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

> Pharma - Others: Unichem Laboratories Ltd owns the largest revenue base; JOJO 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 - Others has outperformed NIFTY 500 by 16.3% over 52 weeks and 16.2% over 13 weeks. 8 of 10 covered companies beat NIFTY on Mansfield relative strength, while 5 of 10 beat the sector itself. Unichem Laboratories Ltd leads with revenue of ₹2,202 crore, based on 10 of 10 comparable companies through Mar 2026.

## Sector relative strength

Pharma - Others has outperformed NIFTY 500 by 16.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 16.2%. 8 of 10 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Shukra Pharmaceuticals Ltd is the strongest against the sector itself at +49.8%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 16%
52-week sector return versus NIFTY 500: 16%
Stocks leading NIFTY: 8/10
Stocks leading sector: 5/10

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

Companies: 10
Combined market value: ₹20.2K 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. JOJO Ltd (531910): 66/100 — Favorable setup; evidence 69%
   - Growth & earnings 30.0/35 | Capital efficiency 13.6/25 | Valuation 8.9/20 | Relative strength 13.7/20
   - 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 1 of 10 weeks with a reading, within the last 12
   - Exact sum: 30 + 13.6 + 8.9 + 13.7 = 66.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Shukra Pharmaceuticals Ltd (SHUKRAPHAR): 65/100 — Favorable setup; evidence 65%
   - Growth & earnings 21.8/35 | Capital efficiency 17.2/25 | Valuation 9.3/20 | Relative strength 17.0/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks, ending 2026-03-08 (no longer priced)
   - Exact sum: 21.8 + 17.2 + 9.3 + 17 = 65.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Sun Pharma Advanced Research Company Ltd (SPARC): 64/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 17.7/35 | Capital efficiency 19.2/25 | Valuation 9.2/20 | Relative strength 18.0/20
   - 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: 17.7 + 19.2 + 9.2 + 18 = 64.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Remus Pharmaceuticals Ltd (REMUS): 52/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 19.8/35 | Capital efficiency 13.9/25 | Valuation 12.1/20 | Relative strength 5.7/20
   - 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: 19.8 + 13.9 + 12.1 + 5.7 = 51.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Jenburkt Pharmaceuticals Ltd (524731): 51/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 16.9/35 | Capital efficiency 19.7/25 | Valuation 10.1/20 | Relative strength 3.9/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of 7 weeks with a reading, within the last 12, ending 2026-06-28 (no longer priced)
   - Exact sum: 16.9 + 19.7 + 10.1 + 3.9 = 50.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Syncom Formulations (India) Ltd (SYNCOMF): 49/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 20.9/35 | Capital efficiency 17.3/25 | Valuation 11.1/20 | Relative strength 0.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks
   - Exact sum: 20.9 + 17.3 + 11.1 + 0 = 49.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Madhuveer Com 18 Network Ltd (MADHUVEER): 47/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 15.6/35 | Capital efficiency 8.6/25 | Valuation 8.5/20 | Relative strength 14.3/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks, ending 2026-03-08 (no longer priced)
   - Exact sum: 15.6 + 8.6 + 8.5 + 14.3 = 47
   - Decision use: Price leads the evidence: RS versus the benchmark is 6.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8. Unichem Laboratories Ltd (UNICHEMLAB): 42/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 10.3/35 | Capital efficiency 6.3/25 | Valuation 9.6/20 | Relative strength 16.0/20
   - 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: 10.3 + 6.3 + 9.6 + 16 = 42.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 17.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9. Panacea Biotec Ltd (PANACEABIO): 39/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 20.4/35 | Capital efficiency 0.3/25 | Valuation 10.0/20 | Relative strength 8.3/20
   - 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 10 of 10 weeks with a reading, within the last 12
   - Exact sum: 20.4 + 0.3 + 10 + 8.3 = 39
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. TTK Healthcare Ltd (TTKHLTCARE): 38/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 10.4/35 | Capital efficiency 8.3/25 | Valuation 13.8/20 | Relative strength 5.7/20
   - 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 4 of 10 weeks with a reading, within the last 12
   - Exact sum: 10.4 + 8.3 + 13.8 + 5.7 = 38.2
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

## Market action

Shukra Pharmaceuticals Ltd has the strongest one-year price move in Pharma - Others at +112.2%. It also leads on Mansfield relative strength against NIFTY at +40.2%. 8 of 10 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. Shukra Pharmaceuticals Ltd (SHUKRAPHAR): 112%
2. Sun Pharma Advanced Research Company Ltd (SPARC): 36%
3. JOJO Ltd (531910): 21%
4. Madhuveer Com 18 Network Ltd (MADHUVEER): 12%
5. Panacea Biotec Ltd (PANACEABIO): 0.8%

### Strongest relative strength versus NIFTY 500
1. Shukra Pharmaceuticals Ltd (SHUKRAPHAR): 40%
2. Sun Pharma Advanced Research Company Ltd (SPARC): 30%
3. Unichem Laboratories Ltd (UNICHEMLAB): 17%
4. JOJO Ltd (531910): 9.9%
5. Madhuveer Com 18 Network Ltd (MADHUVEER): 6.3%

## Revenue Scale & Growth Durability

What the numbers say: Unichem Laboratories Ltd is the scale leader at ₹2,202 crore, 17.2% ahead of Sun Pharma Advanced Research Company Ltd. JOJO Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 446.9% from a ₹24 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Unichem Laboratories Ltd is the scale benchmark; JOJO Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Unichem Laboratories Ltd's growth falls below JOJO Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Unichem Laboratories Ltd · ₹2,202 crore | 17.2% versus #2 · Sun Pharma Advanced Research Company Ltd | 6/8 recent comparable periods | 10/10 companies · 145 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. Unichem Laboratories Ltd (UNICHEMLAB): ₹2.2K Cr
2. Sun Pharma Advanced Research Company Ltd (SPARC): ₹1.9K Cr
3. Remus Pharmaceuticals Ltd (REMUS): ₹1.5K Cr
4. TTK Healthcare Ltd (TTKHLTCARE): ₹857 Cr
5. Panacea Biotec Ltd (PANACEABIO): ₹640 Cr

