% | Mar 2023 -33% | Jun 2023 150% | Sep 2023 31% | Dec 2023 256% | Mar 2024 263% | Jun 2024 140% | Sep 2024 67% | Dec 2024 -16% | Mar 2025 -31% | Jun 2025 -69% | Sep 2025 17% | Dec 2025 3.7% | Mar 2026 -20% | Jun 2026 409% - SMSPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -154% | Sep 2022 -109% | Dec 2022 -56% | Mar 2023 0.0% | Jun 2023 — | Sep 2023 — | Dec 2023 175% | Mar 2024 183% | Jun 2024 78% | Sep 2024 17% | Dec 2024 64% | Mar 2025 18% | Jun 2025 25% | Sep 2025 79% | Dec 2025 28% | Mar 2026 65% | Jun 2026 5.0% - DCAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -75% | Sep 2022 -191% | Dec 2022 34% | Mar 2023 — | Jun 2023 325% | Sep 2023 — | Dec 2023 -228% | Mar 2024 — | Jun 2024 -559% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 97% | Dec 2025 -360% | Mar 2026 -49% | Jun 2026 -352% - HIKAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -118% | Sep 2022 -43% | Dec 2022 -41% | Mar 2023 71% | Jun 2023 — | Sep 2023 -50% | Dec 2023 -39% | Mar 2024 -5.8% | Jun 2024 -26% | Sep 2024 46% | Dec 2024 6.8% | Mar 2025 48% | Jun 2025 -539% | Sep 2025 -291% | Dec 2025 -134% | Mar 2026 -71% | Jun 2026 — - SOLARA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -132% | Sep 2022 -133% | Dec 2022 — | Mar 2023 88% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -6,882% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -225% | Dec 2025 -313% | Mar 2026 — | Jun 2026 45% - WINDLAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 67% | Mar 2024 55% | Jun 2024 8.3% | Sep 2024 14% | Dec 2024 6.7% | Mar 2025 -5.9% | Jun 2025 38% | Sep 2025 13% | Dec 2025 -6.3% | Mar 2026 0.0% | Jun 2026 — ## Return On Capital Employed What the numbers say: Acutaas Chemicals Ltd leads ROCE at 31.6%, 1.2 percentage points above Anthem Biosciences Ltd. Acutaas Chemicals Ltd has the strongest latest improvement at +12 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: Acutaas Chemicals 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: Acutaas Chemicals Ltd · 31.6% | 3.9% versus #2 · Anthem Biosciences Ltd | Not enough history | 24/24 companies · 309 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. Acutaas Chemicals Ltd (543349): 32% 2. Anthem Biosciences Ltd (ANTHEM): 30% 3. Blue Jet Healthcare Ltd (BLUEJET): 27% 4. Neuland Laboratories Ltd (NEULANDLAB): 27% 5. Supriya Lifescience Ltd (SUPRIYA): 25% ### ROCE change — fastest improvers 1. Acutaas Chemicals Ltd (543349): +12.0 pp 2. Laurus Labs Ltd (LAURUSLABS): +8.9 pp 3. Neuland Laboratories Ltd (NEULANDLAB): +6.5 pp 4. Sai Life Sciences Ltd (SAILIFE): +5.5 pp 5. Shilpa Medicare Ltd (SHILPAMED): +3.6 pp ### 20-quarter ROCE history - DIVISLAB: Sep 2021 27% | Dec 2021 — | Mar 2022 29% | Jun 2022 — | Sep 2022 27% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 12% | Dec 2023 15% | Mar 2024 13% | Jun 2024 17% | Sep 2024 15% | Dec 2024 20% | Mar 2025 17% | Jun 2025 21% | Sep 2025 17% | Dec 2025 22% | Mar 2026 17% | Jun 2026 23% - LAURUSLABS: Sep 2021 37% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 25% | Jun 2023 — | Sep 2023 14% | Dec 2023 9.4% | Mar 2024 7.5% | Jun 2024 7.7% | Sep 2024 6.8% | Dec 2024 9.4% | Mar 2025 11% | Jun 2025 16% | Sep 2025 17% | Dec 2025 23% | Mar 2026 19% | Jun 2026 25% - ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 15% | Mar 2024 21% | Jun 2024 — | Sep 2024 23% | Dec 2024 — | Mar 2025 24% | Jun 2025 32% | Sep 2025 23% | Dec 2025 28% | Mar 2026 23% | Jun 2026 28% - GLAND: Sep 2021 20% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 9.8% | Dec 2023 12% | Mar 2024 11% | Jun 2024 13% | Sep 2024 9.4% | Dec 2024 12% | Mar 2025 9.0% | Jun 2025 13% | Sep 2025 9.6% | Dec 2025 13% | Mar 2026 11% | Jun 2026 — - SAILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 12% | Jun 2024 — | Sep 2024 14% | Dec 2024 17% | Mar 2025 11% | Jun 2025 20% | Sep 2025 16% | Dec 2025 23% | Mar 2026 17% | Jun 2026 — - NEULANDLAB: Sep 2021 9.9% | Dec 2021 — | Mar 2022 9.4% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 29% | Dec 2023 38% | Mar 2024 29% | Jun 2024 36% | Sep 2024 23% | Dec 2024 29% | Mar 2025 16% | Jun 2025 16% | Sep 2025 14% | Dec 2025 15% | Mar 2026 22% | Jun 2026 — - PPLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 6.1% | Jun 2022 — | Sep 2022 3.6% | Dec 2022 