Pharma Stocks in India

Here are all 109 pharma stocks in India worth ₹500 crore or more, with price, market cap, P/E and 52-week high and low. The biggest are Sun Pharmaceutical Industries, Divis Laboratories and Torrent Pharmaceuticals. The last two columns show how each did against the Nifty 500 over 3 months and 1 year.

Download the full list (CSV) · "vs Nifty 500" = the stock's return minus the Nifty 500's, in percentage points.

Prices as of 16 October 2026. Market value and returns from the weekly scan to 9 October 2026. Updated every weekend

Pharma stocks are shares of companies whose main business is making medicines, from finished formulations to bulk drug ingredients (API) and contract manufacturing. 109 of them listed in India are worth ₹500 crore or more, split into 8 types.

Types follow NSE industry groups · data as of 9 October 2026

Pharma stocks are down mainly because high-margin US products are fading and replacement launches keep arriving late. Plant-clearance problems, acquisition costs and higher taxes are also hitting profit. 57 of 109 beat the Nifty 500 at the 9 October 2026 scan, against 87 at the high in June.

What is not happening yet

• Spreading fixed costs over more sales is not showing up in finished-medicine profit
• Approvals are still pending at Cipla, Dr Reddy, Lupin, Glenmark, Aurobindo and Alkem
• Weight-loss medicines are a plan, not profit, and managements disagree about them
• Aurobindo's government price floor and manufacturing incentive are still conditional
• In medicine shops and distribution, no improvement is confirmed across the whole industry

The weakest pharma stocks, and why

• Panacea Biotec -30.5 points against the Nifty 500 in 3 months. Earnings per share turned to a loss in the last 12 months.
• Wanbury -27.8 points against the Nifty 500 in 3 months. Earnings per share up 22% in the last 12 months.
• Sun Pharma Advanced Research Company -23.6 points against the Nifty 500 in 3 months.
• Astrazeneca Pharma India -21.8 points against the Nifty 500 in 3 months. Earnings per share down 7% in the last 12 months.

Reasons from company results and calls, 10 October 2026

The latest pharma news from company results: Zydus Lifesciences: India branded medicine sales grew 20% in April–June 2026 from a year earlier. Lupin: Revenue grew again last quarter, while reported profit grew more slowly. Aurobindo Pharma: Europe and non-US markets grew at double digits in the last four quarters.

• Zydus Lifesciences results call, 11 August 2026
  • India branded medicine sales grew 20% in April–June 2026 from a year earlier
  • Long-term-treatment medicines reached 54.2% of its India mix

  In their own words (August 2026 call)

  "As our branded business continues to gain scale across markets, we expect their share to exceed two-third of our overall revenue over the medium term."Dr. Sharvil Patel

• Lupin results call, 7 August 2026
  • Revenue grew again last quarter, while reported profit grew more slowly
  • Tax rose and profit margin eased from the earlier peak

  In their own words (August 2026 call)

  "We expect revenues to be anywhere between USD 250 million to USD 280 million a quarter over the next couple of quarters."Vinita Gupta

• Aurobindo Pharma results call, 6 August 2026
  • Europe and non-US markets grew at double digits in the last four quarters
  • Europe revenue was €267 million in April–June 2026, up 11% at steady exchange rates
• Divis Laboratories results call, 1 August 2026
  • Margins beat the year before in three of the last four quarters
  • More higher-margin custom chemistry work is the reason, and it shows in the margins

  In their own words (August 2026 call)

  "We want to be the largest integrated player"Dr. Kiran S Divi

• Sun Pharmaceutical Industries results call, 31 July 2026
  • India medicine sales grew 16% in April–June 2026 from a year earlier
  • Its newer branded medicines reached US$351 million, 21.9% of total sales
• Torrent Pharmaceuticals results call, 30 July 2026
  • It reports cost savings from integrating the JB business
  • It is gaining business in India without cutting price
• Mankind Pharma results call, 30 July 2026
  • Debt fell to ₹6,312 crore in March 2026 from ₹8,511 crore a year earlier
  • Long-term-treatment medicines rose to 39% of revenue in the year to March 2026
• Laurus Labs results call, 24 July 2026
  • More output on the same fixed costs is already helping its results
  • Its mix is moving toward more complex, customer-specific work
• Cipla results call, 23 July 2026
  • Its profit margin was 16.7% in April–June 2026
  • Management calls this a transition phase, with new products and plants not yet busy
• Dr Reddys Laboratories results call, 22 July 2026
  • Semaglutide supply is paused while it fixes a problem, with a November restart planned
  • It already has customer orders waiting for semaglutide

