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Indian (NIFTY) Healthcare Sector Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies318
  • 7D-0.9%
  • 3M-2.7%
  • 1Y-1.3%
  • YTD-0.1%

Last week, the Healthcare industry hasn't moved much but Divi's Laboratories is up 3.5% in that time. In line with that, the industry has also been flat over the past 12 months. As for the next few years, earnings are expected to grow by 20% per annum.

Sector Valuation and Performance

Has the Indian Healthcare Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026₹30.3t₹5.7t₹771.5b32.2x39.2x5.3x
Tue, 09 Dec 2025₹30.1t₹5.7t₹768.0b33.1x39.1x5.3x
Thu, 06 Nov 2025₹30.8t₹5.5t₹741.5b35.1x41.5x5.6x
Sat, 04 Oct 2025₹30.0t₹5.5t₹730.3b34.6x41x5.5x
Mon, 01 Sep 2025₹29.9t₹5.5t₹730.0b35.1x41x5.5x
Wed, 30 Jul 2025₹31.4t₹5.4t₹736.3b36.6x42.7x5.8x
Fri, 27 Jun 2025₹29.6t₹5.3t₹728.5b36.2x40.6x5.6x
Sun, 25 May 2025₹28.8t₹5.3t₹722.5b35.2x39.9x5.4x
Tue, 22 Apr 2025₹28.3t₹5.2t₹680.2b34.4x41.6x5.5x
Thu, 20 Mar 2025₹27.6t₹5.2t₹680.1b31.6x40.6x5.3x
Sat, 15 Feb 2025₹26.9t₹5.2t₹671.7b31.7x40x5.2x
Mon, 13 Jan 2025₹29.1t₹5.0t₹648.1b38.4x45x5.8x
Wed, 11 Dec 2024₹29.1t₹5.0t₹643.1b37.9x45.2x5.8x
Fri, 08 Nov 2024₹29.0t₹4.9t₹621.0b42.6x46.7x5.9x
Sun, 06 Oct 2024₹28.9t₹4.9t₹605.3b43.1x47.8x5.9x
Tue, 03 Sep 2024₹28.4t₹4.9t₹605.1b40.5x47x5.8x
Thu, 01 Aug 2024₹26.7t₹4.7t₹563.5b38.6x47.4x5.6x
Sat, 29 Jun 2024₹24.1t₹4.6t₹548.6b36x44x5.2x
Mon, 27 May 2024₹23.2t₹4.7t₹545.3b34.7x42.6x4.9x
Wed, 24 Apr 2024₹22.6t₹4.6t₹512.8b35x44.1x4.9x
Fri, 22 Mar 2024₹22.2t₹4.6t₹512.5b32.8x43.4x4.8x
Sun, 18 Feb 2024₹23.1t₹4.6t₹511.9b35.9x45.2x5x
Tue, 16 Jan 2024₹21.4t₹4.4t₹477.0b37.3x44.9x4.9x
Thu, 14 Dec 2023₹19.6t₹4.4t₹476.1b33.6x41.1x4.4x
Sat, 11 Nov 2023₹18.7t₹4.4t₹474.6b32.1x39.4x4.3x
Mon, 09 Oct 2023₹18.1t₹4.3t₹452.1b33x40x4.2x
Wed, 06 Sep 2023₹18.0t₹4.2t₹450.7b32.1x39.9x4.2x
Fri, 04 Aug 2023₹17.7t₹4.1t₹432.4b30.6x40.8x4.3x
Sun, 02 Jul 2023₹16.4t₹4.1t₹425.6b28.6x38.5x4x
Tue, 30 May 2023₹14.9t₹4.1t₹431.6b27.6x34.5x3.7x
Thu, 27 Apr 2023₹13.8t₹3.9t₹373.0b26.4x37x3.6x
Sat, 25 Mar 2023₹13.0t₹3.9t₹372.9b24.6x35x3.4x
Mon, 20 Feb 2023₹13.4t₹3.9t₹373.2b25.6x36x3.5x
Wed, 18 Jan 2023₹13.9t₹3.7t₹377.6b29x36.8x3.7x
Price to Earnings Ratio

36.8x


Total Market Cap: ₹13.9tTotal Earnings: ₹377.6bTotal Revenue: ₹3.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Healthcare Sector Price to Earnings3Y Average 41.6x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Healthcare industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 41.6x.
  • The industry is trading close to its 3-year average PS ratio of 4.9x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have grown 27% per year over the last three years.
  • Revenues for these companies have grown 15% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Indian Healthcare sector?