1.3% | Mar 2023 -1.1% | Jun 2023 — | Sep 2023 0.1% | Dec 2023 4.5% | Mar 2024 4.2% | Jun 2024 6.3% | Sep 2024 5.9% | Dec 2024 7.6% | Mar 2025 5.3% | Jun 2025 6.8% | Sep 2025 2.7% | Dec 2025 3.8% | Mar 2026 0.7% | Jun 2026 — - GRANULES: Sep 2021 23% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 19% | Dec 2023 21% | Mar 2024 19% | Jun 2024 24% | Sep 2024 20% | Dec 2024 22% | Mar 2025 17% | Jun 2025 19% | Sep 2025 17% | Dec 2025 20% | Mar 2026 16% | Jun 2026 20% - ONESOURCE: 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 -32% | Sep 2024 -0.8% | Dec 2024 -0.6% | Mar 2025 2.9% | Jun 2025 3.5% | Sep 2025 3.7% | Dec 2025 2.0% | Mar 2026 0.4% | Jun 2026 — - SYNGENE: Sep 2021 11% | Dec 2021 — | Mar 2022 10% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 15% | Dec 2023 15% | Mar 2024 13% | Jun 2024 13% | Sep 2024 11% | Dec 2024 14% | Mar 2025 11% | Jun 2025 14% | Sep 2025 12% | Dec 2025 9.6% | Mar 2026 9.6% | Jun 2026 — - SHILPAMED: Sep 2021 2.9% | Dec 2021 — | Mar 2022 5.3% | Jun 2022 — | Sep 2022 2.8% | Dec 2022 — | Mar 2023 -0.3% | Jun 2023 — | Sep 2023 2.6% | Dec 2023 4.8% | Mar 2024 5.4% | Jun 2024 7.8% | Sep 2024 6.9% | Dec 2024 8.9% | Mar 2025 7.4% | Jun 2025 8.5% | Sep 2025 8.6% | Dec 2025 9.4% | Mar 2026 11% | Jun 2026 — - CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 28% | Dec 2023 30% | Mar 2024 25% | Jun 2024 29% | Sep 2024 26% | Dec 2024 29% | Mar 2025 25% | Jun 2025 28% | Sep 2025 21% | Dec 2025 24% | Mar 2026 15% | Jun 2026 — - JUBLPHARMA: Sep 2021 16% | Dec 2021 — | Mar 2022 10% | Jun 2022 — | Sep 2022 5.8% | Dec 2022 — | Mar 2023 4.0% | Jun 2023 — | Sep 2023 3.9% | Dec 2023 4.2% | Mar 2024 5.4% | Jun 2024 9.7% | Sep 2024 6.6% | Dec 2024 10% | Mar 2025 7.6% | Jun 2025 8.4% | Sep 2025 7.6% | Dec 2025 7.9% | Mar 2026 6.3% | Jun 2026 — - BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 28% | Jun 2023 30% | Sep 2023 28% | Dec 2023 30% | Mar 2024 24% | Jun 2024 27% | Sep 2024 21% | Dec 2024 36% | Mar 2025 31% | Jun 2025 48% | Sep 2025 33% | Dec 2025 36% | Mar 2026 19% | Jun 2026 — - SUPRIYA: Sep 2021 54% | Dec 2021 — | Mar 2022 35% | Jun 2022 — | Sep 2022 29% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 17% | Dec 2023 23% | Mar 2024 19% | Jun 2024 24% | Sep 2024 22% | Dec 2024 28% | Mar 2025 23% | Jun 2025 25% | Sep 2025 21% | Dec 2025 24% | Mar 2026 22% | Jun 2026 — - IOLCP: Sep 2021 27% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 9.9% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 13% | Dec 2023 16% | Mar 2024 10% | Jun 2024 11% | Sep 2024 6.9% | Dec 2024 8.5% | Mar 2025 7.4% | Jun 2025 9.3% | Sep 2025 8.2% | Dec 2025 9.7% | Mar 2026 10% | Jun 2026 — - MOREPENLAB: Sep 2021 22% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 9.5% | Dec 2022 — | Mar 2023 7.1% | Jun 2023 — | Sep 2023 9.0% | Dec 2023 14% | Mar 2024 14% | Jun 2024 20% | Sep 2024 14% | Dec 2024 18% | Mar 2025 11% | Jun 2025 12% | Sep 2025 7.2% | Dec 2025 12% | Mar 2026 6.2% | Jun 2026 — - SMSPHARMA: Sep 2021 22% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 0.3% | Dec 2022 — | Mar 2023 3.6% | Jun 2023 — | Sep 2023 10% | Dec 2023 13% | Mar 2024 12% | Jun 2024 15% | Sep 2024 13% | Dec 2024 15% | Mar 2025 13% | Jun 2025 15% | Sep 2025 14% | Dec 2025 17% | Mar 2026 13% | Jun 2026 — - DCAL: Sep 2021 2.1% | Dec 2021 — | Mar 2022 1.6% | Jun 2022 — | Sep 2022 1.1% | Dec 2022 — | Mar 2023 2.0% | Jun 2023 — | Sep 2023 2.3% | Dec 2023 -0.7% | Mar 2024 0.5% | Jun 2024 -1.4% | Sep 2024 0.4% | Dec 2024 1.2% | Mar 2025 2.4% | Jun 2025 4.1% | Sep 2025 3.2% | Dec 2025 3.1% | Mar 2026 2.4% | Jun 2026 — - HIKAL: Sep 2021 21% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 9.5% | Dec 2022 — | Mar 2023 8.6% | Jun 2023 — | Sep 2023 9.6% | Dec 2023 9.5% | Mar 2024 8.6% | Jun 2024 9.0% | Sep 2024 9.5% | Dec 2024 10% | Mar 2025 11% | Jun 2025 9.2% | Sep 2025 4.8% | Dec 2025 2.8% | Mar 2026 3.4% | Jun 2026 — - SOLARA: Sep 2021 13% | Dec 2021 — | Mar 2022 -1.4% | Jun 2022 — | Sep 2022 -8.4% | Dec 2022 — | Mar 2023 1.5% | Jun 2023 — | Sep 2023 2.9% | Dec 2023 -13% | Mar 2024 -18% | Jun 2024 -25% | Sep 2024 -12% | Dec 2024 -3.2% | Mar 2025 8.4% | Jun 2025 11% | Sep 2025 7.0% | Dec 2025 5.9% | Mar 2026 6.1% | Jun 2026 — - WINDLAS: Sep 2021 11% | Dec 2021 — | Mar 2022 10% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 13% | Dec 2023 17% | Mar 2024 14% | Jun 2024 18% | Sep 2024 14% | Dec 2024 19% | Mar 2025 13% | Jun 2025 18% | Sep 2025 14% | Dec 2025 18% | Mar 2026 13% | Jun 2026 — ### 20-quarter ROCE change history - DIVISLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 — | Mar 2023 −14.1 pp | Jun 2023 — | Sep 2023 −15.0 pp | Dec 2023 — | Mar 2024 −2.3 pp | Jun 2024 — | Sep 2024 +3.7 pp | Dec 2024 +5.3 pp | Mar 2025 +3.7 pp | Jun 2025 +4.1 pp | Sep 2025 +2.0 pp | Dec 2025 +1.4 pp | Mar 2026 0.0 pp | Jun 2026 +2.5 pp - LAURUSLABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.1 pp | Dec 2022 — | Mar 2023 −2.6 pp | Jun 2023 — | Sep 2023 −13.8 pp | Dec 2023 — | Mar 2024 −17.3 pp | Jun 2024 — | Sep 2024 −7.2 pp | Dec 2024 0.0 pp | Mar 2025 +3.3 pp | Jun 2025 +8.7 pp | Sep 2025 +9.8 pp | Dec 2025 +13.5 pp | Mar 2026 +8.1 pp | Jun 2026 +8.9 pp - ANTHEM: 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 +3.1 pp | Jun 2025 — | Sep 2025 +0.9 pp | Dec 2025 — | Mar 2026 −0.9 pp | Jun 2026 −4.1 pp - GLAND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.9 pp | Dec 2022 — | Mar 2023 −8.3 pp | Jun 2023 — | Sep 2023 −4.8 pp | Dec 2023 — | Mar 2024 −0.5 pp | Jun 2024 — | Sep 2024 −0.4 pp | Dec 2024 +0.7 pp | Mar 2025 −1.5 pp | Jun 2025 −0.2 pp | Sep 2025 +0.2 pp | Dec 2025 +0.8 pp | Mar 2026 +2.1 pp | Jun 2026 — - SAILIFE: 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 −0.5 pp | Jun 2025 — | Sep 2025 +1.7 pp | Dec 2025 +6.7 pp | Mar 2026 +5.5 pp | Jun 2026 — - NEULANDLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.9 pp | Dec 2022 — | Mar 2023 +10.8 pp | Jun 2023 — | Sep 2023 +17.1 pp | Dec 2023 — | Mar 2024 +8.5 pp | Jun 2024 — | Sep 2024 −6.0 pp | Dec 2024 −8.2 pp | Mar 2025 −13.2 pp | Jun 2025 −20.8 pp | Sep 2025 −9.2 pp | Dec 2025 −14.2 pp | Mar 2026 +6.5 pp | Jun 2026 — - PPLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −7.2 pp | Jun 2023 — | Sep 2023 −3.5 pp | Dec 2023 +3.2 pp | Mar 2024 +5.3 pp | Jun 2024 — | Sep 2024 +5.8 pp | Dec 2024 +3.1 pp | Mar 2025 +1.1 pp | Jun 2025 +0.5 pp | Sep 2025 −3.2 pp | Dec 2025 −3.8 pp | Mar 2026 −4.6 pp | Jun 2026 — - GRANULES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 — | Mar 2023 +4.0 pp | Jun 2023 — | Sep 2023 −4.0 pp | Dec 2023 — | Mar 2024 −4.9 pp | Jun 2024 — | Sep 2024 +1.0 pp | Dec 2024 +0.6 pp | Mar 2025 −2.0 pp | Jun 2025 −4.8 pp | Sep 2025 −3.8 pp | Dec 2025 −1.5 pp | Mar 2026 −1.1 pp | Jun 2026 +1.2 pp - ONESOURCE: 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 +17.6 pp | Jun 2025 +35.7 pp | Sep 2025 +4.5 pp | Dec 2025 +2.6 pp | Mar 2026 −2.5 pp | Jun 2026 — - SYNGENE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 — | Mar 2023 +3.3 pp | Jun 2023 — | Sep 2023 +3.0 pp | Dec 2023 — | Mar 2024 −0.4 pp | Jun 2024 — | Sep 2024 −4.0 pp | Dec 2024 −1.5 pp | Mar 2025 −1.5 pp | Jun 2025 +0.3 pp | Sep 2025 +0.9 pp | Dec 2025 −4.2 pp | Mar 2026 −1.8 pp | Jun 2026 — - SHILPAMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 — | Mar 2023 −5.6 pp | Jun 2023 — | Sep 2023 −0.2 pp | Dec 2023 — | Mar 2024 +5.7 pp | Jun 2024 — | Sep 2024 +4.3 pp | Dec 2024 +4.1 pp | Mar 2025 +2.0 pp | Jun 2025 +0.7 pp | Sep 2025 +1.7 pp | Dec 2025 +0.5 pp | Mar 2026 +3.6 pp | Jun 2026 — - CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +2.1 pp | Jun 2024 — | Sep 2024 −2.6 pp | Dec 2024 −0.4 pp | Mar 2025 +0.2 pp | Jun 2025 −1.6 pp | Sep 2025 −4.9 pp | Dec 2025 −5.5 pp | Mar 2026 −10.3 pp | Jun 2026 — - JUBLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.9 pp | Dec 2022 — | Mar 2023 −6.0 pp | Jun 2023 — | Sep 2023 −1.9 pp | Dec 2023 — | Mar 2024 +1.4 pp | Jun 2024 — | Sep 2024 +2.7 pp | Dec 2024 +5.8 pp | Mar 2025 +2.2 pp | Jun 2025 −1.3 pp | Sep 2025 +1.0 pp | Dec 2025 −2.1 pp | Mar 2026 −1.3 pp | Jun 2026 — - BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −4.5 pp | Jun 2024 −2.9 pp | Sep 2024 −7.0 pp | Dec 2024 +6.2 pp | Mar 2025 +7.3 pp | Jun 2025 +21.0 pp | Sep 2025 +11.4 pp | Dec 2025 −0.5 pp | Mar 2026 −11.9 pp | Jun 2026 — - SUPRIYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −25.6 pp | Dec 2022 — | Mar 2023 −15.4 pp | Jun 2023 — | Sep 2023 −11.7 pp | Dec 2023 — | Mar 2024 −0.3 pp | Jun 2024 — | Sep 2024 +5.5 pp | Dec 2024 +4.8 pp | Mar 2025 +4.3 