### Revenue growth — fastest growers
1. JOJO Ltd (531910): 100%
2. Remus Pharmaceuticals Ltd (REMUS): 100%
3. Shukra Pharmaceuticals Ltd (SHUKRAPHAR): 100%
4. Sun Pharma Advanced Research Company Ltd (SPARC): 100%
5. Madhuveer Com 18 Network Ltd (MADHUVEER): 69%

### 20-quarter Revenue history
- 524731: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹35 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹45 Cr
- 531910: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹13 Cr
- SPARC: Jun 2021 ₹22 Cr | Sep 2021 ₹28 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹131 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹1.9K Cr
- UNICHEMLAB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹302 Cr | Mar 2023 ₹402 Cr | Jun 2023 ₹423 Cr | Sep 2023 ₹416 Cr | Dec 2023 ₹466 Cr | Mar 2024 ₹432 Cr | Jun 2024 ₹483 Cr | Sep 2024 ₹507 Cr | Dec 2024 ₹533 Cr | Mar 2025 ₹587 Cr | Jun 2025 ₹527 Cr | Sep 2025 ₹579 Cr | Dec 2025 ₹521 Cr | Mar 2026 ₹575 Cr
- PANACEABIO: Jun 2021 ₹132 Cr | Sep 2021 ₹232 Cr | Dec 2021 ₹156 Cr | Mar 2022 ₹141 Cr | Jun 2022 ₹111 Cr | Sep 2022 ₹105 Cr | Dec 2022 ₹115 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹143 Cr | Dec 2023 ₹151 Cr | Mar 2024 ₹136 Cr | Jun 2024 ₹116 Cr | Sep 2024 ₹147 Cr | Dec 2024 ₹163 Cr | Mar 2025 ₹133 Cr | Jun 2025 ₹167 Cr | Sep 2025 ₹141 Cr | Dec 2025 ₹165 Cr | Mar 2026 ₹167 Cr
- SHUKRAPHAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹39 Cr | Mar 2026 —
- TTKHLTCARE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹183 Cr | Mar 2023 ₹180 Cr | Jun 2023 ₹202 Cr | Sep 2023 ₹186 Cr | Dec 2023 ₹184 Cr | Mar 2024 ₹181 Cr | Jun 2024 ₹208 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹205 Cr | Mar 2025 ₹190 Cr | Jun 2025 ₹226 Cr | Sep 2025 ₹204 Cr | Dec 2025 ₹209 Cr | Mar 2026 ₹218 Cr
- SYNCOMF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹57 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹75 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹102 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹149 Cr | Jun 2025 ₹117 Cr | Sep 2025 ₹122 Cr | Dec 2025 ₹115 Cr | Mar 2026 ₹135 Cr
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹14 Cr | Jun 2022 — | Sep 2022 ₹20 Cr | Dec 2022 — | Mar 2023 ₹25 Cr | Jun 2023 — | Sep 2023 ₹29 Cr | Dec 2023 — | Mar 2024 ₹185 Cr | Jun 2024 — | Sep 2024 ₹273 Cr | Dec 2024 — | Mar 2025 ₹348 Cr | Jun 2025 — | Sep 2025 ₹400 Cr | Dec 2025 — | Mar 2026 ₹453 Cr
- MADHUVEER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹8 Cr | Mar 2026 —

### 20-quarter Revenue growth history
- 524731: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 11% | Jun 2024 14% | Sep 2024 7.9% | Dec 2024 2.8% | Mar 2025 5.1% | Jun 2025 9.1% | Sep 2025 12% | Dec 2025 16% | Mar 2026 9.8%
- 531910: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 800% | Dec 2023 150% | Mar 2024 — | Jun 2024 -33% | Sep 2024 611% | Dec 2024 4,460% | Mar 2025 -69% | Jun 2025 4,375% | Sep 2025 130% | Dec 2025 257% | Mar 2026 781%
- SPARC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 14% | Dec 2022 111% | Mar 2023 92% | Jun 2023 -14% | Sep 2023 -34% | Dec 2023 -89% | Mar 2024 -65% | Jun 2024 -29% | Sep 2024 -38% | Dec 2024 7.1% | Mar 2025 59% | Jun 2025 -41% | Sep 2025 -38% | Dec 2025 -47% | Mar 2026 6,763%
- UNICHEMLAB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 54% | Mar 2024 7.5% | Jun 2024 14% | Sep 2024 22% | Dec 2024 14% | Mar 2025 36% | Jun 2025 9.1% | Sep 2025 14% | Dec 2025 -2.3% | Mar 2026 -2.0%
- PANACEABIO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -16% | Sep 2022 -55% | Dec 2022 -26% | Mar 2023 -8.6% | Jun 2023 16% | Sep 2023 36% | Dec 2023 31% | Mar 2024 5.8% | Jun 2024 -10% | Sep 2024 3.0% | Dec 2024 8.6% | Mar 2025 -2.9% | Jun 2025 44% | Sep 2025 -4.2% | Dec 2025 1.0% | Mar 2026 26%
- SHUKRAPHAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 850% | Mar 2024 -76% | Jun 2024 -85% | Sep 2024 -76% | Dec 2024 -42% | Mar 2025 18% | Jun 2025 67% | Sep 2025 0.0% | Dec 2025 255% | Mar 2026 —
- TTKHLTCARE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.6% | Mar 2024 0.6% | Jun 2024 3.0% | Sep 2024 6.5% | Dec 2024 11% | Mar 2025 5.0% | Jun 2025 8.7% | Sep 2025 3.0% | Dec 2025 2.0% | Mar 2026 15%
- SYNCOMF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 23% | Jun 2024 45% | Sep 2024 59% | Dec 2024 97% | Mar 2025 99% | Jun 2025 34% | Sep 2025 20% | Dec 2025 -10% | Mar 2026 -9.4%
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 79% | Jun 2023 — | Sep 2023 45% | Dec 2023 — | Mar 2024 640% | Jun 2024 — | Sep 2024 841% | Dec 2024 — | Mar 2025 88% | Jun 2025 — | Sep 2025 47% | Dec 2025 — | Mar 2026 30%
- MADHUVEER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 150% | Mar 2024 — | Jun 2024 -33% | Sep 2024 611% | Dec 2024 4,460% | Mar 2025 -69% | Jun 2025 4,375% | Sep 2025 130% | Dec 2025 257% | Mar 2026 —

