Sector analysis · India
Healthcare sector earnings growth, Q4 FY25
The 20 largest Healthcare companies by market cap at the end of Q4 FY25 (31 Mar 2025), compared with Q3 FY25.
The top 20 at Q4 FY25
Q4 FY25 vs Q3 FY25: combined net profit ₹10,681 cr (−11%), median EPS +2% (10 of 18 up), market-cap-weighted price −8%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Sun Pharmaceutical Industries Limited | 22.4% | 12.10 → 8.96 | −26% | −6.3 pp | −8% |
| 2 | Divi's Laboratories Limited | 8.2% | 22.19 → 24.94 | +12% | +0.6 pp | −5% |
| 3 | Cipla Limited | 6.3% | 19.45 → 15.13 | −22% | −2.9 pp | −6% |
| 4 | Torrent Pharmaceuticals Limited | 5.9% | 14.86 → 14.71 | −1% | 0.0 pp | −4% |
| 5 | Max Healthcare Institute Limited | 5.7% | 2.46 → 3.28 | +33% | +0.7 pp | −3% |
| 6 | Mankind Pharma Limited | 5.4% | 9.22 → 10.20 | +11% | +0.3 pp | −16% |
| 7 | Dr. Reddy's Laboratories Limited | 5.1% | 16.94 → 19.09 | +13% | +1.5 pp | −18% |
| 8 | Apollo Hospitals Enterprise Limited | 5.1% | 25.89 → 27.10 | +5% | +0.1 pp | −9% |
| 9 | Lupin Limited | 5.0% | 18.74 → 16.92 | −10% | −0.7 pp | −14% |
| 10 | Zydus Lifesciences Limited | 4.8% | — → 0.72 | sources disagree | — | −9% |
| 11 | Aurobindo Pharma Limited | 3.6% | 14.56 → 15.56 | +7% | +0.5 pp | −13% |
| 12 | Abbott India Limited | 3.5% | 169.78 → 172.73 | +2% | +0.1 pp | +3% |
| 13 | Alkem Lab | 3.1% | 52.34 → 25.58 | −51% | −2.7 pp | −13% |
| 14 | Fortis Healthcare Limited | 2.8% | 3.28 → 2.44 | −26% | −0.5 pp | −3% |
| 15 | GlaxoSmithKline Pharmaceuticals Limited | 2.6% | 13.57 → 15.52 | +14% | +0.3 pp | +28% |
| 16 | Glenmark Pharmaceuticals Limited | 2.3% | 12.33 → 0.16 | −99% one-off | −2.9 pp | −4% |
| 17 | Biocon Limited | 2.2% | 0.21 → 2.87 | +1,267% | +2.7 pp | −6% |
| 18 | IPCA Laboratories Limited | 2.0% | 9.78 → 2.67 | −73% one-off | −1.5 pp | −11% |
| 19 | Accent Microcell | 2.0% | — → 6.92 | — one source | — | −5% |
| 20 | Narayana Hrudayalaya Ltd. | 1.9% | 9.44 → 9.65 | +2% | 0.0 pp | +33% |
| Sector earnings growth | 100% | −10.8 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q3 FY25, as market caps moved.
Joined the top 20 since Q3 FY25
Left the top 20 since Q3 FY25
- Ajanta Pharma Limited
EPS growth by company, Q2 FY24 to Q1 FY27
Each company's EPS growth quarter on quarter, every quarter it was in the top 20.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SUNPHARMA | +17% | +6% | +5% | +7% | +7% | −4% | −26% | +6% | +37% | +8% | −19% | +7% |
| DIVISLAB | −2% | +3% | +50% | −20% | +19% | +16% | +12% | −18% | +26% | −15% | +29% | +20% |
| CIPLA | +14% | −7% | −11% | +25% | +11% | +21% | −22% | +6% | +4% | −50% | −18% | +42% |
| TORNTPHARM | +2% | +15% | +1% | +2% | −1% | +11% | −1% | +10% | +8% | +7% | −39% | +46% |
| MAXHEALTH | +15% | +5% | −13% | −6% | +19% | −15% | +33% | −3% | +59% | −39% | +14% | −6% |
| MANKIND | +1% | −9% | +4% | +14% | +22% | −43% | +11% | +4% | +17% | −20% | +36% | +3% |
| DRREDDY | +5% | −7% | −5% | +6% | −10% | +13% | +13% | −11% | −5% | −10% | −82% | +101% |
| APOLLOHOSP | +40% | +5% | +3% | +20% | +24% | −2% | +5% | +11% | +10% | +5% | +5% | +10% |
| LUPIN | +8% | +25% | −41% | +123% | +6% | 0% | −10% | +58% | +21% | −20% | +24% | −3% |
| ZYDUSLIFE | −26% | −1% | sources disagree | sources disagree | −36% | +12% | sources disagree | sources disagree | −14% | −17% | +22% | −26% |
| AUROPHARMA | +33% | +24% | −3% | +1% | −10% | +3% | +7% | −9% | +3% | +7% | +1% | +13% |
| ABBOTINDIA | +8% | −1% | −8% | +14% | +9% | +1% | +2% | 0% | +14% | −9% | +5% | +9% |
| ALKEM | +116% | −4% | −51% | +86% | +26% | −9% | −51% | +117% | +15% | −17% | −63% | +120% |
| FORTIS | +55% | −23% | +33% | −7% | +6% | +41% | −26% | +41% | +23% | −40% | +37% | 0% |
| GLAXO | +64% | −79% | +325% | −6% | +39% | −9% | +14% | −22% | +26% | +15% | −6% | outside |
| GLENMARK | to loss | outside | outside | turned profitable | +4% | −2% | −99% | +938% | +1,203% | −34% | sources disagree | sources disagree |
| BIOCON | +25% | +424% | −79% | +386% | to loss | turned profitable | +1,267% | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree |
| IPCALAB | outside | +24% | −67% | outside | +19% | +8% | −73% | outside | outside | outside | −8% | +34% |
| ACCENTMIC | — | — | — | — | — | — | — | outside | outside | outside | outside | outside |
| NH | outside | outside | outside | outside | outside | outside | +2% | 0% | +31% | −51% | outside | outside |