  In their own words (July 2026 call)

  "We identified the root cause. We also started the activities in the sites. There is a program management schedule that takes us to around September 22 or September 23. The success rate is high."Management

From earnings calls, latest 11 August 2026

35 of 98 pharma stocks trade below their own usual P/E, and 21 of those still grew earnings. 2 sit exactly at it. The furthest below are Medplus Health Services (-74%), Lupin (-48%) and Natco Pharma (-48%). The median pharma P/E is 38.2, against a usual 33.2.

"Usual" = each company's own long-run median P/E · valuation as of 17 October 2026 · no price targets

The fastest-growing pharma stocks by earnings are Valiant Laboratories (4 times or more), Hester Biosciences (+262.2%) and Shukra Pharmaceuticals (+245.5%). 64 of 99 grew earnings per share, and 46 have almost no debt.

Pharma stocks with almost no debt (under 0.1 times equity)

Sun Pharmaceutical Industries · Divis Laboratories · Cipla · Glenmark Pharmaceuticals · Abbott India · Gland Pharma · Anthem Biosciences · Glaxosmithkline Pharmaceuticals · Ajanta Pharma · J B Chemicals & Pharmaceuticals · Acutaas Chemicals · Caplin Point Laboratories · Pfizer · Alivus Life Sciences · Natco Pharma · Concord Biotech · Syngene International · Akums Drugs & Pharmaceuticals · Blue Jet Healthcare · Procter & Gamble Health · Sanofi Consumer Healthcare India · Suven Life Sciences · Bliss GVS Pharma · Supriya Lifescience · Sanofi India · IOL Chemicals & Pharmaceuticals · FDC · Novartis India · RPG Life Sciences · Ind-Swift Laboratories · Shukra Pharmaceuticals · Syncom Formulations · Panacea Biotec · Windlas Biotech · JOJO · Accent Microcell · Jagsonpal Pharmaceuticals · Amrutanjan Health Care · TTK Healthcare · Remus Pharmaceuticals · Lincoln Pharmaceuticals · Health X Platform · Sastasundar Ventures · Anuh Pharma · Influx Healthtech · Madhuveer Com 18 Network

Earnings growth from the latest results. Debt from the latest annual report · data as of 9 October 2026

The highest dividend-yield pharma stocks are Procter & Gamble Health (2.98%), Sanofi India (2.55%) and Glaxosmithkline Pharmaceuticals (2.22%). 78 of 109 paid a dividend in the last year.

Yield = last year's dividend ÷ today's price. It moves with the price · data as of 9 October 2026

What is working for pharma stocks: finished-medicine makers are moving sales toward branded, long-term-treatment and complex medicines. What is still missing: spreading fixed costs over more sales is not showing up in finished-medicine profit. At the 9 October 2026 scan, 57 of 109 beat the Nifty 500.

What is working

• Sun, Torrent, Zydus, Mankind, Aurobindo, Lupin and Glenmark all describe that shift
• Gaining business in India is the strongest shared evidence, led by Sun and Torrent
• Drug-ingredient and contract drug-making companies are moving to customer-specific, more complex work
• Divi's, Laurus, Gland, Acutaas, Granules and Shilpa all describe that change
• Animal-medicine profit rose ₹264 crore, and ₹254 crore of that came from better margins

What is not happening yet

• Approvals are still pending at Cipla, Dr Reddy, Lupin, Glenmark, Aurobindo and Alkem
• Weight-loss medicines are a plan, not profit, and managements disagree about them
• Aurobindo's government price floor and manufacturing incentive are still conditional
• In medicine shops and distribution, no improvement is confirmed across the whole industry

Risks

• High-margin US products are fading and replacement launches keep arriving late
• Plant-clearance problems, acquisition costs and higher taxes are also hitting profit
• Ingredient makers are spending on new plants before the sales arrive
• Middle East solvent and freight costs, currency pressure and US policy uncertainty appear in the calls
• Recent company forecasts contain several cuts and delays