## Operating Economics & Margin Trend

What the numbers say: Sun Pharma Advanced Research Company Ltd leads both opm at 96% and margin change at +292 percentage points.

Investor read: Sun Pharma Advanced Research Company 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: Sun Pharma Advanced Research Company Ltd · 96% | 37.7% versus #2 · Madhuveer Com 18 Network Ltd | 4/8 recent comparable periods | 10/10 companies · 180 observations

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

### OPM — highest
1. Sun Pharma Advanced Research Company Ltd (SPARC): 96%
2. Madhuveer Com 18 Network Ltd (MADHUVEER): 70%
3. Shukra Pharmaceuticals Ltd (SHUKRAPHAR): 69%
4. JOJO Ltd (531910): 48%
5. Jenburkt Pharmaceuticals Ltd (524731): 32%

### Margin change — fastest expanders
1. Sun Pharma Advanced Research Company Ltd (SPARC): +292.0 pp
2. JOJO Ltd (531910): +115.2 pp
3. Shukra Pharmaceuticals Ltd (SHUKRAPHAR): +32.0 pp
4. Panacea Biotec Ltd (PANACEABIO): +21.8 pp
5. Madhuveer Com 18 Network Ltd (MADHUVEER): +18.4 pp

### 20-quarter OPM history
- 524731: Jun 2021 20% | Sep 2021 29% | Dec 2021 21% | Mar 2022 16% | Jun 2022 23% | Sep 2022 24% | Dec 2022 20% | Mar 2023 21% | Jun 2023 24% | Sep 2023 24% | Dec 2023 20% | Mar 2024 25% | Jun 2024 29% | Sep 2024 28% | Dec 2024 24% | Mar 2025 26% | Jun 2025 25% | Sep 2025 29% | Dec 2025 17% | Mar 2026 32%
- 531910: Jun 2021 — | Sep 2021 — | Dec 2021 91% | Mar 2022 -25% | Jun 2022 17% | Sep 2022 100% | Dec 2022 50% | Mar 2023 0.0% | Jun 2023 17% | Sep 2023 -222% | Dec 2023 20% | Mar 2024 44% | Jun 2024 — | Sep 2024 -52% | Dec 2024 51% | Mar 2025 -67% | Jun 2025 -8.4% | Sep 2025 -89% | Dec 2025 70% | Mar 2026 48%
- SPARC: Jun 2021 -245% | Sep 2021 -196% | Dec 2021 -18% | Mar 2022 -264% | Jun 2022 -275% | Sep 2022 -198% | Dec 2022 12% | Mar 2023 -188% | Jun 2023 -427% | Sep 2023 -432% | Dec 2023 -740% | Mar 2024 -639% | Jun 2024 -555% | Sep 2024 -800% | Dec 2024 -494% | Mar 2025 -196% | Jun 2025 -540% | Sep 2025 -836% | Dec 2025 -670% | Mar 2026 96%
- UNICHEMLAB: Jun 2021 -0.6% | Sep 2021 2.2% | Dec 2021 -0.5% | Mar 2022 19% | Jun 2022 -0.3% | Sep 2022 -5.6% | Dec 2022 -14% | Mar 2023 4.1% | Jun 2023 7.0% | Sep 2023 2.1% | Dec 2023 7.0% | Mar 2024 6.0% | Jun 2024 8.0% | Sep 2024 11% | Dec 2024 16% | Mar 2025 14% | Jun 2025 4.3% | Sep 2025 11% | Dec 2025 9.0% | Mar 2026 8.0%
- PANACEABIO: Jun 2021 -1.2% | Sep 2021 2.6% | Dec 2021 7.6% | Mar 2022 -21% | Jun 2022 -72% | Sep 2022 -3.7% | Dec 2022 -7.5% | Mar 2023 -4.4% | Jun 2023 -8.0% | Sep 2023 -2.5% | Dec 2023 -0.1% | Mar 2024 -4.4% | Jun 2024 -12% | Sep 2024 4.8% | Dec 2024 4.9% | Mar 2025 -20% | Jun 2025 -0.7% | Sep 2025 -13% | Dec 2025 7.1% | Mar 2026 1.5%
- SHUKRAPHAR: Jun 2021 7.1% | Sep 2021 -65% | Dec 2021 13% | Mar 2022 18% | Jun 2022 15% | Sep 2022 13% | Dec 2022 12% | Mar 2023 8.0% | Jun 2023 2.0% | Sep 2023 21% | Dec 2023 51% | Mar 2024 41% | Jun 2024 25% | Sep 2024 12% | Dec 2024 37% | Mar 2025 55% | Jun 2025 24% | Sep 2025 -7.0% | Dec 2025 69% | Mar 2026 —
- TTKHLTCARE: Jun 2021 4.6% | Sep 2021 1.8% | Dec 2021 5.3% | Mar 2022 3.0% | Jun 2022 2.0% | Sep 2022 2.4% | Dec 2022 5.0% | Mar 2023 8.0% | Jun 2023 5.0% | Sep 2023 5.0% | Dec 2023 2.9% | Mar 2024 7.0% | Jun 2024 3.3% | Sep 2024 4.2% | Dec 2024 3.8% | Mar 2025 6.0% | Jun 2025 1.2% | Sep 2025 2.6% | Dec 2025 3.4% | Mar 2026 5.0%
- SYNCOMF: Jun 2021 14% | Sep 2021 11% | Dec 2021 8.5% | Mar 2022 3.5% | Jun 2022 6.8% | Sep 2022 7.9% | Dec 2022 10% | Mar 2023 10% | Jun 2023 11% | Sep 2023 10% | Dec 2023 11% | Mar 2024 13% | Jun 2024 12% | Sep 2024 12% | Dec 2024 12% | Mar 2025 12% | Jun 2025 14% | Sep 2025 15% | Dec 2025 18% | Mar 2026 16%
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 32% | Dec 2023 — | Mar 2024 11% | Jun 2024 — | Sep 2024 8.0% | Dec 2024 — | Mar 2025 7.0% | Jun 2025 — | Sep 2025 7.0% | Dec 2025 — | Mar 2026 7.0%
- MADHUVEER: Jun 2021 — | Sep 2021 — | Dec 2021 91% | Mar 2022 -25% | Jun 2022 17% | Sep 2022 100% | Dec 2022 50% | Mar 2023 — | Jun 2023 17% | Sep 2023 -222% | Dec 2023 20% | Mar 2024 44% | Jun 2024 — | Sep 2024 -52% | Dec 2024 51% | Mar 2025 -67% | Jun 2025 -8.4% | Sep 2025 -89% | Dec 2025 70% | Mar 2026 —

