NSE:SUNPHARMA · Risk Score Report

NSE:SUNPHARMANSEHealthcare

Sun Pharmaceutical Industries Limited

📊 Drug Manufacturers - Specialty & Generic

Day ₹1,750

₹1,765 Oversold

52W ₹1,548

₹1,851 Neutral

₹1,753.90

▲ ₹6.60 (+0.38%)

Vol: 5,213,554 · Avg: 3,680,161

As of April 29, 2026 · 06:46 IST

COMPOSITE RISK SCORE

VAL:12/25 · FIN:15/25 · GRO:16/25 · TECH:18/25

📈 P/E RATIO

38.6x

Trailing

📖 P/B RATIO

5.4x

Price to Book

💰 EPS

₹45.43

TTM

🏛 MARKET CAP

₹420,819Cr

Large Cap

📊 ROE

15.1%

Return on Equity

📈 REV GROWTH

13.5%

YoY

🏢 Company Analysis · Sun Pharmaceutical Industries Limited

💼 BUSINESS MODEL

Sun Pharmaceutical Industries Limited, a generic pharmaceutical company, develops, manufactures, and markets branded and generic formulations, and active pharmaceutical ingredients (APIs) in India, the United States, and internationally..
The company offers formulations in various therapeutic areas, including neuropsychiatry, cardiology, diabetes, gastroenterology, pain/analgesics, gynecology, ophthalmology, urology, dermatology, respiratory, anti-infectives, oncology, psychiatry, neurology, orthopaedic, nephrology, urology, dermatology, respiratory, dental, and nutritionals..
It also provides generic medications, such as tablets, capsules, injectables, inhalers, ointments, creams, and liquids; speciality medications; antiretrovirals medications; and over-the-counter products, such as vitamins, analgesics, digestives, and lifestyle..
In addition, the company offers APIs for anti-cancers, peptides, steroids, sex hormones, immunosuppressant drugs, and controlled substances..
Operates in Drug Manufacturers - Specialty & Generic within the Healthcare sector.
Workforce of 43,000 employees.

🏰 MOAT & COMPETITION

Mega-cap (₹420,819 Cr) — dominant market position with significant scale advantages.
Profit margin of 19.2% — moderate pricing power.
Key competitors: Glaxosmi. Pharma, Sun Pharma.Inds., Abbott India, Biocon.

🚀 CATALYSTS

Company has delivered good profit growth of 23.8% CAGR over last 5 years
Stock Market Today, April 27: Organon Shares Surge After Sun Pharma Agrees to Acquire Company in All Cash Deal (Motley Fool)

⚖️ ASYMMETRY CHECK

Analyst target range: ₹1,600 — ₹2,392 (mean ₹1,984, 32 analysts).
Favorable asymmetry — upside potential of +36% vs downside floor of -9% (4.1x reward-to-risk).
P/E of 38.6x — fair value territory; catalysts needed for re-rating.

🔭 FUTURE OUTLOOK

Analyst consensus: Buy (32 analysts).
Latest quarter earnings grew 16% YoY — positive trajectory.

✅ PROS

Company is almost debt free.
Company has delivered good profit growth of 23.8% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 33.8%

❌ CONS

The company has delivered a poor sales growth of 9.87% over past five years.

VALUATION

12/25

25% WEIGHT

P/E at 39x
P/B at 5.4x
Analyst target: ₹1984 (+13.1%)
1Y return: -1.9%

FINANCIAL HEALTH

15/25

25% WEIGHT

ROE: 15.1%
Profit margin: 19.2%
Revenue growth: 13.5%
Debt/Equity: 7%

GROWTH

16/25

25% WEIGHT

Revenue growth: 13.5%
Earnings growth: 15.7%
Beta: 0.11
Sector: Healthcare

TECHNICAL

18/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

38.6x

Trailing twelve months

P/B RATIO

5.4x

Price to Book value

ROE

15.1%

Return on Equity

PROFIT MARGIN

19.2%

Net profit margin

OPM

26.2%

Operating profit margin

ANALYST TARGET

₹1,984

Range: ₹1,600 - ₹2,392

Yahoo Finance ↗

PEG RATIO

1.04

Price/Earnings to Growth

EV/EBITDA

24.8x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

0.94%

Annual yield

ROA

10.6%

Return on Assets

GROSS MARGIN

78.5%

Gross profit margin

INDUSTRY AVERAGES — PHARMACEUTICALS

P/E 34.6x (above avg)

