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

> Pharma - Formulators: Sun Pharmaceutical Industries Ltd owns the largest revenue base; Rubicon Research Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-05. Not investment advice.

## Bottom line

Pharma - Formulators has outperformed NIFTY 500 by 17.1% over 52 weeks and 15.3% over 13 weeks. 32 of 40 covered companies beat NIFTY on Mansfield relative strength, while 15 of 40 beat the sector itself. Sun Pharmaceutical Industries Ltd leads with revenue of ₹59,911 crore, based on 41 of 43 comparable companies through Jun 2026.

## Sector relative strength

Pharma - Formulators has outperformed NIFTY 500 by 17.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 15.3%. 32 of 40 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Bliss GVS Pharma Ltd is the strongest against the sector itself at +64.6%.

13-week sector return versus NIFTY 500: 15%
52-week sector return versus NIFTY 500: 17%
Stocks leading NIFTY: 32/40
Stocks leading sector: 15/40

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

Companies: 43
Combined market value: ₹18.8 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. Lupin Ltd (LUPIN): 74/100 — Favorable setup; evidence 89%
   - Growth & earnings 29.7/35 | Capital efficiency 21.0/25 | Valuation 16.3/20 | Relative strength 7.1/20
   - 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 2 of the last 12 weeks
   - Exact sum: 29.7 + 21 + 16.3 + 7.1 = 74.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Kwality Pharmaceuticals Ltd (539997): 73/100 — Favorable setup; evidence 78%
   - Growth & earnings 29.0/35 | Capital efficiency 17.8/25 | Valuation 6.4/20 | Relative strength 19.6/20
   - 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: 29 + 17.8 + 6.4 + 19.6 = 72.8
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. Caplin Point Laboratories Ltd (CAPLIPOINT): 68/100 — Favorable setup; evidence 96%
   - Growth & earnings 19.6/35 | Capital efficiency 18.9/25 | Valuation 12.1/20 | Relative strength 17.7/20
   - 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: 19.6 + 18.9 + 12.1 + 17.7 = 68.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Bliss GVS Pharma Ltd (BLISSGVS): 67/100 — Favorable setup; evidence 78%
   - Growth & earnings 27.2/35 | Capital efficiency 13.2/25 | Valuation 6.9/20 | Relative strength 19.6/20
   - 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: 27.2 + 13.2 + 6.9 + 19.6 = 66.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Glenmark Pharmaceuticals Ltd (GLENMARK): 66/100 — Favorable setup; evidence 100%
   - Growth & earnings 30.5/35 | Capital efficiency 17.5/25 | Valuation 12.2/20 | Relative strength 5.6/20
   - 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 3 of the last 12 weeks
   - Exact sum: 30.5 + 17.5 + 12.2 + 5.6 = 65.8
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -10.3% and the one-year return is 4.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
6. Emcure Pharmaceuticals Ltd (EMCURE): 65/100 — Favorable setup; evidence 71%
   - Growth & earnings 24.6/35 | Capital efficiency 17.9/25 | Valuation 9.4/20 | Relative strength 13.5/20
   - 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: 24.6 + 17.9 + 9.4 + 13.5 = 65.4
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
7. Corona Remedies Ltd (CORONA): 65/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 23.7/35 | Capital efficiency 19.4/25 | Valuation 11.4/20 | Relative strength 10.0/20
   - 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 9 of the last 12 weeks
   - Exact sum: 23.7 + 19.4 + 11.4 + 10 = 64.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Ajanta Pharma Ltd (AJANTPHARM): 61/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 21.9/35 | Capital efficiency 18.9/25 | Valuation 5.7/20 | Relative strength 14.9/20
   - 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: 21.9 + 18.9 + 5.7 + 14.9 = 61.4
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
9. Zydus Lifesciences Ltd (ZYDUSLIFE): 61/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 17.1/35 | Capital efficiency 17.8/25 | Valuation 13.9/20 | 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 12 of the last 12 weeks
   - Exact sum: 17.1 + 17.8 + 13.9 + 12.4 = 61.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Rubicon Research Ltd (RUBICON): 61/100 — Mixed-positive evidence; evidence 69%
   - Growth & earnings 23.9/35 | Capital efficiency 21.4/25 | Valuation 5.6/20 | Relative strength 10.0/20
   - 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 12 of the last 12 weeks
   - Exact sum: 23.9 + 21.4 + 5.6 + 10 = 60.9
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
11. Ipca Laboratories Ltd (IPCALAB): 59/100 — Mixed-positive evidence; evidence 78%
   - Growth & earnings 22.2/35 | Capital efficiency 15.3/25 | Valuation 11.0/20 | Relative strength 10.4/20
   - 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: 22.2 + 15.3 + 11 + 10.4 = 58.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Marksans Pharma Ltd (MARKSANS): 58/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 19.9/35 | Capital efficiency 18.1/25 | Valuation 11.5/20 | Relative strength 8.8/20
   - 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 11 of 11 weeks with a reading, within the last 12
   - Exact sum: 19.9 + 18.1 + 11.5 + 8.8 = 58.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Wockhardt Ltd (WOCKPHARMA): 58/100 — Mixed-positive evidence; evidence 71%
   - Growth & earnings 22.6/35 | Capital efficiency 9.0/25 | Valuation 8.7/20 | Relative strength 17.8/20
   - 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: 22.6 + 9 + 8.7 + 17.8 = 58.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Accent Microcell Ltd (ACCENTMIC): 58/100 — Mixed-positive evidence; evidence 63%
   - Growth & earnings 17.5/35 | Capital efficiency 16.9/25 | Valuation 9.7/20 | Relative strength 14.0/20
   - 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: 17.5 + 16.9 + 9.7 + 14 = 58.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Amrutanjan Health Care Ltd (AMRUTANJAN): 56/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 20.9/35 | Capital efficiency 17.0/25 | Valuation 14.2/20 | Relative strength 3.8/20
   - 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 10 weeks with a reading, within the last 12
   - Exact sum: 20.9 + 17 + 14.2 + 3.8 = 55.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. RPG Life Sciences Ltd (RPGLIFE): 54/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 11.8/35 | Capital efficiency 17.3/25 | Valuation 10.2/20 | 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: 11.8 + 17.3 + 10.2 + 14.7 = 54
   - Decision use: Price leads the evidence: RS versus the benchmark is 20.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
17. Kilitch Drugs (India) Ltd (KILITCH): 54/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 18.2/35 | Capital efficiency 10.7/25 | Valuation 14.0/20 | Relative strength 10.8/20
   - 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 10 of the last 12 weeks
   - Exact sum: 18.2 + 10.7 + 14 + 10.8 = 53.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. Alkem Laboratories Ltd (ALKEM): 54/100 — Mixed-positive evidence; evidence 78%
   - Growth & earnings 19.8/35 | Capital efficiency 16.3/25 | Valuation 11.9/20 | Relative strength 5.6/20
   - 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 2 of the last 12 weeks
   - Exact sum: 19.8 + 16.3 + 11.9 + 5.6 = 53.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. FDC Ltd (FDC): 52/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 16.7/35 | Capital efficiency 14.8/25 | Valuation 15.7/20 | Relative strength 5.0/20
   - 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 6 of 10 weeks with a reading, within the last 12
   - Exact sum: 16.7 + 14.8 + 15.7 + 5 = 52.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. ERIS Lifesciences Ltd (ERIS): 52/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 21.0/35 | Capital efficiency 14.1/25 | Valuation 11.1/20 | Relative strength 5.4/20
   - 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 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 21 + 14.1 + 11.1 + 5.4 = 51.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21. Akums Drugs & Pharmaceuticals Ltd (AKUMS): 51/100 — Mixed-positive evidence; evidence 71%
   - Growth & earnings 13.9/35 | Capital efficiency 10.3/25 | Valuation 9.6/20 | Relative strength 17.2/20
   - 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: 13.9 + 10.3 + 9.6 + 17.2 = 51
   - Decision use: Price leads the evidence: RS versus the benchmark is 29.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
22. J B Chemicals & Pharmaceuticals Ltd (JBCHEPHARM): 47/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 11.1/35 | Capital efficiency 19.9/25 | Valuation 3.7/20 | Relative strength 12.4/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of 10 weeks with a reading, within the last 12
   - Exact sum: 11.1 + 19.9 + 3.7 + 12.4 = 47.1
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
23. Sun Pharmaceutical Industries Ltd (SUNPHARMA): 46/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 17.8/35 | Capital efficiency 16.3/25 | Valuation 4.0/20 | Relative strength 8.3/20
   - 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: 17.8 + 16.3 + 4 + 8.3 = 46.4
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
24. Strides Pharma Science Ltd (STAR): 46/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 16.2/35 | Capital efficiency 12.1/25 | Valuation 11.3/20 | Relative strength 6.5/20
   - 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 9 of the last 12 weeks
   - Exact sum: 16.2 + 12.1 + 11.3 + 6.5 = 46.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25. Torrent Pharmaceuticals Ltd (TORNTPHARM): 46/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 16.7/35 | Capital efficiency 13.2/25 | Valuation 0.9/20 | Relative strength 14.7/20
   - 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 7 of the last 12 weeks
   - Exact sum: 16.7 + 13.2 + 0.9 + 14.7 = 45.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 23.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
26. Biocon Ltd (BIOCON): 43/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 12.1/35 | Capital efficiency 10.8/25 | Valuation 9.9/20 | 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 8 of the last 12 weeks
   - Exact sum: 12.1 + 10.8 + 9.9 + 9.7 = 42.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
27. Mankind Pharma Ltd (MANKIND): 42/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 17.1/35 | Capital efficiency 12.6/25 | Valuation 4.9/20 | 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 10 of the last 12 weeks
   - Exact sum: 17.1 + 12.6 + 4.9 + 7.8 = 42.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
28. Gufic BioSciences Ltd (GUFICBIO): 42/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 19.6/35 | Capital efficiency 12.6/25 | Valuation 2.0/20 | Relative strength 7.7/20
   - 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 9 of 11 weeks with a reading, within the last 12
   - Exact sum: 19.6 + 12.6 + 2 + 7.7 = 41.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
29. Aurobindo Pharma Ltd (AUROPHARMA): 41/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 11.5/35 | Capital efficiency 13.3/25 | Valuation 4.1/20 | 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 11 of the last 12 weeks
   - Exact sum: 11.5 + 13.3 + 4.1 + 12.2 = 41.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
30. Natco Pharma Ltd (NATCOPHARM): 40/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 5.1/35 | Capital efficiency 12.9/25 | Valuation 19.1/20 | 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 2 of the last 12 weeks
   - Exact sum: 5.1 + 12.9 + 19.1 + 2.7 = 39.8
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
31. Lincoln Pharmaceuticals Ltd (LINCOLN): 39/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 11.6/35 | Capital efficiency 14.2/25 | Valuation 9.8/20 | Relative strength 3.8/20
   - 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: 11.6 + 14.2 + 9.8 + 3.8 = 39.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
32. Zim Laboratories Ltd (ZIMLAB): 39/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 6.0/35 | Capital efficiency 6.1/25 | Valuation 8.7/20 | Relative strength 18.3/20
   - 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 12 of the last 12 weeks
   - Exact sum: 6 + 6.1 + 8.7 + 18.3 = 39.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 35.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
33. Suven Life Sciences Ltd (SUVEN): 38/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 18.2/35 | Capital efficiency 2.1/25 | Valuation 10.0/20 | Relative strength 8.1/20
   - 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 11 of 11 weeks with a reading, within the last 12
   - Exact sum: 18.2 + 2.1 + 10 + 8.1 = 38.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
34. Indoco Remedies Ltd (INDOCO): 38/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 20.4/35 | Capital efficiency 4.3/25 | Valuation 10.0/20 | Relative strength 3.5/20
   - 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 6 of 10 weeks with a reading, within the last 12
   - Exact sum: 20.4 + 4.3 + 10 + 3.5 = 38.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
35. Alembic Pharmaceuticals Ltd (APLLTD): 38/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 14.4/35 | Capital efficiency 6.9/25 | Valuation 12.3/20 | Relative strength 4.5/20
   - 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 2 of 11 weeks with a reading, within the last 12
   - Exact sum: 14.4 + 6.9 + 12.3 + 4.5 = 38.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
36. Bajaj Healthcare Ltd (BAJAJHCARE): 36/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 9.9/35 | Capital efficiency 10.4/25 | Valuation 10.8/20 | Relative strength 4.9/20
   - 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 2 of the last 12 weeks
   - Exact sum: 9.9 + 10.4 + 10.8 + 4.9 = 36
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
37. Cipla Ltd (CIPLA): 36/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 4.9/35 | Capital efficiency 11.3/25 | Valuation 12.1/20 | Relative strength 7.6/20
   - 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: 4.9 + 11.3 + 12.1 + 7.6 = 35.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
38. Bharat Parenterals Ltd (541096): 35/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 13.5/35 | Capital efficiency 3.5/25 | Valuation 10.0/20 | Relative strength 7.7/20
   - 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 11 of 11 weeks with a reading, within the last 12
   - Exact sum: 13.5 + 3.5 + 10 + 7.7 = 34.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
39. Dr Reddys Laboratories Ltd (DRREDDY): 30/100 — Adverse evidence; evidence 100%
   - Growth & earnings 4.1/35 | Capital efficiency 10.7/25 | Valuation 13.5/20 | 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 2 of the last 12 weeks
   - Exact sum: 4.1 + 10.7 + 13.5 + 1.6 = 29.9
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
40. Influx Healthtech Ltd (INFLUX): 65/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 19.1/35 | Capital efficiency 20.3/25 | Valuation 10.0/20 | Relative strength 15.7/20
   - 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 9 of the last 12 weeks
   - Exact sum: 19.1 + 20.3 + 10 + 15.7 = 65.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
41. Syncom Healthcare Ltd (SYNCOM): 51/100 — Thin evidence · provisional; evidence 31%
   - Growth & earnings 17.2/35 | Capital efficiency 6.9/25 | Valuation 10.0/20 | Relative strength 16.4/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks, ending 2021-06-30 (no longer priced)
   - Exact sum: 17.2 + 6.9 + 10 + 16.4 = 50.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
42. Fredun Pharmaceuticals Ltd (539730): 48/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 19.1/35 | Capital efficiency 14.7/25 | Valuation 9.2/20 | Relative strength 4.8/20
   - 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 2 of the last 12 weeks
   - Exact sum: 19.1 + 14.7 + 9.2 + 4.8 = 47.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
43. Sai Parenterals Ltd (SAIPARENT): 39/100 — Thin evidence · provisional; evidence 33%
   - Growth & earnings 15.2/35 | Capital efficiency 5.3/25 | Valuation 8.6/20 | Relative strength 10.0/20
   - 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 3 weeks with a reading, within the last 12
   - Exact sum: 15.2 + 5.3 + 8.6 + 10 = 39.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Bliss GVS Pharma Ltd has the strongest one-year price move in Pharma - Formulators at +203.1%. It also leads on Mansfield relative strength against NIFTY at +87.2%. 32 of 40 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. Bliss GVS Pharma Ltd (BLISSGVS): 203%
2. Kwality Pharmaceuticals Ltd (539997): 121%
3. Influx Healthtech Ltd (INFLUX): 91%
4. Accent Microcell Ltd (ACCENTMIC): 85%
5. Torrent Pharmaceuticals Ltd (TORNTPHARM): 42%

### Strongest relative strength versus NIFTY 500
1. Bliss GVS Pharma Ltd (BLISSGVS): 87%
2. Kwality Pharmaceuticals Ltd (539997): 73%
3. Fredun Pharmaceuticals Ltd (539730): 59%
4. Suven Life Sciences Ltd (SUVEN): 46%
5. Syncom Healthcare Ltd (SYNCOM): 46%

## Revenue Scale & Growth Durability

What the numbers say: Sun Pharmaceutical Industries Ltd is the scale leader at ₹59,911 crore, 78% ahead of Aurobindo Pharma Ltd. Rubicon Research Ltd's growth is 36.6% from a ₹1,754 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Sun Pharmaceutical Industries Ltd is the scale benchmark; Rubicon Research Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

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

Evidence: Sun Pharmaceutical Industries Ltd · ₹59,911 crore | 78% versus #2 · Aurobindo Pharma Ltd | 8/8 recent comparable periods | 41/43 companies · 661 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. Sun Pharmaceutical Industries Ltd (SUNPHARMA): ₹59.9K Cr
2. Aurobindo Pharma Ltd (AUROPHARMA): ₹33.7K Cr
3. Dr Reddys Laboratories Ltd (DRREDDY): ₹33.2K Cr
4. Cipla Ltd (CIPLA): ₹28.3K Cr
5. Lupin Ltd (LUPIN): ₹28.0K Cr

### Revenue growth — fastest growers
1. Rubicon Research Ltd (RUBICON): 37%
2. Kwality Pharmaceuticals Ltd (539997): 36%
3. Glenmark Pharmaceuticals Ltd (GLENMARK): 33%
4. Torrent Pharmaceuticals Ltd (TORNTPHARM): 33%
5. Lupin Ltd (LUPIN): 23%