### 20-quarter Margin change history
- 524731: Jun 2021 +16.2 pp | Sep 2021 +5.4 pp | Dec 2021 −0.9 pp | Mar 2022 −0.6 pp | Jun 2022 +3.7 pp | Sep 2022 −4.9 pp | Dec 2022 −0.9 pp | Mar 2023 +4.6 pp | Jun 2023 +0.6 pp | Sep 2023 −0.0 pp | Dec 2023 −0.2 pp | Mar 2024 +4.0 pp | Jun 2024 +5.0 pp | Sep 2024 +4.0 pp | Dec 2024 +4.0 pp | Mar 2025 +1.0 pp | Jun 2025 −4.0 pp | Sep 2025 +1.0 pp | Dec 2025 −7.0 pp | Mar 2026 +6.0 pp
- 531910: Jun 2021 — | Sep 2021 — | Dec 2021 +107.6 pp | Mar 2022 −25.0 pp | Jun 2022 — | Sep 2022 — | Dec 2022 −40.9 pp | Mar 2023 +25.0 pp | Jun 2023 0.0 pp | Sep 2023 −322.2 pp | Dec 2023 −30.0 pp | Mar 2024 +44.1 pp | Jun 2024 −1,716.7 pp | Sep 2024 +170.7 pp | Dec 2024 +31.3 pp | Mar 2025 −111.2 pp | Jun 2025 +1,691.6 pp | Sep 2025 −37.6 pp | Dec 2025 +18.4 pp | Mar 2026 +115.2 pp
- SPARC: Jun 2021 −277.3 pp | Sep 2021 +270.8 pp | Dec 2021 +270.5 pp | Mar 2022 −83.9 pp | Jun 2022 −30.3 pp | Sep 2022 −2.3 pp | Dec 2022 +30.5 pp | Mar 2023 +75.6 pp | Jun 2023 −152.2 pp | Sep 2023 −233.5 pp | Dec 2023 −752.3 pp | Mar 2024 −451.0 pp | Jun 2024 −128.0 pp | Sep 2024 −368.0 pp | Dec 2024 +246.0 pp | Mar 2025 +443.0 pp | Jun 2025 +15.0 pp | Sep 2025 −36.0 pp | Dec 2025 −176.0 pp | Mar 2026 +292.0 pp
- UNICHEMLAB: Jun 2021 −4.4 pp | Sep 2021 −7.2 pp | Dec 2021 −9.6 pp | Mar 2022 +11.6 pp | Jun 2022 +0.3 pp | Sep 2022 −7.8 pp | Dec 2022 −13.6 pp | Mar 2023 −14.4 pp | Jun 2023 +7.3 pp | Sep 2023 +7.7 pp | Dec 2023 +21.0 pp | Mar 2024 +1.9 pp | Jun 2024 +1.0 pp | Sep 2024 +8.9 pp | Dec 2024 +9.0 pp | Mar 2025 +8.0 pp | Jun 2025 −3.7 pp | Sep 2025 0.0 pp | Dec 2025 −7.0 pp | Mar 2026 −6.0 pp
- PANACEABIO: Jun 2021 −17.4 pp | Sep 2021 −18.1 pp | Dec 2021 −3.0 pp | Mar 2022 −22.0 pp | Jun 2022 −70.9 pp | Sep 2022 −6.2 pp | Dec 2022 −15.1 pp | Mar 2023 +17.1 pp | Jun 2023 +64.1 pp | Sep 2023 +1.2 pp | Dec 2023 +7.4 pp | Mar 2024 −0.0 pp | Jun 2024 −4.1 pp | Sep 2024 +7.2 pp | Dec 2024 +5.0 pp | Mar 2025 −15.9 pp | Jun 2025 +11.4 pp | Sep 2025 −17.4 pp | Dec 2025 +2.2 pp | Mar 2026 +21.8 pp
- SHUKRAPHAR: Jun 2021 −14.5 pp | Sep 2021 −85.9 pp | Dec 2021 +3.4 pp | Mar 2022 +6.9 pp | Jun 2022 +7.5 pp | Sep 2022 +77.7 pp | Dec 2022 −0.8 pp | Mar 2023 −9.7 pp | Jun 2023 −12.6 pp | Sep 2023 +8.4 pp | Dec 2023 +39.0 pp | Mar 2024 +33.0 pp | Jun 2024 +23.0 pp | Sep 2024 −9.0 pp | Dec 2024 −14.0 pp | Mar 2025 +14.0 pp | Jun 2025 −1.0 pp | Sep 2025 −19.0 pp | Dec 2025 +32.0 pp | Mar 2026 —
- TTKHLTCARE: Jun 2021 +5.2 pp | Sep 2021 −3.9 pp | Dec 2021 −1.3 pp | Mar 2022 −3.9 pp | Jun 2022 −2.7 pp | Sep 2022 +0.6 pp | Dec 2022 −0.3 pp | Mar 2023 +5.0 pp | Jun 2023 +3.0 pp | Sep 2023 +2.6 pp | Dec 2023 −2.1 pp | Mar 2024 −1.0 pp | Jun 2024 −1.7 pp | Sep 2024 −0.8 pp | Dec 2024 +0.9 pp | Mar 2025 −1.0 pp | Jun 2025 −2.1 pp | Sep 2025 −1.6 pp | Dec 2025 −0.4 pp | Mar 2026 −1.0 pp
- SYNCOMF: Jun 2021 −0.4 pp | Sep 2021 −7.9 pp | Dec 2021 −6.9 pp | Mar 2022 −9.4 pp | Jun 2022 −6.9 pp | Sep 2022 −2.8 pp | Dec 2022 +1.5 pp | Mar 2023 +6.5 pp | Jun 2023 +4.2 pp | Sep 2023 +2.1 pp | Dec 2023 +1.0 pp | Mar 2024 +3.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 +2.0 pp | Sep 2025 +3.0 pp | Dec 2025 +6.0 pp | Mar 2026 +4.0 pp
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +12.0 pp | Jun 2023 — | Sep 2023 +9.0 pp | Dec 2023 — | Mar 2024 −12.0 pp | Jun 2024 — | Sep 2024 −24.0 pp | Dec 2024 — | Mar 2025 −4.0 pp | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 — | Mar 2026 0.0 pp
- MADHUVEER: Jun 2021 — | Sep 2021 — | Dec 2021 +107.6 pp | Mar 2022 −25.0 pp | Jun 2022 — | Sep 2022 — | Dec 2022 −40.9 pp | Mar 2023 — | Jun 2023 0.0 pp | Sep 2023 −322.2 pp | Dec 2023 −30.0 pp | Mar 2024 — | Jun 2024 −1,716.7 pp | Sep 2024 +170.7 pp | Dec 2024 +31.3 pp | Mar 2025 −111.2 pp | Jun 2025 +1,691.6 pp | Sep 2025 −37.6 pp | Dec 2025 +18.4 pp | Mar 2026 —