P/B 5.0x (sector fair)

ROCE 22.7% (below avg)

ROE 20% (sector good)

OPM 22% (sector good)

Div Yield 0.99%

D/E <20 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	₹13,264 Cr	—	₹3,040 Cr	—	N/A	32.4%
Q3 FY25	₹13,437 Cr	+1.3%	₹2,903 Cr	-4.5%	N/A	30.9%
Q4 FY25	₹12,816 Cr	-4.6%	₹2,150 Cr	-26.0%	N/A	31.0%
Q1 FY26	₹13,786 Cr	+7.6%	₹2,279 Cr	+6.0%	N/A	28.6%
Q3 FY26	₹15,469 Cr	+12.2%	₹3,369 Cr	+47.8%	N/A	32.6%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹38,426 Cr	—	₹3,273 Cr	—	₹8,985 Cr	—
FY23	₹43,279 Cr	+12.6%	₹8,474 Cr	+158.9%	₹4,959 Cr	-44.8%
FY24	₹47,758 Cr	+10.4%	₹9,576 Cr	+13.0%	₹12,135 Cr	+144.7%
FY25	₹52,041 Cr	+9.0%	₹10,929 Cr	+14.1%	₹14,072 Cr	+16.0%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Sun Pharmaceutical Industries Limited Makes Its Money

