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

> Pharma - API: Aarti Drugs Ltd owns the largest revenue base; Ind-Swift 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 has outperformed NIFTY 500 by 27.3% over 52 weeks and 26% over 13 weeks. 11 of 14 covered companies beat NIFTY on Mansfield relative strength, while 5 of 14 beat the sector itself. Aarti Drugs Ltd leads with revenue of ₹2,678 crore, based on 14 of 14 comparable companies through Jun 2026.

## Sector relative strength

Pharma - API has outperformed NIFTY 500 by 27.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 26%. 11 of 14 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Ind-Swift Laboratories Ltd is the strongest against the sector itself at +74.8%. Readings are as of 2026-08-09.

13-week sector return versus NIFTY 500: 26%
52-week sector return versus NIFTY 500: 27%
Stocks leading NIFTY: 11/14
Stocks leading sector: 5/14

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

Companies: 14
Combined market value: ₹49.9K 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. Senores Pharmaceuticals Ltd (SENORES): 73/100 — Favorable setup; evidence 75%
   - Growth & earnings 32.4/35 | Capital efficiency 17.0/25 | Valuation 9.4/20 | Relative strength 14.4/20
   - 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: 32.4 + 17 + 9.4 + 14.4 = 73.2
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Wanbury Ltd (WANBURY): 65/100 — Favorable setup; evidence 81%
   - Growth & earnings 19.9/35 | Capital efficiency 18.6/25 | Valuation 14.3/20 | Relative strength 12.3/20
   - 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 6 of 11 weeks with a reading, within the last 12
   - Exact sum: 19.9 + 18.6 + 14.3 + 12.3 = 65.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Innova Captab Ltd (INNOVACAP): 57/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 24.8/35 | Capital efficiency 13.2/25 | Valuation 6.6/20 | Relative strength 12.4/20
   - 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 11 of the last 12 weeks
   - Exact sum: 24.8 + 13.2 + 6.6 + 12.4 = 57
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Ind-Swift Laboratories Ltd (INDSWFTLAB): 55/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 23.1/35 | Capital efficiency 6.0/25 | Valuation 6.3/20 | Relative strength 20.0/20
   - 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 11 of the last 12 weeks
   - Exact sum: 23.1 + 6 + 6.3 + 20 = 55.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Jagsonpal Pharmaceuticals Ltd (JAGSNPHARM): 53/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 15.7/35 | Capital efficiency 18.9/25 | Valuation 10.7/20 | 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 11 of the last 12 weeks
   - Exact sum: 15.7 + 18.9 + 10.7 + 7.8 = 53.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Aarti Drugs Ltd (AARTIDRUGS): 48/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 17.7/35 | Capital efficiency 12.0/25 | Valuation 12.3/20 | Relative strength 5.5/20
   - 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 6 of the last 12 weeks
   - Exact sum: 17.7 + 12 + 12.3 + 5.5 = 47.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Beta Drugs Ltd (BETA): 47/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 11.6/35 | Capital efficiency 18.4/25 | Valuation 7.1/20 | Relative strength 9.7/20
   - 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: 11.6 + 18.4 + 7.1 + 9.7 = 46.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Fermenta Biotech Ltd (FERMENTA): 45/100 — Mixed-negative evidence; evidence 74%
   - Growth & earnings 5.0/35 | Capital efficiency 14.3/25 | Valuation 10.8/20 | Relative strength 15.1/20
   - 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 5 of 7 weeks with a reading, within the last 12
   - Exact sum: 5 + 14.3 + 10.8 + 15.1 = 45.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 30.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9. Anuh Pharma Ltd (ANUHPHR): 43/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 16.5/35 | Capital efficiency 12.9/25 | Valuation 12.6/20 | Relative strength 1.3/20
   - 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: 16.5 + 12.9 + 12.6 + 1.3 = 43.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Gujarat Themis Biosyn Ltd (GUJTHEM): 43/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 20.1/35 | Capital efficiency 15.6/25 | Valuation 6.9/20 | Relative strength 0.0/20
   - 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 8 of the last 12 weeks
   - Exact sum: 20.1 + 15.6 + 6.9 + 0 = 42.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Kopran Ltd (KOPRAN): 41/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 14.5/35 | Capital efficiency 9.6/25 | Valuation 8.1/20 | Relative strength 9.2/20
   - 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 11 of 11 weeks with a reading, within the last 12
   - Exact sum: 14.5 + 9.6 + 8.1 + 9.2 = 41.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Orchid Pharma Ltd (ORCHPHARMA): 37/100 — Mixed-negative evidence; evidence 85%
   - Growth & earnings 17.4/35 | Capital efficiency 1.8/25 | Valuation 8.5/20 | Relative strength 9.0/20
   - 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 11 of 11 weeks with a reading, within the last 12
   - Exact sum: 17.4 + 1.8 + 8.5 + 9 = 36.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Aarti Pharmalabs Ltd (AARTIPHARM): 35/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 10.2/35 | Capital efficiency 11.8/25 | Valuation 3.3/20 | Relative strength 9.8/20
   - 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 1 of 10 weeks with a reading, within the last 12
   - Exact sum: 10.2 + 11.8 + 3.3 + 9.8 = 35.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Themis Medicare Ltd (THEMISMED): 23/100 — Adverse evidence; evidence 72%
   - Growth & earnings 6.1/35 | Capital efficiency 2.5/25 | Valuation 8.5/20 | Relative strength 5.5/20
   - 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 10 of the last 12 weeks
   - Exact sum: 6.1 + 2.5 + 8.5 + 5.5 = 22.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

Ind-Swift Laboratories Ltd has the strongest one-year price move in Pharma - API at +206.8%. It also leads on Mansfield relative strength against NIFTY at +116.5%. 11 of 14 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14.

### Strongest one-year price performers
1. Ind-Swift Laboratories Ltd (INDSWFTLAB): 207%
2. Senores Pharmaceuticals Ltd (SENORES): 127%
3. Beta Drugs Ltd (BETA): 48%
4. Orchid Pharma Ltd (ORCHPHARMA): 39%
5. Fermenta Biotech Ltd (FERMENTA): 32%

### Strongest relative strength versus NIFTY 500
1. Ind-Swift Laboratories Ltd (INDSWFTLAB): 117%
2. Senores Pharmaceuticals Ltd (SENORES): 58%
3. Beta Drugs Ltd (BETA): 51%
4. Orchid Pharma Ltd (ORCHPHARMA): 35%
5. Fermenta Biotech Ltd (FERMENTA): 31%

## Revenue Scale & Growth Durability

What the numbers say: Aarti Drugs Ltd is the scale leader at ₹2,678 crore, 36% ahead of Aarti Pharmalabs Ltd. Ind-Swift Laboratories Ltd's growth is 53.9% from a ₹665 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Aarti Drugs Ltd is the scale benchmark; Ind-Swift Laboratories Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Aarti Drugs Ltd's growth falls below Ind-Swift Laboratories Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Aarti Drugs Ltd · ₹2,678 crore | 36% versus #2 · Aarti Pharmalabs Ltd | 6/8 recent comparable periods | 14/14 companies · 229 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. Aarti Drugs Ltd (AARTIDRUGS): ₹2.7K Cr
2. Aarti Pharmalabs Ltd (AARTIPHARM): ₹2.0K Cr
3. Innova Captab Ltd (INNOVACAP): ₹1.7K Cr
4. Orchid Pharma Ltd (ORCHPHARMA): ₹1.1K Cr
5. Anuh Pharma Ltd (ANUHPHR): ₹779 Cr

### Revenue growth — fastest growers
1. Ind-Swift Laboratories Ltd (INDSWFTLAB): 54%
2. Senores Pharmaceuticals Ltd (SENORES): 51%
3. Innova Captab Ltd (INNOVACAP): 34%
4. Gujarat Themis Biosyn Ltd (GUJTHEM): 16%
5. Orchid Pharma Ltd (ORCHPHARMA): 14%

### 20-quarter Revenue history
- ORCHPHARMA: Sep 2021 ₹128 Cr | Dec 2021 ₹161 Cr | Mar 2022 ₹178 Cr | Jun 2022 ₹131 Cr | Sep 2022 ₹165 Cr | Dec 2022 ₹160 Cr | Mar 2023 ₹210 Cr | Jun 2023 ₹183 Cr | Sep 2023 ₹199 Cr | Dec 2023 ₹221 Cr | Mar 2024 ₹217 Cr | Jun 2024 ₹244 Cr | Sep 2024 ₹223 Cr | Dec 2024 ₹217 Cr | Mar 2025 ₹237 Cr | Jun 2025 ₹263 Cr | Sep 2025 ₹194 Cr | Dec 2025 ₹207 Cr | Mar 2026 ₹368 Cr | Jun 2026 ₹304 Cr
- AARTIPHARM: Sep 2021 — | Dec 2021 ₹600 Cr | Mar 2022 ₹600 Cr | Jun 2022 ₹457 Cr | Sep 2022 ₹531 Cr | Dec 2022 ₹472 Cr | Mar 2023 ₹485 Cr | Jun 2023 ₹458 Cr | Sep 2023 ₹440 Cr | Dec 2023 ₹449 Cr | Mar 2024 ₹506 Cr | Jun 2024 ₹555 Cr | Sep 2024 ₹458 Cr | Dec 2024 ₹538 Cr | Mar 2025 ₹564 Cr | Jun 2025 ₹386 Cr | Sep 2025 ₹418 Cr | Dec 2025 ₹432 Cr | Mar 2026 ₹583 Cr | Jun 2026 ₹536 Cr
- SENORES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹79 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹101 Cr | Dec 2024 ₹103 Cr | Mar 2025 ₹114 Cr | Jun 2025 ₹138 Cr | Sep 2025 ₹162 Cr | Dec 2025 ₹171 Cr | Mar 2026 ₹175 Cr | Jun 2026 ₹180 Cr
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 ₹216 Cr | Jun 2022 ₹222 Cr | Sep 2022 ₹242 Cr | Dec 2022 ₹242 Cr | Mar 2023 ₹241 Cr | Jun 2023 ₹233 Cr | Sep 2023 ₹283 Cr | Dec 2023 ₹302 Cr | Mar 2024 ₹263 Cr | Jun 2024 ₹294 Cr | Sep 2024 ₹318 Cr | Dec 2024 ₹316 Cr | Mar 2025 ₹315 Cr | Jun 2025 ₹352 Cr | Sep 2025 ₹380 Cr | Dec 2025 ₹450 Cr | Mar 2026 ₹448 Cr | Jun 2026 ₹471 Cr
- AARTIDRUGS: Sep 2021 ₹580 Cr | Dec 2021 ₹635 Cr | Mar 2022 ₹694 Cr | Jun 2022 ₹622 Cr | Sep 2022 ₹688 Cr | Dec 2022 ₹664 Cr | Mar 2023 ₹742 Cr | Jun 2023 ₹661 Cr | Sep 2023 ₹642 Cr | Dec 2023 ₹606 Cr | Mar 2024 ₹620 Cr | Jun 2024 ₹555 Cr | Sep 2024 ₹598 Cr | Dec 2024 ₹557 Cr | Mar 2025 ₹677 Cr | Jun 2025 ₹591 Cr | Sep 2025 ₹653 Cr | Dec 2025 ₹602 Cr | Mar 2026 ₹720 Cr | Jun 2026 ₹703 Cr
- GUJTHEM: Sep 2021 ₹35 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹45 Cr | Sep 2022 ₹48 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹44 Cr | Jun 2026 ₹44 Cr
- BETA: Sep 2021 ₹88 Cr | Dec 2021 — | Mar 2022 ₹96 Cr | Jun 2022 — | Sep 2022 ₹112 Cr | Dec 2022 — | Mar 2023 ₹115 Cr | Jun 2023 — | Sep 2023 ₹141 Cr | Dec 2023 — | Mar 2024 ₹154 Cr | Jun 2024 — | Sep 2024 ₹180 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹103 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹94 Cr | Jun 2026 ₹126 Cr
- INDSWFTLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹313 Cr | Mar 2023 ₹304 Cr | Jun 2023 ₹310 Cr | Sep 2023 ₹290 Cr | Dec 2023 ₹288 Cr | Mar 2024 ₹529 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹129 Cr | Mar 2025 ₹138 Cr | Jun 2025 ₹153 Cr | Sep 2025 ₹153 Cr | Dec 2025 ₹151 Cr | Mar 2026 ₹170 Cr | Jun 2026 ₹191 Cr
- JAGSNPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹60 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹74 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹64 Cr | Jun 2026 ₹82 Cr
- FERMENTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹55 Cr | Mar 2023 ₹105 Cr | Jun 2023 ₹82 Cr | Sep 2023 ₹57 Cr | Dec 2023 ₹99 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹156 Cr | Mar 2025 ₹140 Cr | Jun 2025 ₹136 Cr | Sep 2025 ₹130 Cr | Dec 2025 ₹137 Cr | Mar 2026 ₹122 Cr | Jun 2026 ₹122 Cr
- THEMISMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹89 Cr | Mar 2023 ₹80 Cr | Jun 2023 ₹97 Cr | Sep 2023 ₹105 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹123 Cr | Sep 2024 ₹117 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹77 Cr | Jun 2026 ₹87 Cr
- KOPRAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹158 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹117 Cr | Sep 2023 ₹153 Cr | Dec 2023 ₹159 Cr | Mar 2024 ₹186 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹152 Cr | Dec 2024 ₹166 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹118 Cr | Dec 2025 ₹194 Cr | Mar 2026 ₹234 Cr | Jun 2026 ₹154 Cr
- WANBURY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹117 Cr | Sep 2022 ₹124 Cr | Dec 2022 ₹126 Cr | Mar 2023 ₹133 Cr | Jun 2023 ₹146 Cr | Sep 2023 ₹144 Cr | Dec 2023 ₹146 Cr | Mar 2024 ₹139 Cr | Jun 2024 ₹131 Cr | Sep 2024 ₹161 Cr | Dec 2024 ₹133 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹160 Cr | Dec 2025 ₹162 Cr | Mar 2026 ₹165 Cr | Jun 2026 ₹166 Cr
- ANUHPHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹139 Cr | Mar 2023 ₹157 Cr | Jun 2023 ₹161 Cr | Sep 2023 ₹150 Cr | Dec 2023 ₹172 Cr | Mar 2024 ₹164 Cr | Jun 2024 ₹138 Cr | Sep 2024 ₹166 Cr | Dec 2024 ₹160 Cr | Mar 2025 ₹198 Cr | Jun 2025 ₹186 Cr | Sep 2025 ₹186 Cr | Dec 2025 ₹197 Cr | Mar 2026 ₹202 Cr | Jun 2026 ₹194 Cr

### 20-quarter Revenue growth history
- ORCHPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 29% | Dec 2022 -0.6% | Mar 2023 18% | Jun 2023 40% | Sep 2023 20% | Dec 2023 38% | Mar 2024 3.4% | Jun 2024 34% | Sep 2024 12% | Dec 2024 -1.5% | Mar 2025 9.4% | Jun 2025 7.7% | Sep 2025 -13% | Dec 2025 -4.6% | Mar 2026 55% | Jun 2026 16%
- AARTIPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -21% | Mar 2023 -19% | Jun 2023 0.2% | Sep 2023 -17% | Dec 2023 -4.9% | Mar 2024 4.3% | Jun 2024 21% | Sep 2024 4.1% | Dec 2024 20% | Mar 2025 11% | Jun 2025 -30% | Sep 2025 -8.7% | Dec 2025 -20% | Mar 2026 3.4% | Jun 2026 39%
- SENORES: 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 30% | Mar 2025 12% | Jun 2025 73% | Sep 2025 60% | Dec 2025 66% | Mar 2026 54% | Jun 2026 30%
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 12% | Jun 2023 5.0% | Sep 2023 17% | Dec 2023 25% | Mar 2024 9.1% | Jun 2024 26% | Sep 2024 12% | Dec 2024 4.6% | Mar 2025 20% | Jun 2025 20% | Sep 2025 20% | Dec 2025 42% | Mar 2026 42% | Jun 2026 34%
- AARTIDRUGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.2% | Sep 2022 19% | Dec 2022 4.6% | Mar 2023 6.9% | Jun 2023 6.3% | Sep 2023 -6.7% | Dec 2023 -8.7% | Mar 2024 -16% | Jun 2024 -16% | Sep 2024 -6.9% | Dec 2024 -8.1% | Mar 2025 9.2% | Jun 2025 6.5% | Sep 2025 9.2% | Dec 2025 8.1% | Mar 2026 6.4% | Jun 2026 19%
- GUJTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 41% | Sep 2022 37% | Dec 2022 47% | Mar 2023 -3.5% | Jun 2023 11% | Sep 2023 -17% | Dec 2023 39% | Mar 2024 50% | Jun 2024 -22% | Sep 2024 -13% | Dec 2024 2.6% | Mar 2025 -9.5% | Jun 2025 -7.7% | Sep 2025 20% | Dec 2025 7.5% | Mar 2026 16% | Jun 2026 22%
- BETA: Sep 2021 73% | Dec 2021 — | Mar 2022 48% | Jun 2022 — | Sep 2022 27% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 26% | Dec 2023 — | Mar 2024 34% | Jun 2024 — | Sep 2024 28% | Dec 2024 — | Mar 2025 -39% | Jun 2025 — | Sep 2025 -43% | Dec 2025 -1.1% | Mar 2026 0.0% | Jun 2026 26%
- INDSWFTLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -7.9% | Mar 2024 74% | Jun 2024 -89% | Sep 2024 -96% | Dec 2024 -55% | Mar 2025 -74% | Jun 2025 364% | Sep 2025 1,175% | Dec 2025 17% | Mar 2026 23% | Jun 2026 25%
- JAGSNPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -22% | Mar 2024 -22% | Jun 2024 1.7% | Sep 2024 29% | Dec 2024 57% | Mar 2025 37% | Jun 2025 25% | Sep 2025 -1.3% | Dec 2025 -1.4% | Mar 2026 8.5% | Jun 2026 7.9%
- FERMENTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 80% | Mar 2024 -7.3% | Jun 2024 -5.2% | Sep 2024 67% | Dec 2024 58% | Mar 2025 44% | Jun 2025 74% | Sep 2025 37% | Dec 2025 -12% | Mar 2026 -13% | Jun 2026 -11%
- THEMISMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -6.7% | Mar 2024 22% | Jun 2024 27% | Sep 2024 11% | Dec 2024 13% | Mar 2025 -27% | Jun 2025 -20% | Sep 2025 -33% | Dec 2025 -4.3% | Mar 2026 6.9% | Jun 2026 -11%
- KOPRAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.6% | Mar 2024 25% | Jun 2024 19% | Sep 2024 -0.7% | Dec 2024 4.6% | Mar 2025 -7.4% | Jun 2025 -3.0% | Sep 2025 -22% | Dec 2025 17% | Mar 2026 36% | Jun 2026 14%
- WANBURY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 25% | Sep 2023 17% | Dec 2023 15% | Mar 2024 4.8% | Jun 2024 -10% | Sep 2024 12% | Dec 2024 -8.3% | Mar 2025 23% | Jun 2025 24% | Sep 2025 -0.7% | Dec 2025 22% | Mar 2026 -4.3% | Jun 2026 1.5%
- ANUHPHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 24% | Mar 2024 4.5% | Jun 2024 -14% | Sep 2024 11% | Dec 2024 -7.0% | Mar 2025 21% | Jun 2025 35% | Sep 2025 12% | Dec 2025 23% | Mar 2026 2.0% | Jun 2026 4.3%

## Operating Economics & Margin Trend

What the numbers say: Gujarat Themis Biosyn Ltd leads opm at 48%; Ind-Swift Laboratories Ltd leads margin change at +14.6 percentage points.

Investor read: Gujarat Themis Biosyn 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: Gujarat Themis Biosyn Ltd · 48% | 60% versus #2 · Senores Pharmaceuticals Ltd | 6/8 recent comparable periods | 14/14 companies · 262 observations

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

### OPM — highest
1. Gujarat Themis Biosyn Ltd (GUJTHEM): 48%
2. Senores Pharmaceuticals Ltd (SENORES): 30%
3. Aarti Pharmalabs Ltd (AARTIPHARM): 25%
4. Beta Drugs Ltd (BETA): 22%
5. Jagsonpal Pharmaceuticals Ltd (JAGSNPHARM): 21%

### Margin change — fastest expanders
1. Ind-Swift Laboratories Ltd (INDSWFTLAB): +14.6 pp
2. Gujarat Themis Biosyn Ltd (GUJTHEM): +9.0 pp
3. Orchid Pharma Ltd (ORCHPHARMA): +6.8 pp
4. Senores Pharmaceuticals Ltd (SENORES): +5.0 pp
5. Anuh Pharma Ltd (ANUHPHR): +2.0 pp

### 20-quarter OPM history
- ORCHPHARMA: Sep 2021 8.9% | Dec 2021 8.7% | Mar 2022 14% | Jun 2022 9.5% | Sep 2022 11% | Dec 2022 9.0% | Mar 2023 19% | Jun 2023 12% | Sep 2023 12% | Dec 2023 16% | Mar 2024 13% | Jun 2024 13% | Sep 2024 14% | Dec 2024 12% | Mar 2025 12% | Jun 2025 -2.2% | Sep 2025 -0.8% | Dec 2025 0.8% | Mar 2026 8.2% | Jun 2026 4.6%
- AARTIPHARM: Sep 2021 — | Dec 2021 14% | Mar 2022 16% | Jun 2022 19% | Sep 2022 17% | Dec 2022 18% | Mar 2023 16% | Jun 2023 19% | Sep 2023 20% | Dec 2023 21% | Mar 2024 23% | Jun 2024 17% | Sep 2024 20% | Dec 2024 24% | Mar 2025 26% | Jun 2025 24% | Sep 2025 18% | Dec 2025 24% | Mar 2026 19% | Jun 2026 25%
- SENORES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 19% | Mar 2024 22% | Jun 2024 27% | Sep 2024 23% | Dec 2024 25% | Mar 2025 17% | Jun 2025 25% | Sep 2025 31% | Dec 2025 29% | Mar 2026 27% | Jun 2026 30%
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 7.9% | Jun 2022 11% | Sep 2022 13% | Dec 2022 14% | Mar 2023 11% | Jun 2023 13% | Sep 2023 14% | Dec 2023 15% | Mar 2024 14% | Jun 2024 14% | Sep 2024 16% | Dec 2024 15% | Mar 2025 15% | Jun 2025 15% | Sep 2025 14% | Dec 2025 15% | Mar 2026 15% | Jun 2026 16%
- AARTIDRUGS: Sep 2021 13% | Dec 2021 14% | Mar 2022 12% | Jun 2022 11% | Sep 2022 11% | Dec 2022 11% | Mar 2023 13% | Jun 2023 13% | Sep 2023 12% | Dec 2023 12% | Mar 2024 14% | Jun 2024 12% | Sep 2024 11% | Dec 2024 11% | Mar 2025 14% | Jun 2025 13% | Sep 2025 13% | Dec 2025 9.0% | Mar 2026 13% | Jun 2026 14%
- GUJTHEM: Sep 2021 53% | Dec 2021 53% | Mar 2022 45% | Jun 2022 51% | Sep 2022 51% | Dec 2022 43% | Mar 2023 52% | Jun 2023 47% | Sep 2023 42% | Dec 2023 46% | Mar 2024 50% | Jun 2024 48% | Sep 2024 44% | Dec 2024 48% | Mar 2025 42% | Jun 2025 39% | Sep 2025 49% | Dec 2025 49% | Mar 2026 44% | Jun 2026 48%
- BETA: Sep 2021 23% | Dec 2021 — | Mar 2022 24% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 23% | Dec 2023 — | Mar 2024 18% | Jun 2024 — | Sep 2024 22% | Dec 2024 21% | Mar 2025 18% | Jun 2025 20% | Sep 2025 21% | Dec 2025 19% | Mar 2026 19% | Jun 2026 22%
- INDSWFTLAB: Sep 2021 24% | Dec 2021 21% | Mar 2022 12% | Jun 2022 19% | Sep 2022 19% | Dec 2022 17% | Mar 2023 21% | Jun 2023 19% | Sep 2023 23% | Dec 2023 18% | Mar 2024 17% | Jun 2024 -29% | Sep 2024 -99% | Dec 2024 -5.0% | Mar 2025 -7.0% | Jun 2025 2.4% | Sep 2025 1.0% | Dec 2025 2.8% | Mar 2026 12% | Jun 2026 17%
- JAGSNPHARM: Sep 2021 16% | Dec 2021 10% | Mar 2022 1.5% | Jun 2022 12% | Sep 2022 21% | Dec 2022 14% | Mar 2023 9.8% | Jun 2023 14% | Sep 2023 14% | Dec 2023 7.0% | Mar 2024 6.0% | Jun 2024 17% | Sep 2024 22% | Dec 2024 21% | Mar 2025 15% | Jun 2025 19% | Sep 2025 22% | Dec 2025 22% | Mar 2026 17% | Jun 2026 21%
- FERMENTA: Sep 2021 16% | Dec 2021 2.4% | Mar 2022 18% | Jun 2022 5.3% | Sep 2022 3.4% | Dec 2022 -18% | Mar 2023 18% | Jun 2023 13% | Sep 2023 -24% | Dec 2023 25% | Mar 2024 5.5% | Jun 2024 1.0% | Sep 2024 20% | Dec 2024 34% | Mar 2025 26% | Jun 2025 21% | Sep 2025 20% | Dec 2025 18% | Mar 2026 16% | Jun 2026 15%
- THEMISMED: Sep 2021 22% | Dec 2021 18% | Mar 2022 18% | Jun 2022 22% | Sep 2022 23% | Dec 2022 17% | Mar 2023 13% | Jun 2023 22% | Sep 2023 12% | Dec 2023 10% | Mar 2024 10% | Jun 2024 24% | Sep 2024 15% | Dec 2024 6.0% | Mar 2025 -11% | Jun 2025 -10% | Sep 2025 -4.0% | Dec 2025 11% | Mar 2026 4.9% | Jun 2026 -60%
- KOPRAN: Sep 2021 19% | Dec 2021 21% | Mar 2022 18% | Jun 2022 10% | Sep 2022 8.7% | Dec 2022 7.8% | Mar 2023 8.0% | Jun 2023 5.4% | Sep 2023 15% | Dec 2023 15% | Mar 2024 12% | Jun 2024 13% | Sep 2024 9.7% | Dec 2024 12% | Mar 2025 9.9% | Jun 2025 10% | Sep 2025 -4.5% | Dec 2025 9.1% | Mar 2026 14% | Jun 2026 10%
- WANBURY: Sep 2021 5.7% | Dec 2021 7.1% | Mar 2022 9.5% | Jun 2022 -2.6% | Sep 2022 4.5% | Dec 2022 5.0% | Mar 2023 11% | Jun 2023 9.1% | Sep 2023 12% | Dec 2023 15% | Mar 2024 13% | Jun 2024 8.4% | Sep 2024 12% | Dec 2024 10% | Mar 2025 17% | Jun 2025 15% | Sep 2025 16% | Dec 2025 16% | Mar 2026 18% | Jun 2026 9.8%
- ANUHPHR: Sep 2021 11% | Dec 2021 9.2% | Mar 2022 11% | Jun 2022 9.6% | Sep 2022 12% | Dec 2022 9.0% | Mar 2023 9.0% | Jun 2023 9.0% | Sep 2023 12% | Dec 2023 14% | Mar 2024 12% | Jun 2024 8.0% | Sep 2024 10% | Dec 2024 9.0% | Mar 2025 9.0% | Jun 2025 6.0% | Sep 2025 6.0% | Dec 2025 10% | Mar 2026 10% | Jun 2026 8.0%