## Profit Scale & Acceleration

What the numbers say: Sun Pharma Advanced Research Company Ltd leads with ₹1,553 crore of TTM profit, 513.8% above Unichem Laboratories Ltd. JOJO Ltd shows ≥100% on the scoring scale growth from a ₹6 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Sun Pharma Advanced Research Company 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 Pharma Advanced Research Company Ltd · ₹1,553 crore | 513.8% versus #2 · Unichem Laboratories Ltd | 0/1 recent comparable periods | 10/10 companies · 145 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 Pharma Advanced Research Company Ltd (SPARC): ₹1.6K Cr
2. Unichem Laboratories Ltd (UNICHEMLAB): ₹253 Cr
3. Remus Pharmaceuticals Ltd (REMUS): ₹87 Cr
4. Syncom Formulations (India) Ltd (SYNCOMF): ₹77 Cr
5. TTK Healthcare Ltd (TTKHLTCARE): ₹66 Cr

### Profit growth — fastest growers
1. JOJO Ltd (531910): 100%
2. Remus Pharmaceuticals Ltd (REMUS): 100%
3. Shukra Pharmaceuticals Ltd (SHUKRAPHAR): 100%
4. Unichem Laboratories Ltd (UNICHEMLAB): 83%
5. Syncom Formulations (India) Ltd (SYNCOMF): 54%

### 20-quarter Net profit history
- 524731: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹11 Cr
- 531910: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹-0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹5 Cr
- SPARC: Jun 2021 ₹-61 Cr | Sep 2021 ₹-55 Cr | Dec 2021 ₹-16 Cr | Mar 2022 ₹-71 Cr | Jun 2022 ₹-82 Cr | Sep 2022 ₹-68 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹-82 Cr | Jun 2023 ₹-95 Cr | Sep 2023 ₹-86 Cr | Dec 2023 ₹-100 Cr | Mar 2024 ₹-106 Cr | Jun 2024 ₹-96 Cr | Sep 2024 ₹-107 Cr | Dec 2024 ₹-80 Cr | Mar 2025 ₹-60 Cr | Jun 2025 ₹-52 Cr | Sep 2025 ₹-76 Cr | Dec 2025 ₹-80 Cr | Mar 2026 ₹1.8K Cr
- UNICHEMLAB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-64 Cr | Mar 2023 ₹-44 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-24 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹-129 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹-10 Cr | Sep 2025 ₹-12 Cr | Dec 2025 ₹264 Cr | Mar 2026 ₹11 Cr
- PANACEABIO: Jun 2021 ₹-57 Cr | Sep 2021 ₹-53 Cr | Dec 2021 ₹-49 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹-56 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹-13 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹-16 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹-14 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-1 Cr
- SHUKRAPHAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹20 Cr | Mar 2026 —
- TTKHLTCARE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹12 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹22 Cr
- SYNCOMF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹25 Cr
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 ₹4 Cr | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 — | Sep 2023 ₹6 Cr | Dec 2023 — | Mar 2024 ₹19 Cr | Jun 2024 — | Sep 2024 ₹19 Cr | Dec 2024 — | Mar 2025 ₹21 Cr | Jun 2025 — | Sep 2025 ₹22 Cr | Dec 2025 — | Mar 2026 ₹25 Cr
- MADHUVEER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹-0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 —

