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Indian (NIFTY) Pharma Industry Analysis

UpdatedMar 24, 2026
DataAggregated Company Financials
Companies180
  • 7D-2.3%
  • 3M-4.9%
  • 1Y-3.5%
  • YTD-3.9%

Over the last 7 days, the Pharma industry has dropped 2.3%, driven by Sun Pharmaceutical Industries declining 2.3%. In contrast, Aether Industries has gained 22%. Overall the industry is down 3.5% in 12 months. 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
Wed, 25 Mar 2026₹19.6t₹4.3t₹621.2b24.6x31.5x4.5x
Fri, 20 Feb 2026₹20.0t₹4.3t₹620.8b26.7x32.3x4.6x
Sun, 18 Jan 2026₹20.0t₹4.2t₹613.3b28.1x32.5x4.7x
Tue, 16 Dec 2025₹20.5t₹4.2t₹614.4b28.6x33.4x4.9x
Thu, 13 Nov 2025₹20.4t₹4.2t₹608.7b29x33.5x4.9x
Sat, 11 Oct 2025₹20.3t₹4.1t₹588.1b30.5x34.5x5x
Mon, 08 Sep 2025₹20.3t₹4.1t₹589.3b30x34.4x5x
Wed, 06 Aug 2025₹20.3t₹4.0t₹586.4b32x34.5x5x
Fri, 04 Jul 2025₹20.5t₹4.0t₹595.4b33.5x34.4x5.1x
Sun, 01 Jun 2025₹19.9t₹4.0t₹594.4b32x33.5x5x
Tue, 29 Apr 2025₹19.9t₹3.9t₹560.8b29.4x35.5x5.1x
Thu, 27 Mar 2025₹19.7t₹3.9t₹559.4b29.4x35.2x5.1x
Sat, 22 Feb 2025₹18.6t₹3.9t₹561.5b27.8x33.1x4.8x
Mon, 20 Jan 2025₹20.2t₹3.8t₹527.4b32.4x38.2x5.3x
Wed, 18 Dec 2024₹20.5t₹3.8t₹526.7b34.8x38.9x5.4x
Fri, 15 Nov 2024₹20.2t₹3.8t₹519.4b33.9x38.9x5.3x
Sun, 13 Oct 2024₹21.7t₹3.7t₹492.6b42.6x44x5.8x
Tue, 10 Sep 2024₹21.3t₹3.7t₹492.4b43x43.2x5.7x
Thu, 08 Aug 2024₹20.2t₹3.7t₹475.2b36.7x42.5x5.4x
Sat, 06 Jul 2024₹18.2t₹3.6t₹448.3b34.6x40.6x5.1x
Mon, 03 Jun 2024₹16.8t₹3.6t₹452.1b32.1x37.1x4.7x
Wed, 01 May 2024₹17.0t₹3.5t₹418.3b34.9x40.6x4.9x
Fri, 29 Mar 2024₹17.0t₹3.5t₹418.9b32.1x40.6x4.9x
Sun, 25 Feb 2024₹17.1t₹3.5t₹418.6b34.8x40.8x4.9x
Tue, 23 Jan 2024₹15.7t₹3.4t₹395.3b34.9x39.6x4.6x
Thu, 21 Dec 2023₹14.2t₹3.4t₹395.2b31x36x4.2x
Sat, 18 Nov 2023₹13.9t₹3.4t₹395.0b31.1x35.3x4.1x
Mon, 16 Oct 2023₹13.2t₹3.3t₹369.9b30x35.6x4x
Wed, 13 Sep 2023₹13.1t₹3.3t₹369.5b29.6x35.5x4x
Fri, 11 Aug 2023₹13.2t₹3.2t₹359.1b29.8x36.9x4.1x
Sun, 09 Jul 2023₹11.7t₹3.2t₹342.4b26.2x34.3x3.7x
Tue, 06 Jun 2023₹10.9t₹3.2t₹342.5b26x31.9x3.4x
Thu, 04 May 2023₹10.0t₹3.0t₹277.3b26.1x35.9x3.3x
Sat, 01 Apr 2023₹9.5t₹3.0t₹277.5b23x34.4x3.2x
Price to Earnings Ratio

