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Indian (NIFTY) Healthcare Sector Analysis

UpdatedJun 17, 2026
DataAggregated Company Financials
Companies328
  • 7D-0.2%
  • 3M10.5%
  • 1Y6.7%
  • YTD7.9%

In the last week, the Healthcare industry is flat overall, with Zydus Lifesciences standing out by going down 3.4%. As for the the longer term, the industry is up 6.7% over the past 12 months. Earnings are forecast to grow by 20% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 18 Jun 2026₹32.9t₹6.1t₹806.6b31.2x40.8x5.4x
Sat, 16 May 2026₹32.8t₹6.0t₹771.9b31.5x42.5x5.5x
Mon, 13 Apr 2026₹29.8t₹5.9t₹780.6b29.3x38.1x5x
Wed, 11 Mar 2026₹30.4t₹5.9t₹780.6b28.3x39x5.1x
Fri, 06 Feb 2026₹29.4t₹5.8t₹770.4b29.6x38.1x5.1x
Sun, 04 Jan 2026₹30.5t₹5.7t₹772.9b33.8x39.5x5.3x
Tue, 02 Dec 2025₹30.7t₹5.7t₹767.7b33.1x40x5.4x
Thu, 30 Oct 2025₹30.9t₹5.5t₹737.0b35.6x41.9x5.6x
Sat, 27 Sep 2025₹29.6t₹5.5t₹730.2b35.9x40.6x5.4x
Mon, 25 Aug 2025₹30.7t₹5.5t₹730.0b36.3x42.1x5.6x
Wed, 23 Jul 2025₹30.8t₹5.3t₹732.0b36.9x42.1x5.8x
Fri, 20 Jun 2025₹29.0t₹5.3t₹728.3b35.5x39.8x5.4x
Sun, 18 May 2025₹28.6t₹5.3t₹707.2b34.7x40.5x5.4x
Tue, 15 Apr 2025₹28.1t₹5.2t₹680.2b32.8x41.3x5.4x
Thu, 13 Mar 2025₹26.7t₹5.2t₹680.1b30.4x39.3x5.1x
Sat, 08 Feb 2025₹29.1t₹5.2t₹663.4b36.6x43.9x5.6x
Mon, 06 Jan 2025₹30.2t₹5.0t₹648.5b39.3x46.6x6x
Wed, 04 Dec 2024₹29.2t₹5.0t₹642.9b39.8x45.4x5.8x
Fri, 01 Nov 2024₹28.6t₹4.9t₹617.0b41.4x46.3x5.8x
Sun, 29 Sep 2024₹29.4t₹4.9t₹605.3b42.9x48.6x6x
Tue, 27 Aug 2024₹27.9t₹4.9t₹605.1b39.7x46.1x5.7x
Thu, 25 Jul 2024₹25.8t₹4.7t₹559.5b37.8x46x5.5x
Sat, 22 Jun 2024₹24.0t₹4.6t₹546.3b35.7x43.9x5.2x
Mon, 20 May 2024₹23.4t₹4.7t₹542.8b35.4x43.2x5x
Wed, 17 Apr 2024₹22.7t₹4.6t₹512.8b33.7x44.3x4.9x
Fri, 15 Mar 2024₹22.3t₹4.6t₹512.5b32.6x43.4x4.8x
Sun, 11 Feb 2024₹22.7t₹4.5t₹518.8b38.1x43.8x5x
Tue, 09 Jan 2024₹21.0t₹4.4t₹476.9b37.6x44x4.8x
Thu, 07 Dec 2023₹19.6t₹4.4t₹476.1b33x41.2x4.4x
Sat, 04 Nov 2023₹17.9t₹4.3t₹461.8b32.2x38.9x4.2x
Mon, 02 Oct 2023₹18.3t₹4.3t₹451.6b33x40.5x4.3x
Wed, 30 Aug 2023₹17.8t₹4.2t₹450.7b31.2x39.5x4.2x
Fri, 28 Jul 2023₹17.5t₹4.1t₹431.1b28.9x40.7x4.3x
Sun, 25 Jun 2023₹15.9t₹4.1t₹425.6b28.1x37.4x3.9x
Price to Earnings Ratio

