Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Oct - LEQSELVI showed sustained two-year safety and efficacy data at EADV 2026.
Source: Bse
Sun Pharmaceutical Industries Limited (SUNPHARMA)
Large CapPharma stocks · Large cap · NSE
Sun Pharmaceutical Industries Limited is a leading global specialty generic company operating in over 100 countries. It has a diversified business across Innovative Medicines, branded generics, generics, and APIs. It is the largest pharma company in India and the 13th largest in the US generics market, with 40 manufacturing facilities globally.
₹1,743
-15.80 · -0.90%
Market cap ₹4,19,999 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result31 Jul, 07:58 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
57NeutralSMA20 -4.9% / mo · MACD − · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 29
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
SUNPHARMAD candles · FIT view+7.6%Latest close ₹1743.00 on 2026-10-19
Bar
-0.9%
RSI
34
MACD hist
-2.09
52W pos
34%
2026-10-19O ₹1758.80H ₹1768.90L ₹1735.30C ₹1743.00Vol 8.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SUNPHARMANifty PharmaNifty 500
- SUNPHARMA
- -10.9%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- -5.3 pp
Chart stats
19 Oct 2026- From 52W high
- -14.8%
- 52W range position
- 34%
- ATR (14)
- 1.9%
- Volume vs 20D
- 0.51x
- Avg traded value
- ₹275 Cr
- 20D price channel
- ₹1,725.5 - ₹1,891.5
₹2,046.9
₹1,583.7 - ₹2,046.9
₹32.6
Latest completed session
20-session average
18.4% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE50
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average47
Revenue +10.5% · PAT +26.5% YoY
Technical
Neutral57
Price trend and sector-relative-strength timing.
Valuation
Legacy model+23.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence83
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 47/100margin compression · Rev +10% YoY · PAT +27% YoY · operating leverage
Filed 31 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹15,300 Cr | +10.5% | +4.7% |
| EBITDA | ₹4,418 Cr | +2.7% | +11.7% |
| Operating margin | 29.0% | -200 bps | +200 bps |
| PAT | ₹2,901 Cr | +26.5% | +7.0% |
| PAT margin | 19.0% | +241 bps | +41 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 33.20
- P/B
- 5.03
- EV/EBITDA
- 20.39
- Market Cap
- 419999.00Cr
Profitability
- ROE
- 16.00%
- ROCE
- 20.50%
- ROA
- 11.18%
- Dividend Y
- 0.92%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 13.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- 49.03×
- Altman Z
- 8.45
- Book Value
- 348.00
Cash Flow
- FCF Yield
- 0.48%
- FCF Positive Y
- 11/5
- OCF
- 12419.00 Cr
- EPS TTM
- 50.41
Shareholding
- Promoter Hold
- 54.48%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 36%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 58.5k+11.2% vs prev
Net Profit
₹ CrLatest: 11.5k+5.0% vs prev
Return on Equity
%Latest: 13.8-9.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 34.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.1% over last month) — short-term momentum negative.
- RSI(14) at 34 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 15% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
68
RS percentile
Stage 1 Base / Transition
1M return
-5.1%
3M return
-10.9%
6M return
+4.4%
1Y return
+3.3%
RS 1D
+1
RS 20D
+7
Sector rank
#1
Industry rank
#3
Stage evidence
- Price is within 5.3% of the 30-week proxy.
- The 30-week proxy changed +0.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 113.2+0.13%
RS vs Nifty 500113
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation5/30
Growth14/25
Quality12/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
50
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
50/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 23.2%.
- Balance sheet contributes 10/15 to the score.
Main drags
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Growth is weaker at 14/25; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
33.2
PB
5.0
EV/EBITDA
20.4
ROE
16.0%
ROCE
20.5%
FCF Yield
0.5%
Debt/Equity
0.1
MoS
+23.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
50
Previous: 50
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+23.2%
Previous: +23.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
50
50
50
50
50
50
50
50
50
50
50
50
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹628.26
-177.4% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹2,268.45
+23.2% MoS
PEG
2.16
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ZYDUSLIFE
Large
Zydus Lifesciences Limited
Pharmaceuticals
match 160
63
23.4
21.2%
+45%
UNDERVALUED
LUPIN
Mid
Lupin Limited
Pharmaceuticals
match 151
83
14.9
28.7%
+64%
DEEP VALUE
DIVISLAB
Large
Divi's Laboratories Limited
Pharmaceuticals
match 139
43
81.5
16.5%
-485%
WATCHLIST
AJANTPHARM
Large
Ajanta Pharma Limited
Pharmaceuticals
match 134
58
36.7
27.1%
+19%
FAIR VALUE
GLAXO
Large
GlaxoSmithKline Pharmaceuticals Limited
Pharmaceuticals
match 134
60
40.9
45.6%
+12%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-08T00:40:57.453Z
Management commentary snapshot
FY26 sales grew 11.9% YoY to Rs 582 Bn, with adjusted net profit up 3.5% YoY to Rs 124 Bn. EBITDA margin expanded to 30.3% for FY26. Q4 FY26 adjusted net profit declined 4.8% QoQ due to specific provisions, despite strong gross sales growth.
The company demonstrated robust FY26 sales growth and margin expansion, driven by strong performance in India, Emerging Markets, and Rest of World. While Q4 adjusted net profit saw a slight decline due to specific provisions, the underlying business segments show strong performance and strategic focus on innovative and complex products. The pipeline and market leadership positions remain strong.
Current business mix
FY26 Sales by Segment
Latest issuer-disclosed distribution across 5 reported categories.
India Formulations33.0%
US Formulations29.0%
Emerging Markets Formulations19.0%
Rest of World Formulations15.0%
API & Others4.0%
Growth engines
Innovative Medicines Business
Innovative Medicines contributed 22% of sales in FY26, up from 7.3% in FY18. Global sales grew 24% CAGR since FY21.
India Formulations Market Leadership
Largest pharma company in India with 8.4% market share. Ranked No. 1 by prescriptions with 11 classes of prescribers.
Emerging Markets Expansion
Presence in over 80 countries with focus markets like Romania, Russia, South Africa, Brazil, Mexico. FY26 sales up 18.8% YoY.
Complex Generics & High Entry Barrier Segments
Focus on complex generics and high entry barrier segments in the US business to enhance share.
Tailwinds
Favorable Macroeconomics in Emerging Markets
Favourable macroeconomics are driving increased pharmaceutical consumption in Emerging Markets.
Risk radar
Litigation & Regulatory Provisions
FY26 adjusted for Rs 9.2 Bn provision related to GxMDL (additional) = Rs 6,444 mn, Wage code = Rs 3,755 mn, Impairment cost of SCD 044 = Rs 2,876 mn.
Foreign Exchange Fluctuations
FY24 adjusted for Rs 2,014 mn Nigeria Forex loss, indicating exposure to currency volatility.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Annual (YoY) comparison is crucial for understanding long-term trends and the impact of strategic initiatives across diverse geographies and product segments. Quarterly (QoQ) comparison provides insight into recent momentum, particularly for new product launches and the impact of specific provisions or market dynamics.
Sector KPIs management disclosed
India Formulations Growth
PositiveFY26 sales Rs 192,904 mn, up 14.0% YoY. Q4 FY26 sales Rs 48,359 mn, up 14.8% QoQ.
US Formulations Growth
NeutralFY26 sales Rs 168,242 mn, up 3.6% YoY. Q4 FY26 sales Rs 41,997 mn, up 4.5% QoQ.
Emerging Markets Formulations Growth
PositiveFY26 sales Rs 111,865 mn, up 18.8% YoY. Q4 FY26 sales Rs 27,971 mn, up 24.0% QoQ.
Innovative Medicines Sales
PositiveFY26 sales USD 1,420 mn, grown by 24% CAGR since FY21. Represents 22% of total sales in FY26.
Management forward view
Sustainable Long-Term Growth
Management aims to achieve critical mass in key markets, embed sustainability practices, and increase contribution of Innovative and complex products.
Enhance Innovative/Branded Business
Management plans to enhance the share of innovative/branded business and focus on complex generics and high entry barrier segments in the US.
R&D Investment in Innovative Medicines
Management intends to invest to further build the Innovative Medicines pipeline.
Regulatory & Quality Compliance
Unwavering focus on ensuring 24x7 compliance to cGMP and continuously enhancing systems for global regulatory standards.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Innovative Medicines Sales Growth | Global sales grew 24% CAGR since FY21, reaching USD 1,420 mn in FY26. | Continued strong growth in Innovative Medicines sales and increasing contribution to total revenue. |
| India Formulations Market Share | Largest pharma company in India with 8.4% market share (as of MAT Mar 2026). | Maintenance or expansion of market share in the highly competitive Indian market. |
| US Pipeline Approvals | 122 ANDAs & 13 NDAs pending approval with USFDA (as of 31-Mar-2026). | Timely approvals and successful commercialization of pending ANDAs and NDAs in the US. |
| EBITDA Margin Trend | FY26 EBITDA margin 30.3%, Q4 FY26 EBITDA margin 27.1%. | Consistency in EBITDA margin expansion, especially given Q4 dip, and impact of cost optimization efforts. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
83Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 95th percentile of the scored universe and 92nd percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
98 docs text-extracted · 46 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
95th percentile
overall median 67 · Pharma: 92nd pctile, median 70 · Large: 88th pctile, median 73
Evidence depth
Financial-only
98 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
74
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.06.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Sun Pharmaceutical Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Sep - Newspaper publication about the opening of Special Window for transfer of physical shares
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 8 Sep - Moody’s rated Sun Pharma Baa1 and S&P BBB+, both stable, reflecting Organon acquisition.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Sep - Sun Pharma joins White House deal on MFN pricing and delayed Section 232 tariffs.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.