### 20-quarter Revenue history
- 539730: 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 ₹0 Cr | Dec 2024 — | Mar 2025 ₹167 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹145 Cr | Dec 2025 ₹161 Cr | Mar 2026 ₹213 Cr | Jun 2026 —
- 539997: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹56 Cr | Dec 2022 ₹56 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹78 Cr | Mar 2024 ₹92 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹116 Cr | Jun 2025 ₹111 Cr | Sep 2025 ₹111 Cr | Dec 2025 ₹123 Cr | Mar 2026 ₹157 Cr | Jun 2026 —
- 541096: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹59 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹72 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹116 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹65 Cr | Mar 2026 ₹100 Cr | Jun 2026 —
- SUNPHARMA: Sep 2021 ₹9.6K Cr | Dec 2021 ₹9.9K Cr | Mar 2022 ₹9.4K Cr | Jun 2022 ₹10.8K Cr | Sep 2022 ₹11.0K Cr | Dec 2022 ₹11.2K Cr | Mar 2023 ₹10.9K Cr | Jun 2023 ₹11.9K Cr | Sep 2023 ₹12.2K Cr | Dec 2023 ₹12.4K Cr | Mar 2024 ₹12.0K Cr | Jun 2024 ₹12.7K Cr | Sep 2024 ₹13.3K Cr | Dec 2024 ₹13.7K Cr | Mar 2025 ₹13.0K Cr | Jun 2025 ₹13.9K Cr | Sep 2025 ₹14.5K Cr | Dec 2025 ₹15.5K Cr | Mar 2026 ₹14.6K Cr | Jun 2026 ₹15.3K Cr
- TORNTPHARM: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 ₹4.9K Cr
- CIPLA: Sep 2021 ₹5.5K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹5.2K Cr | Jun 2022 ₹5.3K Cr | Sep 2022 ₹5.8K Cr | Dec 2022 ₹5.8K Cr | Mar 2023 ₹5.7K Cr | Jun 2023 ₹6.3K Cr | Sep 2023 ₹6.7K Cr | Dec 2023 ₹6.6K Cr | Mar 2024 ₹6.2K Cr | Jun 2024 ₹6.7K Cr | Sep 2024 ₹7.1K Cr | Dec 2024 ₹7.1K Cr | Mar 2025 ₹6.7K Cr | Jun 2025 ₹7.0K Cr | Sep 2025 ₹7.6K Cr | Dec 2025 ₹7.1K Cr | Mar 2026 ₹6.5K Cr | Jun 2026 ₹7.1K Cr
- ZYDUSLIFE: Sep 2021 ₹3.8K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹5.0K Cr | Jun 2023 ₹5.1K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹5.5K Cr | Jun 2024 ₹6.2K Cr | Sep 2024 ₹5.2K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹6.5K Cr | Jun 2025 ₹6.6K Cr | Sep 2025 ₹6.1K Cr | Dec 2025 ₹6.9K Cr | Mar 2026 ₹7.6K Cr | Jun 2026 —
- LUPIN: Sep 2021 ₹4.1K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹5.0K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹5.0K Cr | Jun 2024 ₹5.6K Cr | Sep 2024 ₹5.7K Cr | Dec 2024 ₹5.8K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹6.3K Cr | Sep 2025 ₹7.0K Cr | Dec 2025 ₹7.2K Cr | Mar 2026 ₹7.5K Cr | Jun 2026 —
- MANKIND: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.7K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 ₹4.0K Cr
- DRREDDY: Sep 2021 ₹5.8K Cr | Dec 2021 ₹5.3K Cr | Mar 2022 ₹5.4K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹6.3K Cr | Dec 2022 ₹6.8K Cr | Mar 2023 ₹6.3K Cr | Jun 2023 ₹6.8K Cr | Sep 2023 ₹6.9K Cr | Dec 2023 ₹7.2K Cr | Mar 2024 ₹7.1K Cr | Jun 2024 ₹7.7K Cr | Sep 2024 ₹8.0K Cr | Dec 2024 ₹8.4K Cr | Mar 2025 ₹8.5K Cr | Jun 2025 ₹8.6K Cr | Sep 2025 ₹8.8K Cr | Dec 2025 ₹8.8K Cr | Mar 2026 ₹7.5K Cr | Jun 2026 ₹8.1K Cr
- AUROPHARMA: Sep 2021 ₹5.9K Cr | Dec 2021 ₹6.0K Cr | Mar 2022 ₹5.8K Cr | Jun 2022 ₹6.2K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹6.4K Cr | Mar 2023 ₹6.5K Cr | Jun 2023 ₹6.9K Cr | Sep 2023 ₹7.2K Cr | Dec 2023 ₹7.4K Cr | Mar 2024 ₹7.6K Cr | Jun 2024 ₹7.6K Cr | Sep 2024 ₹7.8K Cr | Dec 2024 ₹8.0K Cr | Mar 2025 ₹8.4K Cr | Jun 2025 ₹7.9K Cr | Sep 2025 ₹8.3K Cr | Dec 2025 ₹8.6K Cr | Mar 2026 ₹8.9K Cr | Jun 2026 —
- BIOCON: Sep 2021 ₹1.8K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹490 Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 —
- ALKEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.0K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 —
- GLENMARK: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 ₹4.0K Cr
- IPCALAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- AJANTPHARM: Sep 2021 ₹885 Cr | Dec 2021 ₹838 Cr | Mar 2022 ₹870 Cr | Jun 2022 ₹951 Cr | Sep 2022 ₹938 Cr | Dec 2022 ₹972 Cr | Mar 2023 ₹882 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 ₹1.6K Cr
- JBCHEPHARM: Sep 2021 ₹593 Cr | Dec 2021 ₹601 Cr | Mar 2022 ₹625 Cr | Jun 2022 ₹785 Cr | Sep 2022 ₹809 Cr | Dec 2022 ₹793 Cr | Mar 2023 ₹762 Cr | Jun 2023 ₹896 Cr | Sep 2023 ₹882 Cr | Dec 2023 ₹845 Cr | Mar 2024 ₹862 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹963 Cr | Mar 2025 ₹949 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹904 Cr | Jun 2026 —
- EMCURE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- WOCKPHARMA: Sep 2021 ₹862 Cr | Dec 2021 ₹854 Cr | Mar 2022 ₹655 Cr | Jun 2022 ₹595 Cr | Sep 2022 ₹679 Cr | Dec 2022 ₹699 Cr | Mar 2023 ₹678 Cr | Jun 2023 ₹644 Cr | Sep 2023 ₹753 Cr | Dec 2023 ₹701 Cr | Mar 2024 ₹700 Cr | Jun 2024 ₹739 Cr | Sep 2024 ₹809 Cr | Dec 2024 ₹721 Cr | Mar 2025 ₹743 Cr | Jun 2025 ₹738 Cr | Sep 2025 ₹782 Cr | Dec 2025 ₹888 Cr | Mar 2026 ₹965 Cr | Jun 2026 —
- RUBICON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹317 Cr | Sep 2024 ₹296 Cr | Dec 2024 ₹313 Cr | Mar 2025 ₹358 Cr | Jun 2025 ₹352 Cr | Sep 2025 ₹412 Cr | Dec 2025 ₹476 Cr | Mar 2026 ₹514 Cr | Jun 2026 —
- CAPLIPOINT: Sep 2021 ₹304 Cr | Dec 2021 ₹326 Cr | Mar 2022 ₹341 Cr | Jun 2022 ₹346 Cr | Sep 2022 ₹359 Cr | Dec 2022 ₹372 Cr | Mar 2023 ₹389 Cr | Jun 2023 ₹395 Cr | Sep 2023 ₹410 Cr | Dec 2023 ₹436 Cr | Mar 2024 ₹453 Cr | Jun 2024 ₹459 Cr | Sep 2024 ₹483 Cr | Dec 2024 ₹493 Cr | Mar 2025 ₹502 Cr | Jun 2025 ₹510 Cr | Sep 2025 ₹534 Cr | Dec 2025 ₹543 Cr | Mar 2026 ₹600 Cr | Jun 2026 —
- ERIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹423 Cr | Mar 2023 ₹403 Cr | Jun 2023 ₹467 Cr | Sep 2023 ₹505 Cr | Dec 2023 ₹486 Cr | Mar 2024 ₹551 Cr | Jun 2024 ₹720 Cr | Sep 2024 ₹741 Cr | Dec 2024 ₹727 Cr | Mar 2025 ₹705 Cr | Jun 2025 ₹773 Cr | Sep 2025 ₹792 Cr | Dec 2025 ₹807 Cr | Mar 2026 ₹757 Cr | Jun 2026 ₹873 Cr
- NATCOPHARM: Sep 2021 ₹377 Cr | Dec 2021 ₹561 Cr | Mar 2022 ₹598 Cr | Jun 2022 ₹885 Cr | Sep 2022 ₹432 Cr | Dec 2022 ₹492 Cr | Mar 2023 ₹898 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹759 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹475 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹647 Cr | Mar 2026 ₹739 Cr | Jun 2026 —
- APLLTD: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- CORONA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹266 Cr | Jun 2024 ₹303 Cr | Sep 2024 ₹314 Cr | Dec 2024 ₹298 Cr | Mar 2025 ₹294 Cr | Jun 2025 ₹347 Cr | Sep 2025 ₹361 Cr | Dec 2025 ₹342 Cr | Mar 2026 ₹353 Cr | Jun 2026 ₹422 Cr
- MARKSANS: Sep 2021 ₹361 Cr | Dec 2021 ₹363 Cr | Mar 2022 ₹418 Cr | Jun 2022 ₹434 Cr | Sep 2022 ₹453 Cr | Dec 2022 ₹480 Cr | Mar 2023 ₹486 Cr | Jun 2023 ₹500 Cr | Sep 2023 ₹531 Cr | Dec 2023 ₹586 Cr | Mar 2024 ₹560 Cr | Jun 2024 ₹591 Cr | Sep 2024 ₹642 Cr | Dec 2024 ₹682 Cr | Mar 2025 ₹708 Cr | Jun 2025 ₹620 Cr | Sep 2025 ₹720 Cr | Dec 2025 ₹754 Cr | Mar 2026 ₹856 Cr | Jun 2026 —
- AKUMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹970 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹944 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- STAR: Sep 2021 ₹721 Cr | Dec 2021 ₹794 Cr | Mar 2022 ₹866 Cr | Jun 2022 ₹940 Cr | Sep 2022 ₹897 Cr | Dec 2022 ₹865 Cr | Mar 2023 ₹986 Cr | Jun 2023 ₹930 Cr | Sep 2023 ₹999 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 ₹1.3K Cr
- SUVEN: Sep 2021 ₹1 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- FDC: Sep 2021 ₹398 Cr | Dec 2021 ₹342 Cr | Mar 2022 ₹341 Cr | Jun 2022 ₹495 Cr | Sep 2022 ₹445 Cr | Dec 2022 ₹409 Cr | Mar 2023 ₹435 Cr | Jun 2023 ₹536 Cr | Sep 2023 ₹486 Cr | Dec 2023 ₹458 Cr | Mar 2024 ₹462 Cr | Jun 2024 ₹638 Cr | Sep 2024 ₹514 Cr | Dec 2024 ₹464 Cr | Mar 2025 ₹492 Cr | Jun 2025 ₹648 Cr | Sep 2025 ₹473 Cr | Dec 2025 ₹465 Cr | Mar 2026 ₹585 Cr | Jun 2026 —
- BLISSGVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹139 Cr | Dec 2022 ₹206 Cr | Mar 2023 ₹185 Cr | Jun 2023 ₹160 Cr | Sep 2023 ₹212 Cr | Dec 2023 ₹201 Cr | Mar 2024 ₹198 Cr | Jun 2024 ₹184 Cr | Sep 2024 ₹218 Cr | Dec 2024 ₹210 Cr | Mar 2025 ₹198 Cr | Jun 2025 ₹207 Cr | Sep 2025 ₹244 Cr | Dec 2025 ₹218 Cr | Mar 2026 ₹257 Cr | Jun 2026 —
- RPGLIFE: Sep 2021 ₹113 Cr | Dec 2021 ₹116 Cr | Mar 2022 ₹104 Cr | Jun 2022 ₹129 Cr | Sep 2022 ₹135 Cr | Dec 2022 ₹131 Cr | Mar 2023 ₹118 Cr | Jun 2023 ₹148 Cr | Sep 2023 ₹154 Cr | Dec 2023 ₹154 Cr | Mar 2024 ₹127 Cr | Jun 2024 ₹165 Cr | Sep 2024 ₹172 Cr | Dec 2024 ₹173 Cr | Mar 2025 ₹143 Cr | Jun 2025 ₹169 Cr | Sep 2025 ₹182 Cr | Dec 2025 ₹180 Cr | Mar 2026 ₹177 Cr | Jun 2026 ₹196 Cr
- GUFICBIO: Sep 2021 ₹194 Cr | Dec 2021 ₹172 Cr | Mar 2022 ₹162 Cr | Jun 2022 ₹165 Cr | Sep 2022 ₹175 Cr | Dec 2022 ₹177 Cr | Mar 2023 ₹173 Cr | Jun 2023 ₹195 Cr | Sep 2023 ₹215 Cr | Dec 2023 ₹202 Cr | Mar 2024 ₹195 Cr | Jun 2024 ₹203 Cr | Sep 2024 ₹204 Cr | Dec 2024 ₹208 Cr | Mar 2025 ₹205 Cr | Jun 2025 ₹224 Cr | Sep 2025 ₹237 Cr | Dec 2025 ₹231 Cr | Mar 2026 ₹252 Cr | Jun 2026 —
- SAIPARENT: 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 ₹43 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹96 Cr | Mar 2026 ₹198 Cr | Jun 2026 —
- INDOCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹399 Cr | Mar 2023 ₹428 Cr | Jun 2023 ₹426 Cr | Sep 2023 ₹482 Cr | Dec 2023 ₹459 Cr | Mar 2024 ₹450 Cr | Jun 2024 ₹431 Cr | Sep 2024 ₹433 Cr | Dec 2024 ₹411 Cr | Mar 2025 ₹390 Cr | Jun 2025 ₹440 Cr | Sep 2025 ₹485 Cr | Dec 2025 ₹445 Cr | Mar 2026 ₹476 Cr | Jun 2026 ₹468 Cr
- AMRUTANJAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹98 Cr | Mar 2023 ₹100 Cr | Jun 2023 ₹78 Cr | Sep 2023 ₹99 Cr | Dec 2023 ₹117 Cr | Mar 2024 ₹127 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹110 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹118 Cr | Dec 2025 ₹141 Cr | Mar 2026 ₹150 Cr | Jun 2026 —
- ACCENTMIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹107 Cr | Dec 2023 — | Mar 2024 ₹139 Cr | Jun 2024 — | Sep 2024 ₹126 Cr | Dec 2024 — | Mar 2025 ₹139 Cr | Jun 2025 — | Sep 2025 ₹139 Cr | Dec 2025 — | Mar 2026 ₹210 Cr | Jun 2026 —
- LINCOLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹134 Cr | Mar 2023 ₹112 Cr | Jun 2023 ₹136 Cr | Sep 2023 ₹156 Cr | Dec 2023 ₹146 Cr | Mar 2024 ₹142 Cr | Jun 2024 ₹147 Cr | Sep 2024 ₹161 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹168 Cr | Jun 2025 ₹154 Cr | Sep 2025 ₹163 Cr | Dec 2025 ₹166 Cr | Mar 2026 ₹187 Cr | Jun 2026 —
- BAJAJHCARE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹133 Cr | Mar 2023 ₹154 Cr | Jun 2023 ₹130 Cr | Sep 2023 ₹101 Cr | Dec 2023 ₹109 Cr | Mar 2024 ₹134 Cr | Jun 2024 ₹132 Cr | Sep 2024 ₹133 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹154 Cr | Jun 2025 ₹149 Cr | Sep 2025 ₹148 Cr | Dec 2025 ₹161 Cr | Mar 2026 ₹153 Cr | Jun 2026 ₹166 Cr
- INFLUX: 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 ₹48 Cr | Dec 2024 — | Mar 2025 ₹57 Cr | Jun 2025 — | Sep 2025 ₹67 Cr | Dec 2025 — | Mar 2026 ₹80 Cr | Jun 2026 —
- KILITCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹30 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹90 Cr | Jun 2026 —
- ZIMLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹101 Cr | Mar 2023 ₹105 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹96 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹82 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹109 Cr | Jun 2025 ₹72 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹105 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 539730: 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 28% | Jun 2026 —
- 539997: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 25% | Dec 2023 39% | Mar 2024 33% | Jun 2024 19% | Sep 2024 29% | Dec 2024 7.7% | Mar 2025 26% | Jun 2025 39% | Sep 2025 23% | Dec 2025 46% | Mar 2026 35% | Jun 2026 —
- 541096: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.4% | Mar 2024 33% | Jun 2024 32% | Sep 2024 20% | Dec 2024 21% | Mar 2025 53% | Jun 2025 25% | Sep 2025 -9.8% | Dec 2025 -9.8% | Mar 2026 -4.2% | Jun 2026 —
- SUNPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 14% | Dec 2022 14% | Mar 2023 16% | Jun 2023 11% | Sep 2023 11% | Dec 2023 10% | Mar 2024 9.6% | Jun 2024 6.0% | Sep 2024 9.0% | Dec 2024 10% | Mar 2025 8.1% | Jun 2025 9.5% | Sep 2025 8.9% | Dec 2025 14% | Mar 2026 13% | Jun 2026 10%
- TORNTPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10.0% | Sep 2022 7.2% | Dec 2022 18% | Mar 2023 17% | Jun 2023 10% | Sep 2023 16% | Dec 2023 9.7% | Mar 2024 10% | Jun 2024 10% | Sep 2024 8.6% | Dec 2024 2.8% | Mar 2025 7.8% | Jun 2025 11% | Sep 2025 14% | Dec 2025 18% | Mar 2026 42% | Jun 2026 55%
- CIPLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.4% | Sep 2022 5.6% | Dec 2022 6.0% | Mar 2023 10% | Jun 2023 19% | Sep 2023 15% | Dec 2023 14% | Mar 2024 7.4% | Jun 2024 5.8% | Sep 2024 5.6% | Dec 2024 7.1% | Mar 2025 9.2% | Jun 2025 3.9% | Sep 2025 7.6% | Dec 2025 0.0% | Mar 2026 -2.8% | Jun 2026 2.3%
- ZYDUSLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.2% | Sep 2022 9.3% | Dec 2022 16% | Mar 2023 37% | Jun 2023 26% | Sep 2023 5.7% | Dec 2023 5.8% | Mar 2024 10% | Jun 2024 21% | Sep 2024 20% | Dec 2024 17% | Mar 2025 18% | Jun 2025 5.9% | Sep 2025 17% | Dec 2025 30% | Mar 2026 16% | Jun 2026 —
- LUPIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -12% | Sep 2022 1.3% | Dec 2022 3.9% | Mar 2023 14% | Jun 2023 29% | Sep 2023 22% | Dec 2023 20% | Mar 2024 12% | Jun 2024 16% | Sep 2024 13% | Dec 2024 11% | Mar 2025 14% | Jun 2025 12% | Sep 2025 24% | Dec 2025 24% | Mar 2026 32% | Jun 2026 —
- MANKIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 19% | Jun 2023 18% | Sep 2023 12% | Dec 2023 25% | Mar 2024 18% | Jun 2024 11% | Sep 2024 13% | Dec 2024 23% | Mar 2025 27% | Jun 2025 24% | Sep 2025 21% | Dec 2025 12% | Mar 2026 12% | Jun 2026 13%
- DRREDDY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.0% | Sep 2022 9.4% | Dec 2022 28% | Mar 2023 16% | Jun 2023 30% | Sep 2023 9.5% | Dec 2023 6.6% | Mar 2024 13% | Jun 2024 14% | Sep 2024 16% | Dec 2024 16% | Mar 2025 20% | Jun 2025 11% | Sep 2025 9.8% | Dec 2025 4.4% | Mar 2026 -12% | Jun 2026 -5.5%
- AUROPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.4% | Sep 2022 -67% | Dec 2022 6.8% | Mar 2023 11% | Jun 2023 9.9% | Sep 2023 271% | Dec 2023 15% | Mar 2024 17% | Jun 2024 10% | Sep 2024 8.0% | Dec 2024 8.5% | Mar 2025 11% | Jun 2025 4.0% | Sep 2025 6.3% | Dec 2025 8.4% | Mar 2026 5.6% | Jun 2026 —
- BIOCON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 -73% | Dec 2022 35% | Mar 2023 57% | Jun 2023 60% | Sep 2023 607% | Dec 2023 34% | Mar 2024 3.8% | Jun 2024 0.3% | Sep 2024 3.7% | Dec 2024 -3.4% | Mar 2025 13% | Jun 2025 15% | Sep 2025 20% | Dec 2025 9.2% | Mar 2026 2.3% | Jun 2026 —
- ALKEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 9.3% | Mar 2024 1.1% | Jun 2024 2.2% | Sep 2024 -0.7% | Dec 2024 1.5% | Mar 2025 7.1% | Jun 2025 11% | Sep 2025 17% | Dec 2025 11% | Mar 2026 15% | Jun 2026 —
- GLENMARK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.2% | Sep 2022 7.7% | Dec 2022 -2.7% | Mar 2023 1.4% | Jun 2023 9.3% | Sep 2023 -5.0% | Dec 2023 -19% | Mar 2024 2.1% | Jun 2024 6.9% | Sep 2024 7.1% | Dec 2024 35% | Mar 2025 6.3% | Jun 2025 0.6% | Sep 2025 76% | Dec 2025 15% | Mar 2026 16% | Jun 2026 23%
- IPCALAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 36% | Dec 2023 33% | Mar 2024 34% | Jun 2024 32% | Sep 2024 16% | Dec 2024 9.4% | Mar 2025 11% | Jun 2025 10% | Sep 2025 8.5% | Dec 2025 6.6% | Mar 2026 6.3% | Jun 2026 —
- AJANTPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 6.0% | Dec 2022 16% | Mar 2023 1.4% | Jun 2023 7.4% | Sep 2023 9.6% | Dec 2023 14% | Mar 2024 20% | Jun 2024 12% | Sep 2024 15% | Dec 2024 3.7% | Mar 2025 11% | Jun 2025 14% | Sep 2025 14% | Dec 2025 20% | Mar 2026 22% | Jun 2026 25%
- JBCHEPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 36% | Dec 2022 32% | Mar 2023 22% | Jun 2023 14% | Sep 2023 9.0% | Dec 2023 6.6% | Mar 2024 13% | Jun 2024 12% | Sep 2024 13% | Dec 2024 14% | Mar 2025 10% | Jun 2025 9.0% | Sep 2025 8.4% | Dec 2025 11% | Mar 2026 -4.7% | Jun 2026 —
- EMCURE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 17% | Sep 2024 20% | Dec 2024 18% | Mar 2025 19% | Jun 2025 16% | Sep 2025 13% | Dec 2025 20% | Mar 2026 17% | Jun 2026 —
- WOCKPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -31% | Sep 2022 -21% | Dec 2022 -18% | Mar 2023 3.5% | Jun 2023 8.2% | Sep 2023 11% | Dec 2023 0.3% | Mar 2024 3.2% | Jun 2024 15% | Sep 2024 7.4% | Dec 2024 2.9% | Mar 2025 6.1% | Jun 2025 -0.1% | Sep 2025 -3.3% | Dec 2025 23% | Mar 2026 30% | Jun 2026 —
- RUBICON: 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 11% | Sep 2025 39% | Dec 2025 52% | Mar 2026 44% | Jun 2026 —
- CAPLIPOINT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 18% | Dec 2022 14% | Mar 2023 14% | Jun 2023 14% | Sep 2023 14% | Dec 2023 17% | Mar 2024 16% | Jun 2024 16% | Sep 2024 18% | Dec 2024 13% | Mar 2025 11% | Jun 2025 11% | Sep 2025 11% | Dec 2025 10% | Mar 2026 20% | Jun 2026 —
- ERIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 15% | Mar 2024 37% | Jun 2024 54% | Sep 2024 47% | Dec 2024 50% | Mar 2025 28% | Jun 2025 7.4% | Sep 2025 6.9% | Dec 2025 11% | Mar 2026 7.4% | Jun 2026 13%
- NATCOPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 116% | Sep 2022 15% | Dec 2022 -12% | Mar 2023 50% | Jun 2023 29% | Sep 2023 139% | Dec 2023 54% | Mar 2024 19% | Jun 2024 20% | Sep 2024 33% | Dec 2024 -37% | Mar 2025 14% | Jun 2025 -2.5% | Sep 2025 -0.6% | Dec 2025 36% | Mar 2026 -39% | Jun 2026 —
- APLLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.8% | Sep 2022 14% | Dec 2022 19% | Mar 2023 -0.7% | Jun 2023 18% | Sep 2023 8.1% | Dec 2023 8.1% | Mar 2024 7.9% | Jun 2024 5.1% | Sep 2024 3.3% | Dec 2024 3.8% | Mar 2025 17% | Jun 2025 9.5% | Sep 2025 16% | Dec 2025 11% | Mar 2026 4.4% | Jun 2026 —
- CORONA: 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% | Jun 2025 15% | Sep 2025 15% | Dec 2025 15% | Mar 2026 20% | Jun 2026 22%
- MARKSANS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 25% | Dec 2022 32% | Mar 2023 16% | Jun 2023 15% | Sep 2023 17% | Dec 2023 22% | Mar 2024 15% | Jun 2024 18% | Sep 2024 21% | Dec 2024 16% | Mar 2025 26% | Jun 2025 4.9% | Sep 2025 12% | Dec 2025 11% | Mar 2026 21% | Jun 2026 —
- AKUMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 5.1% | Sep 2024 -13% | Dec 2024 -6.7% | Mar 2025 12% | Jun 2025 0.5% | Sep 2025 -1.5% | Dec 2025 15% | Mar 2026 9.7% | Jun 2026 —
- STAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 37% | Sep 2022 24% | Dec 2022 8.9% | Mar 2023 14% | Jun 2023 -1.1% | Sep 2023 11% | Dec 2023 16% | Mar 2024 5.9% | Jun 2024 13% | Sep 2024 17% | Dec 2024 15% | Mar 2025 14% | Jun 2025 6.3% | Sep 2025 4.6% | Dec 2025 3.6% | Mar 2026 11% | Jun 2026 13%
- SUVEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 100% | Sep 2022 300% | Dec 2022 -25% | Mar 2023 -25% | Jun 2023 0.0% | Sep 2023 -25% | Dec 2023 -33% | Mar 2024 -33% | Jun 2024 -75% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 -50% | Jun 2025 100% | Sep 2025 -67% | Dec 2025 50% | Mar 2026 100% | Jun 2026 —
- FDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 12% | Dec 2022 20% | Mar 2023 28% | Jun 2023 8.3% | Sep 2023 9.2% | Dec 2023 12% | Mar 2024 6.2% | Jun 2024 19% | Sep 2024 5.8% | Dec 2024 1.3% | Mar 2025 6.5% | Jun 2025 1.6% | Sep 2025 -8.0% | Dec 2025 0.2% | Mar 2026 19% | Jun 2026 —
- BLISSGVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 53% | Dec 2023 -2.4% | Mar 2024 7.0% | Jun 2024 15% | Sep 2024 2.8% | Dec 2024 4.5% | Mar 2025 0.0% | Jun 2025 13% | Sep 2025 12% | Dec 2025 3.8% | Mar 2026 30% | Jun 2026 —
- RPGLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 19% | Dec 2022 13% | Mar 2023 13% | Jun 2023 15% | Sep 2023 14% | Dec 2023 18% | Mar 2024 7.6% | Jun 2024 11% | Sep 2024 12% | Dec 2024 12% | Mar 2025 13% | Jun 2025 2.4% | Sep 2025 5.8% | Dec 2025 4.1% | Mar 2026 24% | Jun 2026 16%
- GUFICBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -34% | Sep 2022 -9.8% | Dec 2022 2.9% | Mar 2023 6.8% | Jun 2023 18% | Sep 2023 23% | Dec 2023 14% | Mar 2024 13% | Jun 2024 4.1% | Sep 2024 -5.1% | Dec 2024 3.0% | Mar 2025 5.1% | Jun 2025 10% | Sep 2025 16% | Dec 2025 11% | Mar 2026 23% | Jun 2026 —
- INDOCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 15% | Mar 2024 5.1% | Jun 2024 1.2% | Sep 2024 -10% | Dec 2024 -10% | Mar 2025 -13% | Jun 2025 2.1% | Sep 2025 12% | Dec 2025 8.3% | Mar 2026 22% | Jun 2026 6.4%
- AMRUTANJAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 19% | Mar 2024 27% | Jun 2024 7.7% | Sep 2024 11% | Dec 2024 5.1% | Mar 2025 6.3% | Jun 2025 12% | Sep 2025 7.3% | Dec 2025 15% | Mar 2026 11% | Jun 2026 —
- ACCENTMIC: 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 18% | Dec 2024 — | Mar 2025 0.0% | Jun 2025 — | Sep 2025 10% | Dec 2025 — | Mar 2026 51% | Jun 2026 —
- LINCOLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 9.0% | Mar 2024 27% | Jun 2024 8.1% | Sep 2024 3.2% | Dec 2024 0.7% | Mar 2025 18% | Jun 2025 4.8% | Sep 2025 1.2% | Dec 2025 13% | Mar 2026 11% | Jun 2026 —
- BAJAJHCARE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -18% | Mar 2024 -13% | Jun 2024 1.5% | Sep 2024 32% | Dec 2024 13% | Mar 2025 15% | Jun 2025 13% | Sep 2025 11% | Dec 2025 31% | Mar 2026 -0.7% | Jun 2026 11%
- INFLUX: 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 40% | Dec 2025 — | Mar 2026 40% | Jun 2026 —
- KILITCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.8% | Mar 2024 0.0% | Jun 2024 -11% | Sep 2024 15% | Dec 2024 75% | Mar 2025 36% | Jun 2025 30% | Sep 2025 4.3% | Dec 2025 -3.6% | Mar 2026 48% | Jun 2026 —
- ZIMLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -4.6% | Mar 2024 12% | Jun 2024 21% | Sep 2024 7.4% | Dec 2024 0.0% | Mar 2025 -7.8% | Jun 2025 -12% | Sep 2025 -3.7% | Dec 2025 13% | Mar 2026 -3.2% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Caplin Point Laboratories Ltd leads opm at 34%; Wockhardt Ltd leads margin change at +14 percentage points.