37.4x


Total Market Cap: ₹15.9tTotal Earnings: ₹425.6bTotal Revenue: ₹4.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Healthcare Sector Price to Earnings3Y Average 42x202420252026
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 42.0x.
  • The industry is trading close to its 3-year average PS ratio of 5.2x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have grown 24% per year over the last three years.
  • Revenues for these companies have grown 14% 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 Market2.23%
Healthcare-0.17%
Medical Equipment3.96%
Pharma-0.027%
Biotech-0.35%
Healthcare Services-0.48%
Life Sciences-0.60%
Healthtech-2.46%
Industry PE
  • Investors are most optimistic about the Biotech industry which is trading above its 3-year average PE ratio of 66.7x.
    • Analysts are expecting annual earnings growth of 47.7%, which is higher than its past year's earnings decline of 30.4% per year.
  • Investors are most pessimistic about the Pharma industry, which is trading close to its 3-year average of 36.5x.
Forecasted Growth
  • Analysts are most optimistic on the Biotech industry, expecting annual earnings growth of 48% over the next 5 years.
  • This is better than its past earnings decline of 30% 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
SUNPHARMA Sun Pharmaceutical Industries₹1.82k1.9%
+₹81.6b		10.5%PE38x
WOCKPHARMA Wockhardt₹2.02k10.4%
+₹30.8b		17.7%PE154.3x
RUBICON Rubicon Research₹1.37k15.2%
+₹29.7b		n/aPE91.4x
543220 Max Healthcare Institute₹1.03k1.6%
+₹15.6b		-13.2%PE69.2x
LALPATHLAB Dr. Lal PathLabs₹1.65k5.3%
+₹13.9b		13.5%PE54.7x

Latest News

CIPLA
₹1,350.80
Cipla
7D
-1.9%
1Y
-9.8%
STAR
₹1,106.90
Strides Pharma Science
7D
13.2%
1Y
29.6%
Narrative Update • Jun 16

STAR: Upcoming Results And Dividend Decision Will Guide Balanced Outlook

Analysts have reiterated their ₹1,119 price target on Strides Pharma Science, citing only minor adjustments to revenue growth, profit margin and future P/E assumptions that support maintaining the existing valuation view. What’s in the News for Strides Pharma Science A Board of Directors meeting is scheduled for May 18, 2026 at 12:30 Indian Standard Time to review and approve audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026 (source: company board meeting disclosure).
543220
₹1,026.15
Max Healthcare Institute
7D
1.6%
1Y
-13.2%
Narrative Update • Jun 14

543220: Lucknow Expansion And High P E Will Pressure Rich Valuation

Analysts have nudged their price target for Max Healthcare Institute slightly higher to around ₹914, reflecting updated assumptions for revenue growth, profit margins, and future P/E that are broadly in line with prior expectations. What's in the News Board meeting on May 21, 2026 to review standalone and consolidated results for the quarter and year ended March 31, 2026, to consider a final dividend on equity shares, and to consider the reappointment of cost auditors.
SUNPHARMA
₹1,820.40
Sun Pharmaceutical Industries
7D
1.9%
1Y
10.5%
531768
₹1,538.10
Poly Medicure
7D
8.6%
1Y
-28.0%
FORTIS
₹949.65
Fortis Healthcare
7D
-4.0%
1Y
25.1%
Narrative Update • Jun 07

FORTIS: Upcoming Board Decisions Will Support Future Upside Potential

Analysts have nudged their price target on Fortis Healthcare to ₹1,098.58 from ₹1,076.61, reflecting updated views on slightly softer revenue growth and profit margins, alongside a higher assumed future P/E multiple. What's in the News A board meeting is scheduled for May 22, 2026 at 09:35 IST to review and approve audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026 (Key Developments).
KIMS
₹796.40
Krishna Institute of Medical Sciences
7D
4.4%
1Y
19.7%
Narrative Update • Jun 07

KIMS: Planned Equity Raise Will Support Future Upside Potential

Analysts have nudged their price target for Krishna Institute of Medical Sciences slightly higher from about ₹968 to ₹973, citing refreshed assumptions on the discount rate, revenue growth, profit margins and future P/E that feed into their updated fair value view. What's in the News Board meeting scheduled for May 15, 2026, at 14:00 IST to consider and approve audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, and to address several governance items.
RUBICON
₹1,368.30
Rubicon Research
7D
15.2%
1Y
n/a
Analysis Article • Jun 06

We Think That There Are Issues Underlying Rubicon Research's (NSE:RUBICON) Earnings