pp | Jun 2025 +1.9 pp | Sep 2025 −1.5 pp | Dec 2025 −4.0 pp | Mar 2026 −1.8 pp | Jun 2026 — - IOLCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −17.3 pp | Dec 2022 — | Mar 2023 −3.4 pp | Jun 2023 — | Sep 2023 +3.5 pp | Dec 2023 — | Mar 2024 −1.5 pp | Jun 2024 — | Sep 2024 −6.5 pp | Dec 2024 −7.2 pp | Mar 2025 −2.6 pp | Jun 2025 −1.3 pp | Sep 2025 +1.3 pp | Dec 2025 +1.2 pp | Mar 2026 +2.6 pp | Jun 2026 — - MOREPENLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −12.2 pp | Dec 2022 — | Mar 2023 −12.1 pp | Jun 2023 — | Sep 2023 −0.5 pp | Dec 2023 — | Mar 2024 +6.9 pp | Jun 2024 — | Sep 2024 +5.1 pp | Dec 2024 +4.1 pp | Mar 2025 −2.6 pp | Jun 2025 −7.5 pp | Sep 2025 −6.9 pp | Dec 2025 −6.1 pp | Mar 2026 −5.2 pp | Jun 2026 — - SMSPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −21.6 pp | Dec 2022 — | Mar 2023 −8.9 pp | Jun 2023 — | Sep 2023 +9.8 pp | Dec 2023 — | Mar 2024 +8.6 pp | Jun 2024 — | Sep 2024 +2.4 pp | Dec 2024 +2.5 pp | Mar 2025 +0.5 pp | Jun 2025 +0.1 pp | Sep 2025 +1.4 pp | Dec 2025 +1.8 pp | Mar 2026 +0.3 pp | Jun 2026 — - DCAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 — | Mar 2023 +0.4 pp | Jun 2023 — | Sep 2023 +1.2 pp | Dec 2023 — | Mar 2024 −1.5 pp | Jun 2024 — | Sep 2024 −1.9 pp | Dec 2024 +1.9 pp | Mar 2025 +1.9 pp | Jun 2025 +5.5 pp | Sep 2025 +2.8 pp | Dec 2025 +1.9 pp | Mar 2026 0.0 pp | Jun 2026 — - HIKAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.8 pp | Dec 2022 — | Mar 2023 −8.4 pp | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 +0.7 pp | Mar 2025 +2.6 pp | Jun 2025 +0.2 pp | Sep 2025 −4.7 pp | Dec 2025 −7.4 pp | Mar 2026 −7.8 pp | Jun 2026 — - SOLARA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −21.7 pp | Dec 2022 — | Mar 2023 +2.9 pp | Jun 2023 — | Sep 2023 +11.3 pp | Dec 2023 — | Mar 2024 −19.3 pp | Jun 2024 — | Sep 2024 −14.9 pp | Dec 2024 +9.4 pp | Mar 2025 +26.2 pp | Jun 2025 +35.9 pp | Sep 2025 +19.0 pp | Dec 2025 +9.1 pp | Mar 2026 −2.3 pp | Jun 2026 — - WINDLAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 — | Mar 2023 +1.6 pp | Jun 2023 — | Sep 2023 +1.7 pp | Dec 2023 — | Mar 2024 +2.5 pp | Jun 2024 — | Sep 2024 +1.4 pp | Dec 2024 +1.9 pp | Mar 2025 −1.2 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 −0.4 pp | Mar 2026 −0.4 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: IOL Chemicals & Pharmaceuticals Ltd has the lowest comparable PEG at 0.66×, 37.1% below Neuland Laboratories Ltd. Only 16 of 24 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. 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: IOL Chemicals & Pharmaceuticals Ltd · 0.66× | 37.1% versus #2 · Neuland Laboratories Ltd | 0/8 recent comparable periods | 16/24 companies · 90 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 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. ### PEG — lowest PEG 1. IOL Chemicals & Pharmaceuticals Ltd (IOLCP): 0.7 2. Neuland Laboratories Ltd (NEULANDLAB): 1.1 3. Jubilant Pharmova Ltd (JUBLPHARMA): 1.2 4. Granules India Ltd (GRANULES): 1.3 5. Blue Jet Healthcare Ltd (BLUEJET): 1.4 ### P/E — lowest P/E 1. IOL Chemicals & Pharmaceuticals Ltd (IOLCP): 27.5 2. Windlas Biotech Ltd (WINDLAS): 29.5 3. Supriya Lifescience Ltd (SUPRIYA): 32.1 4. Granules India Ltd (GRANULES): 32.7 5. SMS Pharmaceuticals Ltd (SMSPHARMA): 33.0 ### 20-quarter PEG history - DIVISLAB: Sep 2021 2.3 | Dec 2021 2.7 | Mar 2022 — | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 6.5 | Dec 2024 2.2 | Mar 2025 1.5 | Jun 2025 2.2 | Sep 2025 1.7 | Dec 2025 — | Mar 2026 2.8 | Jun 2026 3.5 - LAURUSLABS: Sep 2021 — | Dec 2021 — | Mar 2022 3.0 | Jun 2022 — | Sep 2022 — | Dec 2022 0.7 | 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 3.3 | Jun 2026 — - ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 12.2 | Dec 2025 — | Mar 2026 — | Jun 2026 — - GLAND: Sep 2021 2.1 | Dec 2021 1.9 | Mar 2022 4.8 | Jun 2022 1.7 | Sep 2022 3.6 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 6.3 | Dec 2025 2.4 | Mar 2026 1.5 | Jun 2026 — - SAILIFE: 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 3.7 | Mar 2025 2.7 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.5 | Jun 2026 — - NEULANDLAB: Sep 2021 — | Dec 2021 — | Mar 2022 2.4 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.6 | Sep 2024 1.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - PPLPHARMA: 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 11.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - GRANULES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.6 | Mar 2023 0.8 | Jun 2023 0.5 | Sep 2023 3.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.0 | Dec 2024 1.2 | Mar 2025 1.4 | Jun 2025 1.4 | Sep 2025 — | Dec 2025 — | Mar 2026 0.9 | Jun 2026 1.3 - SYNGENE: Sep 2021 4.5 | Dec 2021 4.6 | Mar 2022 5.3 | Jun 2022 5.5 | Sep 2022 9.9 | Dec 2022 9.0 | Mar 2023 7.8 | Jun 2023 6.0 | Sep 2023 4.2 | Dec 2023 3.2 | Mar 2024 9.6 | Jun 2024 4.8 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 7.9 | Dec 2025 — | Mar 2026 — | Jun 2026 — - SHILPAMED: Sep 2021 — | Dec 2021 6.9 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 5.8 | Sep 2024 3.8 | Dec 2024 1.8 | Mar 2025 7.5 | Jun 2025 2.1 | Sep 2025 — | Dec 2025 — | Mar 2026 5.7 | Jun 2026 — - JUBLPHARMA: 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 1.2 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - BLUEJET: 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 2.5 | Dec 2024 5.7 | Mar 2025 1.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - SUPRIYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.8 | Sep 2023 — | Dec 2023 — | Mar 2024 1.0 | Jun 2024 0.5 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 0.9 | Jun 2025 0.5 | Sep 2025 1.0 | Dec 2025 2.1 | Mar 2026 0.6 | Jun 2026 3.1 - IOLCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.6 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 2.1 | Sep 2025 0.5 | Dec 2025 — | Mar 2026 0.7 | Jun 2026 — - MOREPENLAB: 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 0.3 | Jun 2025 1.7 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - SMSPHARMA: 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 0.6 | Mar 2025 — | Jun 2025 1.7 | Sep 2025 1.2 | Dec 2025 1.6 | Mar 2026 1.5 | Jun 2026 — - DCAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.7 | 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 — | Jun 2026 — - HIKAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.4 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - SOLARA: Sep 2021 1.1 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/E history - 543349: Sep 2021 74.9 | Dec 2021 62.2 | Mar 2022 51.5 | Jun 2022 43.6 | Sep 2022 45.5 | Dec 2022 47.1 | Mar 2023 41.9 | Jun 2023 55.6 | Sep 2023 51.0 | Dec 2023 54.6 | Mar 2024 57.6 | Jun 2024 70.2 | Sep 2024 104.5 | Dec 2024 94.3 | Mar 2025 80.3 | Jun 2025 58.9 | Sep 2025 58.8 | Dec 2025 60.4 | Mar 2026 72.6 | Jun 2026 75.8 - DIVISLAB: Sep 2021 66.2 | Dec 2021 58.1 | Mar 2022 46.0 | Jun 2022 33.0 | Sep 2022 31.7 | Dec 2022 30.3 | Mar 2023 31.3 | Jun 2023 52.2 | Sep 2023 67.7 | Dec 2023 77.9 | Mar 2024 66.1 | Jun 2024 76.3 | Sep 2024 86.5 | Dec 2024 85.0 | Mar 2025 74.2 | Jun 2025 80.7 | Sep 2025 65.5 | Dec 2025 68.7 | Mar 2026 62.9 | Jun 2026 68.0 - LAURUSLABS: Sep 2021 31.1 | Dec 2021 28.6 | Mar 2022 35.4 | Jun 2022 30.3 | Sep 2022 32.9 | Dec 2022 23.2 | Mar 2023 17.2 | Jun 2023 25.0 | Sep 2023 37.7 | Dec 2023 63.0 | Mar 2024 112.4 | Jun 2024 141.5 | Sep 2024 168.9 | Dec 2024 241.4 | Mar 2025 165.3 | Jun 2025 133.9 | Sep 2025 88.3 | Dec 2025 85.6 | Mar 2026 64.5 | Jun 2026 87.5 - ANTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 94.2 | Dec 2025 70.7 | Mar 2026 73.2 | Jun 2026 71.0 - GLAND: Sep 2021 63.1 | Dec 2021 56.7 | Mar 2022 44.2 | Jun 2022 35.8 | Sep 2022 31.6 | Dec 2022 25.2 | Mar 2023 21.1 | Jun 2023 21.4 | Sep 2023 35.3 | Dec 2023 43.2 | Mar 2024 43.8 | Jun 2024 38.9 | Sep 2024 40.7 | Dec 2024 43.1 | Mar 2025 37.2 | Jun 2025 42.0 | Sep 2025 41.9 | Dec 2025 34.5 | Mar 2026 32.9 | Jun 2026 36.5 - SAILIFE: 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 113.2 | Mar 2025 93.2 | Jun 2025 66.1 | Sep 2025 62.9 | Dec 2025 66.2 | Mar 2026 60.9 | Jun 2026 72.9 - NEULANDLAB: Sep 2021 26.6 | Dec 2021 27.1 | Mar 2022 23.7 | Jun 2022 21.1 | Sep 2022 26.9 | Dec 2022 25.7 | Mar 2023 23.0 | Jun 2023 22.2 | Sep 2023 22.0 | Dec 2023 25.5 | Mar 2024 25.6 | Jun 2024 32.0 | Sep 2024 51.2 | Dec 2024 66.6 | Mar 2025 64.5 | Jun 2025 77.7 | Sep 2025 136.0 | Dec 2025 98.2 | Mar 2026 86.4 | Jun 2026 63.3 - PPLPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -43.8 | Jun 2023 — | Sep 2023 -101.0 | Dec 2023 -551.0 | Mar 2024 957.0 | Jun 2024 683.6 | Sep 2024 719.7 | Dec 2024 578.5 | Mar 2025 561.9 | Jun 2025 294.0 | Sep 2025 288.8 | Dec 2025 307.1 | Mar 2026 — | Jun 2026 — - GRANULES: Sep 2021 14.3 | Dec 2021 17.5 | Mar 2022 18.4 | Jun 2022 15.4 | Sep 2022 20.4 | Dec 2022 16.3 | Mar 2023 14.1 | Jun 2023 14.1 | Sep 2023 19.8 | Dec 2023 24.9 | Mar 2024 26.4 | Jun 2024 29.5 | Sep 2024 27.4 | Dec 2024 29.1 | Mar 2025 24.6 | Jun 2025 25.1 | Sep 2025 26.2 | Dec 2025 29.3 | Mar 2026 27.9 | Jun 2026 31.0 - ONESOURCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -1,115.8 | Jun 2025 — | Sep 2025 527.6 | Dec 2025 150.3 | Mar 2026 540.0 | Jun 2026 684.8 - COHANCE: Sep 2021 36.6 | Dec 2021 31.5 | Mar 2022 34.3 | Jun 2022 26.7 | Sep 2022 25.2 | Dec 2022 29.2 | Mar 2023 31.7 | Jun 2023 30.1 | Sep 2023 33.7 | Dec 2023 42.6 | Mar 2024 46.5 | Jun 2024 68.1 | Sep 2024 115.7 | Dec 2024 94.7 | Mar 2025 69.7 | Jun 2025 48.2 | Sep 2025 48.1 | Dec 2025 36.9 | Mar 2026 31.6 | Jun 2026 88.8 - SYNGENE: Sep 2021 65.3 | Dec 2021 61.7 | Mar 2022 57.4 | Jun 2022 54.1 | Sep 2022 53.9 | Dec 2022 54.9 | Mar 2023 55.0 | Jun 2023 66.1 | Sep 2023 66.7 | Dec 2023 55.9 | Mar 2024 55.5 | Jun 2024 55.0 | Sep 2024 74.5 | Dec 2024 74.2 | Mar 2025 61.2 | Jun 2025 54.8 | Sep 2025 48.4 | Dec 2025 56.3 | Mar 2026 40.9 | Jun 2026 46.5 - SHILPAMED: Sep 2021 73.0 | Dec 2021 138.6 | Mar 2022 99.5 | Jun 2022 62.9 | Sep 2022 60.6 | Dec 2022 113.2 | Mar 2023 381.4 | Jun 2023 -76.7 | Sep 2023 -260.9 | Dec 2023 -3,941.6 | Mar 2024 125.6 | Jun 2024 174.7 | Sep 2024 177.0 | Dec 2024 124.0 | Mar 2025 74.4 | Jun 2025 86.0 | Sep 2025 57.6 | Dec 2025 40.0 | Mar 2026 38.1 | Jun 2026 47.9 - CONCORDBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 47.8 | Dec 2023 64.9 | Mar 2024 52.2 | Jun 2024 54.5 | Sep 2024 68.4 | Dec 2024 69.1 | Mar 2025 53.9 | Jun 2025 51.3 | Sep 2025 47.6 | Dec 2025 40.7 | Mar 2026 30.9 | Jun 2026 39.1 - JUBLPHARMA: Sep 2021 10.7 | Dec 2021 11.1 | Mar 2022 11.9 | Jun 2022 13.3 | Sep 2022 17.8 | Dec 2022 47.0 | Mar 2023 73.2 | Jun 2023 95.2 | Sep 2023 -155.0 | Dec 2023 229.4 | Mar 2024 — | Jun 2024 87.3 | Sep 2024 79.1 | Dec 2024 60.3 | Mar 2025 42.6 | Jun 2025 38.2 | Sep 2025 34.2 | Dec 2025 34.4 | Mar 2026 29.1 | Jun 2026 35.4 - BLUEJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 40.0 | Mar 2024 41.7 | Jun 2024 41.1 | Sep 2024 54.4 | Dec 2024 54.7 | Mar 2025 65.4 | Jun 2025 49.2 | Sep 2025 31.2 | Dec 2025 26.1 | Mar 2026 20.3 | Jun 2026 36.9 - SUPRIYA: Sep 2021 — | Dec 2021 28.6 | Mar 2022 27.9 | Jun 2022 16.8 | Sep 2022 13.8 | Dec 2022 14.8 | Mar 2023 15.7 | Jun 2023 22.2 | Sep 2023 24.3 | Dec 2023 25.3 | Mar 2024 22.3 | Jun 2024 26.2 | Sep 2024 33.6 | Dec 2024 36.0 | Mar 2025 33.9 | Jun 2025 29.5 | Sep 2025 31.7 | Dec 2025 32.6 | Mar 2026 25.5 | Jun 2026 35.7 - IOLCP: Sep 2021 12.1 | Dec 2021 13.3 | Mar 2022 12.4 | Jun 2022 10.9 | Sep 2022 11.5 | Dec 2022 12.3 | Mar 2023 15.9 | Jun 2023 17.6 | Sep 2023 18.6 | Dec 2023 15.8 | Mar 2024 12.4 | Jun 2024 17.6 | Sep 2024 23.6 | Dec 2024 24.1 | Mar 2025 18.5 | Jun 2025 28.3 | Sep 2025 29.0 | Dec 2025 20.6 | Mar 2026 18.4 | Jun 2026 26.9 - MOREPENLAB: Sep 2021 23.6 | Dec 2021 21.4 | Mar 2022 15.4 | Jun 2022 15.9 | Sep 2022 14.2 | Dec 2022 32.6 | Mar 2023 30.0 | Jun 2023 39.9 | Sep 2023 39.9 | Dec 2023 46.7 | Mar 2024 28.2 | Jun 2024 29.6 | Sep 2024 37.7 | Dec 2024 30.5 | Mar 2025 20.1 | Jun 2025 28.5 | Sep 2025 28.9 | Dec 2025 29.9 | Mar 2026 26.0 | Jun 2026 39.1 - SMSPHARMA: Sep 2021 16.3 | Dec 2021 11.9 | Mar 2022 11.2 | Jun 2022 10.6 | Sep 2022 29.4 | Dec 2022 34.9 | Mar 2023 -65.7 | Jun 2023 52.8 | Sep 2023 61.7 | Dec 2023 32.3 | Mar 2024 38.9 | Jun 2024 38.0 | Sep 2024 52.2 | Dec 2024 33.5 | Mar 2025 27.3 | Jun 2025 30.9 | Sep 2025 29.9 | Dec 2025 32.4 | Mar 2026 39.4 | Jun 2026 34.6 - DCAL: Sep 2021 -25.3 | Dec 2021 -43.6 | Mar 2022 — | Jun 2022 56.3 | Sep 2022 77.1 | Dec 2022 86.7 | Mar 2023 189.0 | Jun 2023 124.3 | Sep 2023 82.9 | Dec 2023 74.7 | Mar 2024 — | Jun 2024 — | Sep 2024 -16.2 | Dec 2024 -38.6 | Mar 2025 1,053.9 | Jun 2025 177.7 | Sep 2025 37.1 | Dec 2025 26.2 | Mar 2026 17.0 | Jun 2026 26.9 - HIKAL: Sep 2021 46.0 | Dec 2021 35.0 | Mar 2022 27.2 | Jun 2022 19.2 | Sep 2022 41.0 | Dec 2022 61.8 | Mar 2023 55.0 | Jun 2023 49.3 | Sep 2023 38.7 | Dec 2023 45.8 | Mar 2024 45.7 | Jun 2024 59.3 | Sep 2024 67.7 | Dec 2024 64.1 | Mar 2025 66.1 | Jun 2025 49.3 | Sep 2025 49.7 | Dec 2025 45.2 | Mar 2026 76.8 | Jun 2026 73.1 - SOLARA: Sep 2021 31.9 | Dec 2021 22.2 | Mar 2022 20.7 | Jun 2022 — | Sep 2022 — | Dec 2022 -64.2 | Mar 2023 -53.