IN Market-2.80%
Healthcare-0.88%
Life Sciences0.61%
Pharma-0.77%
Medical Equipment-0.91%
Healthtech-1.46%
Healthcare Services-1.84%
Biotech-2.98%
Industry PE
  • Investors are most optimistic about the Biotech industry which is trading above its 3-year average PE ratio of 53.7x.
    • Analysts are expecting annual earnings growth of 55.1%, which is higher than its past year's earnings decline of 53.0% per year.
  • Investors are most pessimistic about the Pharma industry, which is trading close to its 3-year average of 36.7x.
Forecasted Growth
  • Analysts are most optimistic on the Biotech industry, expecting annual earnings growth of 55% over the next 5 years.
  • This is better than its past earnings decline of 53% per year.
  • In contrast, the Pharma industry is expected to see its earnings grow by 16% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
DIVISLAB Divi's Laboratories₹6.62k3.5%
+₹59.5b		14.6%PE70.7x
BIOCON Biocon₹379.60-3.4%
₹47.2b		5.2%PE117.7x
IPCALAB Ipca Laboratories₹1.58k12.2%
+₹43.4b		-3.5%PE48x
500257 Lupin₹2.18k3.6%
+₹34.5b		-0.4%PE23x
500420 Torrent Pharmaceuticals₹3.96k2.0%
+₹26.4b		21.0%PE62.7x

Latest News

BIOCON
₹379.60
Biocon
7D
-3.4%
1Y
5.2%
APOLLOHOSP
₹7,256.50
Apollo Hospitals Enterprise
7D
1.8%
1Y
3.1%

APOLLOHOSP: Expanding Women Focused Cancer Network Will Drive Long Term Upside

Analysts have made a modest upward revision to their price target for Apollo Hospitals Enterprise, with fair value now assessed at ₹8,735.59 compared with the prior ₹8,693.03, reflecting updated views on revenue growth, profit margins and P/E assumptions. What's in the News A board meeting is scheduled for November 6, 2025, to review and approve the unaudited standalone and consolidated financial results for the three and six months ended September 30, 2025, along with other related matters (Key Developments).
AJANTPHARM
₹2,764.60
Ajanta Pharma
7D
-6.3%
1Y
-2.5%

AJANTPHARM: Future Returns Will Likely Lag Despite New Out Licensing Deal

Analysts have maintained their price target for Ajanta Pharma at ₹2,450, citing slightly firmer assumptions on revenue growth and profit margin, partly offset by a marginally lower future P/E multiple in their updated model. What's in the News Biocon Limited signed an out-licensing agreement with Ajanta Pharma to market its Semaglutide drug product, used to help improve glycemic control in adults with type 2 diabetes (Key Developments).
DIVISLAB
₹6,616.50
Divi's Laboratories
7D
3.5%
1Y
14.6%

DIVISLAB: Upcoming Board Review And Management Changes Will Support Bullish Outlook

Analysts have raised their price target for Divi's Laboratories from ₹7,750 to about ₹8,554, citing updated assumptions related to revenue growth, profit margins and future P/E levels in their models. What's in the News Board meeting scheduled on Nov 07, 2025 at 10:30 Indian Standard Time to review unaudited standalone and consolidated financial results for the quarter and half year ended Sep 30, 2025 (company filing).
ALKEM
₹5,799.00
Alkem Laboratories
7D
3.7%
1Y
7.9%

ALKEM: Gastro Portfolio Expansion Will Support Higher Future Market Rating

Analysts have raised their fair value estimate for Alkem Laboratories from ₹6,528.02 to ₹7,056.00, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News Launched Renocia cyclical therapy kit, a weekly nutritional supplementation regimen aimed at supporting hair growth, strengthening hair follicles and managing hair loss, with vegetarian-sourced ingredients and separate kits for men and women (Key Developments).
500420
₹3,962.85
Torrent Pharmaceuticals
7D
2.0%
1Y
21.0%

500420: Patent Settlement And Margin Assumptions Will Shape Future Risk Balance

Analysts have nudged up their fair value estimate for Torrent Pharmaceuticals from ₹4,024.27 to ₹4,048.88, citing slightly stronger assumed profit margins and a marginally higher future P/E multiple in their updated models. What's in the News Torrent Pharmaceuticals has a Board Meeting scheduled on January 5, 2026, with details yet to be clarified for investors.
IPCALAB
₹1,575.00
Ipca Laboratories
7D
12.2%
1Y
-3.5%

IPCALAB: Board Meeting Schedule And Stable Assumptions Will Shape Balanced Outlook

