Sector analysis · India
Healthcare sector earnings growth, Q3 FY24
The 20 largest Healthcare companies by market cap at the end of Q3 FY24 (31 Dec 2023), compared with Q3 FY23.
The top 20 at Q3 FY24
Q3 FY24 vs Q3 FY23: combined net profit ₹11,319 cr (+39%), median EPS +28% (17 of 19 up), market-cap-weighted price +31%. 19 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Sun Pharmaceutical Industries Limited | 21.0% | 9.03 → 10.52 | +17% | +4.3 pp | +26% |
| 2 | Divi's Laboratories Limited | 7.2% | 11.56 → 13.49 | +17% | +0.6 pp | +14% |
| 3 | Cipla Limited | 7.0% | 9.92 → 13.08 | +32% | +3.1 pp | +16% |
| 4 | Dr. Reddy's Laboratories Limited | 6.7% | 14.94 → 16.56 | +11% | +1.7 pp | +37% |
| 5 | Apollo Hospitals Enterprise Limited | 5.7% | 10.67 → 17.06 | +60% | +1.1 pp | +27% |
| 6 | Mankind Pharma Limited | 5.5% | 7.09 → 11.33 | +60% | +1.9 pp | — |
| 7 | Torrent Pharmaceuticals Limited | 5.4% | 8.36 → 13.09 | +57% | +1.9 pp | +49% |
| 8 | Zydus Lifesciences Limited | 4.9% | 6.15 → 7.80 | +27% | +2.0 pp | +64% |
| 9 | Max Healthcare Institute Limited | 4.6% | 2.29 → 2.98 | +30% | +0.8 pp | +56% |
| 10 | Aurobindo Pharma Limited | 4.4% | 8.38 → 15.98 | +91% | +5.4 pp | +147% |
| 11 | Alkem Lab | 4.3% | 38.03 → 49.76 | +31% | +1.7 pp | +73% |
| 12 | Lupin Limited | 4.2% | 3.37 → 13.47 | +300% | +5.6 pp | +80% |
| 13 | Abbott India Limited | 3.4% | 116.16 → 146.35 | +26% | +0.8 pp | +7% |
| 14 | Accent Microcell | 2.9% | — | — | — | −9% |
| 15 | GlaxoSmithKline Pharmaceuticals Limited | 2.2% | 9.71 → 2.70 | −72% one-off | −1.4 pp | +44% |
| 16 | Gland Pharma Limited | 2.2% | 14.08 → 11.65 | −17% | −0.5 pp | +22% |
| 17 | Fortis Healthcare Limited | 2.2% | 1.72 → 1.78 | +3% | +0.1 pp | +47% |
| 18 | Biocon Limited | 2.1% | −0.35 → 5.50 | turned profitable | +8.5 pp | −5% |
| 19 | IPCA Laboratories Limited | 2.0% | 4.32 → 7.09 | +64% | +0.9 pp | +32% |
| 20 | Syngene International Limited | 2.0% | 2.73 → 2.77 | +1% | 0.0 pp | +20% |
| Sector earnings growth | 100% | +38.6 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q2 FY24, as market caps moved.
Joined the top 20 since Q2 FY24
Left the top 20 since Q2 FY24
- Glenmark Pharmaceuticals Limited
EPS growth by company, Q2 FY24 to Q1 FY27
Each company's EPS growth year on year, 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 | +5% | +17% | +34% | +40% | +28% | +15% | −19% | −20% | +3% | +16% | +26% | +27% |
| DIVISLAB | −29% | +17% | +68% | +21% | +47% | +64% | +23% | +27% | +35% | −1% | +13% | +66% |
| CIPLA | +43% | +32% | +79% | +18% | +15% | +49% | +30% | +10% | +4% | −57% | −55% | −39% |
| DRREDDY | +33% | +11% | +36% | −1% | −15% | +2% | +22% | +2% | +7% | −14% | −86% | −69% |
| APOLLOHOSP | +14% | +60% | +76% | +83% | +63% | +52% | +54% | +42% | +26% | +35% | +36% | +34% |
| MANKIND | +19% | +60% | +65% | +9% | +30% | −19% | −13% | −21% | −24% | +7% | +32% | +31% |
| TORNTPHARM | +24% | +57% | +56% | +21% | +17% | +14% | +11% | +20% | +30% | +26% | −22% | +3% |
| ZYDUSLIFE | +53% | +27% | sources disagree | +31% | +15% | +30% | sources disagree | +3% | +38% | +2% | sources disagree | −35% |
| MAXHEALTH | −40% | +30% | 0% | −2% | +2% | −17% | +27% | +30% | +74% | +26% | +7% | +5% |
| AUROPHARMA | +85% | +91% | +80% | +61% | +9% | −9% | 0% | −9% | +4% | +8% | +2% | +26% |
| ALKEM | +88% | +31% | +313% | +90% | +11% | +5% | +4% | +22% | +11% | +2% | −23% | −22% |
| LUPIN | +278% | +300% | +52% | +77% | +74% | +39% | +114% | +52% | +73% | +37% | +89% | +16% |
| ABBOTINDIA | +18% | +26% | +24% | +13% | +15% | +16% | +28% | +12% | +16% | +4% | +8% | +17% |
| ACCENTMIC | — | — | — | — | −14% | — | +3% | outside | outside | outside | outside | outside |
| GLAXO | +12% | −72% | +46% | +38% | +16% | +403% | +35% | +12% | +2% | +29% | +6% | outside |
| GLAND | −20% | −17% | +144% | −26% | outside | outside | outside | outside | outside | outside | outside | outside |
| FORTIS | −15% | +3% | +35% | +49% | +1% | +84% | +3% | +57% | +83% | −22% | +44% | +2% |
| BIOCON | +169% | turned profitable | −57% | +554% | to loss | −96% | +154% | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree |
| IPCALAB | outside | +64% | −22% | outside | +58% | +38% | +14% | outside | outside | outside | +342% | +72% |
| SYNGENE | +14% | +1% | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside |