Pharma Stocks and Companies in India

The largest Pharma stocks in India by market value are Sun Pharma (₹4.25 lakh crore), Torrent Pharma (₹1.8 lakh crore) and Zydus (₹1.19 lakh crore), at prices of 4 Nov 2026.

• Sun Pharma: ₹1,773.40 | market value ₹4.25 lakh crore | P/E 34.6
• Torrent Pharma: ₹4,738.50 | market value ₹1.8 lakh crore | P/E 83.0
• Zydus: ₹1,188.10 | market value ₹1.19 lakh crore | P/E 24.3
• Dr Reddy's: ₹1,374 | market value ₹1.15 lakh crore | P/E 41.0
• Cipla: ₹1,402 | market value ₹1.13 lakh crore | P/E 36.5
• Mankind Pharma: ₹2,537.90 | market value ₹1.05 lakh crore | P/E 45.0
• Aurobindo Pharma: ₹1,705 | market value ₹98,102 crore | P/E 26.0
• Lupin: ₹2,008.60 | market value ₹91,852 crore | P/E 15.4
• Glenmark: ₹2,504.70 | market value ₹70,689 crore | P/E 22.7
• Alkem: ₹5,216.50 | market value ₹62,372 crore | P/E 27.4

The other 34 Pharma companies are in the full list below.

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

The largest 15 of 44 listed Indian Pharma - Formulators companies are named here; all 44 are ranked in the scorecard. This is the set of companies people mean when they search for a Nifty Pharma - Formulators index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one.

1. Sun Pharmaceutical Industries Ltd₹4.3 lakh cr
2. Torrent Pharmaceuticals Ltd₹1.8 lakh cr
3. Zydus Lifesciences Ltd₹1.2 lakh cr
4. Dr Reddys Laboratories Ltd₹1.1 lakh cr
5. Cipla Ltd₹1.1 lakh cr
6. Mankind Pharma Ltd₹1 lakh cr
7. Aurobindo Pharma Ltd₹96,700 cr
8. Lupin Ltd₹92,000 cr
9. Glenmark Pharmaceuticals Ltd₹64,900 cr
10. Alkem Laboratories Ltd₹61,100 cr
11. Biocon Ltd₹57,300 cr
12. Ipca Laboratories Ltd₹48,900 cr
13. Ajanta Pharma Ltd₹43,800 cr
14. J B Chemicals & Pharmaceuticals Ltd₹38,700 cr
15. Emcure Pharmaceuticals Ltd₹35,500 cr

The remaining 29 Pharma - Formulators companies are named and ranked in the scorecard.

44 Pharma companies in the Pharma - Formulators industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 44 are listed below, largest first. The largest is Sun Pharmaceutical Industries (₹4.27 lakh crore) and the smallest with a market value is Syncom Healthcare.

Download all 44 Pharma companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 58% ahead of NIFTY 500. Earnings across its companies grew 14% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 39 weeks running.

Price and the fundamentals both up. 19 of the 43 companies with a long enough price record pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 39 weeks running; 33 of the 43 companies in the industry index above their 200-day average (3 more than four weeks earlier); 19 of those 43 pass the momentum test (4 fewer than four weeks earlier); earnings rising at 29 of the 42 that report earnings.

Ahead of NIFTY 500 for 39 weeks running and +53.6% over a year, with 23 → 19 of 43 stocks participating. Earnings confirming, 29 of 42 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of 43 of its 44 companies (the 1 with too short a price record are ranked in the scorecard but cannot sit in this line). The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Pharma - Formulators has done better than the NIFTY 500 by 48.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 13.1%. Bliss GVS Pharma Ltd is the strongest against the sector itself at +59%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 27.6 as of 30 October 2026 (leaders, rising).

Pharma - Formulators has done better than the NIFTY 500 by 48.6% over 52 weeks and by 13.1% over 13 weeks. 17 of 44 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months) (5 have no relative-strength reading yet), and 7 of the 30 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Rubicon Research Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 82.6% evidence confidence.

Kilitch Drugs (India) Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Ranked last: too little evidence (4 companies)

Under 60% of the evidence behind these scores is available, so they rank after every company above, whatever the score.

Bliss GVS Pharma Ltd has the strongest one-year price move in Pharma - Formulators at +312.8%. Bafna Pharmaceuticals Ltd leads on relative strength against the NIFTY, at +134.4%. 30 of 44 companies we track are ahead of the index on that measure (5 have no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Pharma - Formulators itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

Near the top of a long sideways range and beating NIFTY 500, but still awaiting a confirmed price breakout and renewed profit growth. In the week of 5 October 2026, 78.3% of 24 Pharma - Formulators companies were beating the Nifty 500, against 87% on 25 May 2026.