### 20-quarter Margin change history
- ORCHPHARMA: Sep 2021 −7.7 pp | Dec 2021 +13.5 pp | Mar 2022 +17.6 pp | Jun 2022 +12.8 pp | Sep 2022 +1.9 pp | Dec 2022 +0.3 pp | Mar 2023 +4.5 pp | Jun 2023 +2.6 pp | Sep 2023 +0.9 pp | Dec 2023 +7.0 pp | Mar 2024 −5.7 pp | Jun 2024 +1.2 pp | Sep 2024 +1.9 pp | Dec 2024 −3.9 pp | Mar 2025 −1.5 pp | Jun 2025 −15.4 pp | Sep 2025 −14.4 pp | Dec 2025 −11.4 pp | Mar 2026 −3.6 pp | Jun 2026 +6.8 pp
- AARTIPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +4.3 pp | Mar 2023 −0.4 pp | Jun 2023 +0.2 pp | Sep 2023 +3.1 pp | Dec 2023 +3.0 pp | Mar 2024 +7.0 pp | Jun 2024 −2.0 pp | Sep 2024 0.0 pp | Dec 2024 +3.0 pp | Mar 2025 +3.0 pp | Jun 2025 +7.0 pp | Sep 2025 −2.0 pp | Dec 2025 0.0 pp | Mar 2026 −7.0 pp | Jun 2026 +1.0 pp
- SENORES: 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 +6.0 pp | Mar 2025 −5.0 pp | Jun 2025 −2.0 pp | Sep 2025 +8.0 pp | Dec 2025 +4.0 pp | Mar 2026 +10.0 pp | Jun 2026 +5.0 pp
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +3.1 pp | Jun 2023 +2.3 pp | Sep 2023 +1.2 pp | Dec 2023 +1.0 pp | Mar 2024 +3.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 −2.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 +1.0 pp
- AARTIDRUGS: Sep 2021 −7.4 pp | Dec 2021 −5.8 pp | Mar 2022 −3.7 pp | Jun 2022 −3.0 pp | Sep 2022 −1.9 pp | Dec 2022 −3.2 pp | Mar 2023 +0.6 pp | Jun 2023 +2.2 pp | Sep 2023 +1.2 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 −1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 −2.0 pp | Mar 2026 −1.0 pp | Jun 2026 +1.0 pp
- GUJTHEM: Sep 2021 −1.6 pp | Dec 2021 +8.9 pp | Mar 2022 +9.9 pp | Jun 2022 −0.9 pp | Sep 2022 −1.5 pp | Dec 2022 −9.7 pp | Mar 2023 +6.5 pp | Jun 2023 −3.7 pp | Sep 2023 −9.2 pp | Dec 2023 +3.0 pp | Mar 2024 −2.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 +2.0 pp | Mar 2025 −8.0 pp | Jun 2025 −9.0 pp | Sep 2025 +5.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp | Jun 2026 +9.0 pp
- BETA: Sep 2021 +2.0 pp | Dec 2021 — | Mar 2022 +2.0 pp | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 — | Mar 2023 −1.0 pp | Jun 2023 — | Sep 2023 −1.0 pp | Dec 2023 — | Mar 2024 −5.0 pp | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 — | Mar 2025 0.0 pp | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 −2.0 pp | Mar 2026 +1.0 pp | Jun 2026 +2.0 pp
- INDSWFTLAB: Sep 2021 +2.2 pp | Dec 2021 −0.2 pp | Mar 2022 −6.4 pp | Jun 2022 −1.6 pp | Sep 2022 −4.9 pp | Dec 2022 −4.1 pp | Mar 2023 +9.0 pp | Jun 2023 +0.1 pp | Sep 2023 +4.1 pp | Dec 2023 +0.8 pp | Mar 2024 −4.0 pp | Jun 2024 −48.0 pp | Sep 2024 −122.0 pp | Dec 2024 −23.0 pp | Mar 2025 −24.0 pp | Jun 2025 +31.4 pp | Sep 2025 +100.0 pp | Dec 2025 +7.8 pp | Mar 2026 +19.0 pp | Jun 2026 +14.6 pp
- JAGSNPHARM: Sep 2021 +7.2 pp | Dec 2021 −1.1 pp | Mar 2022 −10.4 pp | Jun 2022 −5.3 pp | Sep 2022 +5.5 pp | Dec 2022 +3.7 pp | Mar 2023 +8.3 pp | Jun 2023 +2.2 pp | Sep 2023 −7.3 pp | Dec 2023 −7.0 pp | Mar 2024 −3.8 pp | Jun 2024 +3.0 pp | Sep 2024 +8.0 pp | Dec 2024 +14.0 pp | Mar 2025 +9.0 pp | Jun 2025 +2.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp | Jun 2026 +2.0 pp
- FERMENTA: Sep 2021 −13.1 pp | Dec 2021 −22.3 pp | Mar 2022 +8.2 pp | Jun 2022 −18.2 pp | Sep 2022 −12.4 pp | Dec 2022 −20.4 pp | Mar 2023 −0.5 pp | Jun 2023 +7.9 pp | Sep 2023 −27.8 pp | Dec 2023 +43.4 pp | Mar 2024 −12.5 pp | Jun 2024 −12.2 pp | Sep 2024 +44.2 pp | Dec 2024 +8.7 pp | Mar 2025 +20.9 pp | Jun 2025 +19.7 pp | Sep 2025 +0.7 pp | Dec 2025 −15.9 pp | Mar 2026 −10.0 pp | Jun 2026 −5.9 pp
- THEMISMED: Sep 2021 +4.2 pp | Dec 2021 −5.0 pp | Mar 2022 −1.8 pp | Jun 2022 −14.4 pp | Sep 2022 +1.6 pp | Dec 2022 −1.2 pp | Mar 2023 −5.0 pp | Jun 2023 +0.4 pp | Sep 2023 −11.5 pp | Dec 2023 −7.0 pp | Mar 2024 −3.1 pp | Jun 2024 +2.0 pp | Sep 2024 +3.0 pp | Dec 2024 −4.0 pp | Mar 2025 −21.0 pp | Jun 2025 −34.0 pp | Sep 2025 −19.0 pp | Dec 2025 +5.0 pp | Mar 2026 +15.9 pp | Jun 2026 −50.0 pp
- KOPRAN: Sep 2021 +1.0 pp | Dec 2021 +1.7 pp | Mar 2022 +4.4 pp | Jun 2022 −1.9 pp | Sep 2022 −10.2 pp | Dec 2022 −12.8 pp | Mar 2023 −10.2 pp | Jun 2023 −5.1 pp | Sep 2023 +6.3 pp | Dec 2023 +7.0 pp | Mar 2024 +3.7 pp | Jun 2024 +7.6 pp | Sep 2024 −5.2 pp | Dec 2024 −2.9 pp | Mar 2025 −1.7 pp | Jun 2025 −2.6 pp | Sep 2025 −14.2 pp | Dec 2025 −2.8 pp | Mar 2026 +4.2 pp | Jun 2026 −0.2 pp
- WANBURY: Sep 2021 −3.7 pp | Dec 2021 −5.5 pp | Mar 2022 +11.0 pp | Jun 2022 −7.7 pp | Sep 2022 −1.2 pp | Dec 2022 −2.1 pp | Mar 2023 +1.5 pp | Jun 2023 +11.7 pp | Sep 2023 +7.5 pp | Dec 2023 +9.5 pp | Mar 2024 +2.0 pp | Jun 2024 −0.8 pp | Sep 2024 +0.4 pp | Dec 2024 −4.1 pp | Mar 2025 +4.2 pp | Jun 2025 +6.6 pp | Sep 2025 +3.7 pp | Dec 2025 +6.0 pp | Mar 2026 +0.9 pp | Jun 2026 −5.2 pp
- ANUHPHR: Sep 2021 +1.9 pp | Dec 2021 +2.7 pp | Mar 2022 +6.6 pp | Jun 2022 +2.5 pp | Sep 2022 +0.2 pp | Dec 2022 −0.2 pp | Mar 2023 −1.8 pp | Jun 2023 −0.6 pp | Sep 2023 +0.3 pp | Dec 2023 +5.0 pp | Mar 2024 +3.0 pp | Jun 2024 −1.0 pp | Sep 2024 −2.0 pp | Dec 2024 −5.0 pp | Mar 2025 −3.0 pp | Jun 2025 −2.0 pp | Sep 2025 −4.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 +2.0 pp

## Profit Scale & Acceleration

What the numbers say: Aarti Pharmalabs Ltd leads with ₹213 crore of TTM profit, 11.5% above Aarti Drugs Ltd. Senores Pharmaceuticals Ltd shows 92.7% growth from a ₹131 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Aarti Pharmalabs 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: Aarti Pharmalabs Ltd · ₹213 crore | 11.5% versus #2 · Aarti Drugs Ltd | 4/8 recent comparable periods | 14/14 companies · 230 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. Aarti Pharmalabs Ltd (AARTIPHARM): ₹213 Cr
2. Aarti Drugs Ltd (AARTIDRUGS): ₹191 Cr
3. Innova Captab Ltd (INNOVACAP): ₹154 Cr
4. Senores Pharmaceuticals Ltd (SENORES): ₹131 Cr
5. Fermenta Biotech Ltd (FERMENTA): ₹58 Cr

### Profit growth — fastest growers
1. Senores Pharmaceuticals Ltd (SENORES): 93%
2. Wanbury Ltd (WANBURY): 30%
3. Innova Captab Ltd (INNOVACAP): 19%
4. Gujarat Themis Biosyn Ltd (GUJTHEM): 6.7%
5. Aarti Drugs Ltd (AARTIDRUGS): 1.1%

### 20-quarter Net profit history
- ORCHPHARMA: Sep 2021 ₹49 Cr | Dec 2021 ₹-14 Cr | Mar 2022 ₹-7 Cr | Jun 2022 ₹-15 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹26 Cr | Jun 2026 ₹3 Cr
- AARTIPHARM: Sep 2021 ₹0 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹61 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹74 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹61 Cr | Jun 2026 ₹76 Cr
- SENORES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹7 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹37 Cr | Jun 2026 ₹30 Cr
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 ₹13 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹38 Cr | Jun 2026 ₹44 Cr
- AARTIDRUGS: Sep 2021 ₹43 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹55 Cr | Jun 2026 ₹50 Cr
- GUJTHEM: Sep 2021 ₹14 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹11 Cr | Jun 2026 ₹11 Cr
- BETA: Sep 2021 ₹12 Cr | Dec 2021 — | Mar 2022 ₹13 Cr | Jun 2022 — | Sep 2022 ₹16 Cr | Dec 2022 — | Mar 2023 ₹15 Cr | Jun 2023 — | Sep 2023 ₹20 Cr | Dec 2023 — | Mar 2024 ₹17 Cr | Jun 2024 — | Sep 2024 ₹24 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹9 Cr | Jun 2026 ₹16 Cr
- INDSWFTLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹28 Cr | Mar 2023 ₹-25 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹494 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹222 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹15 Cr | Jun 2026 ₹25 Cr
- JAGSNPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹9 Cr | Jun 2026 ₹13 Cr
- FERMENTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-38 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹-29 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-6 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹19 Cr | Jun 2026 ₹10 Cr
- THEMISMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹9 Cr | Jun 2026 ₹25 Cr
- KOPRAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹19 Cr | Jun 2026 ₹7 Cr
- WANBURY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-7 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹22 Cr | Jun 2026 ₹3 Cr
- ANUHPHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹9 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹12 Cr | Jun 2026 ₹11 Cr

### 20-quarter Profit growth history
- ORCHPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -110% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 268% | Mar 2024 -44% | Jun 2024 212% | Sep 2024 38% | Dec 2024 -29% | Mar 2025 -32% | Jun 2025 -119% | Sep 2025 -121% | Dec 2025 -161% | Mar 2026 16% | Jun 2026 —
- AARTIPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -21% | Mar 2023 -30% | Jun 2023 -9.6% | Sep 2023 2.0% | Dec 2023 10% | Mar 2024 51% | Jun 2024 17% | Sep 2024 5.8% | Dec 2024 40% | Mar 2025 35% | Jun 2025 -9.1% | Sep 2025 -49% | Dec 2025 -35% | Mar 2026 -31% | Jun 2026 52%
- SENORES: 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 129% | Mar 2025 29% | Jun 2025 91% | Sep 2025 131% | Dec 2025 113% | Mar 2026 106% | Jun 2026 43%
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 31% | Jun 2023 13% | Sep 2023 21% | Dec 2023 25% | Mar 2024 71% | Jun 2024 61% | Sep 2024 52% | Dec 2024 36% | Mar 2025 3.5% | Jun 2025 6.9% | Sep 2025 -14% | Dec 2025 24% | Mar 2026 27% | Jun 2026 42%
- AARTIDRUGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -29% | Sep 2022 -9.3% | Dec 2022 -36% | Mar 2023 1.8% | Jun 2023 37% | Sep 2023 2.6% | Dec 2023 0.0% | Mar 2024 -16% | Jun 2024 -31% | Sep 2024 -13% | Dec 2024 0.0% | Mar 2025 34% | Jun 2025 64% | Sep 2025 29% | Dec 2025 11% | Mar 2026 -13% | Jun 2026 -7.4%
- GUJTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 36% | Dec 2022 43% | Mar 2023 20% | Jun 2023 0.0% | Sep 2023 -32% | Dec 2023 30% | Mar 2024 33% | Jun 2024 -28% | Sep 2024 -15% | Dec 2024 0.0% | Mar 2025 -25% | Jun 2025 -31% | Sep 2025 27% | Dec 2025 -7.7% | Mar 2026 -8.3% | Jun 2026 22%
- BETA: Sep 2021 140% | Dec 2021 — | Mar 2022 86% | Jun 2022 — | Sep 2022 33% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 25% | Dec 2023 — | Mar 2024 13% | Jun 2024 — | Sep 2024 20% | Dec 2024 — | Mar 2025 -47% | Jun 2025 — | Sep 2025 -50% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 33%
- INDSWFTLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -31% | Mar 2024 — | Jun 2024 -94% | Sep 2024 -100% | Dec 2024 -126% | Mar 2025 -55% | Jun 2025 800% | Sep 2025 — | Dec 2025 — | Mar 2026 -93% | Jun 2026 178%
- JAGSNPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -50% | Mar 2024 -29% | Jun 2024 -29% | Sep 2024 57% | Dec 2024 700% | Mar 2025 75% | Jun 2025 120% | Sep 2025 18% | Dec 2025 -66% | Mar 2026 29% | Jun 2026 18%
- FERMENTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -368% | Sep 2024 — | Dec 2024 279% | Mar 2025 — | Jun 2025 — | Sep 2025 62% | Dec 2025 -68% | Mar 2026 -44% | Jun 2026 -56%
- THEMISMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -46% | Mar 2024 -17% | Jun 2024 39% | Sep 2024 27% | Dec 2024 -86% | Mar 2025 -243% | Jun 2025 -156% | Sep 2025 -129% | Dec 2025 900% | Mar 2026 — | Jun 2026 —
- KOPRAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 127% | Mar 2024 133% | Jun 2024 301% | Sep 2024 -46% | Dec 2024 -34% | Mar 2025 -48% | Jun 2025 -33% | Sep 2025 -234% | Dec 2025 -10% | Mar 2026 95% | Jun 2026 -10%
- WANBURY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 708% | Jun 2024 -78% | Sep 2024 9.0% | Dec 2024 -88% | Mar 2025 151% | Jun 2025 1,197% | Sep 2025 89% | Dec 2025 1,192% | Mar 2026 7.1% | Jun 2026 -76%
- ANUHPHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 111% | Mar 2024 50% | Jun 2024 -17% | Sep 2024 7.1% | Dec 2024 -47% | Mar 2025 -20% | Jun 2025 -20% | Sep 2025 -47% | Dec 2025 30% | Mar 2026 0.0% | Jun 2026 38%

## Return On Capital Employed

What the numbers say: Wanbury Ltd leads ROCE at 30.8%, 8.1 percentage points above Jagsonpal Pharmaceuticals Ltd. Senores Pharmaceuticals Ltd has the strongest latest improvement at +4 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: Wanbury 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: Wanbury Ltd · 30.8% | 35.7% versus #2 · Jagsonpal Pharmaceuticals Ltd | 2/8 recent comparable periods | 14/14 companies · 179 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. Wanbury Ltd (WANBURY): 31%
2. Jagsonpal Pharmaceuticals Ltd (JAGSNPHARM): 23%
3. Fermenta Biotech Ltd (FERMENTA): 21%
4. Beta Drugs Ltd (BETA): 19%
5. Senores Pharmaceuticals Ltd (SENORES): 15%

### ROCE change — fastest improvers
1. Senores Pharmaceuticals Ltd (SENORES): +4.0 pp
2. Ind-Swift Laboratories Ltd (INDSWFTLAB): +3.5 pp
3. Wanbury Ltd (WANBURY): +2.4 pp
4. Innova Captab Ltd (INNOVACAP): +0.4 pp
5. Kopran Ltd (KOPRAN): +0.1 pp

### 20-quarter ROCE history
- ORCHPHARMA: Sep 2021 -6.2% | Dec 2021 — | Mar 2022 -3.5% | Jun 2022 — | Sep 2022 -1.3% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.8% | Dec 2023 13% | Mar 2024 6.0% | Jun 2024 12% | Sep 2024 6.9% | Dec 2024 9.3% | Mar 2025 5.9% | Jun 2025 5.5% | Sep 2025 2.1% | Dec 2025 0.7% | Mar 2026 0.3% | Jun 2026 —
- AARTIPHARM: Sep 2021 -7.3% | Dec 2021 5.6% | Mar 2022 11% | Jun 2022 — | Sep 2022 — | Dec 2022 18% | Mar 2023 17% | Jun 2023 — | Sep 2023 16% | Dec 2023 17% | Mar 2024 17% | Jun 2024 19% | Sep 2024 16% | Dec 2024 19% | Mar 2025 17% | Jun 2025 19% | Sep 2025 14% | Dec 2025 14% | Mar 2026 12% | Jun 2026 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 6.1% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 26% | Jun 2023 17% | Sep 2023 16% | Dec 2023 26% | Mar 2024 14% | Jun 2024 19% | Sep 2024 14% | Dec 2024 18% | Mar 2025 13% | Jun 2025 16% | Sep 2025 13% | Dec 2025 16% | Mar 2026 14% | Jun 2026 —
- AARTIDRUGS: Sep 2021 26% | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 18% | Dec 2023 20% | Mar 2024 16% | Jun 2024 16% | Sep 2024 14% | Dec 2024 15% | Mar 2025 13% | Jun 2025 15% | Sep 2025 14% | Dec 2025 14% | Mar 2026 13% | Jun 2026 —
- GUJTHEM: Sep 2021 54% | Dec 2021 — | Mar 2022 54% | Jun 2022 — | Sep 2022 51% | Dec 2022 — | Mar 2023 48% | Jun 2023 — | Sep 2023 36% | Dec 2023 47% | Mar 2024 37% | Jun 2024 42% | Sep 2024 30% | Dec 2024 34% | Mar 2025 23% | Jun 2025 24% | Sep 2025 19% | Dec 2025 23% | Mar 2026 15% | Jun 2026 —
- INDSWFTLAB: Sep 2021 9.0% | Dec 2021 — | Mar 2022 6.3% | Jun 2022 — | Sep 2022 5.4% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 14% | Dec 2023 13% | Mar 2024 22% | Jun 2024 51% | Sep 2024 10% | Dec 2024 43% | Mar 2025 -3.6% | Jun 2025 19% | Sep 2025 -2.3% | Dec 2025 21% | Mar 2026 -0.1% | Jun 2026 —
- JAGSNPHARM: Sep 2021 24% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 17% | Dec 2023 20% | Mar 2024 11% | Jun 2024 15% | Sep 2024 14% | Dec 2024 34% | Mar 2025 17% | Jun 2025 34% | Sep 2025 17% | Dec 2025 23% | Mar 2026 17% | Jun 2026 —
- FERMENTA: Sep 2021 10% | Dec 2021 — | Mar 2022 7.2% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -2.3% | Jun 2023 — | Sep 2023 -4.0% | Dec 2023 1.8% | Mar 2024 0.8% | Jun 2024 -0.6% | Sep 2024 7.1% | Dec 2024 18% | Mar 2025 23% | Jun 2025 34% | Sep 2025 30% | Dec 2025 29% | Mar 2026 18% | Jun 2026 —
- THEMISMED: Sep 2021 28% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 12% | Dec 2023 17% | Mar 2024 9.5% | Jun 2024 18% | Sep 2024 12% | Dec 2024 16% | Mar 2025 9.1% | Jun 2025 0.9% | Sep 2025 -5.0% | Dec 2025 -1.9% | Mar 2026 -2.3% | Jun 2026 —
- KOPRAN: Sep 2021 22% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 9.6% | Jun 2023 — | Sep 2023 9.2% | Dec 2023 13% | Mar 2024 13% | Jun 2024 18% | Sep 2024 13% | Dec 2024 14% | Mar 2025 11% | Jun 2025 11% | Sep 2025 7.8% | Dec 2025 6.1% | Mar 2026 11% | Jun 2026 —
- WANBURY: Sep 2021 -92% | Dec 2021 — | Mar 2022 130% | Jun 2022 — | Sep 2022 -84% | Dec 2022 — | Mar 2023 146% | Jun 2023 173% | Sep 2023 46% | Dec 2023 94% | Mar 2024 45% | Jun 2024 81% | Sep 2024 34% | Dec 2024 40% | Mar 2025 27% | Jun 2025 43% | Sep 2025 31% | Dec 2025 42% | Mar 2026 29% | Jun 2026 —
- ANUHPHR: Sep 2021 8.9% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 20% | Dec 2023 29% | Mar 2024 23% | Jun 2024 28% | Sep 2024 21% | Dec 2024 22% | Mar 2025 17% | Jun 2025 19% | Sep 2025 15% | Dec 2025 18% | Mar 2026 13% | Jun 2026 —