Investor read: Caplin Point 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: Caplin Point Laboratories Ltd · 34% | 0% versus #2 · ERIS Lifesciences Ltd | 6/8 recent comparable periods | 42/43 companies · 717 observations

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

### OPM — highest
1. Caplin Point Laboratories Ltd (CAPLIPOINT): 34%
2. ERIS Lifesciences Ltd (ERIS): 34%
3. Torrent Pharmaceuticals Ltd (TORNTPHARM): 34%
4. Zydus Lifesciences Ltd (ZYDUSLIFE): 34%
5. Lupin Ltd (LUPIN): 33%

### Margin change — fastest expanders
1. Wockhardt Ltd (WOCKPHARMA): +14.0 pp
2. Lupin Ltd (LUPIN): +10.0 pp
3. FDC Ltd (FDC): +7.0 pp
4. Bliss GVS Pharma Ltd (BLISSGVS): +6.0 pp
5. Gufic BioSciences Ltd (GUFICBIO): +6.0 pp

### 20-quarter OPM history
- 539730: Sep 2021 7.5% | Dec 2021 8.0% | Mar 2022 7.5% | Jun 2022 8.0% | Sep 2022 9.7% | Dec 2022 9.4% | Mar 2023 15% | Jun 2023 12% | Sep 2023 12% | Dec 2023 12% | Mar 2024 9.5% | Jun 2024 13% | Sep 2024 — | Dec 2024 — | Mar 2025 10% | Jun 2025 14% | Sep 2025 15% | Dec 2025 16% | Mar 2026 14% | Jun 2026 —
- 539997: Sep 2021 45% | Dec 2021 28% | Mar 2022 25% | Jun 2022 26% | Sep 2022 28% | Dec 2022 27% | Mar 2023 17% | Jun 2023 20% | Sep 2023 22% | Dec 2023 21% | Mar 2024 22% | Jun 2024 22% | Sep 2024 22% | Dec 2024 21% | Mar 2025 22% | Jun 2025 22% | Sep 2025 23% | Dec 2025 24% | Mar 2026 25% | Jun 2026 —
- 541096: Sep 2021 17% | Dec 2021 7.0% | Mar 2022 8.4% | Jun 2022 6.9% | Sep 2022 11% | Dec 2022 4.5% | Mar 2023 12% | Jun 2023 15% | Sep 2023 7.2% | Dec 2023 11% | Mar 2024 1.5% | Jun 2024 4.9% | Sep 2024 -11% | Dec 2024 5.0% | Mar 2025 2.1% | Jun 2025 12% | Sep 2025 1.3% | Dec 2025 2.7% | Mar 2026 -0.5% | Jun 2026 —
- SUNPHARMA: Sep 2021 27% | Dec 2021 26% | Mar 2022 25% | Jun 2022 27% | Sep 2022 27% | Dec 2022 27% | Mar 2023 26% | Jun 2023 28% | Sep 2023 26% | Dec 2023 28% | Mar 2024 25% | Jun 2024 29% | Sep 2024 30% | Dec 2024 29% | Mar 2025 29% | Jun 2025 31% | Sep 2025 31% | Dec 2025 32% | Mar 2026 27% | Jun 2026 29%
- TORNTPHARM: Sep 2021 31% | Dec 2021 26% | Mar 2022 26% | Jun 2022 30% | Sep 2022 30% | Dec 2022 29% | Mar 2023 29% | Jun 2023 31% | Sep 2023 31% | Dec 2023 32% | Mar 2024 32% | Jun 2024 32% | Sep 2024 32% | Dec 2024 33% | Mar 2025 33% | Jun 2025 32% | Sep 2025 33% | Dec 2025 33% | Mar 2026 32% | Jun 2026 34%
- CIPLA: Sep 2021 22% | Dec 2021 22% | Mar 2022 14% | Jun 2022 21% | Sep 2022 22% | Dec 2022 24% | Mar 2023 20% | Jun 2023 24% | Sep 2023 26% | Dec 2023 26% | Mar 2024 21% | Jun 2024 26% | Sep 2024 27% | Dec 2024 28% | Mar 2025 23% | Jun 2025 26% | Sep 2025 25% | Dec 2025 18% | Mar 2026 15% | Jun 2026 17%
- ZYDUSLIFE: Sep 2021 24% | Dec 2021 21% | Mar 2022 19% | Jun 2022 20% | Sep 2022 20% | Dec 2022 22% | Mar 2023 25% | Jun 2023 29% | Sep 2023 26% | Dec 2023 24% | Mar 2024 29% | Jun 2024 34% | Sep 2024 28% | Dec 2024 26% | Mar 2025 33% | Jun 2025 32% | Sep 2025 33% | Dec 2025 26% | Mar 2026 34% | Jun 2026 —
- LUPIN: Sep 2021 -32% | Dec 2021 8.9% | Mar 2022 6.9% | Jun 2022 6.2% | Sep 2022 11% | Dec 2022 12% | Mar 2023 13% | Jun 2023 18% | Sep 2023 18% | Dec 2023 20% | Mar 2024 20% | Jun 2024 22% | Sep 2024 24% | Dec 2024 24% | Mar 2025 23% | Jun 2025 28% | Sep 2025 33% | Dec 2025 32% | Mar 2026 33% | Jun 2026 —
- MANKIND: Sep 2021 — | Dec 2021 — | Mar 2022 17% | Jun 2022 21% | Sep 2022 24% | Dec 2022 21% | Mar 2023 20% | Jun 2023 25% | Sep 2023 25% | Dec 2023 23% | Mar 2024 24% | Jun 2024 23% | Sep 2024 28% | Dec 2024 26% | Mar 2025 22% | Jun 2025 24% | Sep 2025 25% | Dec 2025 26% | Mar 2026 27% | Jun 2026 26%
- DRREDDY: Sep 2021 24% | Dec 2021 23% | Mar 2022 8.2% | Jun 2022 18% | Sep 2022 30% | Dec 2022 29% | Mar 2023 24% | Jun 2023 31% | Sep 2023 29% | Dec 2023 28% | Mar 2024 26% | Jun 2024 28% | Sep 2024 26% | Dec 2024 27% | Mar 2025 23% | Jun 2025 25% | Sep 2025 23% | Dec 2025 22% | Mar 2026 5.0% | Jun 2026 11%
- AUROPHARMA: Sep 2021 20% | Dec 2021 17% | Mar 2022 17% | Jun 2022 15% | Sep 2022 14% | Dec 2022 15% | Mar 2023 15% | Jun 2023 17% | Sep 2023 19% | Dec 2023 22% | Mar 2024 22% | Jun 2024 21% | Sep 2024 20% | Dec 2024 20% | Mar 2025 21% | Jun 2025 20% | Sep 2025 20% | Dec 2025 21% | Mar 2026 20% | Jun 2026 —
- BIOCON: Sep 2021 21% | Dec 2021 20% | Mar 2022 22% | Jun 2022 17% | Sep 2022 6.0% | Dec 2022 20% | Mar 2023 25% | Jun 2023 20% | Sep 2023 21% | Dec 2023 23% | Mar 2024 23% | Jun 2024 18% | Sep 2024 19% | Dec 2024 20% | Mar 2025 24% | Jun 2025 19% | Sep 2025 19% | Dec 2025 20% | Mar 2026 23% | Jun 2026 —
- ALKEM: Sep 2021 22% | Dec 2021 19% | Mar 2022 14% | Jun 2022 7.9% | Sep 2022 15% | Dec 2022 20% | Mar 2023 12% | Jun 2023 13% | Sep 2023 22% | Dec 2023 21% | Mar 2024 14% | Jun 2024 20% | Sep 2024 22% | Dec 2024 23% | Mar 2025 12% | Jun 2025 22% | Sep 2025 23% | Dec 2025 22% | Mar 2026 14% | Jun 2026 —
- GLENMARK: Sep 2021 19% | Dec 2021 22% | Mar 2022 15% | Jun 2022 16% | Sep 2022 16% | Dec 2022 15% | Mar 2023 13% | Jun 2023 14% | Sep 2023 14% | Dec 2023 -8.0% | Mar 2024 16% | Jun 2024 18% | Sep 2024 18% | Dec 2024 18% | Mar 2025 17% | Jun 2025 18% | Sep 2025 39% | Dec 2025 22% | Mar 2026 20% | Jun 2026 20%
- IPCALAB: Sep 2021 23% | Dec 2021 22% | Mar 2022 17% | Jun 2022 17% | Sep 2022 18% | Dec 2022 14% | Mar 2023 12% | Jun 2023 19% | Sep 2023 18% | Dec 2023 16% | Mar 2024 16% | Jun 2024 19% | Sep 2024 19% | Dec 2024 21% | Mar 2025 19% | Jun 2025 18% | Sep 2025 21% | Dec 2025 22% | Mar 2026 20% | Jun 2026 —
- AJANTPHARM: Sep 2021 30% | Dec 2021 29% | Mar 2022 24% | Jun 2022 23% | Sep 2022 21% | Dec 2022 17% | Mar 2023 17% | Jun 2023 27% | Sep 2023 28% | Dec 2023 28% | Mar 2024 26% | Jun 2024 29% | Sep 2024 26% | Dec 2024 28% | Mar 2025 25% | Jun 2025 27% | Sep 2025 24% | Dec 2025 28% | Mar 2026 23% | Jun 2026 26%
- JBCHEPHARM: Sep 2021 21% | Dec 2021 21% | Mar 2022 20% | Jun 2022 22% | Sep 2022 23% | Dec 2022 22% | Mar 2023 21% | Jun 2023 26% | Sep 2023 28% | Dec 2023 26% | Mar 2024 23% | Jun 2024 28% | Sep 2024 27% | Dec 2024 26% | Mar 2025 24% | Jun 2025 28% | Sep 2025 29% | Dec 2025 28% | Mar 2026 22% | Jun 2026 —
- EMCURE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 19% | Sep 2023 20% | Dec 2023 18% | Mar 2024 18% | Jun 2024 19% | Sep 2024 19% | Dec 2024 18% | Mar 2025 19% | Jun 2025 20% | Sep 2025 21% | Dec 2025 21% | Mar 2026 19% | Jun 2026 —
- WOCKPHARMA: Sep 2021 11% | Dec 2021 13% | Mar 2022 -5.0% | Jun 2022 -2.7% | Sep 2022 6.3% | Dec 2022 6.0% | Mar 2023 0.4% | Jun 2023 2.5% | Sep 2023 10% | Dec 2023 5.0% | Mar 2024 -8.0% | Jun 2024 12% | Sep 2024 14% | Dec 2024 18% | Mar 2025 9.0% | Jun 2025 10% | Sep 2025 23% | Dec 2025 20% | Mar 2026 23% | Jun 2026 —
- RUBICON: 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 21% | Dec 2024 22% | Mar 2025 20% | Jun 2025 22% | Sep 2025 23% | Dec 2025 23% | Mar 2026 23% | Jun 2026 —
- CAPLIPOINT: Sep 2021 33% | Dec 2021 31% | Mar 2022 29% | Jun 2022 30% | Sep 2022 29% | Dec 2022 29% | Mar 2023 32% | Jun 2023 32% | Sep 2023 34% | Dec 2023 33% | Mar 2024 32% | Jun 2024 33% | Sep 2024 34% | Dec 2024 33% | Mar 2025 33% | Jun 2025 35% | Sep 2025 35% | Dec 2025 35% | Mar 2026 34% | Jun 2026 —
- ERIS: Sep 2021 39% | Dec 2021 37% | Mar 2022 32% | Jun 2022 32% | Sep 2022 33% | Dec 2022 32% | Mar 2023 30% | Jun 2023 36% | Sep 2023 36% | Dec 2023 36% | Mar 2024 27% | Jun 2024 35% | Sep 2024 36% | Dec 2024 34% | Mar 2025 36% | Jun 2025 36% | Sep 2025 36% | Dec 2025 35% | Mar 2026 36% | Jun 2026 34%
- NATCOPHARM: Sep 2021 19% | Dec 2021 18% | Mar 2022 -3.1% | Jun 2022 45% | Sep 2022 22% | Dec 2022 22% | Mar 2023 38% | Jun 2023 46% | Sep 2023 44% | Dec 2023 35% | Mar 2024 47% | Jun 2024 59% | Sep 2024 59% | Dec 2024 8.0% | Mar 2025 45% | Jun 2025 43% | Sep 2025 42% | Dec 2025 25% | Mar 2026 17% | Jun 2026 —
- APLLTD: Sep 2021 18% | Dec 2021 19% | Mar 2022 10% | Jun 2022 0.6% | Sep 2022 16% | Dec 2022 16% | Mar 2023 14% | Jun 2023 13% | Sep 2023 13% | Dec 2023 16% | Mar 2024 17% | Jun 2024 15% | Sep 2024 15% | Dec 2024 15% | Mar 2025 15% | Jun 2025 16% | Sep 2025 17% | Dec 2025 16% | Mar 2026 12% | Jun 2026 —
- CORONA: 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 16% | Sep 2024 21% | Dec 2024 23% | Mar 2025 18% | Jun 2025 20% | Sep 2025 22% | Dec 2025 24% | Mar 2026 18% | Jun 2026 22%
- MARKSANS: Sep 2021 17% | Dec 2021 16% | Mar 2022 15% | Jun 2022 17% | Sep 2022 18% | Dec 2022 16% | Mar 2023 23% | Jun 2023 20% | Sep 2023 21% | Dec 2023 23% | Mar 2024 20% | Jun 2024 22% | Sep 2024 23% | Dec 2024 20% | Mar 2025 18% | Jun 2025 16% | Sep 2025 20% | Dec 2025 21% | Mar 2026 23% | Jun 2026 —
- AKUMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -13% | Sep 2023 13% | Dec 2023 9.0% | Mar 2024 0.3% | Jun 2024 13% | Sep 2024 12% | Dec 2024 12% | Mar 2025 9.0% | Jun 2025 13% | Sep 2025 9.0% | Dec 2025 13% | Mar 2026 13% | Jun 2026 —
- STAR: Sep 2021 -5.1% | Dec 2021 -2.9% | Mar 2022 -0.2% | Jun 2022 0.4% | Sep 2022 5.9% | Dec 2022 -3.0% | Mar 2023 12% | Jun 2023 14% | Sep 2023 11% | Dec 2023 13% | Mar 2024 16% | Jun 2024 18% | Sep 2024 16% | Dec 2024 18% | Mar 2025 18% | Jun 2025 19% | Sep 2025 19% | Dec 2025 20% | Mar 2026 18% | Jun 2026 18%
- SUVEN: Sep 2021 — | Dec 2021 -733% | Mar 2022 -467% | Jun 2022 -596% | Sep 2022 -494% | Dec 2022 — | Mar 2023 — | Jun 2023 -737% | Sep 2023 -768% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FDC: Sep 2021 18% | Dec 2021 14% | Mar 2022 5.6% | Jun 2022 16% | Sep 2022 15% | Dec 2022 12% | Mar 2023 11% | Jun 2023 23% | Sep 2023 16% | Dec 2023 18% | Mar 2024 12% | Jun 2024 23% | Sep 2024 14% | Dec 2024 10% | Mar 2025 11% | Jun 2025 22% | Sep 2025 7.0% | Dec 2025 11% | Mar 2026 18% | Jun 2026 —
- BLISSGVS: Sep 2021 15% | Dec 2021 16% | Mar 2022 12% | Jun 2022 21% | Sep 2022 19% | Dec 2022 23% | Mar 2023 3.4% | Jun 2023 15% | Sep 2023 26% | Dec 2023 22% | Mar 2024 14% | Jun 2024 19% | Sep 2024 19% | Dec 2024 14% | Mar 2025 11% | Jun 2025 20% | Sep 2025 18% | Dec 2025 16% | Mar 2026 17% | Jun 2026 —
- RPGLIFE: Sep 2021 23% | Dec 2021 21% | Mar 2022 13% | Jun 2022 22% | Sep 2022 22% | Dec 2022 22% | Mar 2023 13% | Jun 2023 22% | Sep 2023 24% | Dec 2023 25% | Mar 2024 16% | Jun 2024 24% | Sep 2024 27% | Dec 2024 28% | Mar 2025 18% | Jun 2025 21% | Sep 2025 21% | Dec 2025 22% | Mar 2026 19% | Jun 2026 22%
- GUFICBIO: Sep 2021 18% | Dec 2021 19% | Mar 2022 20% | Jun 2022 20% | Sep 2022 19% | Dec 2022 19% | Mar 2023 19% | Jun 2023 18% | Sep 2023 18% | Dec 2023 18% | Mar 2024 18% | Jun 2024 18% | Sep 2024 19% | Dec 2024 16% | Mar 2025 13% | Jun 2025 15% | Sep 2025 16% | Dec 2025 14% | Mar 2026 19% | Jun 2026 —
- SAIPARENT: 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 16% | Sep 2025 19% | Dec 2025 -3.7% | Mar 2026 13% | Jun 2026 —
- INDOCO: Sep 2021 22% | Dec 2021 21% | Mar 2022 20% | Jun 2022 18% | Sep 2022 20% | Dec 2022 16% | Mar 2023 15% | Jun 2023 14% | Sep 2023 15% | Dec 2023 14% | Mar 2024 11% | Jun 2024 11% | Sep 2024 9.0% | Dec 2024 2.9% | Mar 2025 -0.2% | Jun 2025 4.0% | Sep 2025 9.0% | Dec 2025 7.0% | Mar 2026 10% | Jun 2026 9.0%
- AMRUTANJAN: Sep 2021 21% | Dec 2021 23% | Mar 2022 15% | Jun 2022 4.7% | Sep 2022 14% | Dec 2022 12% | Mar 2023 13% | Jun 2023 9.0% | Sep 2023 7.0% | Dec 2023 18% | Mar 2024 13% | Jun 2024 4.2% | Sep 2024 12% | Dec 2024 19% | Mar 2025 13% | Jun 2025 9.0% | Sep 2025 14% | Dec 2025 18% | Mar 2026 17% | Jun 2026 —
- ACCENTMIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 18% | Dec 2023 — | Mar 2024 14% | Jun 2024 — | Sep 2024 15% | Dec 2024 — | Mar 2025 17% | Jun 2025 — | Sep 2025 17% | Dec 2025 — | Mar 2026 16% | Jun 2026 —
- LINCOLN: Sep 2021 23% | Dec 2021 20% | Mar 2022 17% | Jun 2022 14% | Sep 2022 21% | Dec 2022 20% | Mar 2023 15% | Jun 2023 15% | Sep 2023 20% | Dec 2023 20% | Mar 2024 13% | Jun 2024 15% | Sep 2024 18% | Dec 2024 16% | Mar 2025 16% | Jun 2025 15% | Sep 2025 16% | Dec 2025 14% | Mar 2026 13% | Jun 2026 —
- BAJAJHCARE: Sep 2021 19% | Dec 2021 18% | Mar 2022 14% | Jun 2022 15% | Sep 2022 18% | Dec 2022 23% | Mar 2023 14% | Jun 2023 17% | Sep 2023 19% | Dec 2023 18% | Mar 2024 12% | Jun 2024 19% | Sep 2024 18% | Dec 2024 18% | Mar 2025 8.0% | Jun 2025 16% | Sep 2025 18% | Dec 2025 19% | Mar 2026 15% | Jun 2026 17%
- INFLUX: 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 19% | Dec 2024 — | Mar 2025 20% | Jun 2025 — | Sep 2025 22% | Dec 2025 — | Mar 2026 19% | Jun 2026 —
- KILITCH: Sep 2021 15% | Dec 2021 2.2% | Mar 2022 14% | Jun 2022 10% | Sep 2022 13% | Dec 2022 13% | Mar 2023 14% | Jun 2023 17% | Sep 2023 21% | Dec 2023 7.0% | Mar 2024 16% | Jun 2024 5.0% | Sep 2024 13% | Dec 2024 16% | Mar 2025 24% | Jun 2025 8.0% | Sep 2025 10% | Dec 2025 11% | Mar 2026 25% | Jun 2026 —
- ZIMLAB: Sep 2021 13% | Dec 2021 12% | Mar 2022 14% | Jun 2022 12% | Sep 2022 12% | Dec 2022 13% | Mar 2023 15% | Jun 2023 7.2% | Sep 2023 11% | Dec 2023 12% | Mar 2024 13% | Jun 2024 9.8% | Sep 2024 10% | Dec 2024 12% | Mar 2025 13% | Jun 2025 5.9% | Sep 2025 6.5% | Dec 2025 12% | Mar 2026 6.8% | Jun 2026 —

