Sector analysis · India
Healthcare sector earnings growth, Q4 FY26
The 20 largest Healthcare companies by market cap at the end of Q4 FY26 (31 Mar 2026), compared with Q3 FY26.
The top 20 at Q4 FY26
Q4 FY26 vs Q3 FY26: combined net profit ₹11,653 cr (−10%), median EPS +5% (11 of 18 up), market-cap-weighted price −2%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Sun Pharmaceutical Industries Limited | 21.7% | 14.04 → 11.31 | −19% | −5.0 pp | +2% |
| 2 | Divi's Laboratories Limited | 8.1% | 21.96 → 28.29 | +29% | +1.3 pp | −7% |
| 3 | Torrent Pharmaceuticals Limited | 7.3% | 18.76 → 11.49 | −39% | −1.9 pp | +10% |
| 4 | Apollo Hospitals Enterprise Limited | 5.5% | 34.93 → 36.81 | +5% | +0.2 pp | +5% |
| 5 | Lupin Limited | 5.4% | 25.73 → 31.94 | +24% | +2.2 pp | +10% |
| 6 | Dr. Reddy's Laboratories Limited | 5.4% | 14.50 → 2.65 | −82% | −7.6 pp | −1% |
| 7 | Cipla Limited | 5.1% | 8.37 → 6.87 | −18% | −0.9 pp | −19% |
| 8 | Max Healthcare Institute Limited | 4.8% | 3.09 → 3.52 | +14% | +0.3 pp | −8% |
| 9 | Zydus Lifesciences Limited | 4.5% | 10.36 → 12.65 | +22% | +1.8 pp | −5% |
| 10 | Mankind Pharma Limited | 4.3% | 9.90 → 13.43 | +36% | +1.1 pp | −9% |
| 11 | Aurobindo Pharma Limited | 3.9% | 15.67 → 15.86 | +1% | +0.1 pp | +10% |
| 12 | Alkem Lab | 3.3% | 53.19 → 19.78 | −63% one-off | −3.1 pp | −4% |
| 13 | Glenmark Pharmaceuticals Limited | 3.1% | — → 0.00 | sources disagree one-off | — | +5% |
| 14 | Fortis Healthcare Limited | 3.1% | 2.57 → 3.52 | +37% | +0.6 pp | −10% |
| 15 | Biocon Limited | 3.0% | — → 0.78 | sources disagree one-off | — | −8% |
| 16 | Abbott India Limited | 2.8% | 176.93 → 185.86 | +5% | +0.1 pp | −11% |
| 17 | Laurus Labs | 2.8% | 4.66 → 5.17 | +11% | +0.2 pp | −10% |
| 18 | IPCA Laboratories Limited | 2.1% | 12.86 → 11.79 | −8% | −0.2 pp | +13% |
| 19 | GlaxoSmithKline Pharmaceuticals Limited | 2.0% | 17.45 → 16.40 | −6% | −0.1 pp | −8% |
| 20 | Anthem Biosciences Limited | 1.9% | 1.65 → 3.38 | +105% | +0.7 pp | +1% |
| Sector earnings growth | 100% | −10.3 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q3 FY26, as market caps moved.
Joined the top 20 since Q3 FY26
Left the top 20 since Q3 FY26
- Narayana Hrudayalaya Ltd.
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% |
| TORNTPHARM | +2% | +15% | +1% | +2% | −1% | +11% | −1% | +10% | +8% | +7% | −39% | +46% |
| 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% |
| DRREDDY | +5% | −7% | −5% | +6% | −10% | +13% | +13% | −11% | −5% | −10% | −82% | +101% |
| CIPLA | +14% | −7% | −11% | +25% | +11% | +21% | −22% | +6% | +4% | −50% | −18% | +42% |
| MAXHEALTH | +15% | +5% | −13% | −6% | +19% | −15% | +33% | −3% | +59% | −39% | +14% | −6% |
| ZYDUSLIFE | −26% | −1% | sources disagree | sources disagree | −36% | +12% | sources disagree | sources disagree | −14% | −17% | +22% | −26% |
| MANKIND | +1% | −9% | +4% | +14% | +22% | −43% | +11% | +4% | +17% | −20% | +36% | +3% |
| AUROPHARMA | +33% | +24% | −3% | +1% | −10% | +3% | +7% | −9% | +3% | +7% | +1% | +13% |
| ALKEM | +116% | −4% | −51% | +86% | +26% | −9% | −51% | +117% | +15% | −17% | −63% | +120% |
| GLENMARK | to loss | outside | outside | turned profitable | +4% | −2% | −99% | +938% | +1,203% | −34% | sources disagree | sources disagree |
| FORTIS | +55% | −23% | +33% | −7% | +6% | +41% | −26% | +41% | +23% | −40% | +37% | 0% |
| BIOCON | +25% | +424% | −79% | +386% | to loss | turned profitable | +1,267% | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree |
| ABBOTINDIA | +8% | −1% | −8% | +14% | +9% | +1% | +2% | 0% | +14% | −9% | +5% | +9% |
| LAURUSLABS | outside | outside | outside | outside | outside | outside | outside | −30% | +20% | +29% | +11% | +32% |
| IPCALAB | outside | +24% | −67% | outside | +19% | +8% | −73% | outside | outside | outside | −8% | +34% |
| GLAXO | +64% | −79% | +325% | −6% | +39% | −9% | +14% | −22% | +26% | +15% | −6% | outside |
| ANTHEM | outside | outside | outside | outside | outside | outside | outside | outside | +28% | −47% | +105% | −37% |