Where big money is moving

• Funds own 0.78 percentage points more of the finished-medicine makers than a year earlier
• Promoters own 0.51 percentage points less of them over the last six months
• Ingredient and contract-making companies spent ₹12,660 crore on plants, up 26.9%

What to watch next

• July–September 2026 results: whether profit improves with sales and margins steady
• Dr Reddy's November restart of semaglutide supply, one of the weight-loss medicines
• Cipla's breathing-medicine approvals and supply build-up for its North America plan
• Aurobindo turning its Pen-G policy help and the Lannett takeover into reported profit
• Medplus's next results: own-brand mix recovery and a better operating profit margin

From company results and calls, 10 October 2026

Pharma moves in long runs and setbacks, not a steady climb. In the last 6 months, the number of pharma stocks beating the Nifty 500 swung between 50 and 87 of 109.

• Finished-medicine prices fell before 2020, recovered through 2021, paused in 2022, rose from 2023
• That group has been sideways for 33 months inside a 37% range

Weekly count of stocks beating the Nifty 500, last 26 weeks · data as of 9 October 2026

The biggest midcap pharma stocks are Dr Reddys Laboratories, Mankind Pharma and Aurobindo Pharma. Of 109 pharma stocks, 6 are large cap, 15 are mid cap, 88 are small cap. 4 trade under ₹100 a share.

Pharma stocks under ₹100

A low share price doesn't mean a small company. Market cap tells you the size.

Size by market cap · data as of 9 October 2026

The top 10 pharma stocks for October 2026 are: 1. Acutaas Chemicals, 2. Neuland Laboratories, 3. Kwality Pharmaceuticals, 4. Shukra Pharmaceuticals, 5. Laurus Labs, 6. Gland Pharma, 7. Glenmark Pharmaceuticals, 8. Senores Pharmaceuticals, 9. IOL Chemicals & Pharmaceuticals, 10. Ipca Laboratories. The score adds up growth, quality, valuation and price strength.

September 2026 top 10

The 10 biggest pharma stocks by market cap

1. Sun Pharmaceutical Industries: Makes medicines for India and the US, plus its own newer branded drugs ₹4,22,283 cr · P/E 33.4
2. Divis Laboratories: Makes drug ingredients and does custom chemistry work for global drug companies ₹2,47,948 cr · P/E 82.4
3. Torrent Pharmaceuticals: Makes finished branded medicines and is integrating the JB business it acquired ₹1,77,134 cr · P/E 79.4
4. Zydus Lifesciences: Makes finished medicines for India and North America, plus newer specialty drugs ₹1,11,471 cr · P/E 23.0
5. Laurus Labs: Makes drug ingredients and does contract drug-making for other drug companies ₹1,10,040 cr · P/E 100.6
6. Cipla: Makes finished medicines, including breathing medicines, for India and the US ₹1,05,104 cr · P/E 29.9
7. Dr Reddys Laboratories: Makes finished medicines, and makes the ingredient for the weight-loss drug semaglutide ₹99,911 cr · P/E 31.2
8. Mankind Pharma: Makes finished branded medicines for India, including long-term-treatment and over-the-counter products ₹97,830 cr · P/E 45.9
9. Aurobindo Pharma: Makes finished medicines and drug ingredients, with Europe and the US as main markets ₹97,411 cr · P/E 25.5
10. Lupin: Makes finished medicines for the US, India, Brazil and Europe ₹89,469 cr · P/E 15.1

The Nifty Pharma index on NSE tracks the largest of these companies.

What is happening at the biggest pharma companies

1. Sun Pharmaceutical IndustriesPharma - Formulators · ₹4,22,283 cr · not beating the Nifty 500

   Makes medicines for India and the US, plus its own newer branded drugs

   What is happening

   • India medicine sales grew 16% in April–June 2026 from a year earlier
   • Its newer branded medicines reached US$351 million, 21.9% of total sales
   • US copies of drugs whose patent ended fell 9.7% from a year earlier

   What is not happening yet

   • The Organon purchase would take debt to 2.3 times yearly operating profit
   • Management has contradicted itself on acquisitions, dividends and copies of biological medicines

   What they said vs what they did

   • They said mid to high single-digit sales growth for the year to March 2026. They did 11.19%
   • They said tax would settle near 25%. They did 29% in April–June 2026

   What to watch next

   • Whether more doctors prescribe Leqselvi and repeat prescriptions build up
   • Whether the US decline stops and new launches cover competitive losses

   Sources: timeline 22 August 2026 · earnings call 31 July 2026

2. Divis LaboratoriesPharma - API & CRAMS · ₹2,47,948 cr · beating the Nifty 500

   Makes drug ingredients and does custom chemistry work for global drug companies

   What is happening

   • Margins beat the year before in three of the last four quarters
   • More higher-margin custom chemistry work is the reason, and it shows in the margins
   • Operating cash of ₹2,738 crore covered ₹2,568 crore of net profit in the year to March 2026

   What is not happening yet

   • Management warned against assuming the 40.75% April–June profit margin continues
   • Three new plants costing about ₹2,000 crore have no disclosed sales yet
   • New products wait on customers qualifying them and on regulators clearing filings

   In their own words (August 2026 call)

   "We want to be the largest integrated player"Dr. Kiran S Divi

   What to watch next

   • Whether customers and regulators approve the projects that are already validated
   • Whether the three nearly finished plants start reporting sales

   Sources: driver read 10 October 2026 · timeline 22 August 2026 · earnings call 1 August 2026

3. Torrent PharmaceuticalsPharma - Formulators · ₹1,77,134 cr · not beating the Nifty 500

   Makes finished branded medicines and is integrating the JB business it acquired

   What is happening

   • It reports cost savings from integrating the JB business
   • It is gaining business in India without cutting price
   • Its mix is moving toward higher-margin branded medicines

   What is not happening yet

   • More sales from the combined JB and Torrent teams are still only expected
   • The July 2026 call said all Samalix injections would be back by the end of August. The next call should confirm it
   • Sales disruption from the brand transfers is expected to settle by January–March 2027

   What to watch next

   • Whether Samalix market share recovers after the injections return
   • Whether the combined sales force nears 9,000 people in July–September 2026

   Sources: earnings call 30 July 2026

4. Zydus LifesciencesPharma - Formulators · ₹1,11,471 cr · not beating the Nifty 500

   Makes finished medicines for India and North America, plus newer specialty drugs

   What is happening

   • India branded medicine sales grew 20% in April–June 2026 from a year earlier
   • Long-term-treatment medicines reached 54.2% of its India mix
   • North America brought in ₹31 billion in April–June 2026

   What is not happening yet

   • Its rare-disease and specialty medicines in the US are still building scale
   • Saroglitazar is under faster review, with launch planned in the year to March 2028
   • Competition on Revlimid and Mirabegron is resetting its profit margin lower

   In their own words (August 2026 call)

   "As our branded business continues to gain scale across markets, we expect their share to exceed two-third of our overall revenue over the medium term."Dr. Sharvil Patel

   What to watch next

   • Whether the acquired Assertio products start adding revenue next quarter
   • Whether quarterly profit margin stays at or above 24%

   Sources: timeline 22 August 2026 · earnings call 11 August 2026

5. Laurus LabsPharma - API & CRAMS · ₹1,10,040 cr · beating the Nifty 500

   Makes drug ingredients and does contract drug-making for other drug companies

   What is happening

   • More output on the same fixed costs is already helping its results
   • Its mix is moving toward more complex, customer-specific work
   • Contract drug-making supply was 55% of its mix in April–June 2026

   What is not happening yet

   • Management promises at least half of revenue from contract drug-making by the year to March 2030
   • Part of its contract book is not commercial yet and needs late-stage approvals
   • It cited about ₹2,000 crore of plant spending for the year to March 2027

   What to watch next

   • Whether late-stage approvals turn the non-commercial contract book into sales
   • Whether commercial supply stays near 55% of the mix

   Sources: earnings call 24 July 2026

6. CiplaPharma - Formulators · ₹1,05,104 cr · not beating the Nifty 500

   Makes finished medicines, including breathing medicines, for India and the US

   What is happening

   • Its profit margin was 16.7% in April–June 2026
   • Management calls this a transition phase, with new products and plants not yet busy
   • Launch costs and war-related costs are weighing on its margin

   What is not happening yet

   • The plan is a profit margin of 18.5% to 20% in the year to March 2027
   • Three breathing-medicine products and a peptide still need approvals and first launches
   • It plans a $1 billion a year US rate by the year to March 2027

   What to watch next

   • Whether the breathing-medicine approvals come and Ventolin shipments scale up
   • Whether profit margin moves up from 16.7% toward 18.5% to 20%

   Sources: earnings call 23 July 2026

7. Dr Reddys LaboratoriesPharma - Formulators · ₹99,911 cr · not beating the Nifty 500

   Makes finished medicines, and makes the ingredient for the weight-loss drug semaglutide

   What is happening

   • Semaglutide supply is paused while it fixes a problem, with a November restart planned
   • It already has customer orders waiting for semaglutide
   • Middle East solvent and freight costs take about 1% off operating profit

   What is not happening yet

   • Management puts the fix at an 80% to 90% success rate and says it may fail
   • Profit margin without semaglutide is meant to reach about 20%

   In their own words (July 2026 call)

   "We identified the root cause. We also started the activities in the sites. There is a program management schedule that takes us to around September 22 or September 23. The success rate is high."Management

   What to watch next

   • The July 2026 call put the fix at about 22 to 23 September. Whether it landed is for the next call to show
   • Whether Middle East solvent and freight costs stay near 1% of operating profit

   Sources: earnings call 22 July 2026

8. Mankind PharmaPharma - Formulators · ₹97,830 cr · not beating the Nifty 500

   Makes finished branded medicines for India, including long-term-treatment and over-the-counter products

   What is happening

   • Debt fell to ₹6,312 crore in March 2026 from ₹8,511 crore a year earlier
   • Long-term-treatment medicines rose to 39% of revenue in the year to March 2026
   • India sales excluding over-the-counter grew 10.1% in January–March 2026, the best since the BSV deal

   What is not happening yet

   • Interest cost is expected to halve to about ₹300 crore as debt is repaid
   • A tax break on its Sikkim plant has ended, pushing tax to about 25% to 26%
   • It is going slow on weight-loss medicines, calling that market immediately very competitive

   What to watch next

   • Whether its everyday medicines grow at least as fast as the Indian medicine market
   • Whether gross margin stays above 71% as the inventory benefit ends

   Sources: timeline 27 June 2026 · earnings call 30 July 2026

9. Aurobindo PharmaPharma - Formulators · ₹97,411 cr · beating the Nifty 500

   Makes finished medicines and drug ingredients, with Europe and the US as main markets

   What is happening

   • Europe and non-US markets grew at double digits in the last four quarters
   • Europe revenue was €267 million in April–June 2026, up 11% at steady exchange rates
   • Operating profit rose ₹574 crore over the year despite the US decline

   What is not happening yet

   • The promised profit margin above 21% is not visible in the numbers yet
   • The government price floor for its Pen-G ingredient plant is still not in force
   • Management slipped seven of nine dated promises in the past year

   What to watch next

   • Whether the Pen-G and China plants report profit in the July–September 2026 call
   • Whether the Lannett takeover starts showing a separate profit contribution

   Sources: driver read 10 October 2026 · timeline 10 October 2026 · earnings call 6 August 2026

10. LupinPharma - Formulators · ₹89,469 cr · not beating the Nifty 500

    Makes finished medicines for the US, India, Brazil and Europe

    What is happening

    • Revenue grew again last quarter, while reported profit grew more slowly
    • Tax rose and profit margin eased from the earlier peak
    • Brazil-led emerging markets and other developed markets are widening growth beyond the US

    What is not happening yet

    • Breathing, injectable and biological-copy products are meant to replace fading US exclusive sales
    • One of them, Pegfilgrastim, has still to reach the market
    • Competition on Tolvaptan and Mirabegron can pull US revenue down further

    In their own words (August 2026 call)

    "We expect revenues to be anywhere between USD 250 million to USD 280 million a quarter over the next couple of quarters."Vinita Gupta

    What to watch next

    • Whether US sales settle after the new Tolvaptan competitors arrive
    • Whether Brazil's new launches keep that growth going

    Sources: timeline 22 August 2026 · earnings call 7 August 2026

Ranked on October 2026 data, refreshed every month

Pharma stocks fell behind the market this week: 57 of 109 are beating the Nifty 500, 12 fewer than last week. The strongest over 3 months are JOJO, Morepen Laboratories and Bafna Pharmaceuticals.

Pharma stocks beating the Nifty 500

Updated every weekend · data as of 9 October 2026

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Table rebuilt every weekend. Company research refreshed monthly · data as of 9 October 2026

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