From our industry review of 10 October 2026.

The clearest lasting change is toward branded medicines, chronic treatments and more complex products across several leading companies. New products and acquisitions support that change, but higher costs, competition and delayed approvals mean it has not become an industry-wide profit acceleration. Managements disagree on how attractive the weight-loss opportunity is today.

From our industry review of 10 October 2026.

15 of 51 Pharma - Formulators companies held a results call for July to September 2026. Ajanta Pharma guided: FY27 consolidated revenue growth high teens factoring H2 moderation as US and institutional sales normalize.

10 more Pharma - Formulators calls held for July to September 2026 are not shown here, to keep the page fast.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 0.5 points over the last two quarters. Founders and promoters cut theirs by 0.5 points.

• Spending on new plants and equipment was ₹60,953 crore in the last 12 months, 20% more than a year before.
• Projects still being built shrank 6% in a year.
• 1 Pharma - Formulators call in the last quarters talked about adding capacity.

Big funds = foreign and Indian institutions, change in their share of ownership across 47 Pharma - Formulators companies, in percentage points.

Ownership and spending as of 10 October 2026.

1 chain of cause and effect links Pharma - Formulators to other industries right now. Drug profits favour complex contracted work over undifferentiated ingredients. For Pharma - Formulators: Domestic branded growth helps, but US competition and crowded new-product markets limit profit capture.

From our cross-industry review of 10 October 2026.

The next things that show whether the Pharma - Formulators story is on course. First: July to September 2026 results showing whether industry profit improves alongside sales and margins stabilize.

• Cipla's respiratory approvals and supply ramp supporting its FY27 North America exit-rate plan.
• Torrent's JB integration and cost savings continuing without lasting revenue disruption.
• Aurobindo's Pen-G policy benefits and Lannett integration becoming reported profit contributions.
• Alkem's Daman remediation and delayed product approvals progressing.

What would change the story

The next reported industry quarter shows profit falling year-on-year despite higher sales, with operating margin below June's 22.69%; that would break the expected earnings recovery behind this emerging price-turn call.

From our industry review of 10 October 2026.

Sun Pharmaceutical Industries Ltd has the highest Revenue among the 44 Pharma - Formulators companies compared here, at ₹61,632 crore. Aurobindo Pharma Ltd is next at ₹34,935 crore. Fredun Pharmaceuticals Ltd has the highest Revenue growth at 50.3%, so level and change sit with different companies. 41 of 44 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Sun Pharmaceutical Industries Ltd is the largest at ₹61,632 crore, 76.4% ahead of Aurobindo Pharma Ltd. Fredun Pharmaceuticals Ltd's growth is 50.3% from a ₹747 crore base, with 19 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Sun Pharmaceutical Industries Ltd is the size to compare against; Fredun Pharmaceuticals Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Sun Pharmaceutical Industries Ltd's growth falls below Fredun Pharmaceuticals Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Caplin Point Laboratories Ltd has the highest OPM among the 44 Pharma - Formulators companies compared here, at 35%. Bharat Parenterals Ltd has the highest Margin change at +15.7 percentage points, so level and change sit with different companies. 43 of 44 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Caplin Point Laboratories Ltd leads opm at 35%; Bharat Parenterals Ltd leads margin change at +15.7 percentage points.

What this means: Caplin Point Laboratories Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

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

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Sun Pharmaceutical Industries Ltd has the highest Net profit among the 44 Pharma - Formulators companies compared here, at ₹10,987 crore. Lupin Ltd is next at ₹5,552 crore. Glenmark Pharmaceuticals Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Sun Pharmaceutical Industries Ltd earns the most, ₹10,987 crore of profit over the last 12 months, 97.9% above Lupin Ltd. Glenmark Pharmaceuticals Ltd shows at least 100% on the scoring scale (138.7% in full) growth from a profit base of ₹1,797 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Sun Pharmaceutical Industries Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Glenmark Pharmaceuticals Ltd has the highest ROCE among the 44 Pharma - Formulators companies compared here, at 39.8%. Influx Healthtech Ltd is next at 38.4%. The same company also has the highest ROCE change, at +9.7 percentage points. 44 of 44 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Glenmark Pharmaceuticals Ltd leads ROCE at 39.8%, 1.4 percentage points above Influx Healthtech Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Glenmark Pharmaceuticals Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

Return on capital · company comparison