🏦 Snapshot of Sun Pharmaceutical Industries Limited's Balance Sheet

💸 Looking into Sun Pharmaceutical Industries Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	11,941	12,192	12,381	11,983	12,653	13,291	13,675	12,959	13,851	14,478	15,521
YOY Sales Growth %	10.96%	11.32%	10.14%	9.63%	5.96%	9.01%	10.46%	8.14%	9.47%	8.93%	13.49%
Expenses +	8,609	9,013	8,904	8,948	9,045	9,352	9,666	9,243	9,550	9,951	10,572
Material Cost %	23.10%	22.86%	22.11%	19.87%	21.15%	20.27%	20.04%	20.35%	20.32%	20.60%	18.98%
Employee Cost %	20.12%	19.39%	19.09%	19.19%	19.40%	18.64%	18.66%	19.20%	20.23%	19.10%	18.63%
Operating Profit	3,332	3,179	3,477	3,035	3,608	3,939	4,009	3,716	4,302	4,527	4,948
OPM %	28%	26%	28%	25%	29%	30%	29%	29%	31%	31%	32%
Other Income +	-118	294	180	504	533	354	149	251	-354	470	89
Exceptional items	-323	0	-70	-102	0	0	-316	-362	-818	0	-489
Other income normal	204	294	250	606	533	354	466	613	464	470	579
Interest	81	49	35	74	62	69	52	49	75	100	78
Depreciation	651	633	622	650	655	626	631	664	701	730	732
Profit before tax	2,481	2,791	3,000	2,816	3,424	3,598	3,476	3,254	3,173	4,168	4,227
Tax %	19%	14%	14%	5%	16%	16%	16%	34%	27%	25%	20%
Net Profit +	2,006	2,385	2,561	2,659	2,861	3,037	2,913	2,154	2,293	3,125	3,381
Profit from Associates	-7	-16	-7	-8	-11	7	-5	-7	-10	-12	-20
Minority share	17	-10	-37	-4	-25	3	-10	-4	-14	-7	-12
Exceptional items AT	-262	0	-60	-96	0	0	-265	-240	-594	0	-394
Profit excl Excep	2,268	2,385	2,620	2,755	2,861	3,037	3,178	2,394	2,887	3,125	3,775
Profit for PE	2,284	2,376	2,583	2,751	2,836	3,040	3,168	2,390	2,869	3,118	3,761
Profit for EPS	2,023	2,376	2,524	2,655	2,836	3,040	2,903	2,150	2,279	3,118	3,369
YOY Profit Growth %	11%	5%	19%	29%	24%	28%	23%	-13%	1%	3%	19%
EPS in Rs	8.43	9.90	10.52	11.06	11.82	12.67	12.10	8.96	9.50	13.00	14.04
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	26,489	29,066	32,838	33,498	38,654	43,886	48,497	52,578	56,809
Sales Growth %	-16.12%	9.73%	12.98%	2.01%	15.39%	13.53%	10.51%	8.42%
Expenses +	20,858	22,689	25,855	25,028	28,397	32,235	35,479	37,464	39,316
Manufacturing Cost %	9.02%	8.60%	7.04%	7.02%	6.68%	6.30%	6.08%	5.73%
Employee Cost %	20.26%	20.53%	19.38%	20.49%	18.89%	18.90%	19.44%	18.97%
Other Cost %	21.43%	21.86%	24.21%	21.27%	21.11%	23.95%	25.65%	26.12%
Operating Profit	5,631	6,377	6,983	8,470	10,258	11,650	13,018	15,114	17,493
OPM %	21%	22%	21%	25%	27%	27%	27%	29%	31%
Other Income +	-135	-258	382	-3,449	-3,505	459	865	1,444	457
Exceptional items	-947	-1,263	-266	-4,292	-4,532	-164	-504	-694
Other income normal	812	1,005	648	843	1,027	623	1,370	2,139
Interest	518	555	303	141	127	172	238	231	302
Depreciation	1,500	1,753	2,053	2,080	2,144	2,529	2,557	2,575	2,826
Profit before tax	3,479	3,810	5,010	2,799	4,481	9,408	11,088	13,752	14,822
Tax %	26%	16%	16%	18%	24%	9%	13%	20%
Net Profit +	2,542	3,208	4,172	2,272	3,389	8,513	9,610	10,965	10,953
Profit from Associates	-25	-1	-15	-12	-17	-48	-38	-15
Minority share	-447	-542	-407	631	-117	-39	-34	-36
Exceptional items AT	-699	-996	-196	-2,824	-3,444	-131	-414	-527
Profit excl Excep	3,242	4,204	4,368	5,097	6,834	8,644	10,024	11,491
Profit for PE	2,672	3,493	3,942	5,728	6,599	8,604	9,989	11,454
Profit for EPS	2,096	2,665	3,765	2,904	3,273	8,474	9,576	10,929
Profit Growth %	-61%	31%	13%	45%	15%	30%	16%	15%
EPS in Rs	8.73	11.11	15.69	12.10	13.64	35.32	39.91	45.55	45.50
Dividend Payout %	23%	25%	25%	62%	73%	33%	34%	35%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	240	240	240	240	240	240	240	240	240
Reserves	38,074	41,169	45,025	46,223	47,771	55,755	63,427	71,978	77,580
Borrowings +	10,385	10,514	8,315	3,869	1,290	6,886	3,274	2,362	5,215
Long term Borrowings	1,772	1,523	2,029	655	230	0	1	3	2
Short term Borrowings	7,980	8,371	5,549	2,869	701	6,198	2,844	1,867	4,683
Lease Liabilities	0	0	0	345	360	688	428	493	529
Other Borrowings	633	621	737	0	0	0	0	0
Other Liabilities +	15,598	12,666	14,615	17,291	20,474	17,831	18,387	17,328	20,672
Non controlling int	3,884	3,314	3,860	3,017	3,055	3,320	3,459	268	307
Trade Payables	4,766	4,148	3,584	3,974	4,490	5,682	5,653	6,184	6,706
Advance from Customers	30	69	53	47	29	41	43	25
Other liability items	6,918	5,135	7,118	10,253	12,901	8,788	9,232	10,851	13,659
Total Liabilities	64,297	64,590	68,194	67,622	69,776	80,712	85,328	91,908	103,706
Fixed Assets +	18,853	21,837	22,847	21,553	22,665	24,065	23,248	22,586	33,371
Land	523	651	686	642	862	898	1,047	1,017
Building	4,877	5,414	5,844	5,937	6,048	6,820	6,803	7,052
Plant Machinery	8,723	9,814	10,976	11,629	12,363	13,077	13,706	14,215
Equipments	195	221	233	273	305	327	345	368
Furniture n fittings	373	400	427	421	423	444	454	481
Vehicles	184	246	319	371	408	447	414	478
Intangible Assets	11,897	14,678	16,322	15,934	6,591	8,358	8,569	8,939	22,964
Other fixed assets	175	264	310	371	11,707	12,729	12,983	13,399
Gross Block	26,949	31,687	35,116	35,579	38,707	43,100	44,320	45,950
Accumulated Depreciation	8,096	9,850	12,269	14,026	16,042	19,035	21,072	23,363
CWIP	2,465	1,411	1,220	1,567	1,287	4,973	5,354	6,644	1,355
Investments	7,143	7,903	10,143	9,612	12,849	14,824	15,026	18,354	19,543
Other Assets +	35,837	33,439	33,984	34,890	32,975	36,849	41,700	44,324	49,438
Inventories	6,881	7,886	7,875	8,997	8,925	10,513	9,868	10,243	10,442
Trade receivables	7,815	8,884	9,421	9,061	10,485	11,439	11,249	13,046	15,396
Cash Equivalents	9,929	7,276	6,488	6,446	5,033	5,770	10,521	11,332	12,257
Loans n Advances	865	855	678	649	720	818	855	785	172
Other asset items	10,346	8,538	9,522	9,737	7,812	8,309	9,206	8,918	11,170
Total Assets	64,297	64,590	68,194	67,622	69,776	80,712	85,328	91,908	103,706

