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Indian (NIFTY) Pharma Industry Analysis

UpdatedJan 09, 2026
DataAggregated Company Financials
Companies178
  • 7D1.1%
  • 3M0.3%
  • 1Y-3.9%
  • YTD1.1%

In the last week, the Pharma industry is up 1.1%, with Ipca Laboratories up 12%. In the past year, the industry is down 3.9%. Earnings are forecast to grow by 16% annually.

Industry Valuation and Performance

Has the Indian Pharma Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 10 Jan 2026₹20.6t₹4.2t₹613.3b28.7x33.5x4.9x
Mon, 08 Dec 2025₹20.6t₹4.2t₹612.9b29x33.6x4.9x
Wed, 05 Nov 2025₹20.3t₹4.1t₹596.1b30.2x34.1x5x
Fri, 03 Oct 2025₹20.0t₹4.1t₹588.1b30.6x34.1x4.9x
Sun, 31 Aug 2025₹20.0t₹4.1t₹589.1b29.6x33.9x4.9x
Tue, 29 Jul 2025₹20.9t₹4.0t₹597.0b32.5x35x5.2x
Thu, 26 Jun 2025₹20.1t₹4.0t₹595.3b32.7x33.8x5.1x
Sat, 24 May 2025₹19.8t₹4.0t₹580.2b31.8x34x4.9x
Mon, 21 Apr 2025₹19.5t₹3.9t₹559.2b28.5x34.8x5x
Wed, 19 Mar 2025₹19.1t₹3.9t₹559.4b28.7x34.1x4.9x
Fri, 14 Feb 2025₹19.3t₹3.9t₹550.6b28.8x35.1x5x
Sun, 12 Jan 2025₹20.5t₹3.8t₹527.0b33.7x38.9x5.4x
Tue, 10 Dec 2024₹20.7t₹3.8t₹526.7b36.2x39.4x5.4x
Thu, 07 Nov 2024₹21.3t₹3.8t₹508.0b39.9x41.9x5.6x
Sat, 05 Oct 2024₹21.4t₹3.7t₹492.6b41.2x43.5x5.7x
Mon, 02 Sep 2024₹21.2t₹3.7t₹492.4b39.8x43x5.7x
Wed, 31 Jul 2024₹19.5t₹3.7t₹461.3b38.2x42.3x5.3x
Fri, 28 Jun 2024₹17.4t₹3.6t₹448.3b33.6x38.8x4.9x
Sun, 26 May 2024₹17.1t₹3.5t₹443.8b33.4x38.5x4.8x
Tue, 23 Apr 2024₹16.6t₹3.5t₹418.9b33.2x39.6x4.8x
Thu, 21 Mar 2024₹16.4t₹3.5t₹418.7b31.8x39.2x4.7x
Sat, 17 Feb 2024₹16.9t₹3.5t₹418.9b33.7x40.4x4.9x
Mon, 15 Jan 2024₹15.7t₹3.4t₹395.3b35.2x39.6x4.6x
Wed, 13 Dec 2023₹14.1t₹3.4t₹395.1b31.3x35.7x4.2x
Fri, 10 Nov 2023₹13.6t₹3.3t₹388.9b30.1x35.1x4.1x
Sun, 08 Oct 2023₹13.1t₹3.3t₹369.9b30.1x35.4x4x
Tue, 05 Sep 2023₹12.9t₹3.3t₹367.0b29.8x35x3.9x
Thu, 03 Aug 2023₹12.7t₹3.2t₹345.8b29.4x36.7x4x
Sat, 01 Jul 2023₹11.7t₹3.2t₹342.4b26.4x34.3x3.7x
Mon, 29 May 2023₹10.6t₹3.1t₹339.1b27.3x31.1x3.4x
Wed, 26 Apr 2023₹9.9t₹3.0t₹277.7b25.8x35.6x3.3x
Fri, 24 Mar 2023₹9.4t₹3.0t₹277.5b23.7x33.9x3.2x
Sun, 19 Feb 2023₹9.6t₹3.0t₹277.5b23.6x34.7x3.2x
Tue, 17 Jan 2023₹9.9t₹2.9t₹275.2b25.7x36.1x3.4x
Price to Earnings Ratio