### 20-quarter ROCE change history
- ORCHPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.9 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +4.1 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +4.1 pp | Dec 2024 −4.0 pp | Mar 2025 −0.1 pp | Jun 2025 −6.0 pp | Sep 2025 −4.8 pp | Dec 2025 −8.6 pp | Mar 2026 −5.6 pp | Jun 2026 —
- AARTIPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +12.8 pp | Mar 2023 +5.7 pp | Jun 2023 — | Sep 2023 — | Dec 2023 −1.7 pp | Mar 2024 −0.4 pp | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 +2.5 pp | Mar 2025 +0.2 pp | Jun 2025 −0.1 pp | Sep 2025 −1.2 pp | Dec 2025 −5.1 pp | Mar 2026 −5.1 pp | Jun 2026 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +19.5 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −12.1 pp | Jun 2024 +1.6 pp | Sep 2024 −1.9 pp | Dec 2024 −7.8 pp | Mar 2025 −0.3 pp | Jun 2025 −2.7 pp | Sep 2025 −1.5 pp | Dec 2025 −2.3 pp | Mar 2026 +0.4 pp | Jun 2026 —
- AARTIDRUGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.9 pp | Dec 2022 — | Mar 2023 −5.4 pp | Jun 2023 — | Sep 2023 −2.5 pp | Dec 2023 — | Mar 2024 −1.1 pp | Jun 2024 — | Sep 2024 −3.8 pp | Dec 2024 −4.4 pp | Mar 2025 −2.9 pp | Jun 2025 −1.0 pp | Sep 2025 −0.5 pp | Dec 2025 −1.1 pp | Mar 2026 −0.4 pp | Jun 2026 —
- GUJTHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.1 pp | Dec 2022 — | Mar 2023 −6.1 pp | Jun 2023 — | Sep 2023 −14.9 pp | Dec 2023 — | Mar 2024 −10.9 pp | Jun 2024 — | Sep 2024 −5.8 pp | Dec 2024 −13.0 pp | Mar 2025 −13.8 pp | Jun 2025 −17.3 pp | Sep 2025 −11.3 pp | Dec 2025 −11.4 pp | Mar 2026 −8.1 pp | Jun 2026 —
- INDSWFTLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.6 pp | Dec 2022 — | Mar 2023 +6.2 pp | Jun 2023 — | Sep 2023 +8.2 pp | Dec 2023 — | Mar 2024 +9.5 pp | Jun 2024 — | Sep 2024 −3.3 pp | Dec 2024 +29.6 pp | Mar 2025 −25.6 pp | Jun 2025 −31.9 pp | Sep 2025 −12.6 pp | Dec 2025 −22.2 pp | Mar 2026 +3.5 pp | Jun 2026 —
- JAGSNPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.6 pp | Dec 2022 — | Mar 2023 +2.3 pp | Jun 2023 — | Sep 2023 +0.3 pp | Dec 2023 — | Mar 2024 −8.9 pp | Jun 2024 — | Sep 2024 −3.3 pp | Dec 2024 +13.8 pp | Mar 2025 +6.1 pp | Jun 2025 +19.4 pp | Sep 2025 +3.7 pp | Dec 2025 −10.7 pp | Mar 2026 −0.1 pp | Jun 2026 —
- FERMENTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −9.5 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +3.1 pp | Jun 2024 — | Sep 2024 +11.1 pp | Dec 2024 +16.6 pp | Mar 2025 +21.7 pp | Jun 2025 +34.3 pp | Sep 2025 +22.6 pp | Dec 2025 +10.6 pp | Mar 2026 −4.7 pp | Jun 2026 —
- THEMISMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.8 pp | Dec 2022 — | Mar 2023 −11.9 pp | Jun 2023 — | Sep 2023 −6.3 pp | Dec 2023 — | Mar 2024 −5.7 pp | Jun 2024 — | Sep 2024 −0.2 pp | Dec 2024 −1.0 pp | Mar 2025 −0.4 pp | Jun 2025 −17.1 pp | Sep 2025 −16.9 pp | Dec 2025 −18.3 pp | Mar 2026 −11.4 pp | Jun 2026 —
- KOPRAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.4 pp | Dec 2022 — | Mar 2023 −7.1 pp | Jun 2023 — | Sep 2023 −7.0 pp | Dec 2023 — | Mar 2024 +3.4 pp | Jun 2024 — | Sep 2024 +4.0 pp | Dec 2024 +1.2 pp | Mar 2025 −2.4 pp | Jun 2025 −7.1 pp | Sep 2025 −5.4 pp | Dec 2025 −8.3 pp | Mar 2026 +0.1 pp | Jun 2026 —
- WANBURY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.4 pp | Dec 2022 — | Mar 2023 +16.1 pp | Jun 2023 — | Sep 2023 +129.8 pp | Dec 2023 — | Mar 2024 −101.3 pp | Jun 2024 −91.9 pp | Sep 2024 −12.1 pp | Dec 2024 −53.9 pp | Mar 2025 −18.0 pp | Jun 2025 −38.3 pp | Sep 2025 −3.1 pp | Dec 2025 +2.0 pp | Mar 2026 +2.4 pp | Jun 2026 —
- ANUHPHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.5 pp | Dec 2022 — | Mar 2023 +1.0 pp | Jun 2023 — | Sep 2023 +1.6 pp | Dec 2023 — | Mar 2024 +4.9 pp | Jun 2024 — | Sep 2024 +0.6 pp | Dec 2024 −7.0 pp | Mar 2025 −6.1 pp | Jun 2025 −8.9 pp | Sep 2025 −6.0 pp | Dec 2025 −4.6 pp | Mar 2026 −3.3 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Orchid Pharma Ltd has the lowest comparable PEG at 1.77×, 26.2% below Aarti Drugs Ltd. Only 5 of 14 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: Orchid Pharma Ltd · 1.77× | 26.2% versus #2 · Aarti Drugs Ltd | 0/8 recent comparable periods | 5/14 companies · 34 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. Orchid Pharma Ltd (ORCHPHARMA): 1.8
2. Aarti Drugs Ltd (AARTIDRUGS): 2.4
3. Gujarat Themis Biosyn Ltd (GUJTHEM): 2.6
4. Innova Captab Ltd (INNOVACAP): 4.1
5. Aarti Pharmalabs Ltd (AARTIPHARM): 5.5

### P/E — lowest P/E
1. Wanbury Ltd (WANBURY): 15.4
2. Anuh Pharma Ltd (ANUHPHR): 17.3
3. Aarti Drugs Ltd (AARTIDRUGS): 19.7
4. Fermenta Biotech Ltd (FERMENTA): 24.2
5. Jagsonpal Pharmaceuticals Ltd (JAGSNPHARM): 31.8

### 20-quarter PEG history
- ORCHPHARMA: 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 1.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AARTIPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 — | Sep 2023 — | Dec 2023 2.3 | Mar 2024 0.4 | Jun 2024 1.4 | Sep 2024 1.5 | Dec 2024 1.3 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.5 | Dec 2025 5.5 | Mar 2026 — | Jun 2026 —
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.2 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 1.4 | Dec 2024 1.5 | Mar 2025 — | Jun 2025 1.5 | Sep 2025 2.2 | Dec 2025 1.3 | Mar 2026 1.0 | Jun 2026 4.1
- AARTIDRUGS: 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 0.6 | Jun 2025 — | Sep 2025 3.2 | Dec 2025 2.4 | Mar 2026 — | Jun 2026 —
- GUJTHEM: Sep 2021 0.6 | Dec 2021 2.7 | Mar 2022 — | Jun 2022 0.3 | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 0.9 | Jun 2023 — | Sep 2023 1.5 | Dec 2023 — | Mar 2024 1.4 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- ORCHPHARMA: Sep 2021 -66.1 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -76.6 | Mar 2023 — | Jun 2023 147.0 | Sep 2023 59.5 | Dec 2023 50.3 | Mar 2024 57.7 | Jun 2024 63.1 | Sep 2024 64.8 | Dec 2024 77.2 | Mar 2025 35.7 | Jun 2025 36.0 | Sep 2025 56.6 | Dec 2025 122.2 | Mar 2026 473.9 | Jun 2026 282.5
- AARTIPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 12.9 | Jun 2023 17.4 | Sep 2023 21.6 | Dec 2023 24.1 | Mar 2024 20.3 | Jun 2024 25.5 | Sep 2024 24.8 | Dec 2024 26.9 | Mar 2025 27.2 | Jun 2025 28.6 | Sep 2025 28.0 | Dec 2025 28.1 | Mar 2026 25.6 | Jun 2026 35.4
- SENORES: 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 55.1 | Mar 2025 55.3 | Jun 2025 39.7 | Sep 2025 44.0 | Dec 2025 43.5 | Mar 2026 35.7 | Jun 2026 50.7
- INNOVACAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 39.2 | Mar 2024 32.5 | Jun 2024 28.5 | Sep 2024 40.0 | Dec 2024 52.3 | Mar 2025 39.5 | Jun 2025 38.4 | Sep 2025 37.7 | Dec 2025 31.6 | Mar 2026 29.9 | Jun 2026 38.4
- AARTIDRUGS: Sep 2021 23.4 | Dec 2021 24.0 | Mar 2022 20.2 | Jun 2022 17.7 | Sep 2022 22.7 | Dec 2022 22.8 | Mar 2023 18.9 | Jun 2023 25.9 | Sep 2023 28.0 | Dec 2023 25.1 | Mar 2024 22.2 | Jun 2024 27.1 | Sep 2024 30.1 | Dec 2024 27.1 | Mar 2025 20.5 | Jun 2025 24.3 | Sep 2025 25.5 | Dec 2025 22.6 | Mar 2026 14.9 | Jun 2026 17.4
- GUJTHEM: Sep 2021 22.3 | Dec 2021 17.5 | Mar 2022 13.6 | Jun 2022 12.9 | Sep 2022 17.3 | Dec 2022 20.1 | Mar 2023 17.2 | Jun 2023 19.9 | Sep 2023 28.7 | Dec 2023 33.9 | Mar 2024 48.6 | Jun 2024 62.3 | Sep 2024 76.2 | Dec 2024 63.2 | Mar 2025 62.9 | Jun 2025 84.9 | Sep 2025 89.6 | Dec 2025 100.9 | Mar 2026 53.1 | Jun 2026 91.7
- BETA: Sep 2021 36.1 | Dec 2021 — | Mar 2022 28.5 | Jun 2022 — | Sep 2022 29.8 | Dec 2022 — | Mar 2023 20.9 | Jun 2023 — | Sep 2023 31.8 | Dec 2023 — | Mar 2024 38.6 | Jun 2024 — | Sep 2024 44.2 | Dec 2024 54.7 | Mar 2025 52.8 | Jun 2025 39.2 | Sep 2025 40.0 | Dec 2025 34.7 | Mar 2026 27.3 | Jun 2026 51.2
- INDSWFTLAB: Sep 2021 34.0 | Dec 2021 15.7 | Mar 2022 12.9 | Jun 2022 11.4 | Sep 2022 -1,632.7 | Dec 2022 36.4 | Mar 2023 28.9 | Jun 2023 15.4 | Sep 2023 17.5 | Dec 2023 16.6 | Mar 2024 20.6 | Jun 2024 3.7 | Sep 2024 4.1 | Dec 2024 3.9 | Mar 2025 3.7 | Jun 2025 4.8 | Sep 2025 27.6 | Dec 2025 20.2 | Mar 2026 20.0 | Jun 2026 35.2
- JAGSNPHARM: Sep 2021 18.5 | Dec 2021 19.6 | Mar 2022 31.6 | Jun 2022 40.2 | Sep 2022 55.2 | Dec 2022 46.7 | Mar 2023 32.6 | Jun 2023 34.7 | Sep 2023 35.1 | Dec 2023 35.9 | Mar 2024 29.6 | Jun 2024 39.5 | Sep 2024 47.9 | Dec 2024 63.2 | Mar 2025 39.5 | Jun 2025 36.8 | Sep 2025 33.5 | Dec 2025 29.9 | Mar 2026 28.9 | Jun 2026 33.5
- FERMENTA: Sep 2021 18.7 | Dec 2021 25.9 | Mar 2022 42.5 | Jun 2022 37.2 | Sep 2022 36.9 | Dec 2022 — | Mar 2023 — | Jun 2023 -8.4 | Sep 2023 — | Dec 2023 -24.0 | Mar 2024 — | Jun 2024 — | Sep 2024 105.3 | Dec 2024 128.9 | Mar 2025 22.7 | Jun 2025 12.4 | Sep 2025 8.9 | Dec 2025 9.4 | Mar 2026 11.4 | Jun 2026 16.1
- THEMISMED: Sep 2021 15.8 | Dec 2021 12.3 | Mar 2022 12.1 | Jun 2022 9.2 | Sep 2022 15.9 | Dec 2022 21.6 | Mar 2023 18.6 | Jun 2023 22.0 | Sep 2023 28.8 | Dec 2023 38.4 | Mar 2024 44.4 | Jun 2024 44.3 | Sep 2024 51.9 | Dec 2024 45.9 | Mar 2025 29.3 | Jun 2025 40.0 | Sep 2025 36.1 | Dec 2025 -53.3 | Mar 2026 530.4 | Jun 2026 —
- KOPRAN: Sep 2021 16.6 | Dec 2021 25.8 | Mar 2022 22.1 | Jun 2022 14.1 | Sep 2022 11.5 | Dec 2022 13.9 | Mar 2023 14.5 | Jun 2023 33.0 | Sep 2023 48.8 | Dec 2023 36.9 | Mar 2024 30.9 | Jun 2024 24.0 | Sep 2024 27.1 | Dec 2024 19.7 | Mar 2025 17.8 | Jun 2025 18.8 | Sep 2025 21.7 | Dec 2025 18.6 | Mar 2026 14.2 | Jun 2026 35.6
- WANBURY: Sep 2021 — | Dec 2021 -27.0 | Mar 2022 3.4 | Jun 2022 40.3 | Sep 2022 46.8 | Dec 2022 — | Mar 2023 -11.7 | Jun 2023 117.0 | Sep 2023 107.4 | Dec 2023 41.6 | Mar 2024 19.9 | Jun 2024 16.8 | Sep 2024 34.5 | Dec 2024 33.6 | Mar 2025 41.8 | Jun 2025 30.6 | Sep 2025 18.9 | Dec 2025 15.6 | Mar 2026 12.1 | Jun 2026 13.7
- ANUHPHR: Sep 2021 33.6 | Dec 2021 27.6 | Mar 2022 20.2 | Jun 2022 14.3 | Sep 2022 14.1 | Dec 2022 13.3 | Mar 2023 11.2 | Jun 2023 15.0 | Sep 2023 16.1 | Dec 2023 16.5 | Mar 2024 22.7 | Jun 2024 18.5 | Sep 2024 17.8 | Dec 2024 18.4 | Mar 2025 14.9 | Jun 2025 22.3 | Sep 2025 18.1 | Dec 2025 20.8 | Mar 2026 16.8 | Jun 2026 19.1


