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Indian (NIFTY) Pharma Industry Analysis

UpdatedFeb 22, 2026
DataAggregated Company Financials
Companies179
  • 7D0.5%
  • 3M-2.2%
  • 1Y5.5%
  • YTD-1.6%

In the last week, Pharma has been flat. The past year has been better, since the industry has gained 5.5% in that time. Looking forward, 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
Mon, 23 Feb 2026₹20.0t₹4.3t₹620.8b26.5x32.3x4.6x
Wed, 21 Jan 2026₹19.5t₹4.2t₹613.7b27.6x31.8x4.6x
Fri, 19 Dec 2025₹20.3t₹4.2t₹614.4b28.1x33.1x4.8x
Sun, 16 Nov 2025₹20.5t₹4.2t₹614.2b29.3x33.4x4.9x
Tue, 14 Oct 2025₹20.2t₹4.1t₹588.2b30.7x34.3x5x
Thu, 11 Sep 2025₹20.5t₹4.1t₹589.1b31.2x34.7x5x
Sat, 09 Aug 2025₹19.8t₹4.0t₹592.7b32.6x33.4x4.9x
Mon, 07 Jul 2025₹20.6t₹4.0t₹595.4b33.8x34.6x5.2x
Wed, 04 Jun 2025₹19.9t₹4.0t₹595.3b33.2x33.4x5x
Fri, 02 May 2025₹19.7t₹3.9t₹562.1b28.8x35x5.1x
Sun, 30 Mar 2025₹19.4t₹3.9t₹559.4b29.7x34.7x5x
Tue, 25 Feb 2025₹18.6t₹3.9t₹561.5b27.6x33.1x4.8x
Thu, 23 Jan 2025₹20.1t₹3.8t₹527.4b32.8x38.1x5.3x
Sat, 21 Dec 2024₹20.7t₹3.8t₹526.7b33.6x39.3x5.4x
Mon, 18 Nov 2024₹20.2t₹3.8t₹525.4b32.7x38.4x5.3x
Wed, 16 Oct 2024₹21.7t₹3.7t₹492.6b41.7x44.1x5.8x
Fri, 13 Sep 2024₹21.6t₹3.7t₹492.6b43x43.9x5.8x
Sun, 11 Aug 2024₹20.4t₹3.7t₹482.4b37.2x42.2x5.4x
Tue, 09 Jul 2024₹18.1t₹3.6t₹448.3b34.8x40.5x5.1x
Thu, 06 Jun 2024₹17.1t₹3.6t₹450.9b32x37.9x4.8x
Sat, 04 May 2024₹17.1t₹3.5t₹419.0b34.1x40.9x4.9x
Mon, 01 Apr 2024₹17.0t₹3.5t₹418.9b32.1x40.6x4.9x
Wed, 28 Feb 2024₹17.1t₹3.5t₹418.7b34.7x40.8x4.9x
Fri, 26 Jan 2024₹15.8t₹3.4t₹396.1b34.6x39.8x4.7x
Sun, 24 Dec 2023₹14.6t₹3.4t₹395.2b32.2x37x4.3x
Tue, 21 Nov 2023₹14.0t₹3.4t₹395.1b30.4x35.4x4.1x
Thu, 19 Oct 2023₹13.3t₹3.3t₹369.9b30.2x35.8x4x
Sat, 16 Sep 2023₹13.3t₹3.3t₹369.5b30.4x35.9x4.1x
Mon, 14 Aug 2023₹13.1t₹3.3t₹367.5b29.3x35.6x4x
Wed, 12 Jul 2023₹11.9t₹3.2t₹342.4b25.8x34.6x3.8x
Fri, 09 Jun 2023₹10.9t₹3.2t₹342.7b26x31.9x3.5x
Sun, 07 May 2023₹10.4t₹3.1t₹292.6b26.7x35.5x3.4x
Tue, 04 Apr 2023₹9.6t₹3.0t₹277.5b24x34.6x3.2x
Thu, 02 Mar 2023₹9.4t₹3.0t₹277.5b22.9x33.8x3.1x
Price to Earnings Ratio