36.1x


Total Market Cap: ₹9.9tTotal Earnings: ₹275.2bTotal Revenue: ₹2.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Pharma Industry Price to Earnings3Y Average 36.7x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian Pharmaceuticals industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 33.5x which is lower than its 3-year average PE of 36.7x.
  • The industry is trading close to its 3-year average PS ratio of 4.6x.
Past Earnings Growth
  • The earnings for companies in the Pharmaceuticals industry have grown 31% per year over the last three years.
  • Revenues for these companies have grown 13% 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 industry?

IN Market-0.99%
Healthcare0.99%
Pharma1.13%
Pharma1.13%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
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
ALKEM Alkem Laboratories₹5.80k3.7%
+₹24.7b		7.9%PE29.4x
EMCURE Emcure Pharmaceuticals₹1.54k7.7%
+₹20.8b		13.5%PE36.8x

Latest News

PPLPHARMA
₹168.53
Piramal Pharma
7D
-5.6%
1Y
-23.8%

PPLPHARMA: Future Upside Will Stem From ADC Collaboration Momentum

Analysts have lowered their fair value estimate for Piramal Pharma from ₹244.33 to ₹239.90, citing updated assumptions around revenue growth, profit margin and future P/E expectations. What's in the News Piramal Pharma Limited has scheduled a Special or Extraordinary Shareholders Meeting via postal ballot in India on January 16, 2026.
ALKEM
₹5,799.00
Alkem Laboratories
7D
3.7%
1Y
7.9%
SUNPHARMA
₹1,729.90
Sun Pharmaceutical Industries
7D
0.1%
1Y
-3.1%
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%
AETHER
₹979.85
Aether Industries
7D
3.8%
1Y
13.4%
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).
506943
₹1,888.10
J. B. Chemicals & Pharmaceuticals
7D
2.2%
1Y
3.6%
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
AJANTPHARM
₹2,764.60
Ajanta Pharma
7D
-6.3%
1Y
-2.5%

AJANTPHARM: Future Returns Will Likely Lag As Premium Earnings Multiple Persists

Narrative Update: Ajanta Pharma Price Target Analysts have maintained their price target for Ajanta Pharma at ₹2,450, as modest upgrades to long term revenue growth and profit margin assumptions are viewed as being broadly offset by a slightly lower future price to earnings multiple. What's in the News Board meeting scheduled for November 3, 2025, to review and approve unaudited consolidated and standalone financial results for Q2 and H1 FY2025-26 (Company filing) Consideration of first interim dividend for the financial year ending March 31, 2026, to be taken up at the November 3, 2025, board meeting (Company filing) Record date for payment of interim dividend, if declared, proposed as Monday, November 10, 2025 (Company filing) Valuation Changes Fair Value: Unchanged at ₹2,450.0 per share, indicating no revision to the core valuation outcome.
500420
₹3,962.85
Torrent Pharmaceuticals
7D
2.0%
1Y
21.0%

500420: Patent Settlement And Stable Outlook Will Shape Future Risk Profile

Narrative Update on Torrent Pharmaceuticals Analysts have maintained their price target on Torrent Pharmaceuticals at ₹4,024. This reflects unchanged assumptions on discount rate, revenue growth, profit margins, and future valuation multiples that continue to support the current fair value assessment.
IPCALAB
₹1,575.00
Ipca Laboratories
7D
12.2%
1Y
-3.5%

IPCALAB: Improved Margins And Lower Multiple Will Support Future Upside Potential

Analysts have trimmed their price target on Ipca Laboratories by approximately ₹80 to around ₹1,730, reflecting slightly softer revenue growth assumptions, while still factoring in improved profit margins and a lower future P/E multiple. What's in the News Board meeting scheduled on October 17, 2025, at 17:00 IST to discuss corporate matters and ongoing strategic priorities (company filing).
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%