💰 Cash Flow Statement Source: Screener ↗

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	7,082	3,907	2,196	6,555	6,170	8,985	4,959	12,135	14,072
Profit from operations	9,549	4,861	5,779	7,002	4,609	6,456	12,131	12,642	14,872
Receivables	-293	-773	-858	-374	94	-1,342	-953	353	-1,602
Inventory	-345	-4	-709	257	-1,080	307	-1,202	599	-184
Payables	735	383	-854	-210	381	370	1,182	250	528
Loans Advances	0	0	0	0	0	0	0	0	0
Other WC items	-506	182	-275	1,226	3,169	2,224	-4,689	-139	934
Working capital changes	-409	-212	-2,696	899	2,564	1,559	-5,662	1,062	-324
Direct taxes	-2,057	-742	-886	-1,346	-1,003	969	-1,510	-1,569	-477
Cash from Investing Activity +	-4,186	-3,104	-310	-2,225	407	-5,556	-7,220	-763	-5,183
Fixed assets purchased	-3,693	-1,961	-3,213	-1,542	-1,170	-1,495	-2,086	-2,202	-2,129
Fixed assets sold	102	66	50	92	97	61	21	31	61
Investments purchased	-38,831	-40,587	-35,396	-33,445	-18,542	-24,135	-21,809	-29,004	-32,263
Investments sold	39,194	34,992	35,207	31,894	19,709	20,702	20,897	30,094	29,418
Interest received	337	510	684	338	72	76	318	613	804
Dividends received	42	37	22	56	138	134	132	99	66
Investment in group cos	0	0	0	0	0	-15	-155	-87	-46
Redemp n Canc of Shares	0	0	0	0	0	24	0	0	0
Acquisition of companies	-167	-86	-23	0	-62	-740	-4,686	-143	-273
Other investing items	-1,170	3,923	2,357	382	165	-167	148	-164	-821
Cash from Financing Activity +	-2,285	-1,539	-2,731	-5,715	-5,980	-5,193	2,376	-6,710	-7,906
Proceeds from shares	2	1	0	0	425	0	0	0	0
Proceeds from borrowings	0	0	17,698	10,552	6,603	1,763	8,160	4,573	3,362
Repayment of borrowings	0	0	-16,807	-13,893	-10,802	-4,400	-3,030	-7,963	-4,392
Interest paid fin	-334	-477	-461	-272	-144	-73	-132	-219	-224
Dividends paid	-243	-813	-1,326	-1,399	-1,586	-2,169	-2,520	-2,901	-3,617
Financial liabilities	0	0	0	0	-118	-129	-101	-123	-135
Other financing items	-1,711	-250	-1,835	-702	-358	-186	0	-77	-2,900
Net Cash Flow	611	-736	-844	-1,386	596	-1,765	115	4,662	983
Free Cash Flow	3,492	2,013	-966	5,105	5,097	7,550	2,895	9,964	12,005
CFO/OP	90%	83%	48%	113%	85%	78%	56%	105%	96%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	83	108	112	105	99	99	95	85	91
Inventory Days	307	338	366	311	378	315	360	338	348
Days Payable	197	234	192	142	167	158	194	194	210
Cash Conversion Cycle	193	212	285	274	310	255	261	229	228
Working Capital Days	-4	-31	31	51	51	47	40	55	65
ROCE %	20%	10%	10%	10%	13%	17%	16%	17%	20%