33.8x


Total Market Cap: ₹9.4tTotal 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 32.3x 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 Market0.28%
Healthcare0.70%
Pharma0.53%
Pharma0.53%
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
SUNPHARMA Sun Pharmaceutical Industries₹1.72k1.6%
+₹64.5b		4.9%PE37.9x
500420 Torrent Pharmaceuticals₹4.24k4.0%
+₹55.4b		39.6%PE63.1x
506943 J. B. Chemicals & Pharmaceuticals₹2.00k5.7%
+₹17.5b		24.7%PE42.6x
GLENMARK Glenmark Pharmaceuticals₹2.04k2.3%
+₹12.9b		57.1%PE54.1x
NATCOPHARM NATCO Pharma₹891.708.2%
+₹12.2b		11.7%PE10.3x

Latest News

500124
₹1,280.30
Dr. Reddy's Laboratories
7D
1.0%
1Y
11.1%

500124: Biosimilar Pipeline And New Launches Will Drive Future Upside

Analysts have nudged their fair value estimate for Dr. Reddy's Laboratories slightly higher from about ₹1,611 to roughly ₹1,615 per share, reflecting updated assumptions on revenue growth, profit margins, and the future P/E multiple in their models. What's in the News US FDA accepted review of a 351(k) Biologics License Application for DRL_AB, a proposed interchangeable biosimilar to Orencia (abatacept), for multiple rheumatoid and arthritis indications in adults and children, backed by analytical, PK, and clinical data including Phase 1 PK similarity and an ongoing Phase 3 trial (company announcement).
500420
₹4,237.80
Torrent Pharmaceuticals
7D
4.0%
1Y
39.6%

500420: Board Actions And Interim Dividend Will Shape Future Risk Balance

Analysts have revised their price target on Torrent Pharmaceuticals from ₹4,080 to ₹4,418, citing updated assumptions around revenue growth, profit margins and forward P/E as key drivers of this change. What's in the News Torrent Pharmaceuticals declared an interim dividend of ₹29 per equity share of ₹5, described as 580% of the face value, with payment or dispatch expected on or around 6 March 2026 (company announcement).
IPCALAB
₹1,449.80
Ipca Laboratories
7D
-2.4%
1Y
0.3%

IPCALAB: Upcoming Board Results Review Will Support Upbeat Long Term Outlook

Analysts have nudged their fair value estimate for Ipca Laboratories up from about ₹1,565 to roughly ₹1,634, reflecting updated assumptions around revenue growth, profit margins and a higher future P/E multiple. What's in the News Board meeting scheduled for February 13, 2026, to review and take on record the standalone unaudited financial results for the third quarter and nine months ended December 31, 2025.
NATCOPHARM
₹891.70
NATCO Pharma
7D
8.2%
1Y
11.7%

NATCOPHARM: New Subsidiaries And Leadership Changes Will Support Future Upside

Analysts have trimmed their price target on NATCO Pharma slightly, from about ₹1,414.64 to ₹1,378.76. This reflects updated assumptions around revenue contraction, profit margins, and future P/E expectations.
532482
₹597.25
Granules India
7D
6.4%
1Y
17.3%

532482: Fundraising Plans And Research Centres Will Shape A Balanced Outlook

Analysts have kept their fair value estimate for Granules India steady at ₹588, with only minor model tweaks to revenue growth, profit margin and future P/E assumptions informing this unchanged price target. What's in the News Board meeting scheduled on January 23, 2026 to consider and approve unaudited financial results for the third quarter and nine months ended December 31, 2025 (company filing).
500257
₹2,219.70
Lupin
7D
0.9%
1Y
16.4%
EMCURE
₹1,437.90
Emcure Pharmaceuticals
7D
-3.4%
1Y
44.4%