### 20-quarter Margin change history
- 539730: Sep 2021 −2.7 pp | Dec 2021 +1.3 pp | Mar 2022 +0.9 pp | Jun 2022 +4.5 pp | Sep 2022 +2.2 pp | Dec 2022 +1.3 pp | Mar 2023 +7.9 pp | Jun 2023 +4.3 pp | Sep 2023 +2.1 pp | Dec 2023 +2.7 pp | Mar 2024 −5.9 pp | Jun 2024 +1.0 pp | Sep 2024 — | Dec 2024 — | Mar 2025 +0.5 pp | Jun 2025 +0.7 pp | Sep 2025 — | Dec 2025 — | Mar 2026 +4.0 pp | Jun 2026 —
- 539997: Sep 2021 +34.3 pp | Dec 2021 — | Mar 2022 +14.4 pp | Jun 2022 −13.9 pp | Sep 2022 −17.4 pp | Dec 2022 −0.8 pp | Mar 2023 −8.3 pp | Jun 2023 −5.6 pp | Sep 2023 −6.0 pp | Dec 2023 −6.0 pp | Mar 2024 +5.0 pp | Jun 2024 +2.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 +3.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- 541096: Sep 2021 +2.2 pp | Dec 2021 −4.5 pp | Mar 2022 +2.0 pp | Jun 2022 −10.6 pp | Sep 2022 −5.3 pp | Dec 2022 −2.5 pp | Mar 2023 +3.8 pp | Jun 2023 +8.0 pp | Sep 2023 −4.0 pp | Dec 2023 +6.6 pp | Mar 2024 −10.7 pp | Jun 2024 −10.1 pp | Sep 2024 −17.9 pp | Dec 2024 −6.0 pp | Mar 2025 +0.7 pp | Jun 2025 +7.0 pp | Sep 2025 +12.0 pp | Dec 2025 −2.4 pp | Mar 2026 −2.7 pp | Jun 2026 —
- SUNPHARMA: Sep 2021 +1.7 pp | Dec 2021 −0.8 pp | Mar 2022 +0.7 pp | Jun 2022 −2.2 pp | Sep 2022 −0.3 pp | Dec 2022 +0.6 pp | Mar 2023 +1.2 pp | Jun 2023 +1.2 pp | Sep 2023 −1.0 pp | Dec 2023 +1.0 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 +4.0 pp | Dec 2024 +1.0 pp | Mar 2025 +4.0 pp | Jun 2025 +2.0 pp | Sep 2025 +1.0 pp | Dec 2025 +3.0 pp | Mar 2026 −2.0 pp | Jun 2026 −2.0 pp
- TORNTPHARM: Sep 2021 −0.6 pp | Dec 2021 −4.9 pp | Mar 2022 −3.7 pp | Jun 2022 −1.4 pp | Sep 2022 −0.9 pp | Dec 2022 +3.5 pp | Mar 2023 +2.7 pp | Jun 2023 +0.7 pp | Sep 2023 +1.0 pp | Dec 2023 +3.0 pp | Mar 2024 +3.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp | Jun 2026 +2.0 pp
- CIPLA: Sep 2021 −1.1 pp | Dec 2021 −1.3 pp | Mar 2022 −3.0 pp | Jun 2022 −3.2 pp | Sep 2022 +0.1 pp | Dec 2022 +1.5 pp | Mar 2023 +5.8 pp | Jun 2023 +2.7 pp | Sep 2023 +3.7 pp | Dec 2023 +2.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 +2.0 pp | Mar 2025 +2.0 pp | Jun 2025 0.0 pp | Sep 2025 −2.0 pp | Dec 2025 −10.0 pp | Mar 2026 −8.0 pp | Jun 2026 −9.0 pp
- ZYDUSLIFE: Sep 2021 +1.7 pp | Dec 2021 −0.5 pp | Mar 2022 −4.3 pp | Jun 2022 −2.7 pp | Sep 2022 −4.2 pp | Dec 2022 +1.4 pp | Mar 2023 +6.1 pp | Jun 2023 +8.6 pp | Sep 2023 +6.3 pp | Dec 2023 +2.0 pp | Mar 2024 +4.0 pp | Jun 2024 +5.0 pp | Sep 2024 +2.0 pp | Dec 2024 +2.0 pp | Mar 2025 +4.0 pp | Jun 2025 −2.0 pp | Sep 2025 +5.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- LUPIN: Sep 2021 −47.5 pp | Dec 2021 −10.5 pp | Mar 2022 −12.1 pp | Jun 2022 −16.4 pp | Sep 2022 +43.4 pp | Dec 2022 +3.1 pp | Mar 2023 +6.1 pp | Jun 2023 +11.8 pp | Sep 2023 +7.0 pp | Dec 2023 +8.0 pp | Mar 2024 +7.0 pp | Jun 2024 +4.0 pp | Sep 2024 +6.0 pp | Dec 2024 +4.0 pp | Mar 2025 +3.0 pp | Jun 2025 +6.0 pp | Sep 2025 +9.0 pp | Dec 2025 +8.0 pp | Mar 2026 +10.0 pp | Jun 2026 —
- MANKIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +3.5 pp | Jun 2023 +4.1 pp | Sep 2023 +0.7 pp | Dec 2023 +2.0 pp | Mar 2024 +4.0 pp | Jun 2024 −2.0 pp | Sep 2024 +3.0 pp | Dec 2024 +3.0 pp | Mar 2025 −2.0 pp | Jun 2025 +1.0 pp | Sep 2025 −3.0 pp | Dec 2025 0.0 pp | Mar 2026 +5.0 pp | Jun 2026 +2.0 pp
- DRREDDY: Sep 2021 −0.0 pp | Dec 2021 +11.9 pp | Mar 2022 −13.9 pp | Jun 2022 +3.1 pp | Sep 2022 +6.5 pp | Dec 2022 +6.2 pp | Mar 2023 +15.8 pp | Jun 2023 +13.0 pp | Sep 2023 −1.0 pp | Dec 2023 −1.0 pp | Mar 2024 +2.0 pp | Jun 2024 −3.0 pp | Sep 2024 −3.0 pp | Dec 2024 −1.0 pp | Mar 2025 −3.0 pp | Jun 2025 −3.0 pp | Sep 2025 −3.0 pp | Dec 2025 −5.0 pp | Mar 2026 −18.0 pp | Jun 2026 −14.0 pp
- AUROPHARMA: Sep 2021 −2.0 pp | Dec 2021 −4.5 pp | Mar 2022 −4.4 pp | Jun 2022 −6.1 pp | Sep 2022 −5.8 pp | Dec 2022 −1.8 pp | Mar 2023 −1.7 pp | Jun 2023 +2.1 pp | Sep 2023 +5.0 pp | Dec 2023 +7.0 pp | Mar 2024 +7.0 pp | Jun 2024 +4.0 pp | Sep 2024 +1.0 pp | Dec 2024 −2.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- BIOCON: Sep 2021 −0.6 pp | Dec 2021 −1.2 pp | Mar 2022 +2.5 pp | Jun 2022 −2.3 pp | Sep 2022 −15.5 pp | Dec 2022 −0.3 pp | Mar 2023 +2.6 pp | Jun 2023 +3.3 pp | Sep 2023 +15.0 pp | Dec 2023 +3.0 pp | Mar 2024 −2.0 pp | Jun 2024 −2.0 pp | Sep 2024 −2.0 pp | Dec 2024 −3.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- ALKEM: Sep 2021 −3.1 pp | Dec 2021 −3.8 pp | Mar 2022 +0.3 pp | Jun 2022 −13.8 pp | Sep 2022 −7.6 pp | Dec 2022 +1.0 pp | Mar 2023 −1.6 pp | Jun 2023 +5.1 pp | Sep 2023 +7.3 pp | Dec 2023 +1.0 pp | Mar 2024 +2.0 pp | Jun 2024 +7.0 pp | Sep 2024 0.0 pp | Dec 2024 +2.0 pp | Mar 2025 −2.0 pp | Jun 2025 +2.0 pp | Sep 2025 +1.0 pp | Dec 2025 −1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- GLENMARK: Sep 2021 +0.0 pp | Dec 2021 +2.8 pp | Mar 2022 −3.0 pp | Jun 2022 −3.8 pp | Sep 2022 −2.9 pp | Dec 2022 −6.8 pp | Mar 2023 −2.4 pp | Jun 2023 −1.5 pp | Sep 2023 −1.9 pp | Dec 2023 −23.0 pp | Mar 2024 +3.0 pp | Jun 2024 +4.0 pp | Sep 2024 +4.0 pp | Dec 2024 +26.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 +21.0 pp | Dec 2025 +4.0 pp | Mar 2026 +3.0 pp | Jun 2026 +2.0 pp
- IPCALAB: Sep 2021 −3.0 pp | Dec 2021 −4.4 pp | Mar 2022 −3.5 pp | Jun 2022 −9.5 pp | Sep 2022 −5.3 pp | Dec 2022 −7.5 pp | Mar 2023 −5.0 pp | Jun 2023 +2.0 pp | Sep 2023 0.0 pp | Dec 2023 +2.0 pp | Mar 2024 +4.0 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 +5.0 pp | Mar 2025 +3.0 pp | Jun 2025 −1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- AJANTPHARM: Sep 2021 −8.6 pp | Dec 2021 −3.7 pp | Mar 2022 −10.5 pp | Jun 2022 −6.1 pp | Sep 2022 −8.8 pp | Dec 2022 −11.6 pp | Mar 2023 −6.8 pp | Jun 2023 +3.7 pp | Sep 2023 +7.1 pp | Dec 2023 +11.0 pp | Mar 2024 +9.0 pp | Jun 2024 +2.0 pp | Sep 2024 −2.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 −2.0 pp | Sep 2025 −2.0 pp | Dec 2025 0.0 pp | Mar 2026 −2.0 pp | Jun 2026 −1.0 pp
- JBCHEPHARM: Sep 2021 −3.5 pp | Dec 2021 −9.9 pp | Mar 2022 −3.4 pp | Jun 2022 −5.0 pp | Sep 2022 +1.4 pp | Dec 2022 +0.7 pp | Mar 2023 +1.0 pp | Jun 2023 +4.0 pp | Sep 2023 +5.2 pp | Dec 2023 +4.0 pp | Mar 2024 +2.0 pp | Jun 2024 +2.0 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- EMCURE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.0 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +3.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- WOCKPHARMA: Sep 2021 +8.9 pp | Dec 2021 +5.5 pp | Mar 2022 +5.4 pp | Jun 2022 −16.7 pp | Sep 2022 −4.9 pp | Dec 2022 −7.1 pp | Mar 2023 +5.4 pp | Jun 2023 +5.2 pp | Sep 2023 +3.7 pp | Dec 2023 −1.0 pp | Mar 2024 −8.4 pp | Jun 2024 +9.5 pp | Sep 2024 +4.0 pp | Dec 2024 +13.0 pp | Mar 2025 +17.0 pp | Jun 2025 −2.0 pp | Sep 2025 +9.0 pp | Dec 2025 +2.0 pp | Mar 2026 +14.0 pp | Jun 2026 —
- RUBICON: 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 +7.5 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- CAPLIPOINT: Sep 2021 +0.7 pp | Dec 2021 +0.4 pp | Mar 2022 −1.3 pp | Jun 2022 −1.3 pp | Sep 2022 −3.9 pp | Dec 2022 −2.0 pp | Mar 2023 +2.5 pp | Jun 2023 +2.5 pp | Sep 2023 +4.6 pp | Dec 2023 +4.0 pp | Mar 2024 0.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 +2.0 pp | Sep 2025 +1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- ERIS: Sep 2021 +1.1 pp | Dec 2021 +2.1 pp | Mar 2022 −2.3 pp | Jun 2022 −3.8 pp | Sep 2022 −6.0 pp | Dec 2022 −4.7 pp | Mar 2023 −1.7 pp | Jun 2023 +3.6 pp | Sep 2023 +3.1 pp | Dec 2023 +4.0 pp | Mar 2024 −3.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 −2.0 pp | Mar 2025 +9.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 −2.0 pp
- NATCOPHARM: Sep 2021 −15.8 pp | Dec 2021 −5.1 pp | Mar 2022 −26.1 pp | Jun 2022 +17.9 pp | Sep 2022 +3.4 pp | Dec 2022 +3.8 pp | Mar 2023 +41.1 pp | Jun 2023 +1.3 pp | Sep 2023 +21.9 pp | Dec 2023 +13.0 pp | Mar 2024 +9.0 pp | Jun 2024 +13.0 pp | Sep 2024 +15.0 pp | Dec 2024 −27.0 pp | Mar 2025 −2.0 pp | Jun 2025 −16.0 pp | Sep 2025 −17.0 pp | Dec 2025 +17.0 pp | Mar 2026 −28.0 pp | Jun 2026 —
- APLLTD: Sep 2021 −12.0 pp | Dec 2021 −8.8 pp | Mar 2022 −14.5 pp | Jun 2022 −17.2 pp | Sep 2022 −2.8 pp | Dec 2022 −3.0 pp | Mar 2023 +3.5 pp | Jun 2023 +12.4 pp | Sep 2023 −2.7 pp | Dec 2023 0.0 pp | Mar 2024 +3.0 pp | Jun 2024 +2.0 pp | Sep 2024 +2.0 pp | Dec 2024 −1.0 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 —
- CORONA: 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 +6.1 pp | Jun 2025 +3.7 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 +2.0 pp
- MARKSANS: Sep 2021 −6.7 pp | Dec 2021 −9.5 pp | Mar 2022 −13.7 pp | Jun 2022 −5.4 pp | Sep 2022 +1.1 pp | Dec 2022 +0.1 pp | Mar 2023 +7.8 pp | Jun 2023 +3.2 pp | Sep 2023 +3.3 pp | Dec 2023 +7.0 pp | Mar 2024 −3.0 pp | Jun 2024 +2.0 pp | Sep 2024 +2.0 pp | Dec 2024 −3.0 pp | Mar 2025 −2.0 pp | Jun 2025 −6.0 pp | Sep 2025 −3.0 pp | Dec 2025 +1.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- AKUMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +26.0 pp | Sep 2024 −1.0 pp | Dec 2024 +3.0 pp | Mar 2025 +8.7 pp | Jun 2025 0.0 pp | Sep 2025 −3.0 pp | Dec 2025 +1.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- STAR: Sep 2021 −21.8 pp | Dec 2021 −18.9 pp | Mar 2022 −15.2 pp | Jun 2022 +10.5 pp | Sep 2022 +11.1 pp | Dec 2022 −0.1 pp | Mar 2023 +12.2 pp | Jun 2023 +13.6 pp | Sep 2023 +5.1 pp | Dec 2023 +16.0 pp | Mar 2024 +4.0 pp | Jun 2024 +4.0 pp | Sep 2024 +5.0 pp | Dec 2024 +5.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +3.0 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp | Jun 2026 −1.0 pp
- SUVEN: Sep 2021 −2,143.8 pp | Dec 2021 +1,031.1 pp | Mar 2022 +916.0 pp | Jun 2022 +1,522.7 pp | Sep 2022 +1,845.5 pp | Dec 2022 −985.8 pp | Mar 2023 −740.7 pp | Jun 2023 −141.2 pp | Sep 2023 −273.7 pp | Dec 2023 −166.0 pp | Mar 2024 −59.0 pp | Jun 2024 −2,287.0 pp | Sep 2024 −1,264.0 pp | Dec 2024 −550.0 pp | Mar 2025 −1,714.0 pp | Jun 2025 +310.0 pp | Sep 2025 −6,639.0 pp | Dec 2025 −1,243.0 pp | Mar 2026 −350.0 pp | Jun 2026 —
- FDC: Sep 2021 −10.6 pp | Dec 2021 −7.7 pp | Mar 2022 −10.8 pp | Jun 2022 −10.0 pp | Sep 2022 −2.8 pp | Dec 2022 −2.0 pp | Mar 2023 +5.4 pp | Jun 2023 +7.2 pp | Sep 2023 +0.9 pp | Dec 2023 +6.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 −2.0 pp | Dec 2024 −8.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 −7.0 pp | Dec 2025 +1.0 pp | Mar 2026 +7.0 pp | Jun 2026 —
- BLISSGVS: Sep 2021 −6.1 pp | Dec 2021 −7.5 pp | Mar 2022 −0.7 pp | Jun 2022 +0.0 pp | Sep 2022 +4.0 pp | Dec 2022 +7.2 pp | Mar 2023 −8.7 pp | Jun 2023 −5.6 pp | Sep 2023 +7.0 pp | Dec 2023 −1.0 pp | Mar 2024 +10.6 pp | Jun 2024 +4.0 pp | Sep 2024 −7.0 pp | Dec 2024 −8.0 pp | Mar 2025 −3.0 pp | Jun 2025 +1.0 pp | Sep 2025 −1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +6.0 pp | Jun 2026 —
- RPGLIFE: Sep 2021 +3.2 pp | Dec 2021 +1.1 pp | Mar 2022 −0.6 pp | Jun 2022 +0.4 pp | Sep 2022 −0.8 pp | Dec 2022 +1.5 pp | Mar 2023 +0.4 pp | Jun 2023 +0.2 pp | Sep 2023 +2.2 pp | Dec 2023 +2.3 pp | Mar 2024 +2.9 pp | Jun 2024 +1.8 pp | Sep 2024 +2.4 pp | Dec 2024 +3.3 pp | Mar 2025 +1.7 pp | Jun 2025 −2.6 pp | Sep 2025 −5.7 pp | Dec 2025 −6.0 pp | Mar 2026 +1.0 pp | Jun 2026 +1.0 pp
- GUFICBIO: Sep 2021 −4.4 pp | Dec 2021 +2.6 pp | Mar 2022 +2.2 pp | Jun 2022 +1.9 pp | Sep 2022 +0.2 pp | Dec 2022 +0.4 pp | Mar 2023 −1.6 pp | Jun 2023 −1.9 pp | Sep 2023 −0.7 pp | Dec 2023 −1.4 pp | Mar 2024 −0.6 pp | Jun 2024 −0.2 pp | Sep 2024 +1.0 pp | Dec 2024 −2.0 pp | Mar 2025 −5.0 pp | Jun 2025 −3.0 pp | Sep 2025 −3.0 pp | Dec 2025 −2.0 pp | Mar 2026 +6.0 pp | Jun 2026 —
- INDOCO: Sep 2021 +3.8 pp | Dec 2021 +2.4 pp | Mar 2022 +1.8 pp | Jun 2022 −5.0 pp | Sep 2022 −2.1 pp | Dec 2022 −4.5 pp | Mar 2023 −4.7 pp | Jun 2023 −3.5 pp | Sep 2023 −5.3 pp | Dec 2023 −2.0 pp | Mar 2024 −4.0 pp | Jun 2024 −3.0 pp | Sep 2024 −6.0 pp | Dec 2024 −11.1 pp | Mar 2025 −11.2 pp | Jun 2025 −7.0 pp | Sep 2025 0.0 pp | Dec 2025 +4.1 pp | Mar 2026 +10.2 pp | Jun 2026 +5.0 pp
- AMRUTANJAN: Sep 2021 −9.9 pp | Dec 2021 −3.3 pp | Mar 2022 +2.2 pp | Jun 2022 −13.9 pp | Sep 2022 −6.4 pp | Dec 2022 −11.1 pp | Mar 2023 −2.3 pp | Jun 2023 +4.3 pp | Sep 2023 −7.4 pp | Dec 2023 +6.0 pp | Mar 2024 0.0 pp | Jun 2024 −4.8 pp | Sep 2024 +5.0 pp | Dec 2024 +1.0 pp | Mar 2025 0.0 pp | Jun 2025 +4.8 pp | Sep 2025 +2.0 pp | Dec 2025 −1.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- ACCENTMIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −0.8 pp | Jun 2024 — | Sep 2024 −3.0 pp | Dec 2024 — | Mar 2025 +3.0 pp | Jun 2025 — | Sep 2025 +2.0 pp | Dec 2025 — | Mar 2026 −1.0 pp | Jun 2026 —
- LINCOLN: Sep 2021 −0.7 pp | Dec 2021 +2.1 pp | Mar 2022 −2.1 pp | Jun 2022 −7.0 pp | Sep 2022 −2.4 pp | Dec 2022 +0.4 pp | Mar 2023 −2.0 pp | Jun 2023 +1.3 pp | Sep 2023 −0.6 pp | Dec 2023 0.0 pp | Mar 2024 −2.0 pp | Jun 2024 0.0 pp | Sep 2024 −2.0 pp | Dec 2024 −4.0 pp | Mar 2025 +3.0 pp | Jun 2025 0.0 pp | Sep 2025 −2.0 pp | Dec 2025 −2.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- BAJAJHCARE: Sep 2021 +3.6 pp | Dec 2021 −6.3 pp | Mar 2022 −11.8 pp | Jun 2022 −3.1 pp | Sep 2022 −1.6 pp | Dec 2022 +4.6 pp | Mar 2023 −0.4 pp | Jun 2023 +2.1 pp | Sep 2023 +1.4 pp | Dec 2023 −5.0 pp | Mar 2024 −2.0 pp | Jun 2024 +2.0 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 −4.0 pp | Jun 2025 −3.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 +7.0 pp | Jun 2026 +1.0 pp
- INFLUX: 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 +3.0 pp | Dec 2025 — | Mar 2026 −1.0 pp | Jun 2026 —
- KILITCH: Sep 2021 −0.9 pp | Dec 2021 −12.6 pp | Mar 2022 +12.2 pp | Jun 2022 +5.6 pp | Sep 2022 −2.6 pp | Dec 2022 +11.0 pp | Mar 2023 +0.2 pp | Jun 2023 +6.8 pp | Sep 2023 +8.1 pp | Dec 2023 −6.3 pp | Mar 2024 +2.0 pp | Jun 2024 −12.0 pp | Sep 2024 −8.0 pp | Dec 2024 +9.0 pp | Mar 2025 +8.0 pp | Jun 2025 +3.0 pp | Sep 2025 −3.0 pp | Dec 2025 −5.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- ZIMLAB: Sep 2021 −1.2 pp | Dec 2021 +2.2 pp | Mar 2022 +1.9 pp | Jun 2022 +3.8 pp | Sep 2022 −0.9 pp | Dec 2022 +0.7 pp | Mar 2023 +0.6 pp | Jun 2023 −4.9 pp | Sep 2023 −1.5 pp | Dec 2023 −1.0 pp | Mar 2024 −1.4 pp | Jun 2024 +2.7 pp | Sep 2024 −0.5 pp | Dec 2024 +0.0 pp | Mar 2025 +0.2 pp | Jun 2025 −3.9 pp | Sep 2025 −3.9 pp | Dec 2025 −0.2 pp | Mar 2026 −6.6 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Sun Pharmaceutical Industries Ltd leads with ₹12,117 crore of TTM profit, 126.2% above Lupin Ltd. Glenmark Pharmaceuticals Ltd shows ≥100% on the scoring scale (138.7% uncapped) growth from a ₹1,797 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Sun Pharmaceutical Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

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

Evidence: Sun Pharmaceutical Industries Ltd · ₹12,117 crore | 126.2% versus #2 · Lupin Ltd | 6/8 recent comparable periods | 41/43 companies · 661 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. Sun Pharmaceutical Industries Ltd (SUNPHARMA): ₹12.1K Cr
2. Lupin Ltd (LUPIN): ₹5.4K Cr
3. Zydus Lifesciences Ltd (ZYDUSLIFE): ₹5.1K Cr
4. Aurobindo Pharma Ltd (AUROPHARMA): ₹3.5K Cr
5. Cipla Ltd (CIPLA): ₹3.4K Cr