## 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.
- 7 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

## Every company
- Orchid Pharma Ltd (ORCHPHARMA) — market value ₹10.0K Cr; latest fundamentals Jun 2026
- Aarti Pharmalabs Ltd (AARTIPHARM) — market value ₹7.7K Cr; latest fundamentals Jun 2026
- Senores Pharmaceuticals Ltd (SENORES) — market value ₹6.8K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Innova Captab Ltd (INNOVACAP) — market value ₹5.9K Cr; latest fundamentals Jun 2026
- Aarti Drugs Ltd (AARTIDRUGS) — market value ₹3.8K Cr; latest fundamentals Jun 2026
- Gujarat Themis Biosyn Ltd (GUJTHEM) — market value ₹3.8K Cr; latest fundamentals Jun 2026
- Beta Drugs Ltd (BETA) — market value ₹2.8K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Ind-Swift Laboratories Ltd (INDSWFTLAB) — market value ₹2.6K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Jagsonpal Pharmaceuticals Ltd (JAGSNPHARM) — market value ₹1.5K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Fermenta Biotech Ltd (FERMENTA) — market value ₹1.3K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Themis Medicare Ltd (THEMISMED) — market value ₹966 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Kopran Ltd (KOPRAN) — market value ₹918 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Wanbury Ltd (WANBURY) — market value ₹914 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Anuh Pharma Ltd (ANUHPHR) — market value ₹764 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 5. Unverified: 7. Withheld: 2. Graded companies: 14.

7 of 14 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

2 of 14 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Senores Pharmaceuticals Ltd (SENORES) — its two data sources disagree by up to 13% on reported income across 10 comparable periods, so its derived ratios are withheld; Beta Drugs Ltd (BETA) — its two data sources disagree by up to 50% on reported income across 11 comparable periods, so its derived ratios are withheld.

- WITHHELD | SENORES | Senores Pharmaceuticals Ltd | diff_gt_2pct | disagreement up to 13.22% over 10 comparable periods
- WITHHELD | BETA | Beta Drugs Ltd | diff_gt_2pct | disagreement up to 49.5% over 11 comparable periods

- UNVERIFIED | INDSWFTLAB | Ind-Swift Laboratories Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | JAGSNPHARM | Jagsonpal Pharmaceuticals Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | FERMENTA | Fermenta Biotech Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | THEMISMED | Themis Medicare Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | KOPRAN | Kopran Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | WANBURY | Wanbury Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ANUHPHR | Anuh Pharma 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 sector outperforming NIFTY 500?

Pharma - API has outperformed NIFTY 500 by 27.3% over 52 weeks and 26% over 13 weeks. 11 of 14 covered companies beat NIFTY on Mansfield relative strength, while 5 of 14 beat the sector itself.

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

Aarti Drugs Ltd leads with revenue of ₹2,678 crore, based on 14 of 14 comparable companies through Jun 2026.

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

Ind-Swift Laboratories Ltd has the fastest current revenue growth at 53.9%, across 14 of 14 comparable companies.

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

Senores Pharmaceuticals Ltd ranks first at 73.2/100 with 75.3% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Pharma - API company has the lowest comparable PEG?

Orchid Pharma Ltd has the lowest comparable PEG at 1.77, among 5 of 14 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Pharma - API 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 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, this page builds its own equal-weight basket of 14 listed Pharma - API 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 stocks in India?

Ranked by this page's four-factor score, Senores Pharmaceuticals Ltd places first among 14 listed Pharma - API companies, followed by Wanbury 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 stocks are listed in India?

This comparison covers 14 listed Pharma - API 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 company is the biggest?

Aarti Drugs Ltd is the largest, with trailing-twelve-month revenue of ₹2,678 crore, ahead of Aarti Pharmalabs Ltd at ₹1,969 crore. That covers 14 of 14 companies with comparable reporting through Jun 2026.

### Which Pharma - API company has the best profit margins?

Gujarat Themis Biosyn Ltd has the highest operating margin at 48%, from 14 of 14 comparable companies. Ind-Swift Laboratories Ltd shows the biggest recent improvement, at +14.6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

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

Aarti Pharmalabs Ltd earns the most, at ₹213 crore of trailing-twelve-month net profit, from 14 of 14 comparable companies. Senores Pharmaceuticals Ltd has the fastest profit growth at 92.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Pharma - API company earns the highest return on capital?

Wanbury Ltd leads on return on capital employed at 30.8%, across 14 of 14 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 stock is the cheapest?

On PEG — where a LOWER number is cheaper — Orchid Pharma Ltd screens cheapest at 1.77×. Only 5 of 14 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 sector beating the market?

Pharma - API has outperformed NIFTY 500 by 27.3% over the last 52 weeks and 26% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 11 of 14 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

Ind-Swift Laboratories 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 company scores highest for research priority?

Senores Pharmaceuticals Ltd scores 73.2 out of 100 with 75.3% evidence confidence, from 32.4 points on growth and earnings, 17 on capital efficiency, 9.4 on valuation and 14.4 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 companies does this comparison cover, and over what period?

It compares 14 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 sector?

The 14 Pharma - API companies on this page carry ₹49,872 crore of combined market value. Orchid Pharma Ltd is the largest at ₹9,966 crore, about 20% 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 sector's P/E ratio?

The median price-to-earnings ratio across the 14 Pharma - API companies on this page is 38.5×, measured on the 14 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 sector performing?

11 of the 14 covered Pharma - API companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 27.3% 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.