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -7.1 | Dec 2024 -12.9 | Mar 2025 — | Jun 2025 125.1 | Sep 2025 90.5 | Dec 2025 88.2 | Mar 2026 -276.6 | Jun 2026 — - WINDLAS: Sep 2021 7.7 | Dec 2021 5.7 | Mar 2022 11.0 | Jun 2022 12.2 | Sep 2022 12.4 | Dec 2022 12.1 | Mar 2023 10.7 | Jun 2023 15.2 | Sep 2023 16.9 | Dec 2023 19.3 | Mar 2024 20.3 | Jun 2024 25.6 | Sep 2024 29.0 | Dec 2024 35.5 | Mar 2025 35.2 | Jun 2025 30.6 | Sep 2025 29.6 | Dec 2025 24.8 | Mar 2026 24.1 | Jun 2026 — ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears. - 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. ## Every company - Divis Laboratories Ltd (DIVISLAB) — market value ₹2.3 L Cr; latest fundamentals Jun 2026 - Laurus Labs Ltd (LAURUSLABS) — market value ₹96.6K Cr; latest fundamentals Jun 2026 - Anthem Biosciences Ltd (ANTHEM) — market value ₹50.1K Cr; latest fundamentals Jun 2026 - Gland Pharma Ltd (GLAND) — market value ₹49.0K Cr; latest fundamentals Jun 2026 - Sai Life Sciences Ltd (SAILIFE) — market value ₹30.8K Cr; latest fundamentals Jun 2026 - Neuland Laboratories Ltd (NEULANDLAB) — market value ₹29.9K Cr; latest fundamentals Jun 2026 - Piramal Pharma Ltd (PPLPHARMA) — market value ₹27.5K Cr; latest fundamentals Jun 2026 - Acutaas Chemicals Ltd (543349) — market value ₹26.5K Cr; latest fundamentals Jun 2026 - Granules India Ltd (GRANULES) — market value ₹21.3K Cr; latest fundamentals Jun 2026 - OneSource Specialty Pharma Ltd (ONESOURCE) — market value ₹17.9K Cr; latest fundamentals Jun 2026 - Cohance Lifesciences Ltd (COHANCE) — market value ₹16.9K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD - Syngene International Ltd (SYNGENE) — market value ₹16.2K Cr; latest fundamentals Jun 2026 - Shilpa Medicare Ltd (SHILPAMED) — market value ₹16.1K Cr; latest fundamentals Jun 2026 - Concord Biotech Ltd (CONCORDBIO) — market value ₹15.2K Cr; latest fundamentals Jun 2026 - Jubilant Pharmova Ltd (JUBLPHARMA) — market value ₹13.8K Cr; latest fundamentals Jun 2026 - Blue Jet Healthcare Ltd (BLUEJET) — market value ₹11.1K Cr; latest fundamentals Jun 2026 - Supriya Lifescience Ltd (SUPRIYA) — market value ₹6.4K Cr; latest fundamentals Jun 2026 - IOL Chemicals & Pharmaceuticals Ltd (IOLCP) — market value ₹4.9K Cr; latest fundamentals Jun 2026 - Morepen Laboratories Ltd (MOREPENLAB) — market value ₹4.6K Cr; latest fundamentals Jun 2026 - SMS Pharmaceuticals Ltd (SMSPHARMA) — market value ₹3.4K Cr; latest fundamentals Jun 2026 - Dishman Carbogen Amcis Ltd (DCAL) — market value ₹3.0K Cr; latest fundamentals Jun 2026 - Hikal Ltd (HIKAL) — market value ₹2.7K Cr; latest fundamentals Jun 2026 - Solara Active Pharma Sciences Ltd (SOLARA) — market value ₹2.4K Cr; latest fundamentals Jun 2026 - Windlas Biotech Ltd (WINDLAS) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures ## Source standing of each company Cross-checked: 21. Unverified: 2. Withheld: 1. Graded companies: 24. 1 of 24 companies draws 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 24 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Cohance Lifesciences Ltd (COHANCE) — its two data sources disagree by up to 129% on reported income across 14 comparable periods, so its derived ratios are withheld. - WITHHELD | COHANCE | Cohance Lifesciences Ltd | diff_gt_2pct | disagreement up to 129.24% over 14 comparable periods - UNVERIFIED | WINDLAS | Windlas Biotech Ltd | too little overlapping reported history to cross-check the second feed ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-08-14. 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 ### Is the Pharma - API & CRAMS sector outperforming NIFTY 500? Pharma - API & CRAMS has outperformed NIFTY 500 by 20.8% over 52 weeks and 16.8% over 13 weeks. 