Analysts have slightly raised their price target on Ipca Laboratories to ₹1,555 from ₹1,552, citing small adjustments to long term assumptions on revenue growth, profit margin and future P/E multiples. What's in the News Board meeting scheduled on Oct 17, 2025, at 17:00 Indian Standard Time (company filing) Board meeting set for Nov 13, 2025, to consider and record Standalone and Consolidated Unaudited Financial Results for the 2nd quarter and half year ended Sep 30, 2025 (company filing) Valuation Changes Fair Value: The analyst fair value estimate has moved marginally higher from ₹1,551.82 to ₹1,555.06 per share.
500257
₹2,181.45
Lupin
7D
3.6%
1Y
-0.4%

500257: Biosimilar Deals And US Regulatory Progress Will Support Balanced Outlook

Analysts have nudged their fair value estimate for Lupin slightly higher to ₹2,287.42 from ₹2,280.84, reflecting updated assumptions around long term revenue growth, profit margins, and a future P/E of 35.63x versus the prior 35.35x. What's in the News Lupin signed an exclusive license, supply and distribution agreement with Gan & Lee Pharmaceuticals for Bofanglutide, a fortnightly GLP-1 receptor agonist for type 2 diabetes and obesity, and received exclusive commercialization rights in India.
COHANCE
₹475.90
Cohance Lifesciences
7D
-8.2%
1Y
-55.2%

COHANCE: Leadership Change And US Funding Will Support 2030 Revenue Ambition

Analysts have trimmed their price target on Cohance Lifesciences to ₹801.11 per share, citing updated assumptions for long term revenue growth, profit margins and future P/E multiples that leave their fair value view essentially unchanged. What's in the News Board meeting scheduled on February 12, 2026, to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ending December 31, 2025 (company filing).
500124
₹1,209.45
Dr. Reddy's Laboratories
7D
-3.7%
1Y
-10.7%

500124: Biosimilar Approvals Will Support Future Upside As Regulatory Issues Remain Contained

Analysts have kept their fair value estimate for Dr. Reddy's Laboratories steady at ₹1,615, citing only slight adjustments to revenue growth, profit margin and future P/E assumptions that they view as offsetting each other. What's in the News Dr. Reddy's received five separate orders from the GST Authority for tax demand, interest, and penalties related to alleged excess input tax credit for FY2018-19 to FY2022-23, with penalties of ₹1,89,30,110, ₹80,41,186, ₹3,52,95,063, ₹1,45,04,023 and ₹70,86,675 respectively.
500660
₹2,374.50
GlaxoSmithKline Pharmaceuticals
7D
-4.4%
1Y
8.4%
GLENMARK
₹2,007.20
Glenmark Pharmaceuticals
7D
-2.8%
1Y
30.2%

GLENMARK: Regulatory Clearance And New Respiratory Launches Will Shape Steady Margin Outlook

Analysts have nudged their fair value estimate for Glenmark Pharmaceuticals to ₹2,129.50 from ₹2,112.00, reflecting updated assumptions around slightly higher revenue growth of about 4.40% and a profit margin outlook of roughly 18.52%, along with a modestly adjusted future P/E multiple. What's in the News Received an Establishment Inspection Report with Voluntary Action Indicated status from the U.S. FDA for the Monroe, North Carolina formulations plant, clearing the way to restart commercial manufacturing at the facility (company announcement).
543220
₹1,016.90
Max Healthcare Institute
7D
-4.3%
1Y
-11.5%

543220: Upcoming Acquisitions And Governance Events Will Support Continued Upside Ahead

Analysts have slightly trimmed their fair value estimate for Max Healthcare Institute from ₹1,269.00 to about ₹1,266.71, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News A board meeting is scheduled for Dec 18, 2025 at 10:30 Indian Standard Time to consider entering a share purchase agreement for acquiring 100% equity in Yerawada Properties Private Limited, along with other matters.
CIPLA
₹1,465.70
Cipla
7D
-3.0%
1Y
-0.2%

We Think Cipla (NSE:CIPLA) Can Stay On Top Of Its Debt

Dec 29
We Think Cipla (NSE:CIPLA) Can Stay On Top Of Its Debt
ZYDUSLIFE
₹894.90
Zydus Lifesciences
7D
-2.4%
1Y
-10.9%

Is Zydus Lifesciences (NSE:ZYDUSLIFE) Using Too Much Debt?

Nov 29
Is Zydus Lifesciences (NSE:ZYDUSLIFE) Using Too Much Debt?
EMCURE
₹1,540.60
Emcure Pharmaceuticals
7D
7.7%
1Y
13.5%