### 20-quarter Profit growth history
- 524731: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 33% | Jun 2024 40% | Sep 2024 43% | Dec 2024 40% | Mar 2025 13% | Jun 2025 14% | Sep 2025 0.0% | Dec 2025 -14% | Mar 2026 22%
- 531910: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 100% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 4,850% | Mar 2025 -98% | Jun 2025 — | Sep 2025 — | Dec 2025 3.0% | Mar 2026 7,883%
- SPARC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1,100% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- UNICHEMLAB: Jun 2021 — | 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 -21% | Mar 2025 — | Jun 2025 -600% | Sep 2025 -148% | Dec 2025 355% | Mar 2026 -79%
- PANACEABIO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -101% | Jun 2023 — | Sep 2023 -152% | Dec 2023 -111% | Mar 2024 — | Jun 2024 -245% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -397% | Dec 2025 -12% | Mar 2026 —
- SHUKRAPHAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0% | Jun 2024 — | Sep 2024 -80% | Dec 2024 -67% | Mar 2025 25% | Jun 2025 — | Sep 2025 100% | Dec 2025 567% | Mar 2026 —
- TTKHLTCARE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.3% | Mar 2024 5.9% | Jun 2024 100% | Sep 2024 6.3% | Dec 2024 31% | Mar 2025 -11% | Jun 2025 -59% | Sep 2025 18% | Dec 2025 -35% | Mar 2026 38%
- SYNCOMF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 75% | Mar 2024 -13% | Jun 2024 100% | Sep 2024 57% | Dec 2024 86% | Mar 2025 157% | Jun 2025 100% | Sep 2025 55% | Dec 2025 46% | Mar 2026 39%
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 300% | Jun 2023 — | Sep 2023 50% | Dec 2023 — | Mar 2024 375% | Jun 2024 — | Sep 2024 217% | Dec 2024 — | Mar 2025 11% | Jun 2025 — | Sep 2025 16% | Dec 2025 — | Mar 2026 19%
- MADHUVEER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 100% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 4,850% | Mar 2025 -98% | Jun 2025 — | Sep 2025 — | Dec 2025 3.0% | Mar 2026 —

## Return On Capital Employed

What the numbers say: Sun Pharma Advanced Research Company Ltd leads ROCE at 164%, 136.8 percentage points above Jenburkt Pharmaceuticals Ltd. JOJO Ltd has the strongest latest improvement at +18.1 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: Sun Pharma Advanced Research Company 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: Sun Pharma Advanced Research Company Ltd · 164% | 502.9% versus #2 · Jenburkt Pharmaceuticals Ltd | 2/8 recent comparable periods | 10/10 companies · 64 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. Sun Pharma Advanced Research Company Ltd (SPARC): 164%
2. Jenburkt Pharmaceuticals Ltd (524731): 27%
3. Syncom Formulations (India) Ltd (SYNCOMF): 27%
4. Shukra Pharmaceuticals Ltd (SHUKRAPHAR): 22%
5. JOJO Ltd (531910): 17%

### ROCE change — fastest improvers
1. JOJO Ltd (531910): +18.1 pp
2. Syncom Formulations (India) Ltd (SYNCOMF): +2.5 pp
3. Panacea Biotec Ltd (PANACEABIO): +1.2 pp
4. Jenburkt Pharmaceuticals Ltd (524731): 0.0 pp
5. TTK Healthcare Ltd (TTKHLTCARE): −0.3 pp

### 20-quarter ROCE history
- SPARC: Jun 2021 — | Sep 2021 -251% | Dec 2021 — | Mar 2022 -181% | Jun 2022 — | Sep 2022 625% | Dec 2022 — | Mar 2023 -34% | Jun 2023 — | Sep 2023 -61% | Dec 2023 -129% | Mar 2024 -165% | Jun 2024 -86% | Sep 2024 -991% | Dec 2024 -154% | Mar 2025 862% | Jun 2025 -195% | Sep 2025 150% | Dec 2025 -574% | Mar 2026 112%
- PANACEABIO: Jun 2021 — | Sep 2021 -1.5% | Dec 2021 — | Mar 2022 -4.9% | Jun 2022 — | Sep 2022 -12% | Dec 2022 — | Mar 2023 -11% | Jun 2023 — | Sep 2023 -4.8% | Dec 2023 2.7% | Mar 2024 -4.5% | Jun 2024 -2.7% | Sep 2024 -4.2% | Dec 2024 -0.7% | Mar 2025 -5.3% | Jun 2025 2.1% | Sep 2025 -7.1% | Dec 2025 0.0% | Mar 2026 -4.1%
- TTKHLTCARE: Jun 2021 — | Sep 2021 8.2% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.6% | Dec 2022 — | Mar 2023 1.9% | Jun 2023 — | Sep 2023 3.1% | Dec 2023 9.1% | Mar 2024 2.4% | Jun 2024 11% | Sep 2024 2.1% | Dec 2024 11% | Mar 2025 1.9% | Jun 2025 8.7% | Sep 2025 1.2% | Dec 2025 7.4% | Mar 2026 1.6%
- SYNCOMF: Jun 2021 — | Sep 2021 14% | Dec 2021 — | Mar 2022 7.0% | Jun 2022 — | Sep 2022 4.3% | Dec 2022 — | Mar 2023 5.7% | Jun 2023 — | Sep 2023 7.2% | Dec 2023 14% | Mar 2024 8.3% | Jun 2024 14% | Sep 2024 11% | Dec 2024 18% | Mar 2025 14% | Jun 2025 23% | Sep 2025 16% | Dec 2025 25% | Mar 2026 17%
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 15% | Jun 2024 — | Sep 2024 31% | Dec 2024 — | Mar 2025 14% | Jun 2025 — | Sep 2025 13% | Dec 2025 — | Mar 2026 13%