### Profit growth — fastest growers
1. Glenmark Pharmaceuticals Ltd (GLENMARK): 100%
2. Rubicon Research Ltd (RUBICON): 84%
3. Strides Pharma Science Ltd (STAR): 79%
4. Kwality Pharmaceuticals Ltd (539997): 72%
5. ERIS Lifesciences Ltd (ERIS): 62%

### 20-quarter Net profit history
- 539730: 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 ₹0 Cr | Dec 2024 — | Mar 2025 ₹6 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- 539997: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹9 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹25 Cr | Jun 2026 —
- 541096: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹-18 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹-8 Cr | Jun 2026 —
- SUNPHARMA: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹-2.3K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 ₹2.9K Cr
- TORNTPHARM: Sep 2021 ₹316 Cr | Dec 2021 ₹249 Cr | Mar 2022 ₹-118 Cr | Jun 2022 ₹354 Cr | Sep 2022 ₹312 Cr | Dec 2022 ₹292 Cr | Mar 2023 ₹287 Cr | Jun 2023 ₹378 Cr | Sep 2023 ₹386 Cr | Dec 2023 ₹443 Cr | Mar 2024 ₹449 Cr | Jun 2024 ₹457 Cr | Sep 2024 ₹453 Cr | Dec 2024 ₹503 Cr | Mar 2025 ₹498 Cr | Jun 2025 ₹548 Cr | Sep 2025 ₹591 Cr | Dec 2025 ₹635 Cr | Mar 2026 ₹364 Cr | Jun 2026 ₹566 Cr
- CIPLA: Sep 2021 ₹711 Cr | Dec 2021 ₹729 Cr | Mar 2022 ₹362 Cr | Jun 2022 ₹686 Cr | Sep 2022 ₹789 Cr | Dec 2022 ₹808 Cr | Mar 2023 ₹522 Cr | Jun 2023 ₹998 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹932 Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹674 Cr | Mar 2026 ₹543 Cr | Jun 2026 ₹786 Cr
- ZYDUSLIFE: Sep 2021 ₹3.0K Cr | Dec 2021 ₹511 Cr | Mar 2022 ₹453 Cr | Jun 2022 ₹576 Cr | Sep 2022 ₹526 Cr | Dec 2022 ₹631 Cr | Mar 2023 ₹358 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹803 Cr | Dec 2023 ₹790 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹920 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- LUPIN: Sep 2021 ₹-2.1K Cr | Dec 2021 ₹549 Cr | Mar 2022 ₹-512 Cr | Jun 2022 ₹-87 Cr | Sep 2022 ₹134 Cr | Dec 2022 ₹158 Cr | Mar 2023 ₹242 Cr | Jun 2023 ₹453 Cr | Sep 2023 ₹495 Cr | Dec 2023 ₹619 Cr | Mar 2024 ₹368 Cr | Jun 2024 ₹806 Cr | Sep 2024 ₹859 Cr | Dec 2024 ₹859 Cr | Mar 2025 ₹782 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- MANKIND: Sep 2021 — | Dec 2021 — | Mar 2022 ₹190 Cr | Jun 2022 ₹293 Cr | Sep 2022 ₹420 Cr | Dec 2022 ₹296 Cr | Mar 2023 ₹294 Cr | Jun 2023 ₹494 Cr | Sep 2023 ₹511 Cr | Dec 2023 ₹460 Cr | Mar 2024 ₹477 Cr | Jun 2024 ₹543 Cr | Sep 2024 ₹659 Cr | Dec 2024 ₹385 Cr | Mar 2025 ₹425 Cr | Jun 2025 ₹445 Cr | Sep 2025 ₹520 Cr | Dec 2025 ₹414 Cr | Mar 2026 ₹559 Cr | Jun 2026 ₹574 Cr
- DRREDDY: Sep 2021 ₹992 Cr | Dec 2021 ₹707 Cr | Mar 2022 ₹88 Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹960 Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹221 Cr | Jun 2026 ₹436 Cr
- AUROPHARMA: Sep 2021 ₹697 Cr | Dec 2021 ₹605 Cr | Mar 2022 ₹576 Cr | Jun 2022 ₹521 Cr | Sep 2022 ₹165 Cr | Dec 2022 ₹491 Cr | Mar 2023 ₹506 Cr | Jun 2023 ₹570 Cr | Sep 2023 ₹752 Cr | Dec 2023 ₹940 Cr | Mar 2024 ₹907 Cr | Jun 2024 ₹918 Cr | Sep 2024 ₹817 Cr | Dec 2024 ₹846 Cr | Mar 2025 ₹903 Cr | Jun 2025 ₹824 Cr | Sep 2025 ₹848 Cr | Dec 2025 ₹910 Cr | Mar 2026 ₹921 Cr | Jun 2026 —
- BIOCON: Sep 2021 ₹160 Cr | Dec 2021 ₹220 Cr | Mar 2022 ₹284 Cr | Jun 2022 ₹167 Cr | Sep 2022 ₹988 Cr | Dec 2022 ₹-21 Cr | Mar 2023 ₹414 Cr | Jun 2023 ₹149 Cr | Sep 2023 ₹173 Cr | Dec 2023 ₹753 Cr | Mar 2024 ₹223 Cr | Jun 2024 ₹862 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹459 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹-52 Cr | Mar 2026 ₹199 Cr | Jun 2026 —
- ALKEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹460 Cr | Mar 2023 ₹68 Cr | Jun 2023 ₹288 Cr | Sep 2023 ₹615 Cr | Dec 2023 ₹604 Cr | Mar 2024 ₹304 Cr | Jun 2024 ₹550 Cr | Sep 2024 ₹702 Cr | Dec 2024 ₹641 Cr | Mar 2025 ₹322 Cr | Jun 2025 ₹668 Cr | Sep 2025 ₹779 Cr | Dec 2025 ₹653 Cr | Mar 2026 ₹251 Cr | Jun 2026 —
- GLENMARK: Sep 2021 ₹275 Cr | Dec 2021 ₹240 Cr | Mar 2022 ₹173 Cr | Jun 2022 ₹211 Cr | Sep 2022 ₹279 Cr | Dec 2022 ₹291 Cr | Mar 2023 ₹-403 Cr | Jun 2023 ₹173 Cr | Sep 2023 ₹-62 Cr | Dec 2023 ₹-331 Cr | Mar 2024 ₹-1.2K Cr | Jun 2024 ₹340 Cr | Sep 2024 ₹354 Cr | Dec 2024 ₹348 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹610 Cr | Dec 2025 ₹403 Cr | Mar 2026 ₹301 Cr | Jun 2026 ₹483 Cr
- IPCALAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹166 Cr | Dec 2022 ₹110 Cr | Mar 2023 ₹78 Cr | Jun 2023 ₹164 Cr | Sep 2023 ₹136 Cr | Dec 2023 ₹221 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹199 Cr | Sep 2024 ₹246 Cr | Dec 2024 ₹276 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹233 Cr | Sep 2025 ₹281 Cr | Dec 2025 ₹364 Cr | Mar 2026 ₹307 Cr | Jun 2026 —
- AJANTPHARM: Sep 2021 ₹196 Cr | Dec 2021 ₹192 Cr | Mar 2022 ₹151 Cr | Jun 2022 ₹175 Cr | Sep 2022 ₹157 Cr | Dec 2022 ₹135 Cr | Mar 2023 ₹122 Cr | Jun 2023 ₹208 Cr | Sep 2023 ₹195 Cr | Dec 2023 ₹210 Cr | Mar 2024 ₹203 Cr | Jun 2024 ₹246 Cr | Sep 2024 ₹216 Cr | Dec 2024 ₹233 Cr | Mar 2025 ₹225 Cr | Jun 2025 ₹255 Cr | Sep 2025 ₹260 Cr | Dec 2025 ₹274 Cr | Mar 2026 ₹267 Cr | Jun 2026 ₹334 Cr
- JBCHEPHARM: Sep 2021 ₹98 Cr | Dec 2021 ₹84 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹105 Cr | Sep 2022 ₹111 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹142 Cr | Sep 2023 ₹151 Cr | Dec 2023 ₹134 Cr | Mar 2024 ₹126 Cr | Jun 2024 ₹177 Cr | Sep 2024 ₹175 Cr | Dec 2024 ₹162 Cr | Mar 2025 ₹146 Cr | Jun 2025 ₹202 Cr | Sep 2025 ₹208 Cr | Dec 2025 ₹198 Cr | Mar 2026 ₹101 Cr | Jun 2026 —
- EMCURE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹141 Cr | Sep 2023 ₹146 Cr | Dec 2023 ₹120 Cr | Mar 2024 ₹121 Cr | Jun 2024 ₹153 Cr | Sep 2024 ₹202 Cr | Dec 2024 ₹156 Cr | Mar 2025 ₹197 Cr | Jun 2025 ₹215 Cr | Sep 2025 ₹251 Cr | Dec 2025 ₹231 Cr | Mar 2026 ₹244 Cr | Jun 2026 —
- WOCKPHARMA: Sep 2021 ₹37 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹-311 Cr | Jun 2022 ₹-75 Cr | Sep 2022 ₹-207 Cr | Dec 2022 ₹-102 Cr | Mar 2023 ₹-237 Cr | Jun 2023 ₹-136 Cr | Sep 2023 ₹-73 Cr | Dec 2023 ₹-86 Cr | Mar 2024 ₹-177 Cr | Jun 2024 ₹-16 Cr | Sep 2024 ₹-16 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹-45 Cr | Jun 2025 ₹-108 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹61 Cr | Mar 2026 ₹164 Cr | Jun 2026 —
- RUBICON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹26 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹77 Cr | Jun 2026 —
- CAPLIPOINT: Sep 2021 ₹75 Cr | Dec 2021 ₹75 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹85 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹97 Cr | Mar 2023 ₹101 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹116 Cr | Dec 2023 ₹120 Cr | Mar 2024 ₹121 Cr | Jun 2024 ₹125 Cr | Sep 2024 ₹131 Cr | Dec 2024 ₹140 Cr | Mar 2025 ₹145 Cr | Jun 2025 ₹151 Cr | Sep 2025 ₹160 Cr | Dec 2025 ₹166 Cr | Mar 2026 ₹173 Cr | Jun 2026 —
- ERIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹100 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹122 Cr | Dec 2023 ₹101 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹90 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹87 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹125 Cr | Sep 2025 ₹134 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹279 Cr | Jun 2026 ₹143 Cr
- NATCOPHARM: Sep 2021 ₹65 Cr | Dec 2021 ₹80 Cr | Mar 2022 ₹-51 Cr | Jun 2022 ₹320 Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹276 Cr | Jun 2023 ₹420 Cr | Sep 2023 ₹369 Cr | Dec 2023 ₹213 Cr | Mar 2024 ₹386 Cr | Jun 2024 ₹668 Cr | Sep 2024 ₹676 Cr | Dec 2024 ₹132 Cr | Mar 2025 ₹406 Cr | Jun 2025 ₹480 Cr | Sep 2025 ₹518 Cr | Dec 2025 ₹151 Cr | Mar 2026 ₹269 Cr | Jun 2026 —
- APLLTD: Sep 2021 ₹169 Cr | Dec 2021 ₹176 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹-66 Cr | Sep 2022 ₹133 Cr | Dec 2022 ₹122 Cr | Mar 2023 ₹153 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹137 Cr | Dec 2023 ₹180 Cr | Mar 2024 ₹178 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹153 Cr | Dec 2024 ₹138 Cr | Mar 2025 ₹157 Cr | Jun 2025 ₹154 Cr | Sep 2025 ₹184 Cr | Dec 2025 ₹132 Cr | Mar 2026 ₹202 Cr | Jun 2026 —
- CORONA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹23 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹45 Cr | Jun 2026 ₹60 Cr
- MARKSANS: Sep 2021 ₹46 Cr | Dec 2021 ₹48 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹60 Cr | Sep 2022 ₹61 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹83 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹84 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹105 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹99 Cr | Dec 2025 ₹114 Cr | Mar 2026 ₹149 Cr | Jun 2026 —
- AKUMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-187 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹195 Cr | Mar 2024 ₹-39 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹150 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹81 Cr | Jun 2026 —
- STAR: Sep 2021 ₹-168 Cr | Dec 2021 ₹-127 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹-135 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹-82 Cr | Mar 2023 ₹-14 Cr | Jun 2023 ₹-9 Cr | Sep 2023 ₹-149 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹90 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹132 Cr | Dec 2025 ₹208 Cr | Mar 2026 ₹129 Cr | Jun 2026 ₹165 Cr
- SUVEN: Sep 2021 ₹-28 Cr | Dec 2021 ₹-34 Cr | Mar 2022 ₹-21 Cr | Jun 2022 ₹-16 Cr | Sep 2022 ₹-23 Cr | Dec 2022 ₹-51 Cr | Mar 2023 ₹-28 Cr | Jun 2023 ₹-24 Cr | Sep 2023 ₹-13 Cr | Dec 2023 ₹-42 Cr | Mar 2024 ₹-27 Cr | Jun 2024 ₹-28 Cr | Sep 2024 ₹-50 Cr | Dec 2024 ₹-39 Cr | Mar 2025 ₹-44 Cr | Jun 2025 ₹-52 Cr | Sep 2025 ₹-77 Cr | Dec 2025 ₹-102 Cr | Mar 2026 ₹-46 Cr | Jun 2026 —
- FDC: Sep 2021 ₹72 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹110 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹119 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹121 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹103 Cr | Jun 2026 —
- BLISSGVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹25 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹37 Cr | Jun 2026 —
- RPGLIFE: Sep 2021 ₹16 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹30 Cr | Jun 2026 ₹31 Cr
- GUFICBIO: Sep 2021 ₹23 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- SAIPARENT: 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 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹-7 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- INDOCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹28 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹-10 Cr | Dec 2024 ₹-28 Cr | Mar 2025 ₹-41 Cr | Jun 2025 ₹-36 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹-29 Cr | Mar 2026 ₹-24 Cr | Jun 2026 ₹65 Cr
- AMRUTANJAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹11 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹16 Cr | Jun 2026 —
- ACCENTMIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹14 Cr | Dec 2023 — | Mar 2024 ₹16 Cr | Jun 2024 — | Sep 2024 ₹16 Cr | Dec 2024 — | Mar 2025 ₹17 Cr | Jun 2025 — | Sep 2025 ₹18 Cr | Dec 2025 — | Mar 2026 ₹26 Cr | Jun 2026 —
- LINCOLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹22 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- BAJAJHCARE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹11 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹-48 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-30 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹-23 Cr | Jun 2026 ₹14 Cr
- INFLUX: 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 ₹6 Cr | Dec 2024 — | Mar 2025 ₹8 Cr | Jun 2025 — | Sep 2025 ₹10 Cr | Dec 2025 — | Mar 2026 ₹11 Cr | Jun 2026 —
- KILITCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- ZIMLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹-0 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹4 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 539730: 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 83% | Jun 2026 —
- 539997: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -33% | Dec 2023 14% | Mar 2024 — | Jun 2024 60% | Sep 2024 33% | Dec 2024 13% | Mar 2025 250% | Jun 2025 50% | Sep 2025 75% | Dec 2025 78% | Mar 2026 79% | Jun 2026 —
- 541096: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 47% | Mar 2024 -213% | Jun 2024 -226% | Sep 2024 -821% | Dec 2024 -316% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SUNPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 43% | Sep 2022 11% | Dec 2022 5.9% | Mar 2023 — | Jun 2023 -2.7% | Sep 2023 5.4% | Dec 2023 17% | Mar 2024 34% | Jun 2024 43% | Sep 2024 27% | Dec 2024 14% | Mar 2025 -19% | Jun 2025 -20% | Sep 2025 2.9% | Dec 2025 16% | Mar 2026 26% | Jun 2026 27%
- TORNTPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.3% | Sep 2022 -1.3% | Dec 2022 17% | Mar 2023 — | Jun 2023 6.8% | Sep 2023 24% | Dec 2023 52% | Mar 2024 56% | Jun 2024 21% | Sep 2024 17% | Dec 2024 14% | Mar 2025 11% | Jun 2025 20% | Sep 2025 30% | Dec 2025 26% | Mar 2026 -27% | Jun 2026 3.3%
- CIPLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.1% | Sep 2022 11% | Dec 2022 11% | Mar 2023 44% | Jun 2023 45% | Sep 2023 46% | Dec 2023 32% | Mar 2024 79% | Jun 2024 18% | Sep 2024 13% | Dec 2024 47% | Mar 2025 30% | Jun 2025 10.0% | Sep 2025 3.7% | Dec 2025 -57% | Mar 2026 -55% | Jun 2026 -39%
- ZYDUSLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -10% | Sep 2022 -83% | Dec 2022 23% | Mar 2023 -21% | Jun 2023 97% | Sep 2023 53% | Dec 2023 25% | Mar 2024 248% | Jun 2024 31% | Sep 2024 15% | Dec 2024 30% | Mar 2025 -0.2% | Jun 2025 2.6% | Sep 2025 35% | Dec 2025 -0.3% | Mar 2026 7.8% | Jun 2026 —
- LUPIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -116% | Sep 2022 — | Dec 2022 -71% | Mar 2023 — | Jun 2023 — | Sep 2023 269% | Dec 2023 292% | Mar 2024 52% | Jun 2024 78% | Sep 2024 74% | Dec 2024 39% | Mar 2025 113% | Jun 2025 51% | Sep 2025 73% | Dec 2025 37% | Mar 2026 88% | Jun 2026 —
- MANKIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 55% | Jun 2023 69% | Sep 2023 22% | Dec 2023 55% | Mar 2024 62% | Jun 2024 9.9% | Sep 2024 29% | Dec 2024 -16% | Mar 2025 -11% | Jun 2025 -18% | Sep 2025 -21% | Dec 2025 7.5% | Mar 2026 32% | Jun 2026 29%
- DRREDDY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 108% | Sep 2022 12% | Dec 2022 76% | Mar 2023 991% | Jun 2023 18% | Sep 2023 33% | Dec 2023 11% | Mar 2024 36% | Jun 2024 -0.9% | Sep 2024 -9.5% | Dec 2024 1.7% | Mar 2025 21% | Jun 2025 1.3% | Sep 2025 -0.4% | Dec 2025 -15% | Mar 2026 -86% | Jun 2026 -69%
- AUROPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -32% | Sep 2022 -76% | Dec 2022 -19% | Mar 2023 -12% | Jun 2023 9.4% | Sep 2023 356% | Dec 2023 91% | Mar 2024 79% | Jun 2024 61% | Sep 2024 8.6% | Dec 2024 -10% | Mar 2025 -0.4% | Jun 2025 -10% | Sep 2025 3.8% | Dec 2025 7.6% | Mar 2026 2.0% | Jun 2026 —
- BIOCON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 55% | Sep 2022 518% | Dec 2022 -110% | Mar 2023 46% | Jun 2023 -11% | Sep 2023 -82% | Dec 2023 — | Mar 2024 -46% | Jun 2024 479% | Sep 2024 -84% | Dec 2024 -89% | Mar 2025 106% | Jun 2025 -90% | Sep 2025 393% | Dec 2025 -164% | Mar 2026 -57% | Jun 2026 —
- ALKEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 31% | Mar 2024 347% | Jun 2024 91% | Sep 2024 14% | Dec 2024 6.1% | Mar 2025 5.9% | Jun 2025 21% | Sep 2025 11% | Dec 2025 1.9% | Mar 2026 -22% | Jun 2026 —
- GLENMARK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -31% | Sep 2022 1.5% | Dec 2022 21% | Mar 2023 -333% | Jun 2023 -18% | Sep 2023 -122% | Dec 2023 -214% | Mar 2024 — | Jun 2024 97% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -86% | Sep 2025 72% | Dec 2025 16% | Mar 2026 7,425% | Jun 2026 928%
- IPCALAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -18% | Dec 2023 101% | Mar 2024 -99% | Jun 2024 21% | Sep 2024 81% | Dec 2024 25% | Mar 2025 6,300% | Jun 2025 17% | Sep 2025 14% | Dec 2025 32% | Mar 2026 380% | Jun 2026 —
- AJANTPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.6% | Sep 2022 -20% | Dec 2022 -30% | Mar 2023 -19% | Jun 2023 19% | Sep 2023 24% | Dec 2023 56% | Mar 2024 66% | Jun 2024 18% | Sep 2024 11% | Dec 2024 11% | Mar 2025 11% | Jun 2025 3.7% | Sep 2025 20% | Dec 2025 18% | Mar 2026 19% | Jun 2026 31%
- JBCHEPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -12% | Sep 2022 13% | Dec 2022 26% | Mar 2023 3.5% | Jun 2023 35% | Sep 2023 36% | Dec 2023 26% | Mar 2024 43% | Jun 2024 25% | Sep 2024 16% | Dec 2024 21% | Mar 2025 16% | Jun 2025 14% | Sep 2025 19% | Dec 2025 22% | Mar 2026 -31% | Jun 2026 —
- EMCURE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 8.5% | Sep 2024 38% | Dec 2024 30% | Mar 2025 63% | Jun 2025 41% | Sep 2025 24% | Dec 2025 48% | Mar 2026 24% | Jun 2026 —
- WOCKPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -659% | Dec 2022 -5,200% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 205% | Mar 2026 — | Jun 2026 —
- RUBICON: 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 65% | Sep 2025 59% | Dec 2025 92% | Mar 2026 114% | Jun 2026 —
- CAPLIPOINT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 23% | Dec 2022 29% | Mar 2023 28% | Jun 2023 22% | Sep 2023 26% | Dec 2023 24% | Mar 2024 20% | Jun 2024 20% | Sep 2024 13% | Dec 2024 17% | Mar 2025 20% | Jun 2025 21% | Sep 2025 22% | Dec 2025 19% | Mar 2026 19% | Jun 2026 —
- ERIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.0% | Mar 2024 31% | Jun 2024 -4.3% | Sep 2024 -21% | Dec 2024 -14% | Mar 2025 28% | Jun 2025 39% | Sep 2025 40% | Dec 2025 25% | Mar 2026 174% | Jun 2026 14%
- NATCOPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 327% | Sep 2022 -12% | Dec 2022 -23% | Mar 2023 — | Jun 2023 31% | Sep 2023 547% | Dec 2023 244% | Mar 2024 40% | Jun 2024 59% | Sep 2024 83% | Dec 2024 -38% | Mar 2025 5.2% | Jun 2025 -28% | Sep 2025 -23% | Dec 2025 14% | Mar 2026 -34% | Jun 2026 —
- APLLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -140% | Sep 2022 -21% | Dec 2022 -31% | Mar 2023 1,291% | Jun 2023 — | Sep 2023 3.0% | Dec 2023 48% | Mar 2024 16% | Jun 2024 12% | Sep 2024 12% | Dec 2024 -23% | Mar 2025 -12% | Jun 2025 14% | Sep 2025 20% | Dec 2025 -4.4% | Mar 2026 29% | Jun 2026 —
- CORONA: 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 39% | Jun 2025 28% | Sep 2025 21% | Dec 2025 -8.9% | Mar 2026 41% | Jun 2026 30%
- MARKSANS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.8% | Sep 2022 33% | Dec 2022 29% | Mar 2023 177% | Jun 2023 17% | Sep 2023 38% | Dec 2023 34% | Mar 2024 -6.0% | Jun 2024 27% | Sep 2024 17% | Dec 2024 27% | Mar 2025 17% | Jun 2025 -35% | Sep 2025 1.0% | Dec 2025 8.6% | Mar 2026 64% | Jun 2026 —
- AKUMS: 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 103% | Dec 2024 -66% | Mar 2025 — | Jun 2025 6.6% | Sep 2025 -36% | Dec 2025 3.0% | Mar 2026 -46% | Jun 2026 —
- STAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -148% | Jun 2023 — | Sep 2023 -884% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 67% | Mar 2025 760% | Jun 2025 -97% | Sep 2025 83% | Dec 2025 131% | Mar 2026 50% | Jun 2026 56%
- FDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -28% | Sep 2022 -28% | Dec 2022 14% | Mar 2023 210% | Jun 2023 55% | Sep 2023 35% | Dec 2023 93% | Mar 2024 48% | Jun 2024 8.2% | Sep 2024 2.9% | Dec 2024 -53% | Mar 2025 -15% | Jun 2025 1.7% | Sep 2025 -61% | Dec 2025 -24% | Mar 2026 164% | Jun 2026 —
- BLISSGVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 72% | Dec 2023 -3.3% | Mar 2024 -267% | Jun 2024 57% | Sep 2024 -40% | Dec 2024 -10% | Mar 2025 — | Jun 2025 100% | Sep 2025 12% | Dec 2025 -3.9% | Mar 2026 118% | Jun 2026 —
- RPGLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 25% | Dec 2022 27% | Mar 2023 25% | Jun 2023 22% | Sep 2023 30% | Dec 2023 37% | Mar 2024 30% | Jun 2024 23% | Sep 2024 -85% | Dec 2024 35% | Mar 2025 800% | Jun 2025 -3.7% | Sep 2025 825% | Dec 2025 -37% | Mar 2026 -74% | Jun 2026 19%
- GUFICBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -32% | Sep 2022 -13% | Dec 2022 -4.8% | Mar 2023 -10% | Jun 2023 0.0% | Sep 2023 15% | Dec 2023 10% | Mar 2024 11% | Jun 2024 0.0% | Sep 2024 -4.4% | Dec 2024 -14% | Mar 2025 -60% | Jun 2025 -38% | Sep 2025 -23% | Dec 2025 -37% | Mar 2026 175% | Jun 2026 —
- INDOCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -43% | Mar 2024 -15% | Jun 2024 -92% | Sep 2024 -129% | Dec 2024 -275% | Mar 2025 -286% | Jun 2025 -1,900% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AMRUTANJAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 55% | Mar 2024 7.7% | Jun 2024 -29% | Sep 2024 71% | Dec 2024 12% | Mar 2025 7.1% | Jun 2025 60% | Sep 2025 17% | Dec 2025 0.0% | Mar 2026 6.7% | Jun 2026 —
- ACCENTMIC: 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 14% | Dec 2024 — | Mar 2025 6.3% | Jun 2025 — | Sep 2025 13% | Dec 2025 — | Mar 2026 53% | Jun 2026 —
- LINCOLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 27% | Mar 2024 46% | Jun 2024 26% | Sep 2024 -7.1% | Dec 2024 -25% | Mar 2025 -37% | Jun 2025 17% | Sep 2025 -23% | Dec 2025 38% | Mar 2026 0.0% | Jun 2026 —
- BAJAJHCARE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -118% | Mar 2024 -850% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 71% | Sep 2025 22% | Dec 2025 33% | Mar 2026 -309% | Jun 2026 17%
- INFLUX: 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 67% | Dec 2025 — | Mar 2026 38% | Jun 2026 —
- KILITCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 17% | Mar 2024 33% | Jun 2024 -100% | Sep 2024 80% | Dec 2024 200% | Mar 2025 150% | Jun 2025 — | Sep 2025 -11% | Dec 2025 -33% | Mar 2026 50% | Jun 2026 —
- ZIMLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -28% | Mar 2024 12% | Jun 2024 291% | Sep 2024 -43% | Dec 2024 -16% | Mar 2025 -40% | Jun 2025 -308% | Sep 2025 -118% | Dec 2025 10% | Mar 2026 -23% | Jun 2026 —