🏭 Industry Peers — Pharmaceuticals

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Glaxosmi. Pharma ★	₹2,372	39.9	₹40,191	63.2%	+22.8%	58
2	Sun Pharma.Inds.	₹1,752	34.6	₹420,327	20.2%	+18.7%	57
3	Abbott India	₹25,584	35.7	₹54,366	46.2%	+4.2%	51
4	Biocon	₹365	72.1	₹59,204	6.2%	+1470.0%	45
5	Zydus Lifesci.	₹916	18.0	₹92,221	24.3%	+7.7%	45
6	Lupin	₹2,321	21.4	₹106,125	21.3%	+76.0%	45
7	Dr Reddy's Labs	₹1,347	20.1	₹112,407	22.7%	-14.4%	45
8	Ajanta Pharma	₹2,810	34.6	₹35,109	32.4%	+17.6%	44
9	Cipla	₹1,317	22.4	₹106,385	22.7%	-43.7%	44

★ Glaxosmi. Pharma ranks higher on combined P/E, ROCE, and growth metrics in Pharmaceuticals

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	54.48%	54.48%	54.48%	54.48%	54.48%	54.48%
FIIs	18.04%	17.96%	17.26%	16.55%	16.12%	15.94%
DIIs	18.43%	18.58%	19.38%	20.12%	20.72%	21.00%
Government	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%
Public	8.92%	8.86%	8.76%	8.72%	8.57%	8.48%
No. of Shareholders	6,89,623	7,04,983	7,23,770	7,43,877	7,10,900	6,90,957

🟢 CATALYSTS

🏆Positive Revenue Growth: Revenue growing at 13.5% YoY.

💹Analyst Upside (13%): Mean target of ₹1984 above current price.

🔀Low Beta (0.11): Less volatile than market — defensive play.

🇮Earnings Growth (16%): Above sector norm — strong profit expansion.

🔴 RISKS

📜Market Risk: Broader market correction or sentiment shift could impact stock.

💰Sector Risk: Regulatory or competitive changes in Healthcare space.

🔓Execution Risk: Growth may not meet elevated expectations.

🕸 Factor Analysis · Radar

Momentum 7/10
1M -0.2%, 6M +2.9%, RSI 57, MACD bullish, Above 200DMA

Sentiment 7/10
Analyst upside +13.1%, Rec: buy

Value 5/10
P/E 38.6, P/B 5.4, PEG 1.04, EV/EBITDA 24.8

Quality 6/10
Margin 19.2%, D/E 7

Low Volatility 10/10
Beta 0.11, Ann. vol 20%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 13.1% analyst upside; strong 20% ROCE compounds	OPM of 26% provides margin buffer
HOLD	Retain existing position; wait for better entry; FII stake falling (-0.18%)	Miss further upside if momentum continues
SELL	Lock in -1.9% 1Y return	Avoid further drawdown

REASONS TO BUY

Analyst upside of 13.1% with mean target of ₹1,984
ROCE at 20% indicates strong capital efficiency
Revenue growing at 13.5% YoY (sector norm: 10%)
Operating margin of 26% shows pricing power (sector norm: 22%)

REASONS TO SELL / AVOID

FII stake falling (-0.18%) — institutional exit signal

📰 Latest News

Micron initiated, Rambus downgraded: Wall Street's top analyst calls

The Fly · 2026-04-28T14:19

Organon & Co. (OGN) Soars to 52-Week High on $11.75-Billion Sun Merger

Insider Monkey · 2026-04-28T02:16

Stock Market Today, April 27: Organon Shares Surge After Sun Pharma Agrees to Acquire Company in All Cash Deal

Motley Fool · 2026-04-27T21:54

Sector Update: Health Care Stocks Softer Late Afternoon

MT Newswires · 2026-04-27T19:54

Organon Rides the Pharma M&A Wave With Sun Takeover. The Stock Sizzles.

Barrons.com · 2026-04-27T18:07

Sector Update: Health Care Stocks Softer in Afternoon Trading

MT Newswires · 2026-04-27T17:44

RECOMMENDATION

SPECULATIVE BUY

COMPOSITE SCORE

61/100

Sun Pharmaceutical Industries Limited trades at ₹1,753.90 with a composite risk score of 61/100. The stock scores 12/25 on valuation, 15/25 on financial health, 16/25 on growth, and 18/25 on technicals. The company is currently profitable with strong return on equity.

Analyst consensus suggests upside of 13.1% with a mean target of ₹1984. Revenue growth is at 13.5%.

Within Pharmaceuticals, Glaxosmi. Pharma (P/E 39.9, ROCE 63.2%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Positive for Healthcare but monitor closely. The current recommendation is SPECULATIVE BUY.

PROFITABLE HIGH ROE UPSIDE POTENTIAL