### 20-quarter ROCE change history
- SPARC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +875.8 pp | Dec 2022 — | Mar 2023 +146.5 pp | Jun 2023 — | Sep 2023 −686.1 pp | Dec 2023 — | Mar 2024 −130.3 pp | Jun 2024 — | Sep 2024 −929.7 pp | Dec 2024 −24.6 pp | Mar 2025 +1,027.0 pp | Jun 2025 −109.0 pp | Sep 2025 +1,140.7 pp | Dec 2025 −420.2 pp | Mar 2026 −750.2 pp
- PANACEABIO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.9 pp | Dec 2022 — | Mar 2023 −6.0 pp | Jun 2023 — | Sep 2023 +7.6 pp | Dec 2023 — | Mar 2024 +6.4 pp | Jun 2024 — | Sep 2024 +0.6 pp | Dec 2024 −3.4 pp | Mar 2025 −0.8 pp | Jun 2025 +4.8 pp | Sep 2025 −2.9 pp | Dec 2025 +0.7 pp | Mar 2026 +1.2 pp
- TTKHLTCARE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.6 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +1.5 pp | Dec 2023 — | Mar 2024 +0.5 pp | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 +2.3 pp | Mar 2025 −0.5 pp | Jun 2025 −2.3 pp | Sep 2025 −0.9 pp | Dec 2025 −4.0 pp | Mar 2026 −0.3 pp
- SYNCOMF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.8 pp | Dec 2022 — | Mar 2023 −1.3 pp | Jun 2023 — | Sep 2023 +2.9 pp | Dec 2023 — | Mar 2024 +2.6 pp | Jun 2024 — | Sep 2024 +3.3 pp | Dec 2024 +3.7 pp | Mar 2025 +5.7 pp | Jun 2025 +8.8 pp | Sep 2025 +5.1 pp | Dec 2025 +7.6 pp | Mar 2026 +2.5 pp
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −0.4 pp | Jun 2025 — | Sep 2025 −17.6 pp | Dec 2025 — | Mar 2026 −1.5 pp

## Valuation Against Growth & Quality

What the numbers say: There is not enough comparable evidence to name a reliable peg leader.

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: No comparable leader | Not enough peers | Not enough history | 0/10 companies · 0 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

### P/E — lowest P/E
1. Sun Pharma Advanced Research Company Ltd (SPARC): 4.3
2. Jenburkt Pharmaceuticals Ltd (524731): 13.2
3. Syncom Formulations (India) Ltd (SYNCOMF): 16.1
4. TTK Healthcare Ltd (TTKHLTCARE): 21.1
5. Remus Pharmaceuticals Ltd (REMUS): 22.9

### 20-quarter PEG history

### 20-quarter P/E history
- 524731: Jun 2021 13.6 | Sep 2021 11.1 | Dec 2021 10.9 | Mar 2022 10.8 | Jun 2022 10.0 | Sep 2022 10.6 | Dec 2022 13.3 | Mar 2023 14.1 | Jun 2023 13.3 | Sep 2023 13.1 | Dec 2023 12.4 | Mar 2024 12.4 | Jun 2024 14.8 | Sep 2024 17.1 | Dec 2024 17.3 | Mar 2025 14.2 | Jun 2025 18.3 | Sep 2025 14.7 | Dec 2025 14.4 | Mar 2026 13.8
- 531910: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3,400.0 | Sep 2023 3,069.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 87.9 | Dec 2024 190.6 | Mar 2025 118.3 | Jun 2025 110.4 | Sep 2025 — | Dec 2025 669.7 | Mar 2026 572.8
- SPARC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -27.1 | 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 2.4
- UNICHEMLAB: Jun 2021 66.0 | Sep 2021 87.8 | Dec 2021 82.7 | Mar 2022 — | Jun 2022 51.2 | Sep 2022 129.1 | Dec 2022 149.3 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 191.4 | Mar 2025 63.4 | Jun 2025 30.3 | Sep 2025 27.0 | Dec 2025 21.5 | Mar 2026 19.0
- PANACEABIO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 0.8 | Jun 2022 — | Sep 2022 0.7 | Dec 2022 0.7 | Mar 2023 — | Jun 2023 23.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -123.9 | Dec 2024 -314.9 | Mar 2025 — | Jun 2025 227.6 | Sep 2025 — | Dec 2025 -296.3 | Mar 2026 -337.7
- SHUKRAPHAR: Jun 2021 — | Sep 2021 38.0 | Dec 2021 44.0 | Mar 2022 36.0 | Jun 2022 26.0 | Sep 2022 52.0 | Dec 2022 23.0 | Mar 2023 58.5 | Jun 2023 46.6 | Sep 2023 38.9 | Dec 2023 14.8 | Mar 2024 19.0 | Jun 2024 25.9 | Sep 2024 15.7 | Dec 2024 37.5 | Mar 2025 115.0 | Jun 2025 62.1 | Sep 2025 149.9 | Dec 2025 217.6 | Mar 2026 —
- TTKHLTCARE: Jun 2021 23.1 | Sep 2021 20.9 | Dec 2021 41.0 | Mar 2022 49.1 | Jun 2022 62.8 | Sep 2022 79.8 | Dec 2022 62.9 | Mar 2023 51.5 | Jun 2023 2.8 | Sep 2023 29.3 | Dec 2023 31.2 | Mar 2024 32.1 | Jun 2024 33.1 | Sep 2024 37.2 | Dec 2024 31.0 | Mar 2025 24.5 | Jun 2025 25.6 | Sep 2025 24.2 | Dec 2025 20.8 | Mar 2026 15.6
- SYNCOMF: Jun 2021 56.7 | Sep 2021 49.8 | Dec 2021 94.0 | Mar 2022 82.4 | Jun 2022 57.1 | Sep 2022 58.4 | Dec 2022 63.4 | Mar 2023 32.8 | Jun 2023 36.1 | Sep 2023 38.1 | Dec 2023 60.2 | Mar 2024 39.9 | Jun 2024 46.1 | Sep 2024 73.3 | Dec 2024 56.7 | Mar 2025 39.2 | Jun 2025 36.3 | Sep 2025 27.4 | Dec 2025 21.5 | Mar 2026 15.0
- REMUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 132.8 | Dec 2023 — | Mar 2024 49.5 | Jun 2024 — | Sep 2024 76.0 | Dec 2024 — | Mar 2025 47.1 | Jun 2025 — | Sep 2025 31.0 | Dec 2025 — | Mar 2026 21.6
- MADHUVEER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3,400.0 | Sep 2023 3,069.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 87.9 | Dec 2024 190.6 | Mar 2025 118.3 | Jun 2025 110.4 | Sep 2025 — | Dec 2025 669.7 | Mar 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.
- 3 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.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Sun Pharma Advanced Research Company Ltd (SPARC) — market value ₹6.7K Cr; latest fundamentals Mar 2026
- Unichem Laboratories Ltd (UNICHEMLAB) — market value ₹3.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Panacea Biotec Ltd (PANACEABIO) — market value ₹2.6K Cr; latest fundamentals Mar 2026
- Shukra Pharmaceuticals Ltd (SHUKRAPHAR) — market value ₹1.8K Cr; latest fundamentals Dec 2025
- TTK Healthcare Ltd (TTKHLTCARE) — market value ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Syncom Formulations (India) Ltd (SYNCOMF) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- JOJO Ltd (531910) — market value ₹852 Cr; latest fundamentals Mar 2026
- Remus Pharmaceuticals Ltd (REMUS) — market value ₹848 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Madhuveer Com 18 Network Ltd (MADHUVEER) — market value ₹581 Cr; latest fundamentals Dec 2025
- Jenburkt Pharmaceuticals Ltd (524731) — market value ₹498 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 2. Unverified: 7. Withheld: 1. Graded companies: 10.