## Return On Capital Employed

What the numbers say: Influx Healthtech Ltd leads ROCE at 40%, 0.2 percentage points above Glenmark Pharmaceuticals Ltd. Suven Life Sciences Ltd has the strongest latest improvement at +104.4 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: Influx Healthtech Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

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

Evidence: Influx Healthtech Ltd · 40% | 0.5% versus #2 · Glenmark Pharmaceuticals Ltd | 1/1 recent comparable periods | 43/43 companies · 439 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. Influx Healthtech Ltd (INFLUX): 40%
2. Glenmark Pharmaceuticals Ltd (GLENMARK): 40%
3. Ajanta Pharma Ltd (AJANTPHARM): 35%
4. Corona Remedies Ltd (CORONA): 33%
5. Lupin Ltd (LUPIN): 30%

### ROCE change — fastest improvers
1. Suven Life Sciences Ltd (SUVEN): +104.4 pp
2. Glenmark Pharmaceuticals Ltd (GLENMARK): +10.7 pp
3. Lupin Ltd (LUPIN): +7.1 pp
4. Kwality Pharmaceuticals Ltd (539997): +6.0 pp
5. Influx Healthtech Ltd (INFLUX): +5.7 pp

### 20-quarter ROCE history
- SUNPHARMA: Sep 2021 14% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 15% | Dec 2023 18% | Mar 2024 15% | Jun 2024 19% | Sep 2024 16% | Dec 2024 20% | Mar 2025 17% | Jun 2025 19% | Sep 2025 16% | Dec 2025 20% | Mar 2026 16% | Jun 2026 21%
- TORNTPHARM: Sep 2021 20% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 22% | Jun 2023 24% | Sep 2023 23% | Dec 2023 27% | Mar 2024 27% | Jun 2024 29% | Sep 2024 28% | Dec 2024 29% | Mar 2025 29% | Jun 2025 30% | Sep 2025 29% | Dec 2025 30% | Mar 2026 9.6% | Jun 2026 15%
- CIPLA: Sep 2021 17% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 19% | Dec 2023 22% | Mar 2024 20% | Jun 2024 23% | Sep 2024 20% | Dec 2024 24% | Mar 2025 19% | Jun 2025 24% | Sep 2025 18% | Dec 2025 19% | Mar 2026 14% | Jun 2026 14%
- ZYDUSLIFE: Sep 2021 11% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 18% | Dec 2023 19% | Mar 2024 19% | Jun 2024 25% | Sep 2024 21% | Dec 2024 25% | Mar 2025 21% | Jun 2025 24% | Sep 2025 16% | Dec 2025 22% | Mar 2026 16% | Jun 2026 —
- LUPIN: Sep 2021 11% | Dec 2021 — | Mar 2022 9.2% | Jun 2022 — | Sep 2022 8.2% | Dec 2022 — | Mar 2023 6.2% | Jun 2023 12% | Sep 2023 13% | Dec 2023 18% | Mar 2024 18% | Jun 2024 22% | Sep 2024 21% | Dec 2024 24% | Mar 2025 20% | Jun 2025 27% | Sep 2025 23% | Dec 2025 31% | Mar 2026 27% | Jun 2026 —
- MANKIND: Sep 2021 — | Dec 2021 — | Mar 2022 3.0% | Jun 2022 — | Sep 2022 — | Dec 2022 19% | Mar 2023 20% | Jun 2023 — | Sep 2023 21% | Dec 2023 27% | Mar 2024 28% | Jun 2024 28% | Sep 2024 18% | Dec 2024 28% | Mar 2025 19% | Jun 2025 19% | Sep 2025 9.0% | Dec 2025 18% | Mar 2026 13% | Jun 2026 14%
- DRREDDY: Sep 2021 17% | Dec 2021 17% | Mar 2022 18% | Jun 2022 18% | Sep 2022 20% | Dec 2022 22% | Mar 2023 23% | Jun 2023 25% | Sep 2023 25% | Dec 2023 23% | Mar 2024 23% | Jun 2024 21% | Sep 2024 20% | Dec 2024 20% | Mar 2025 20% | Jun 2025 19% | Sep 2025 18% | Dec 2025 16% | Mar 2026 12% | Jun 2026 8.4%
- AUROPHARMA: Sep 2021 17% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 8.8% | Jun 2023 9.7% | Sep 2023 10% | Dec 2023 14% | Mar 2024 13% | Jun 2024 17% | Sep 2024 15% | Dec 2024 17% | Mar 2025 14% | Jun 2025 16% | Sep 2025 14% | Dec 2025 16% | Mar 2026 13% | Jun 2026 —
- BIOCON: Sep 2021 6.3% | Dec 2021 — | Mar 2022 6.7% | Jun 2022 — | Sep 2022 5.9% | Dec 2022 — | Mar 2023 3.6% | Jun 2023 7.9% | Sep 2023 4.2% | Dec 2023 8.6% | Mar 2024 4.4% | Jun 2024 8.2% | Sep 2024 4.0% | Dec 2024 6.2% | Mar 2025 3.6% | Jun 2025 4.2% | Sep 2025 3.7% | Dec 2025 3.8% | Mar 2026 3.5% | Jun 2026 —
- GLENMARK: Sep 2021 16% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 8.9% | Dec 2023 -2.3% | Mar 2024 19% | Jun 2024 9.2% | Sep 2024 20% | Dec 2024 19% | Mar 2025 19% | Jun 2025 14% | Sep 2025 30% | Dec 2025 17% | Mar 2026 30% | Jun 2026 —
- AJANTPHARM: Sep 2021 25% | Dec 2021 — | Mar 2022 24% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 23% | Dec 2023 27% | Mar 2024 28% | Jun 2024 32% | Sep 2024 29% | Dec 2024 32% | Mar 2025 28% | Jun 2025 32% | Sep 2025 27% | Dec 2025 31% | Mar 2026 28% | Jun 2026 —
- JBCHEPHARM: Sep 2021 25% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 22% | Dec 2023 26% | Mar 2024 24% | Jun 2024 27% | Sep 2024 24% | Dec 2024 27% | Mar 2025 24% | Jun 2025 27% | Sep 2025 23% | Dec 2025 27% | Mar 2026 21% | Jun 2026 —
- WOCKPHARMA: Sep 2021 -1.4% | Dec 2021 — | Mar 2022 1.0% | Jun 2022 — | Sep 2022 -3.1% | Dec 2022 — | Mar 2023 -3.4% | Jun 2023 — | Sep 2023 -1.3% | Dec 2023 -2.7% | Mar 2024 -0.4% | Jun 2024 -0.2% | Sep 2024 2.2% | Dec 2024 2.1% | Mar 2025 3.4% | Jun 2025 2.0% | Sep 2025 3.7% | Dec 2025 4.0% | Mar 2026 7.0% | Jun 2026 —
- RUBICON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 8.3% | Sep 2024 — | Dec 2024 — | Mar 2025 34% | Jun 2025 28% | Sep 2025 31% | Dec 2025 44% | Mar 2026 24% | Jun 2026 —
- CAPLIPOINT: Sep 2021 24% | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 21% | Dec 2023 28% | Mar 2024 21% | Jun 2024 28% | Sep 2024 21% | Dec 2024 27% | Mar 2025 20% | Jun 2025 27% | Sep 2025 20% | Dec 2025 26% | Mar 2026 19% | Jun 2026 —
- NATCOPHARM: Sep 2021 4.9% | Dec 2021 — | Mar 2022 2.8% | Jun 2022 — | Sep 2022 9.6% | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 25% | Dec 2023 31% | Mar 2024 27% | Jun 2024 37% | Sep 2024 30% | Dec 2024 36% | Mar 2025 26% | Jun 2025 31% | Sep 2025 17% | Dec 2025 24% | Mar 2026 13% | Jun 2026 —
- APLLTD: Sep 2021 17% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 6.0% | Dec 2022 — | Mar 2023 9.6% | Jun 2023 — | Sep 2023 13% | Dec 2023 13% | Mar 2024 13% | Jun 2024 15% | Sep 2024 14% | Dec 2024 16% | Mar 2025 14% | Jun 2025 16% | Sep 2025 15% | Dec 2025 16% | Mar 2026 13% | Jun 2026 —
- CORONA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 5.2% | Jun 2024 — | Sep 2024 — | Dec 2024 30% | Mar 2025 31% | Jun 2025 33% | Sep 2025 32% | Dec 2025 34% | Mar 2026 30% | Jun 2026 —
- MARKSANS: Sep 2021 27% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 17% | Dec 2023 26% | Mar 2024 17% | Jun 2024 22% | Sep 2024 17% | Dec 2024 23% | Mar 2025 16% | Jun 2025 19% | Sep 2025 14% | Dec 2025 18% | Mar 2026 15% | Jun 2026 —
- STAR: Sep 2021 1.4% | Dec 2021 — | Mar 2022 -6.7% | Jun 2022 — | Sep 2022 -1.6% | Dec 2022 — | Mar 2023 3.3% | Jun 2023 — | Sep 2023 9.6% | Dec 2023 6.3% | Mar 2024 12% | Jun 2024 109% | Sep 2024 17% | Dec 2024 124% | Mar 2025 20% | Jun 2025 20% | Sep 2025 19% | Dec 2025 24% | Mar 2026 18% | Jun 2026 —
- SUVEN: Sep 2021 -227% | Dec 2021 — | Mar 2022 -127% | Jun 2022 — | Sep 2022 -167% | Dec 2022 — | Mar 2023 -35% | Jun 2023 — | Sep 2023 -41% | Dec 2023 -54% | Mar 2024 -50% | Jun 2024 -34% | Sep 2024 -85% | Dec 2024 -54% | Mar 2025 -153% | Jun 2025 -97% | Sep 2025 -77% | Dec 2025 -115% | Mar 2026 -49% | Jun 2026 —
- FDC: Sep 2021 14% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 9.0% | Dec 2022 — | Mar 2023 10% | Jun 2023 — | Sep 2023 13% | Dec 2023 19% | Mar 2024 14% | Jun 2024 20% | Sep 2024 13% | Dec 2024 17% | Mar 2025 11% | Jun 2025 16% | Sep 2025 8.7% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- RPGLIFE: Sep 2021 28% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 28% | Jun 2023 — | Sep 2023 29% | Dec 2023 — | Mar 2024 29% | Jun 2024 — | Sep 2024 32% | Dec 2024 — | Mar 2025 26% | Jun 2025 — | Sep 2025 23% | Dec 2025 52% | Mar 2026 20% | Jun 2026 —
- GUFICBIO: Sep 2021 43% | Dec 2021 — | Mar 2022 39% | Jun 2022 — | Sep 2022 26% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 21% | Dec 2023 — | Mar 2024 18% | Jun 2024 20% | Sep 2024 18% | Dec 2024 19% | Mar 2025 15% | Jun 2025 15% | Sep 2025 13% | Dec 2025 13% | Mar 2026 15% | Jun 2026 —
- SAIPARENT: 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 3.0% | Sep 2025 6.1% | Dec 2025 2.1% | Mar 2026 4.2% | Jun 2026 —
- AMRUTANJAN: Sep 2021 30% | Dec 2021 — | Mar 2022 29% | Jun 2022 — | Sep 2022 22% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 13% | Dec 2023 21% | Mar 2024 16% | Jun 2024 20% | Sep 2024 16% | Dec 2024 24% | Mar 2025 16% | Jun 2025 23% | Sep 2025 17% | Dec 2025 23% | Mar 2026 16% | Jun 2026 —
- ACCENTMIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 21% | Dec 2023 — | Mar 2024 22% | Jun 2024 — | Sep 2024 20% | Dec 2024 — | Mar 2025 19% | Jun 2025 — | Sep 2025 17% | Dec 2025 — | Mar 2026 20% | Jun 2026 —
- LINCOLN: Sep 2021 19% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 15% | Dec 2023 23% | Mar 2024 15% | Jun 2024 22% | Sep 2024 13% | Dec 2024 19% | Mar 2025 13% | Jun 2025 18% | Sep 2025 12% | Dec 2025 16% | Mar 2026 11% | Jun 2026 —
- BAJAJHCARE: Sep 2021 34% | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 13% | Dec 2023 -4.2% | Mar 2024 15% | Jun 2024 0.3% | Sep 2024 12% | Dec 2024 6.0% | Mar 2025 10% | Jun 2025 17% | Sep 2025 10% | Dec 2025 16% | Mar 2026 13% | Jun 2026 8.9%
- INFLUX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 10% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 16% | Sep 2025 23% | Dec 2025 25% | Mar 2026 27% | Jun 2026 —
- KILITCH: Sep 2021 4.9% | Dec 2021 — | Mar 2022 7.1% | Jun 2022 — | Sep 2022 8.4% | Dec 2022 — | Mar 2023 9.9% | Jun 2023 — | Sep 2023 13% | Dec 2023 17% | Mar 2024 13% | Jun 2024 15% | Sep 2024 8.2% | Dec 2024 16% | Mar 2025 13% | Jun 2025 20% | Sep 2025 9.3% | Dec 2025 15% | Mar 2026 9.8% | Jun 2026 —
- ZIMLAB: Sep 2021 8.8% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 9.8% | Dec 2023 12% | Mar 2024 8.9% | Jun 2024 13% | Sep 2024 9.2% | Dec 2024 11% | Mar 2025 8.0% | Jun 2025 8.8% | Sep 2025 5.5% | Dec 2025 8.0% | Mar 2026 3.0% | Jun 2026 —