Rubicon Research Limited's ( NSE:RUBICON ) stock was strong after they recently reported robust earnings. However, we...
AUROPHARMA
₹1,422.40
Aurobindo Pharma
7D
-2.1%
1Y
28.7%
Narrative Update • Jun 06

AUROPHARMA: Rich P E Assumptions Will Magnify Any Margin Execution Slip

The analyst fair value estimate for Aurobindo Pharma has been revised from ₹1,037.51 to ₹1,118.51, with analysts citing updated assumptions for revenue growth, profit margins, and future P/E as the key drivers behind the change. Analyst Commentary Analysts covering Aurobindo Pharma generally frame the revised fair value estimate in the context of execution on growth plans, the sustainability of margins, and how much investors are willing to pay on a P/E basis.
LALPATHLAB
₹1,651.80
Dr. Lal PathLabs
7D
5.3%
1Y
13.5%
Narrative Update • Jun 05

LALPATHLAB: Dubai Expansion Will Test Premium Pricing And Pressure Future Returns

Analysts have raised their fair value estimate for Dr. Lal PathLabs from about ₹1,266 to roughly ₹1,314, reflecting updated assumptions for revenue growth, profit margins, and a slightly lower future P/E multiple. What's in the News The Board has recommended a final dividend of ₹4 per equity share, at 40% on a face value of ₹10, for the financial year ended March 31, 2026, subject to approval by shareholders at the upcoming Annual General Meeting.
ACUTAAS
₹2,999.90
Acutaas Chemicals
7D
-6.5%
1Y
170.8%
Narrative Update • Jun 05

ACUTAAS: Higher Margin Assumptions And Rich P E Will Pressure Future Returns

Analysts have lifted the price target for Acutaas Chemicals from ₹2,233.22 to ₹2,486.33, citing updated assumptions that include slightly adjusted revenue growth, a higher profit margin outlook, a marginally different discount rate, and a lower future P/E multiple. What's in the News A board meeting was held on April 30, 2026 to consider and approve the audited standalone and consolidated financial statements for the quarter and year ended March 31, 2026, and to review other matters.
ASTERDM
₹765.95
Aster DM Healthcare
7D
-5.8%
1Y
34.4%
Narrative Update • Jun 05

ASTERDM: Expanded Women And Children Capacity And Dividend Will Drive Future Upside

Analysts have nudged their fair value estimate for Aster DM Healthcare higher from about ₹839.55 to roughly ₹884.24. They point to updated assumptions on growth, margins and a higher future P/E multiple following recent bullish Street research coverage.
IPCALAB
₹1,538.70
Ipca Laboratories
7D
-5.6%
1Y
13.0%
Narrative Update • Jun 04

IPCALAB: Higher Fair Value And Board Review Will Support Future Upside Potential

Analysts now set a higher fair value price target for Ipca Laboratories at ₹1,887, compared with ₹1,731 earlier, reflecting updated assumptions on revenue growth, profit margins and future P/E levels. What's in the News A board meeting is scheduled for May 29, 2026, to review standalone and consolidated audited financial results for the fourth quarter and full year ended March 31, 2026.
NH
₹1,843.10
Narayana Hrudayalaya
7D
-3.3%
1Y
-3.2%
Narrative Update • Jun 02

NH: Future Returns Will Reflect Balanced Capital Plans And Northern Expansion

Analysts have raised their price target for Narayana Hrudayalaya from ₹2,054.82 to ₹2,122.29, citing updated assumptions that combine a slightly higher discount rate and future P/E with moderated revenue growth and profit margin forecasts. What's in the News A board meeting is scheduled for May 22, 2026, at 15:30 IST to review and approve the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026.
WOCKPHARMA
₹2,022.80
Wockhardt
7D
10.4%
1Y
17.7%
ZYDUSLIFE
₹1,061.40
Zydus Lifesciences
7D
-3.4%
1Y
10.8%
Narrative Update • Jun 02

ZYDUSLIFE: Buyback And Specialty Pipeline Progress Will Shape A Balanced Outlook

Analysts have lifted their price target on Zydus Lifesciences from ₹985.41 to ₹1,066.50, citing updated assumptions that point to different expectations for revenue growth, profit margins, and the future P/E multiple. What's in the News The board has approved a share buyback plan, with the company set to repurchase up to 8,730,158 shares (about 0.87% of outstanding equity) for a total of ₹11,000m at ₹1,260 per share.