17 of 24 covered companies beat NIFTY on Mansfield relative strength, while 9 of 24 beat the sector itself. ### Which Pharma - API & CRAMS company is largest by revenue? Divis Laboratories Ltd leads with revenue of ₹11,230 crore, based on 24 of 24 comparable companies through Jun 2026. ### Which Pharma - API & CRAMS company is growing fastest? Neuland Laboratories Ltd has the fastest current revenue growth at 78.3%, across 24 of 24 comparable companies. ### Which Pharma - API & CRAMS company has the strongest 4-Factor Sector Score? Neuland Laboratories Ltd ranks first at 82.7/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Pharma - API & CRAMS company has the lowest comparable PEG? IOL Chemicals & Pharmaceuticals Ltd has the lowest comparable PEG at 0.66, among 16 of 24 companies whose earnings and growth are steady enough for the ratio to mean anything. ### How much history does this Pharma - API & CRAMS 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 - API & CRAMS 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 - API & CRAMS, this page builds its own equal-weight basket of 24 listed Pharma - API & CRAMS 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 - API & CRAMS stocks in India? Ranked by this page's four-factor score, Neuland Laboratories Ltd places first among 24 listed Pharma - API & CRAMS companies, followed by IOL Chemicals & Pharmaceuticals Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser. ### How many Pharma - API & CRAMS stocks are listed in India? This comparison covers 24 listed Pharma - API & CRAMS companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026. ### Which Pharma - API & CRAMS company is the biggest? Divis Laboratories Ltd is the largest, with trailing-twelve-month revenue of ₹11,230 crore, ahead of Piramal Pharma Ltd at ₹9,206 crore. That covers 24 of 24 companies with comparable reporting through Jun 2026. ### Which Pharma - API & CRAMS company has the best profit margins? Divis Laboratories Ltd has the highest operating margin at 41%, from 24 of 24 comparable companies. Neuland Laboratories Ltd shows the biggest recent improvement, at +23 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Pharma - API & CRAMS company makes the most profit? Divis Laboratories Ltd earns the most, at ₹2,925 crore of trailing-twelve-month net profit, from 24 of 24 comparable companies. Acutaas Chemicals 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 - API & CRAMS company earns the highest return on capital? Acutaas Chemicals Ltd leads on return on capital employed at 31.6%, across 24 of 24 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Pharma - API & CRAMS stock is the cheapest? On PEG — where a LOWER number is cheaper — IOL Chemicals & Pharmaceuticals Ltd screens cheapest at 0.66×. Only 16 of 24 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 - API & CRAMS sector beating the market? Pharma - API & CRAMS has outperformed NIFTY 500 by 20.8% over the last 52 weeks and 16.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 17 of 24 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Pharma - API & CRAMS stock has the strongest price momentum? Shilpa Medicare Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Pharma - API & CRAMS company scores highest for research priority? Neuland Laboratories Ltd scores 82.7 out of 100 with 100% evidence confidence, from 33.6 points on growth and earnings, 19.7 on capital efficiency, 11.8 on valuation and 17.6 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Pharma - API & CRAMS companies does this comparison cover, and over what period? It compares 24 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 - API & CRAMS sector? The 24 Pharma - API & CRAMS companies on this page carry ₹6,93,081 crore of combined market value. Divis Laboratories Ltd is the largest at ₹2,25,038 crore, about 32% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-18. ### What is the Pharma - API & CRAMS sector's P/E ratio? The median price-to-earnings ratio across the 24 Pharma - API & CRAMS companies on this page is 56.5×, measured on the 22 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 2026-08-18. ### How is the Pharma - API & CRAMS sector performing? 17 of the 24 covered Pharma - API & CRAMS companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 20.8% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-18. ### 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.