EMCURE: Weight Management Launch Will Support Stronger Long Term Outlook

Analysts have nudged their price target on Emcure Pharmaceuticals higher from ₹1,688.50 to about ₹1,794.83, citing updated assumptions around discount rate, revenue growth, profit margin, and future P/E, which together support a slightly richer valuation framework. What's in the News Board meeting scheduled for Feb 4, 2026, to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
CONCORDBIO
₹1,097.90
Concord Biotech
7D
-7.3%
1Y
-33.5%
BLUEJET
₹355.85
Blue Jet Healthcare
7D
-10.4%
1Y
-52.5%

BLUEJET: Lower Margin Assumptions Will Still Support Future Dividend Income

Narrative Update: Blue Jet Healthcare Price Target Reset Analysts have revised their price target for Blue Jet Healthcare from about ₹714 to about ₹499, reflecting updated assumptions that combine slightly different revenue growth expectations with a lower profit margin and a modestly adjusted future P/E multiple. What's in the News A board meeting is scheduled for February 13, 2026, at 12:42 Indian Standard Time to consider approval of the unaudited standalone financial results for the quarter and nine months ended December 31, 2025, along with the limited review report from the statutory auditor (company filing).
GLENMARK
₹2,043.20
Glenmark Pharmaceuticals
7D
2.3%
1Y
57.1%

GLENMARK: COPD Launches And Europe Expansion Will Drive Future Upside

Analysts have kept their price target for Glenmark Pharmaceuticals steady at ₹2,735. They cited slightly lower assumed revenue growth, an improved profit margin outlook, and a modestly reduced discount rate and future P/E multiple as the key factors behind maintaining their fair value estimate.
ERIS
₹1,342.40
Eris Lifesciences
7D
-5.1%
1Y
4.9%

ERIS: Preferential Share Issue Will Drive Future Upside

Analysts have maintained their fair value estimate for Eris Lifesciences at ₹1,778.2 per share, while modestly refining assumptions such as the discount rate and future P/E. This has led to a small, model driven adjustment in the implied price target rather than a major change in conviction.
SUNPHARMA
₹1,724.40
Sun Pharmaceutical Industries
7D
1.6%
1Y
4.9%

SUNPHARMA: Obesity And Diabetes Pipeline Will Drive Long Term Upside

Analysts have trimmed their price target on Sun Pharmaceutical Industries by around ₹2. This reflects updated assumptions on fair value, discount rate, revenue growth, profit margin, and future P/E that remain broadly consistent with their earlier view.
530019
₹868.75
Jubilant Pharmova
7D
-4.8%
1Y
-10.2%
PPLPHARMA
₹160.53
Piramal Pharma
7D
-3.3%
1Y
-23.2%

PPLPHARMA: Future Upside Will Stem From Inhalation Portfolio And Compliance Progress

Analysts have trimmed their fair value estimate for Piramal Pharma from ₹234.9 to ₹204.6, citing updated assumptions that reflect slightly more conservative revenue growth and P/E expectations, along with a modest adjustment in the discount rate and profit margin outlook. What's in the News Piramal Pharma plans to pursue acquisitions, co development and licensing opportunities to add to its portfolio, alongside efforts to grow its existing base business.
MANKIND
₹2,024.30
Mankind Pharma
7D
-1.8%
1Y
-13.0%

MANKIND: Fair Value Outlook Will Reflect Lower Growth And Higher Margins

Analysts have trimmed their fair value estimate for Mankind Pharma from ₹2,150 to ₹1,990, citing updates to revenue growth, profit margin and assumed future P/E levels in their revised models. What's in the News Mankind Pharma has scheduled a board meeting on Feb 03, 2026, at 15:00 Indian Standard Time to review unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, along with the Limited Review Report (Key Developments).
506943
₹2,001.25
J. B. Chemicals & Pharmaceuticals
7D
5.7%
1Y
24.7%

506943: Torrent Stake Build And Leadership Transition Will Support A More Upbeat View

Analysts have maintained their fair value estimate for J. B.