3 of 10 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.

1 of 10 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Unichem Laboratories Ltd (UNICHEMLAB) — its two data sources disagree by up to 338% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | UNICHEMLAB | Unichem Laboratories Ltd | diff_gt_2pct | disagreement up to 337.79% over 14 comparable periods

- UNVERIFIED | TTKHLTCARE | TTK Healthcare Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SYNCOMF | Syncom Formulations (India) Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | REMUS | Remus Pharmaceuticals Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 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 - Others sector outperforming NIFTY 500?

Pharma - Others has outperformed NIFTY 500 by 16.3% over 52 weeks and 16.2% over 13 weeks. 8 of 10 covered companies beat NIFTY on Mansfield relative strength, while 5 of 10 beat the sector itself.

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

Unichem Laboratories Ltd leads with revenue of ₹2,202 crore, based on 10 of 10 comparable companies through Mar 2026.

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

JOJO Ltd has the fastest current revenue growth at 100%, across 10 of 10 comparable companies.

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

JOJO Ltd ranks first at 66.2/100 with 69.3% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Mar 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 - Others index?

The Nifty Pharma - Others index tracks India's listed Pharma - Others companies as a single basket. This page follows the same 10 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Pharma - Others sector rather than to its largest constituent. Figures are as of Mar 2026.

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

Ranked by this page's four-factor score, JOJO Ltd places first among 10 listed Pharma - Others companies, followed by Shukra Pharmaceuticals Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Pharma - Others stocks are listed in India?

This comparison covers 10 listed Pharma - Others 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 Mar 2026.

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

Unichem Laboratories Ltd is the largest, with trailing-twelve-month revenue of ₹2,202 crore, ahead of Sun Pharma Advanced Research Company Ltd at ₹1,879 crore. That covers 10 of 10 companies with comparable reporting through Mar 2026.

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

Sun Pharma Advanced Research Company Ltd has the highest operating margin at 96%, from 10 of 10 comparable companies. Sun Pharma Advanced Research Company Ltd shows the biggest recent improvement, at +292 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

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

Sun Pharma Advanced Research Company Ltd earns the most, at ₹1,553 crore of trailing-twelve-month net profit, from 10 of 10 comparable companies. JOJO 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 - Others company earns the highest return on capital?

Sun Pharma Advanced Research Company Ltd leads on return on capital employed at 164%, across 10 of 10 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.

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

Pharma - Others has outperformed NIFTY 500 by 16.3% over the last 52 weeks and 16.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 8 of 10 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

Shukra Pharmaceuticals 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 - Others company scores highest for research priority?

JOJO Ltd scores 66.2 out of 100 with 69.3% evidence confidence, from 30 points on growth and earnings, 13.6 on capital efficiency, 8.9 on valuation and 13.7 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 - Others companies does this comparison cover, and over what period?

It compares 10 listed companies over up to 20 reported quarters of fundamentals, ending Mar 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 - Others sector?

The 10 Pharma - Others companies on this page carry ₹20,162 crore of combined market value. Sun Pharma Advanced Research Company Ltd is the largest at ₹6,692 crore, about 33% 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 - Others sector's P/E ratio?

The median price-to-earnings ratio across the 10 Pharma - Others companies on this page is 22.9×, measured on the 9 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 - Others sector performing?

8 of the 10 covered Pharma - Others companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 16.3% 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.