### 20-quarter ROCE change history
- SUNPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 — | Mar 2023 −0.2 pp | Jun 2023 — | Sep 2023 +0.6 pp | Dec 2023 — | Mar 2024 +0.1 pp | Jun 2024 — | Sep 2024 +0.9 pp | Dec 2024 +2.5 pp | Mar 2025 +1.7 pp | Jun 2025 +0.4 pp | Sep 2025 +0.2 pp | Dec 2025 −0.1 pp | Mar 2026 −1.3 pp | Jun 2026 +1.2 pp
- TORNTPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 — | Mar 2023 +2.0 pp | Jun 2023 — | Sep 2023 +3.5 pp | Dec 2023 — | Mar 2024 +4.3 pp | Jun 2024 +4.8 pp | Sep 2024 +4.2 pp | Dec 2024 +2.5 pp | Mar 2025 +2.0 pp | Jun 2025 +0.8 pp | Sep 2025 +1.3 pp | Dec 2025 +1.1 pp | Mar 2026 −19.1 pp | Jun 2026 −14.9 pp
- CIPLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.5 pp | Dec 2022 — | Mar 2023 +0.4 pp | Jun 2023 — | Sep 2023 +3.8 pp | Dec 2023 — | Mar 2024 +3.0 pp | Jun 2024 — | Sep 2024 +0.9 pp | Dec 2024 +2.4 pp | Mar 2025 −0.3 pp | Jun 2025 +0.4 pp | Sep 2025 −1.4 pp | Dec 2025 −4.9 pp | Mar 2026 −5.6 pp | Jun 2026 −10.1 pp
- ZYDUSLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 — | Mar 2023 +1.7 pp | Jun 2023 — | Sep 2023 +5.7 pp | Dec 2023 — | Mar 2024 +4.9 pp | Jun 2024 — | Sep 2024 +2.9 pp | Dec 2024 +6.6 pp | Mar 2025 +2.2 pp | Jun 2025 −0.8 pp | Sep 2025 −4.6 pp | Dec 2025 −3.2 pp | Mar 2026 −5.3 pp | Jun 2026 —
- LUPIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.8 pp | Dec 2022 — | Mar 2023 −3.0 pp | Jun 2023 — | Sep 2023 +5.2 pp | Dec 2023 — | Mar 2024 +11.7 pp | Jun 2024 +9.9 pp | Sep 2024 +7.3 pp | Dec 2024 +6.1 pp | Mar 2025 +2.2 pp | Jun 2025 +5.0 pp | Sep 2025 +2.2 pp | Dec 2025 +6.8 pp | Mar 2026 +7.1 pp | Jun 2026 —
- MANKIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +16.7 pp | Jun 2023 — | Sep 2023 — | Dec 2023 +8.0 pp | Mar 2024 +7.8 pp | Jun 2024 — | Sep 2024 −3.1 pp | Dec 2024 +1.2 pp | Mar 2025 −9.0 pp | Jun 2025 −9.3 pp | Sep 2025 −8.5 pp | Dec 2025 −10.7 pp | Mar 2026 −5.4 pp | Jun 2026 −4.3 pp
- DRREDDY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.2 pp | Dec 2022 +4.7 pp | Mar 2023 +4.5 pp | Jun 2023 +7.9 pp | Sep 2023 +5.1 pp | Dec 2023 +1.0 pp | Mar 2024 +0.1 pp | Jun 2024 −4.0 pp | Sep 2024 −4.4 pp | Dec 2024 −3.0 pp | Mar 2025 −2.8 pp | Jun 2025 −2.4 pp | Sep 2025 −2.3 pp | Dec 2025 −3.8 pp | Mar 2026 −7.9 pp | Jun 2026 −10.6 pp
- AUROPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.4 pp | Dec 2022 — | Mar 2023 −4.0 pp | Jun 2023 — | Sep 2023 −0.1 pp | Dec 2023 — | Mar 2024 +4.6 pp | Jun 2024 +7.4 pp | Sep 2024 +4.8 pp | Dec 2024 +2.3 pp | Mar 2025 +0.9 pp | Jun 2025 −1.2 pp | Sep 2025 −1.1 pp | Dec 2025 −1.0 pp | Mar 2026 −1.8 pp | Jun 2026 —
- BIOCON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 — | Mar 2023 −3.1 pp | Jun 2023 — | Sep 2023 −1.7 pp | Dec 2023 — | Mar 2024 +0.8 pp | Jun 2024 +0.3 pp | Sep 2024 −0.2 pp | Dec 2024 −2.4 pp | Mar 2025 −0.8 pp | Jun 2025 −4.0 pp | Sep 2025 −0.3 pp | Dec 2025 −2.4 pp | Mar 2026 −0.1 pp | Jun 2026 —
- GLENMARK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.9 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −2.8 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +10.8 pp | Dec 2024 +21.6 pp | Mar 2025 −0.2 pp | Jun 2025 +4.3 pp | Sep 2025 +10.4 pp | Dec 2025 −1.9 pp | Mar 2026 +10.7 pp | Jun 2026 —
- AJANTPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.1 pp | Dec 2022 — | Mar 2023 −4.7 pp | Jun 2023 — | Sep 2023 +2.9 pp | Dec 2023 — | Mar 2024 +8.9 pp | Jun 2024 — | Sep 2024 +6.7 pp | Dec 2024 +5.4 pp | Mar 2025 +0.5 pp | Jun 2025 −0.7 pp | Sep 2025 −2.8 pp | Dec 2025 −0.9 pp | Mar 2026 −0.3 pp | Jun 2026 —
- JBCHEPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.1 pp | Dec 2022 — | Mar 2023 −1.6 pp | Jun 2023 — | Sep 2023 +2.6 pp | Dec 2023 — | Mar 2024 +4.4 pp | Jun 2024 — | Sep 2024 +1.6 pp | Dec 2024 +0.7 pp | Mar 2025 −0.5 pp | Jun 2025 +0.1 pp | Sep 2025 −1.1 pp | Dec 2025 +0.5 pp | Mar 2026 −2.5 pp | Jun 2026 —
- WOCKPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.7 pp | Dec 2022 — | Mar 2023 −4.4 pp | Jun 2023 — | Sep 2023 +1.8 pp | Dec 2023 — | Mar 2024 +3.0 pp | Jun 2024 — | Sep 2024 +3.5 pp | Dec 2024 +4.8 pp | Mar 2025 +3.8 pp | Jun 2025 +2.2 pp | Sep 2025 +1.5 pp | Dec 2025 +1.9 pp | Mar 2026 +3.6 pp | Jun 2026 —
- RUBICON: 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 +20.0 pp | Sep 2025 — | Dec 2025 — | Mar 2026 −9.9 pp | Jun 2026 —
- CAPLIPOINT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.6 pp | Dec 2022 — | Mar 2023 −2.2 pp | Jun 2023 — | Sep 2023 +0.3 pp | Dec 2023 — | Mar 2024 +0.5 pp | Jun 2024 — | Sep 2024 −0.4 pp | Dec 2024 −0.8 pp | Mar 2025 −1.0 pp | Jun 2025 −0.8 pp | Sep 2025 −1.3 pp | Dec 2025 −1.0 pp | Mar 2026 −1.4 pp | Jun 2026 —
- NATCOPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.7 pp | Dec 2022 — | Mar 2023 +13.5 pp | Jun 2023 — | Sep 2023 +15.0 pp | Dec 2023 — | Mar 2024 +11.0 pp | Jun 2024 — | Sep 2024 +5.7 pp | Dec 2024 +5.6 pp | Mar 2025 −1.7 pp | Jun 2025 −6.0 pp | Sep 2025 −13.3 pp | Dec 2025 −12.5 pp | Mar 2026 −12.5 pp | Jun 2026 —
- APLLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.3 pp | Dec 2022 — | Mar 2023 −1.3 pp | Jun 2023 — | Sep 2023 +6.9 pp | Dec 2023 — | Mar 2024 +3.6 pp | Jun 2024 — | Sep 2024 +1.4 pp | Dec 2024 +3.1 pp | Mar 2025 +0.4 pp | Jun 2025 +1.0 pp | Sep 2025 +0.5 pp | Dec 2025 +0.4 pp | Mar 2026 −0.7 pp | Jun 2026 —
- CORONA: 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 +25.5 pp | Jun 2025 — | Sep 2025 — | Dec 2025 +4.2 pp | Mar 2026 −0.3 pp | Jun 2026 —
- MARKSANS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.8 pp | Dec 2022 — | Mar 2023 −1.5 pp | Jun 2023 — | Sep 2023 +1.1 pp | Dec 2023 — | Mar 2024 +1.2 pp | Jun 2024 — | Sep 2024 −0.2 pp | Dec 2024 −3.7 pp | Mar 2025 −0.7 pp | Jun 2025 −3.4 pp | Sep 2025 −3.3 pp | Dec 2025 −4.3 pp | Mar 2026 −1.0 pp | Jun 2026 —
- STAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.0 pp | Dec 2022 — | Mar 2023 +10.0 pp | Jun 2023 — | Sep 2023 +11.2 pp | Dec 2023 — | Mar 2024 +8.9 pp | Jun 2024 — | Sep 2024 +7.4 pp | Dec 2024 +117.8 pp | Mar 2025 +7.6 pp | Jun 2025 −88.6 pp | Sep 2025 +1.8 pp | Dec 2025 −99.7 pp | Mar 2026 −1.9 pp | Jun 2026 —
- SUVEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +60.7 pp | Dec 2022 — | Mar 2023 +91.6 pp | Jun 2023 — | Sep 2023 +125.1 pp | Dec 2023 — | Mar 2024 −14.5 pp | Jun 2024 — | Sep 2024 −43.7 pp | Dec 2024 −0.8 pp | Mar 2025 −103.8 pp | Jun 2025 −62.4 pp | Sep 2025 +7.8 pp | Dec 2025 −61.0 pp | Mar 2026 +104.4 pp | Jun 2026 —
- FDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.2 pp | Dec 2022 — | Mar 2023 −0.4 pp | Jun 2023 — | Sep 2023 +4.1 pp | Dec 2023 — | Mar 2024 +3.4 pp | Jun 2024 — | Sep 2024 +0.1 pp | Dec 2024 −2.3 pp | Mar 2025 −2.5 pp | Jun 2025 −4.3 pp | Sep 2025 −4.5 pp | Dec 2025 −5.0 pp | Mar 2026 −0.6 pp | Jun 2026 —
- RPGLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 — | Mar 2023 +1.1 pp | Jun 2023 — | Sep 2023 +1.0 pp | Dec 2023 — | Mar 2024 +1.3 pp | Jun 2024 — | Sep 2024 +3.3 pp | Dec 2024 — | Mar 2025 −3.2 pp | Jun 2025 — | Sep 2025 −9.2 pp | Dec 2025 — | Mar 2026 −6.0 pp | Jun 2026 —
- GUFICBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −17.8 pp | Dec 2022 — | Mar 2023 −18.4 pp | Jun 2023 — | Sep 2023 −4.5 pp | Dec 2023 — | Mar 2024 −1.7 pp | Jun 2024 — | Sep 2024 −3.5 pp | Dec 2024 — | Mar 2025 −3.4 pp | Jun 2025 −5.8 pp | Sep 2025 −4.2 pp | Dec 2025 −5.8 pp | Mar 2026 −0.4 pp | Jun 2026 —
- AMRUTANJAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.3 pp | Dec 2022 — | Mar 2023 −15.3 pp | Jun 2023 — | Sep 2023 −8.2 pp | Dec 2023 — | Mar 2024 +1.9 pp | Jun 2024 — | Sep 2024 +2.9 pp | Dec 2024 +2.5 pp | Mar 2025 −0.1 pp | Jun 2025 +3.6 pp | Sep 2025 +1.0 pp | Dec 2025 −0.2 pp | Mar 2026 +0.3 pp | Jun 2026 —
- ACCENTMIC: 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 −1.8 pp | Dec 2024 — | Mar 2025 −2.2 pp | Jun 2025 — | Sep 2025 −2.5 pp | Dec 2025 — | Mar 2026 +0.1 pp | Jun 2026 —
- LINCOLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.1 pp | Dec 2022 — | Mar 2023 −4.2 pp | Jun 2023 — | Sep 2023 −1.0 pp | Dec 2023 — | Mar 2024 −0.9 pp | Jun 2024 — | Sep 2024 −2.0 pp | Dec 2024 −3.7 pp | Mar 2025 −1.8 pp | Jun 2025 −4.5 pp | Sep 2025 −1.6 pp | Dec 2025 −2.6 pp | Mar 2026 −2.2 pp | Jun 2026 —
- BAJAJHCARE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.0 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −9.5 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −1.4 pp | Dec 2024 +10.2 pp | Mar 2025 −4.9 pp | Jun 2025 +16.4 pp | Sep 2025 −1.3 pp | Dec 2025 +9.8 pp | Mar 2026 +2.9 pp | Jun 2026 −7.8 pp
- INFLUX: 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 +5.7 pp | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KILITCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.5 pp | Dec 2022 — | Mar 2023 +2.8 pp | Jun 2023 — | Sep 2023 +5.0 pp | Dec 2023 — | Mar 2024 +2.8 pp | Jun 2024 — | Sep 2024 −5.2 pp | Dec 2024 −1.0 pp | Mar 2025 +0.1 pp | Jun 2025 +5.1 pp | Sep 2025 +1.1 pp | Dec 2025 −1.2 pp | Mar 2026 −3.0 pp | Jun 2026 —
- ZIMLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.5 pp | Dec 2022 — | Mar 2023 +2.5 pp | Jun 2023 — | Sep 2023 −5.5 pp | Dec 2023 — | Mar 2024 −6.4 pp | Jun 2024 — | Sep 2024 −0.6 pp | Dec 2024 −0.6 pp | Mar 2025 −0.9 pp | Jun 2025 −3.8 pp | Sep 2025 −3.7 pp | Dec 2025 −3.2 pp | Mar 2026 −5.0 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Lupin Ltd has the lowest comparable PEG at 0.54×, 28.9% below Natco Pharma Ltd. Only 21 of 43 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: Lupin Ltd · 0.54× | 28.9% versus #2 · Natco Pharma Ltd | 0/8 recent comparable periods | 21/43 companies · 169 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. Lupin Ltd (LUPIN): 0.5
2. Natco Pharma Ltd (NATCOPHARM): 0.8
3. Biocon Ltd (BIOCON): 0.8
4. FDC Ltd (FDC): 0.9
5. Caplin Point Laboratories Ltd (CAPLIPOINT): 1.0

### P/E — lowest P/E
1. Natco Pharma Ltd (NATCOPHARM): 11.6
2. Lincoln Pharmaceuticals Ltd (LINCOLN): 13.2
3. Strides Pharma Science Ltd (STAR): 16.3
4. Lupin Ltd (LUPIN): 19.4
5. Bajaj Healthcare Ltd (BAJAJHCARE): 20.1

