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Indian (NIFTY) Pharma Industry Analysis

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies178
  • 7D-0.8%
  • 3M-1.0%
  • 1Y-2.7%
  • YTD-0.1%

The Pharma is pretty flat in the last 7 days, but Ipca Laboratories has stood out, gaining 12%. Furthermore, the industry has been flat for the past year as well. As for the next few years, earnings are expected to grow by 16% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026₹20.3t₹4.2t₹613.3b28.5x33.1x4.8x
Tue, 09 Dec 2025₹20.3t₹4.2t₹612.9b28.2x33.2x4.8x
Thu, 06 Nov 2025₹20.3t₹4.1t₹596.4b29.8x34x4.9x
Sat, 04 Oct 2025₹20.0t₹4.1t₹588.1b30.3x34x4.9x
Mon, 01 Sep 2025₹20.0t₹4.1t₹589.1b29.6x33.9x4.9x
Wed, 30 Jul 2025₹21.2t₹4.0t₹598.2b32.8x35.4x5.3x
Fri, 27 Jun 2025₹20.1t₹4.0t₹595.4b32.7x33.8x5.1x
Sun, 25 May 2025₹19.8t₹4.0t₹592.7b32.4x33.3x5x
Tue, 22 Apr 2025₹19.5t₹3.9t₹559.2b29.3x34.9x5x
Thu, 20 Mar 2025₹19.2t₹3.9t₹559.4b28.8x34.4x4.9x
Sat, 15 Feb 2025₹18.7t₹3.9t₹550.8b28.2x34x4.8x
Mon, 13 Jan 2025₹20.5t₹3.8t₹527.0b33.2x38.9x5.4x
Wed, 11 Dec 2024₹20.7t₹3.8t₹526.7b35.4x39.3x5.4x
Fri, 08 Nov 2024₹20.9t₹3.8t₹507.7b39.4x41.2x5.5x
Sun, 06 Oct 2024₹21.4t₹3.7t₹492.6b41.2x43.5x5.7x
Tue, 03 Sep 2024₹21.0t₹3.7t₹492.4b40.1x42.7x5.7x
Thu, 01 Aug 2024₹19.7t₹3.7t₹462.6b37.4x42.7x5.4x
Sat, 29 Jun 2024₹17.5t₹3.6t₹448.3b34x39.1x4.9x
Mon, 27 May 2024₹17.1t₹3.6t₹447.8b33.4x38.1x4.8x
Wed, 24 Apr 2024₹16.7t₹3.5t₹418.9b34.1x39.8x4.8x
Fri, 22 Mar 2024₹16.6t₹3.5t₹418.7b32.3x39.6x4.8x
Sun, 18 Feb 2024₹16.9t₹3.5t₹418.6b33.6x40.4x4.9x
Tue, 16 Jan 2024₹15.8t₹3.4t₹395.3b34.9x39.9x4.7x
Thu, 14 Dec 2023₹14.2t₹3.4t₹395.1b32x36x4.2x
Sat, 11 Nov 2023₹13.7t₹3.4t₹393.5b29.9x34.8x4.1x
Mon, 09 Oct 2023₹13.1t₹3.3t₹369.9b30.1x35.4x4x
Wed, 06 Sep 2023₹13.1t₹3.3t₹369.4b29.8x35.5x4x
Fri, 04 Aug 2023₹12.9t₹3.2t₹347.9b30.2x37.1x4x
Sun, 02 Jul 2023₹11.7t₹3.2t₹342.4b26.4x34.3x3.7x
Tue, 30 May 2023₹10.6t₹3.2t₹338.3b26.4x31.3x3.4x
Thu, 27 Apr 2023₹9.9t₹3.0t₹277.7b26.1x35.6x3.3x
Sat, 25 Mar 2023₹9.4t₹3.0t₹277.5b23.6x33.8x3.1x
Mon, 20 Feb 2023₹9.6t₹3.0t₹277.1b23.6x34.8x3.2x
Wed, 18 Jan 2023₹9.9t₹2.9t₹275.2b26.1x36x3.4x
Price to Earnings Ratio

36x


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 33.1x 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-2.80%
Healthcare-0.88%
Pharma-0.77%
Pharma-0.77%
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

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.
506943
₹1,888.10
J. B. Chemicals & Pharmaceuticals
7D
2.2%
1Y
3.6%

506943: Fair Stance Will Weigh Torrent Deal And Dubai Subsidiary Expansion

Analysts now place their fair value estimate for J. B.
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.
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).
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.
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%