34.4x


Total Market Cap: ₹9.5tTotal Earnings: ₹277.5bTotal Revenue: ₹3.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Pharma Industry Price to Earnings3Y Average 36.6x202420252026
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 31.5x which is lower than its 3-year average PE of 36.6x.
  • The industry is trading close to its 3-year average PS ratio of 4.7x.
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-3.57%
Healthcare-2.35%
Pharma-2.35%
Pharma-2.35%
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
AETHER Aether Industries₹1.22k21.7%
+₹29.0b		42.7%PE75.3x
500257 Lupin₹2.33k1.5%
+₹15.3b		12.7%PE22.9x
LAURUSLABS Laurus Labs₹992.602.5%
+₹12.9b		61.4%PE63.5x
ACUTAAS Acutaas Chemicals₹2.44k5.8%
+₹10.9b		100.4%PE69.5x
532482 Granules India₹608.556.4%
+₹9.1b		20.4%PE27.6x

Latest News

500124
₹1,259.60
Dr. Reddy's Laboratories
7D
-1.8%
1Y
6.7%
MANKIND
₹1,987.80
Mankind Pharma
7D
-3.9%
1Y
-17.1%

MANKIND: Upcoming Board Review And Steady Assumptions Will Support Bullish Re Rating

Analysts have kept Mankind Pharma's fair value estimate unchanged at ₹3,100 per share, citing slightly higher assumptions for revenue growth at 14.04% and profit margin at 21.31%, along with a marginally lower future P/E of 41.44x. What's in the News Board meeting scheduled for Feb 03, 2026 at 15:00 IST to review and approve unaudited standalone financial results for the quarter ended Dec 31, 2025, along with the Limited Review Report (company filing).
500420
₹4,256.90
Torrent Pharmaceuticals
7D
-1.1%
1Y
31.7%

500420: Patent Dispute And Planned Dividends Will Shape Future Risk Balance

The analyst price target for Torrent Pharmaceuticals has shifted slightly higher to ₹4,498.68 from ₹4,487.96, with analysts pointing to stable assumptions around discount rate, revenue growth, profit margins, and a marginally higher future P/E multiple as the key drivers behind this refinement. What's in the News Xeris Biopharma Holdings and its subsidiaries filed a Hatch-Waxman patent infringement lawsuit in the U.S. District Court for the District of New Jersey against Torrent Pharmaceuticals and Somerset Therapeutics related to generic versions of Recorlev (levoketoconazole).
EMCURE
₹1,539.70
Emcure Pharmaceuticals
7D
2.3%
1Y
53.0%

EMCURE: Weight Management Franchise Will Support Future Upside Potential

Analysts have kept their price target for Emcure Pharmaceuticals steady at ₹1,794.83, citing essentially unchanged assumptions around the discount rate, revenue growth, profit margin, and future P/E expectations. What's in the News Emcure plans a board meeting on February 4, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.
ACUTAAS
₹2,435.30
Acutaas Chemicals
7D
5.8%
1Y
100.4%
AETHER
₹1,224.65
Aether Industries
7D
21.7%
1Y
42.7%

AETHER: Upcoming Board Meeting Will Shape Steady Fairly Valued Outlook

Analysts have kept their price target for Aether Industries steady at ₹1,154.20, citing unchanged assumptions around fair value, discount rate, revenue growth, profit margins and future P/E. What's in the News Board meeting scheduled for February 3, 2026, to review unaudited standalone and consolidated financial results for the third quarter ended December 31, 2025 (company filing).
532482
₹608.55
Granules India
7D
6.4%
1Y
20.4%