### 20-quarter PEG history
- SUNPHARMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.7 | Sep 2022 2.5 | Dec 2022 4.2 | Mar 2023 5.1 | Jun 2023 — | Sep 2023 2.1 | Dec 2023 2.5 | Mar 2024 2.4 | Jun 2024 0.9 | Sep 2024 2.3 | Dec 2024 1.6 | Mar 2025 1.4 | Jun 2025 2.5 | Sep 2025 3.8 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TORNTPHARM: Sep 2021 3.6 | Dec 2021 7.4 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 3.3 | Mar 2023 — | Jun 2023 9.4 | Sep 2023 2.9 | Dec 2023 1.0 | Mar 2024 1.2 | Jun 2024 2.9 | Sep 2024 2.2 | Dec 2024 4.9 | Mar 2025 5.4 | Jun 2025 3.0 | Sep 2025 2.9 | Dec 2025 2.3 | Mar 2026 — | Jun 2026 5.1
- CIPLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 3.4 | Mar 2023 — | Jun 2023 0.6 | Sep 2023 1.1 | Dec 2023 0.9 | Mar 2024 0.6 | Jun 2024 1.5 | Sep 2024 0.8 | Dec 2024 0.5 | Mar 2025 0.9 | Jun 2025 2.3 | Sep 2025 — | Dec 2025 1.3 | Mar 2026 — | Jun 2026 —
- ZYDUSLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.9 | Mar 2023 — | Jun 2023 — | Sep 2023 1.5 | Dec 2023 0.8 | Mar 2024 — | Jun 2024 — | Sep 2024 1.8 | Dec 2024 0.6 | Mar 2025 — | Jun 2025 1.1 | Sep 2025 0.6 | Dec 2025 1.0 | Mar 2026 1.4 | Jun 2026 —
- LUPIN: Sep 2021 — | Dec 2021 1.0 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.8 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MANKIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.0 | Dec 2023 0.9 | Mar 2024 — | Jun 2024 1.1 | Sep 2024 0.9 | Dec 2024 1.5 | Mar 2025 2.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DRREDDY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.3 | Dec 2023 1.8 | Mar 2024 0.5 | Jun 2024 0.8 | Sep 2024 1.2 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AUROPHARMA: Sep 2021 1.4 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.0 | Mar 2024 0.8 | Jun 2024 — | Sep 2024 — | Dec 2024 0.4 | Mar 2025 0.7 | Jun 2025 2.7 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BIOCON: Sep 2021 — | Dec 2021 10.8 | Mar 2022 4.1 | Jun 2022 — | Sep 2022 2.6 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.5 | Mar 2024 — | Jun 2024 0.8 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GLENMARK: Sep 2021 1.0 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.6 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.4 | Mar 2026 — | Jun 2026 —
- AJANTPHARM: Sep 2021 0.8 | Dec 2021 3.2 | Mar 2022 1.4 | Jun 2022 2.3 | Sep 2022 4.0 | Dec 2022 — | Mar 2023 — | Jun 2023 1.5 | Sep 2023 — | Dec 2023 — | Mar 2024 2.0 | Jun 2024 2.0 | Sep 2024 1.3 | Dec 2024 1.3 | Mar 2025 1.5 | Jun 2025 2.1 | Sep 2025 3.0 | Dec 2025 2.7 | Mar 2026 2.5 | Jun 2026 2.3
- JBCHEPHARM: Sep 2021 0.9 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.5 | Mar 2023 — | Jun 2023 7.1 | Sep 2023 2.5 | Dec 2023 2.1 | Mar 2024 1.9 | Jun 2024 1.4 | Sep 2024 1.6 | Dec 2024 1.8 | Mar 2025 1.6 | Jun 2025 2.2 | Sep 2025 2.3 | Dec 2025 2.3 | Mar 2026 — | Jun 2026 —
- CAPLIPOINT: Sep 2021 1.5 | Dec 2021 0.9 | Mar 2022 0.7 | Jun 2022 0.7 | Sep 2022 0.8 | Dec 2022 0.9 | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 1.5 | Dec 2024 2.2 | Mar 2025 1.7 | Jun 2025 1.7 | Sep 2025 1.5 | Dec 2025 1.3 | Mar 2026 1.0 | Jun 2026 —
- NATCOPHARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.8 | Dec 2022 0.4 | Mar 2023 0.6 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 — | Dec 2025 0.8 | Mar 2026 — | Jun 2026 —
- APLLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.6 | Mar 2024 — | Jun 2024 — | Sep 2024 3.1 | Dec 2024 1.6 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.7 | Jun 2026 —
- CORONA: 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 1.2 | Jun 2026 —
- MARKSANS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.4 | Sep 2023 0.5 | Dec 2023 0.6 | Mar 2024 0.6 | Jun 2024 2.6 | Sep 2024 1.6 | Dec 2024 2.8 | Mar 2025 1.7 | Jun 2025 1.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FDC: Sep 2021 1.4 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.1 | Dec 2023 0.5 | Mar 2024 — | Jun 2024 0.4 | Sep 2024 0.8 | Dec 2024 0.9 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RPGLIFE: Sep 2021 0.6 | Dec 2021 1.5 | Mar 2022 2.0 | Jun 2022 0.5 | Sep 2022 0.8 | Dec 2022 0.7 | Mar 2023 0.5 | Jun 2023 1.0 | Sep 2023 0.9 | Dec 2023 0.7 | Mar 2024 1.0 | Jun 2024 1.4 | Sep 2024 — | Dec 2024 1.4 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GUFICBIO: Sep 2021 1.5 | Dec 2021 0.9 | Mar 2022 2.6 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.4 | Dec 2023 6.1 | Mar 2024 4.8 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 539730: 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 19.4 | Sep 2025 31.3 | Dec 2025 40.9 | Mar 2026 25.5 | Jun 2026 —
- 539997: Sep 2021 47.1 | Dec 2021 9.3 | Mar 2022 5.2 | Jun 2022 2.9 | Sep 2022 3.6 | Dec 2022 8.7 | Mar 2023 8.5 | Jun 2023 8.6 | Sep 2023 12.2 | Dec 2023 15.0 | Mar 2024 15.0 | Jun 2024 17.5 | Sep 2024 25.5 | Dec 2024 26.9 | Mar 2025 25.7 | Jun 2025 26.4 | Sep 2025 21.6 | Dec 2025 23.3 | Mar 2026 25.3 | Jun 2026 —
- 541096: Sep 2021 10.0 | Dec 2021 9.6 | Mar 2022 9.8 | Jun 2022 8.8 | Sep 2022 12.8 | Dec 2022 11.5 | Mar 2023 10.8 | Jun 2023 13.2 | Sep 2023 13.9 | Dec 2023 28.6 | Mar 2024 37.6 | Jun 2024 50.6 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SUNPHARMA: Sep 2021 26.9 | Dec 2021 27.6 | Mar 2022 28.6 | Jun 2022 26.2 | Sep 2022 29.6 | Dec 2022 30.4 | Mar 2023 29.5 | Jun 2023 29.2 | Sep 2023 31.4 | Dec 2023 33.7 | Mar 2024 41.5 | Jun 2024 36.5 | Sep 2024 44.3 | Dec 2024 39.8 | Mar 2025 35.3 | Jun 2025 35.4 | Sep 2025 33.2 | Dec 2025 35.7 | Mar 2026 35.5 | Jun 2026 35.9
- TORNTPHARM: Sep 2021 41.6 | Dec 2021 43.8 | Mar 2022 38.1 | Jun 2022 41.2 | Sep 2022 43.8 | Dec 2022 43.8 | Mar 2023 41.9 | Jun 2023 51.8 | Sep 2023 51.4 | Dec 2023 58.1 | Mar 2024 61.5 | Jun 2024 59.2 | Sep 2024 70.4 | Dec 2024 66.2 | Mar 2025 58.8 | Jun 2025 58.7 | Sep 2025 59.7 | Dec 2025 59.6 | Mar 2026 62.6 | Jun 2026 69.8
- CIPLA: Sep 2021 29.7 | Dec 2021 28.5 | Mar 2022 30.8 | Jun 2022 28.7 | Sep 2022 35.8 | Dec 2022 33.5 | Mar 2023 27.3 | Jun 2023 28.2 | Sep 2023 29.8 | Dec 2023 28.3 | Mar 2024 30.6 | Jun 2024 28.1 | Sep 2024 30.4 | Dec 2024 26.4 | Mar 2025 23.3 | Jun 2025 23.6 | Sep 2025 22.5 | Dec 2025 22.4 | Mar 2026 21.1 | Jun 2026 30.6
- ZYDUSLIFE: Sep 2021 23.7 | Dec 2021 19.7 | Mar 2022 14.8 | Jun 2022 16.9 | Sep 2022 19.0 | Dec 2022 21.9 | Mar 2023 24.1 | Jun 2023 26.0 | Sep 2023 21.9 | Dec 2023 22.3 | Mar 2024 31.2 | Jun 2024 28.2 | Sep 2024 26.0 | Dec 2024 22.9 | Mar 2025 19.7 | Jun 2025 21.4 | Sep 2025 21.1 | Dec 2025 18.2 | Mar 2026 17.7 | Jun 2026 —
- LUPIN: Sep 2021 25.4 | Dec 2021 25.2 | Mar 2022 — | Jun 2022 — | Sep 2022 453.1 | Dec 2022 -102.9 | Mar 2023 68.5 | Jun 2023 95.5 | Sep 2023 54.9 | Dec 2023 45.2 | Mar 2024 41.1 | Jun 2024 38.6 | Sep 2024 44.6 | Dec 2024 38.7 | Mar 2025 32.2 | Jun 2025 26.9 | Sep 2025 23.7 | Dec 2025 22.3 | Mar 2026 21.4 | Jun 2026 —
- MANKIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 49.9 | Sep 2023 57.4 | Dec 2023 51.0 | Mar 2024 53.4 | Jun 2024 44.6 | Sep 2024 53.0 | Dec 2024 54.4 | Mar 2025 48.0 | Jun 2025 47.6 | Sep 2025 53.6 | Dec 2025 51.8 | Mar 2026 45.3 | Jun 2026 50.8
- DRREDDY: Sep 2021 45.8 | Dec 2021 41.6 | Mar 2022 27.5 | Jun 2022 32.9 | Sep 2022 24.1 | Dec 2022 22.7 | Mar 2023 21.1 | Jun 2023 19.1 | Sep 2023 19.7 | Dec 2023 19.0 | Mar 2024 19.6 | Jun 2024 19.1 | Sep 2024 20.2 | Dec 2024 21.7 | Mar 2025 17.8 | Jun 2025 19.2 | Sep 2025 18.4 | Dec 2025 18.4 | Mar 2026 19.2 | Jun 2026 26.9
- AUROPHARMA: Sep 2021 12.9 | Dec 2021 13.6 | Mar 2022 14.8 | Jun 2022 11.1 | Sep 2022 11.8 | Dec 2022 11.4 | Mar 2023 14.1 | Jun 2023 22.1 | Sep 2023 26.6 | Dec 2023 26.8 | Mar 2024 22.7 | Jun 2024 21.6 | Sep 2024 24.7 | Dec 2024 20.4 | Mar 2025 19.0 | Jun 2025 18.7 | Sep 2025 18.7 | Dec 2025 20.5 | Mar 2026 21.6 | Jun 2026 —
- BIOCON: Sep 2021 64.8 | Dec 2021 64.1 | Mar 2022 59.7 | Jun 2022 54.2 | Sep 2022 44.6 | Dec 2022 48.4 | Mar 2023 39.2 | Jun 2023 46.8 | Sep 2023 51.3 | Dec 2023 41.3 | Mar 2024 26.5 | Jun 2024 41.3 | Sep 2024 28.4 | Dec 2024 30.2 | Mar 2025 52.6 | Jun 2025 43.8 | Sep 2025 113.3 | Dec 2025 102.7 | Mar 2026 57.6 | Jun 2026 —
- ALKEM: Sep 2021 29.3 | Dec 2021 25.4 | Mar 2022 24.4 | Jun 2022 21.8 | Sep 2022 29.9 | Dec 2022 32.7 | Mar 2023 39.5 | Jun 2023 41.3 | Sep 2023 36.7 | Dec 2023 41.2 | Mar 2024 34.9 | Jun 2024 31.6 | Sep 2024 34.4 | Dec 2024 30.2 | Mar 2025 27.0 | Jun 2025 27.1 | Sep 2025 28.6 | Dec 2025 28.2 | Mar 2026 26.6 | Jun 2026 —
- GLENMARK: Sep 2021 14.2 | Dec 2021 14.4 | Mar 2022 11.7 | Jun 2022 10.1 | Sep 2022 11.5 | Dec 2022 12.5 | Mar 2023 16.2 | Jun 2023 26.7 | Sep 2023 34.5 | Dec 2023 47.4 | Mar 2024 46.8 | Jun 2024 -26.5 | Sep 2024 -54.0 | Dec 2024 -258.2 | Mar 2025 41.5 | Jun 2025 34.2 | Sep 2025 41.8 | Dec 2025 22.6 | Mar 2026 22.6 | Jun 2026 20.6
- IPCALAB: Sep 2021 30.4 | Dec 2021 27.9 | Mar 2022 27.5 | Jun 2022 25.6 | Sep 2022 32.2 | Dec 2022 34.9 | Mar 2023 39.2 | Jun 2023 40.0 | Sep 2023 48.3 | Dec 2023 54.7 | Mar 2024 57.6 | Jun 2024 48.5 | Sep 2024 60.4 | Dec 2024 60.8 | Mar 2025 48.1 | Jun 2025 39.6 | Sep 2025 38.9 | Dec 2025 36.9 | Mar 2026 38.1 | Jun 2026 —
- AJANTPHARM: Sep 2021 27.7 | Dec 2021 27.4 | Mar 2022 22.7 | Jun 2022 22.6 | Sep 2022 23.0 | Dec 2022 23.1 | Mar 2023 25.1 | Jun 2023 31.9 | Sep 2023 37.1 | Dec 2023 40.4 | Mar 2024 38.9 | Jun 2024 36.3 | Sep 2024 49.6 | Dec 2024 44.0 | Mar 2025 36.7 | Jun 2025 34.4 | Sep 2025 33.1 | Dec 2025 34.4 | Mar 2026 34.6 | Jun 2026 35.2
- JBCHEPHARM: Sep 2021 31.7 | Dec 2021 29.2 | Mar 2022 30.1 | Jun 2022 31.2 | Sep 2022 40.0 | Dec 2022 39.1 | Mar 2023 37.5 | Jun 2023 44.7 | Sep 2023 51.3 | Dec 2023 51.7 | Mar 2024 49.7 | Jun 2024 49.2 | Sep 2024 48.5 | Dec 2024 46.2 | Mar 2025 39.4 | Jun 2025 42.5 | Sep 2025 38.0 | Dec 2025 39.5 | Mar 2026 42.6 | Jun 2026 —
- EMCURE: 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 52.4 | Dec 2024 51.8 | Mar 2025 32.8 | Jun 2025 35.5 | Sep 2025 32.3 | Dec 2025 33.7 | Mar 2026 34.6 | Jun 2026 —
- WOCKPHARMA: Sep 2021 9.2 | 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 -120.5 | Mar 2025 — | Jun 2025 — | Sep 2025 -1,071.0 | Dec 2025 424.4 | Mar 2026 177.8 | Jun 2026 —
- RUBICON: 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 61.0 | Mar 2026 59.1 | Jun 2026 —
- CAPLIPOINT: Sep 2021 26.0 | Dec 2021 23.5 | Mar 2022 18.6 | Jun 2022 17.5 | Sep 2022 18.0 | Dec 2022 16.4 | Mar 2023 12.8 | Jun 2023 16.3 | Sep 2023 19.8 | Dec 2023 24.6 | Mar 2024 22.8 | Jun 2024 24.5 | Sep 2024 30.4 | Dec 2024 40.0 | Mar 2025 29.5 | Jun 2025 29.5 | Sep 2025 27.4 | Dec 2025 24.7 | Mar 2026 19.3 | Jun 2026 —
- ERIS: Sep 2021 26.9 | Dec 2021 26.9 | Mar 2022 24.5 | Jun 2022 22.0 | Sep 2022 24.5 | Dec 2022 22.2 | Mar 2023 19.6 | Jun 2023 24.9 | Sep 2023 31.2 | Dec 2023 32.1 | Mar 2024 29.7 | Jun 2024 35.5 | Sep 2024 45.3 | Dec 2024 52.6 | Mar 2025 58.5 | Jun 2025 64.7 | Sep 2025 55.8 | Dec 2025 50.0 | Mar 2026 41.2 | Jun 2026 32.0
- NATCOPHARM: Sep 2021 40.8 | Dec 2021 64.5 | Mar 2022 51.8 | Jun 2022 69.1 | Sep 2022 26.6 | Dec 2022 25.2 | Mar 2023 26.4 | Jun 2023 17.7 | Sep 2023 19.4 | Dec 2023 13.0 | Mar 2024 13.4 | Jun 2024 15.1 | Sep 2024 15.5 | Dec 2024 12.8 | Mar 2025 7.7 | Jun 2025 8.4 | Sep 2025 8.7 | Dec 2025 10.6 | Mar 2026 11.3 | Jun 2026 —
- APLLTD: Sep 2021 14.9 | Dec 2021 18.1 | Mar 2022 19.8 | Jun 2022 27.4 | Sep 2022 40.7 | Dec 2022 43.1 | Mar 2023 46.2 | Jun 2023 36.2 | Sep 2023 29.2 | Dec 2023 28.1 | Mar 2024 32.8 | Jun 2024 28.1 | Sep 2024 37.3 | Dec 2024 32.4 | Mar 2025 30.7 | Jun 2025 33.8 | Sep 2025 30.2 | Dec 2025 26.4 | Mar 2026 20.0 | Jun 2026 —
- CORONA: 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 56.5 | Mar 2026 51.6 | Jun 2026 60.2
- MARKSANS: Sep 2021 11.2 | Dec 2021 10.0 | Mar 2022 8.6 | Jun 2022 9.2 | Sep 2022 10.5 | Dec 2022 12.1 | Mar 2023 13.5 | Jun 2023 14.4 | Sep 2023 17.2 | Dec 2023 23.9 | Mar 2024 21.7 | Jun 2024 23.0 | Sep 2024 41.5 | Dec 2024 38.3 | Mar 2025 27.4 | Jun 2025 30.1 | Sep 2025 21.3 | Dec 2025 23.1 | Mar 2026 20.5 | Jun 2026 —
- AKUMS: 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 52.1 | Jun 2025 29.0 | Sep 2025 21.3 | Dec 2025 22.8 | Mar 2026 23.0 | Jun 2026 —
- STAR: Sep 2021 52.3 | Dec 2021 47.3 | Mar 2022 -6.8 | Jun 2022 — | Sep 2022 -14.6 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -60.7 | Mar 2024 -102.1 | Jun 2024 109.8 | Sep 2024 49.5 | Dec 2024 31.8 | Mar 2025 22.9 | Jun 2025 24.1 | Sep 2025 20.1 | Dec 2025 19.3 | Mar 2026 15.8 | Jun 2026 17.2
- FDC: Sep 2021 19.4 | Dec 2021 17.4 | Mar 2022 17.0 | Jun 2022 18.1 | Sep 2022 23.4 | Dec 2022 26.8 | Mar 2023 24.5 | Jun 2023 26.5 | Sep 2023 27.3 | Dec 2023 26.1 | Mar 2024 24.1 | Jun 2024 24.8 | Sep 2024 28.0 | Dec 2024 25.7 | Mar 2025 23.4 | Jun 2025 29.3 | Sep 2025 27.5 | Dec 2025 29.4 | Mar 2026 22.5 | Jun 2026 —
- BLISSGVS: Sep 2021 15.0 | Dec 2021 13.9 | Mar 2022 11.6 | Jun 2022 27.2 | Sep 2022 10.2 | Dec 2022 10.7 | Mar 2023 8.5 | Jun 2023 11.8 | Sep 2023 15.5 | Dec 2023 14.7 | Mar 2024 13.4 | Jun 2024 11.0 | Sep 2024 13.8 | Dec 2024 20.0 | Mar 2025 15.4 | Jun 2025 19.7 | Sep 2025 14.3 | Dec 2025 16.1 | Mar 2026 20.8 | Jun 2026 —
- RPGLIFE: Sep 2021 23.1 | Dec 2021 20.1 | Mar 2022 18.0 | Jun 2022 16.5 | Sep 2022 22.2 | Dec 2022 21.6 | Mar 2023 17.1 | Jun 2023 21.0 | Sep 2023 27.6 | Dec 2023 26.1 | Mar 2024 28.8 | Jun 2024 29.4 | Sep 2024 55.1 | Dec 2024 45.7 | Mar 2025 20.6 | Jun 2025 22.5 | Sep 2025 17.2 | Dec 2025 19.0 | Mar 2026 26.1 | Jun 2026 33.5
- GUFICBIO: Sep 2021 21.8 | Dec 2021 24.5 | Mar 2022 25.2 | Jun 2022 25.2 | Sep 2022 25.5 | Dec 2022 26.9 | Mar 2023 22.7 | Jun 2023 28.6 | Sep 2023 33.9 | Dec 2023 37.6 | Mar 2024 33.0 | Jun 2024 40.3 | Sep 2024 43.8 | Dec 2024 52.5 | Mar 2025 41.1 | Jun 2025 50.2 | Sep 2025 58.0 | Dec 2025 58.8 | Mar 2026 56.2 | Jun 2026 —
- INDOCO: Sep 2021 35.6 | Dec 2021 31.8 | Mar 2022 25.7 | Jun 2022 21.8 | Sep 2022 19.7 | Dec 2022 23.2 | Mar 2023 19.1 | Jun 2023 21.2 | Sep 2023 24.4 | Dec 2023 32.1 | Mar 2024 28.2 | Jun 2024 32.9 | Sep 2024 47.6 | Dec 2024 124.8 | Mar 2025 125.3 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AMRUTANJAN: Sep 2021 36.2 | Dec 2021 43.4 | Mar 2022 39.9 | Jun 2022 34.4 | Sep 2022 35.5 | Dec 2022 40.2 | Mar 2023 40.2 | Jun 2023 54.2 | Sep 2023 41.7 | Dec 2023 46.9 | Mar 2024 41.0 | Jun 2024 48.3 | Sep 2024 52.2 | Dec 2024 43.6 | Mar 2025 38.2 | Jun 2025 42.9 | Sep 2025 41.3 | Dec 2025 38.9 | Mar 2026 29.0 | Jun 2026 —
- ACCENTMIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 28.1 | Jun 2024 — | Sep 2024 20.7 | Dec 2024 — | Mar 2025 13.3 | Jun 2025 — | Sep 2025 17.8 | Dec 2025 — | Mar 2026 25.7 | Jun 2026 —
- LINCOLN: Sep 2021 11.9 | Dec 2021 10.7 | Mar 2022 9.1 | Jun 2022 8.2 | Sep 2022 8.6 | Dec 2022 10.6 | Mar 2023 9.5 | Jun 2023 11.1 | Sep 2023 13.6 | Dec 2023 15.1 | Mar 2024 13.4 | Jun 2024 13.2 | Sep 2024 13.9 | Dec 2024 16.0 | Mar 2025 12.4 | Jun 2025 13.7 | Sep 2025 12.5 | Dec 2025 12.0 | Mar 2026 13.3 | Jun 2026 —
- BAJAJHCARE: Sep 2021 14.2 | Dec 2021 13.5 | Mar 2022 12.9 | Jun 2022 10.9 | Sep 2022 14.7 | Dec 2022 17.4 | Mar 2023 12.0 | Jun 2023 14.0 | Sep 2023 23.2 | Dec 2023 25.9 | Mar 2024 28.0 | Jun 2024 30.9 | Sep 2024 34.1 | Dec 2024 46.1 | Mar 2025 45.5 | Jun 2025 37.2 | Sep 2025 37.5 | Dec 2025 33.3 | Mar 2026 23.9 | Jun 2026 24.2
- INFLUX: 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 18.3 | Sep 2025 23.1 | Dec 2025 26.5 | Mar 2026 23.6 | Jun 2026 —
- KILITCH: Sep 2021 44.6 | Dec 2021 65.7 | Mar 2022 54.3 | Jun 2022 33.6 | Sep 2022 33.1 | Dec 2022 30.2 | Mar 2023 23.6 | Jun 2023 30.8 | Sep 2023 35.2 | Dec 2023 44.2 | Mar 2024 45.0 | Jun 2024 39.0 | Sep 2024 47.7 | Dec 2024 33.8 | Mar 2025 31.9 | Jun 2025 27.9 | Sep 2025 21.3 | Dec 2025 21.8 | Mar 2026 18.7 | Jun 2026 —
- ZIMLAB: Sep 2021 40.1 | Dec 2021 30.6 | Mar 2022 29.0 | Jun 2022 20.9 | Sep 2022 19.7 | Dec 2022 21.8 | Mar 2023 14.6 | Jun 2023 22.2 | Sep 2023 30.0 | Dec 2023 30.8 | Mar 2024 28.3 | Jun 2024 31.3 | Sep 2024 30.2 | Dec 2024 33.1 | Mar 2025 25.5 | Jun 2025 45.4 | Sep 2025 38.0 | Dec 2025 50.8 | Mar 2026 44.8 | 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 has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 8 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.
- 7 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
- Sun Pharmaceutical Industries Ltd (SUNPHARMA) — market value ₹4.8 L Cr; latest fundamentals Jun 2026
- Torrent Pharmaceuticals Ltd (TORNTPHARM) — market value ₹1.9 L Cr; latest fundamentals Jun 2026
- Cipla Ltd (CIPLA) — market value ₹1.2 L Cr; latest fundamentals Jun 2026
- Zydus Lifesciences Ltd (ZYDUSLIFE) — market value ₹1.1 L Cr; latest fundamentals Mar 2026
- Lupin Ltd (LUPIN) — market value ₹1.1 L Cr; latest fundamentals Mar 2026
- Mankind Pharma Ltd (MANKIND) — market value ₹1.0 L Cr; latest fundamentals Jun 2026
- Dr Reddys Laboratories Ltd (DRREDDY) — market value ₹95.8K Cr; latest fundamentals Jun 2026
- Aurobindo Pharma Ltd (AUROPHARMA) — market value ₹91.8K Cr; latest fundamentals Mar 2026
- Biocon Ltd (BIOCON) — market value ₹69.4K Cr; latest fundamentals Mar 2026
- Alkem Laboratories Ltd (ALKEM) — market value ₹68.8K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Glenmark Pharmaceuticals Ltd (GLENMARK) — market value ₹63.0K Cr; latest fundamentals Jun 2026
- Ipca Laboratories Ltd (IPCALAB) — market value ₹44.3K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Ajanta Pharma Ltd (AJANTPHARM) — market value ₹43.3K Cr; latest fundamentals Jun 2026
- J B Chemicals & Pharmaceuticals Ltd (JBCHEPHARM) — market value ₹38.7K Cr; latest fundamentals Mar 2026
- Emcure Pharmaceuticals Ltd (EMCURE) — market value ₹37.2K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Wockhardt Ltd (WOCKPHARMA) — market value ₹31.8K Cr; latest fundamentals Mar 2026
- Rubicon Research Ltd (RUBICON) — market value ₹24.7K Cr; latest fundamentals Mar 2026
- Caplin Point Laboratories Ltd (CAPLIPOINT) — market value ₹19.1K Cr; latest fundamentals Mar 2026
- ERIS Lifesciences Ltd (ERIS) — market value ₹18.8K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Natco Pharma Ltd (NATCOPHARM) — market value ₹16.4K Cr; latest fundamentals Mar 2026
- Alembic Pharmaceuticals Ltd (APLLTD) — market value ₹15.7K Cr; latest fundamentals Mar 2026
- Corona Remedies Ltd (CORONA) — market value ₹12.8K Cr; latest fundamentals Jun 2026
- Marksans Pharma Ltd (MARKSANS) — market value ₹11.7K Cr; latest fundamentals Mar 2026
- Akums Drugs & Pharmaceuticals Ltd (AKUMS) — market value ₹10.4K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Strides Pharma Science Ltd (STAR) — market value ₹9.4K Cr; latest fundamentals Jun 2026
- Suven Life Sciences Ltd (SUVEN) — market value ₹8.7K Cr; latest fundamentals Mar 2026
- FDC Ltd (FDC) — market value ₹6.7K Cr; latest fundamentals Mar 2026
- Bliss GVS Pharma Ltd (BLISSGVS) — market value ₹4.9K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- RPG Life Sciences Ltd (RPGLIFE) — market value ₹4.6K Cr; latest fundamentals Jun 2026
- Gufic BioSciences Ltd (GUFICBIO) — market value ₹3.9K Cr; latest fundamentals Mar 2026
- Kwality Pharmaceuticals Ltd (539997) — market value ₹2.7K Cr; latest fundamentals Mar 2026
- Sai Parenterals Ltd (SAIPARENT) — market value ₹2.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Indoco Remedies Ltd (INDOCO) — market value ₹2.0K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Fredun Pharmaceuticals Ltd (539730) — market value ₹1.6K Cr; latest fundamentals Mar 2026
- Amrutanjan Health Care Ltd (AMRUTANJAN) — market value ₹1.5K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Accent Microcell Ltd (ACCENTMIC) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Lincoln Pharmaceuticals Ltd (LINCOLN) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Bajaj Healthcare Ltd (BAJAJHCARE) — market value ₹1.1K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Bharat Parenterals Ltd (541096) — market value ₹1.0K Cr; latest fundamentals Mar 2026
- Influx Healthtech Ltd (INFLUX) — market value ₹686 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Kilitch Drugs (India) Ltd (KILITCH) — market value ₹652 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Zim Laboratories Ltd (ZIMLAB) — market value ₹606 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Syncom Healthcare Ltd (SYNCOM) — market value ₹17 Cr; latest fundamentals Mar 2023

## Source standing of each company

Cross-checked: 24. Unverified: 12. Withheld: 7. Graded companies: 43.

8 of 43 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.

7 of 43 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Alkem Laboratories Ltd (ALKEM) — its two data sources disagree by up to 5.6% on reported income across 14 comparable periods, so its derived ratios are withheld; Ipca Laboratories Ltd (IPCALAB) — its two data sources disagree by up to 5,809% on reported income across 15 comparable periods, so its derived ratios are withheld; Emcure Pharmaceuticals Ltd (EMCURE) — its two data sources disagree by up to 7.2% on reported income across 12 comparable periods, so its derived ratios are withheld; ERIS Lifesciences Ltd (ERIS) — its two data sources disagree by up to 11% on reported income across 14 comparable periods, so its derived ratios are withheld; Akums Drugs & Pharmaceuticals Ltd (AKUMS) — its two data sources disagree by up to 4.7% on reported income across 12 comparable periods, so its derived ratios are withheld; Bliss GVS Pharma Ltd (BLISSGVS) — its two data sources disagree by up to 73% on reported income across 15 comparable periods, so its derived ratios are withheld; Indoco Remedies Ltd (INDOCO) — its two data sources disagree by up to 7.8% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | ALKEM | Alkem Laboratories Ltd | diff_gt_2pct | disagreement up to 5.59% over 14 comparable periods
- WITHHELD | IPCALAB | Ipca Laboratories Ltd | diff_gt_2pct | disagreement up to 5809% over 15 comparable periods
- WITHHELD | EMCURE | Emcure Pharmaceuticals Ltd | diff_gt_2pct | disagreement up to 7.16% over 12 comparable periods
- WITHHELD | ERIS | ERIS Lifesciences Ltd | diff_gt_2pct | disagreement up to 10.59% over 14 comparable periods
- WITHHELD | AKUMS | Akums Drugs & Pharmaceuticals Ltd | diff_gt_2pct | disagreement up to 4.67% over 12 comparable periods
- WITHHELD | BLISSGVS | Bliss GVS Pharma Ltd | diff_gt_2pct | disagreement up to 72.95% over 15 comparable periods
- WITHHELD | INDOCO | Indoco Remedies Ltd | diff_gt_2pct | disagreement up to 7.75% over 14 comparable periods

- UNVERIFIED | SAIPARENT | Sai Parenterals Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | AMRUTANJAN | Amrutanjan Health Care Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ACCENTMIC | Accent Microcell Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | LINCOLN | Lincoln Pharmaceuticals Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | BAJAJHCARE | Bajaj Healthcare Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | INFLUX | Influx Healthtech Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | KILITCH | Kilitch Drugs (India) Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ZIMLAB | Zim Laboratories Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-31.
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 - Formulators sector outperforming NIFTY 500?

Pharma - Formulators has outperformed NIFTY 500 by 17.1% over 52 weeks and 15.3% over 13 weeks. 32 of 40 covered companies beat NIFTY on Mansfield relative strength, while 15 of 40 beat the sector itself.

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

Sun Pharmaceutical Industries Ltd leads with revenue of ₹59,911 crore, based on 41 of 43 comparable companies through Jun 2026.

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

Rubicon Research Ltd has the fastest current revenue growth at 36.6%, across 39 of 43 comparable companies.

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

Lupin Ltd ranks first at 74.1/100 with 88.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Lupin Ltd has the lowest comparable PEG at 0.54, among 21 of 43 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Pharma - Formulators comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

### What is the Nifty Pharma - Formulators index?

The Nifty Pharma - Formulators index tracks India's listed Pharma - Formulators companies as a single basket. This page follows the same 43 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Pharma - Formulators sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Pharma - Formulators stocks in India?

Ranked by this page's four-factor score, Lupin Ltd places first among 43 listed Pharma - Formulators companies, followed by Kwality 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 - Formulators stocks are listed in India?

This comparison covers 43 listed Pharma - Formulators companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Pharma - Formulators company is the biggest?

Sun Pharmaceutical Industries Ltd is the largest, with trailing-twelve-month revenue of ₹59,911 crore, ahead of Aurobindo Pharma Ltd at ₹33,653 crore. That covers 41 of 43 companies with comparable reporting through Jun 2026.

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

Caplin Point Laboratories Ltd has the highest operating margin at 34%, from 42 of 43 comparable companies. Wockhardt Ltd shows the biggest recent improvement, at +14 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

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

Sun Pharmaceutical Industries Ltd earns the most, at ₹12,117 crore of trailing-twelve-month net profit, from 41 of 43 comparable companies. Glenmark Pharmaceuticals Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

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

Influx Healthtech Ltd leads on return on capital employed at 40%, across 43 of 43 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Pharma - Formulators stock is the cheapest?

On PEG — where a LOWER number is cheaper — Lupin Ltd screens cheapest at 0.54×. Only 21 of 43 companies have earnings and growth steady enough for the ratio to mean anything, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the Pharma - Formulators sector beating the market?

Pharma - Formulators has outperformed NIFTY 500 by 17.1% over the last 52 weeks and 15.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 32 of 40 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

Bliss GVS Pharma Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Pharma - Formulators company scores highest for research priority?

Lupin Ltd scores 74.1 out of 100 with 88.6% evidence confidence, from 29.7 points on growth and earnings, 21 on capital efficiency, 16.3 on valuation and 7.1 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Pharma - Formulators companies does this comparison cover, and over what period?

It compares 43 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Pharma - Formulators sector?

The 43 Pharma - Formulators companies on this page carry ₹18,84,912 crore of combined market value. Sun Pharmaceutical Industries Ltd is the largest at ₹4,77,588 crore, about 25% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### What is the Pharma - Formulators sector's P/E ratio?

The median price-to-earnings ratio across the 43 Pharma - Formulators companies on this page is 33.4×, measured on the 39 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 2026-08-05.

### How is the Pharma - Formulators sector performing?

32 of the 40 covered Pharma - Formulators companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 17.1% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### 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.