532482: Capital Raise Through Convertible Warrants Will Support Future Earnings Upside Potential

Analysts have inched up their price target on Granules India from about ₹641 to around ₹647, reflecting updated assumptions that combine a slightly lower discount rate with higher projected revenue growth, improved profit margins and a more modest future P/E multiple. What's in the News The board of directors approved plans to raise a total of INR 17,625.0 million through a mix of convertible warrants and fresh equity, including up to 25.0 million convertible warrants at INR 585 each and up to 5,128,000 fully paid equity shares at INR 585 per share to selected non promoter investors (Key Developments).
LAURUSLABS
₹992.60
Laurus Labs
7D
2.5%
1Y
61.4%

LAURUSLABS: Higher Margin Assumptions Will Likely Struggle Against Execution Risks

Narrative Update on Laurus Labs The updated analyst price target for Laurus Labs moves from about ₹330 to roughly ₹540. Analysts point to revised assumptions for margins and future P/E, along with broadly steady growth expectations, as key drivers of the change.
GLENMARK
₹2,095.70
Glenmark Pharmaceuticals
7D
-2.3%
1Y
41.5%

GLENMARK: Upcoming US Respiratory Launch Will Support Future Upside

Analysts have kept Glenmark Pharmaceuticals' fair value estimate steady at ₹2,735, reflecting slightly updated assumptions on revenue growth, profit margin, and future P/E that currently offset each other in their price target models. What's in the News Glenmark Specialty SA received final U.S. FDA approval for Fluticasone Propionate Inhalation Aerosol USP, 44 mcg per actuation, which is rated bioequivalent and therapeutically equivalent to FloVent HFA 44 mcg of GlaxoSmithKline (Product-Related Announcements).
CIPLA
₹1,219.40
Cipla
7D
-4.9%
1Y
-19.3%
500257
₹2,331.75
Lupin
7D
1.5%
1Y
12.7%

500257: US Approvals And Compliance Progress Will Support Measured Forward Outlook

Analysts have nudged their Lupin price target slightly higher to about ₹2,430, citing small refinements to revenue growth, profit margin and future P/E assumptions in their models. What's in the News US FDA issued an Establishment Inspection Report with a Voluntary Action Indicated classification for Lupin's Goa facility following a November 2025 inspection, indicating the inspection has been closed out with identified issues not requiring major regulatory action (Regulatory Authority – Compliance).
SUNPHARMA
₹1,753.30
Sun Pharmaceutical Industries
7D
-2.3%
1Y
-0.6%

SUNPHARMA: Obesity And Diabetes Pipeline And Mergers Will Shape Balanced Outlook

Analysts have nudged their implied fair value for Sun Pharmaceutical Industries slightly higher from ₹1,967.71 to ₹1,976.35, reflecting small adjustments to revenue growth, profit margin assumptions and the future P/E multiple in their models. What's in the News Sun Pharma received approval from the Drugs Controller General of India to manufacture and market a generic semaglutide injection for chronic weight management in adults, to be launched as Noveltreat after patent expiry in India, with multiple dose strengths offered via a prefilled pen (Key Developments).
AJANTPHARM
₹2,863.20
Ajanta Pharma
7D
-5.2%
1Y
3.2%

AJANTPHARM: Fair Outlook Will Depend On New International Licensing And Subsidiary Expansion

Ajanta Pharma's analyst price target remains unchanged at ₹3,207.58, as analysts maintain their views on fair value, discount rate, growth and margins, and future P/E assumptions in the absence of new Street research updates. What's in the News Ajanta Pharma Ireland Ltd.
500488
₹26,823.65
Abbott India
7D
1.4%
1Y
-13.7%
500660
₹2,308.00
GlaxoSmithKline Pharmaceuticals
7D
-5.2%
1Y
-18.6%
RUBICON
₹790.60
Rubicon Research
7D
5.1%
1Y
n/a