Sector analysis · India
Healthcare sector earnings growth, Q2 FY25
The 20 largest Healthcare companies by market cap at the end of Q2 FY25 (30 Sep 2024), compared with Q2 FY24.
The top 20 at Q2 FY25
Q2 FY25 vs Q2 FY24: combined net profit ₹12,733 cr (+21%), median EPS +15% (17 of 20 up), market-cap-weighted price +53%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Sun Pharmaceutical Industries Limited | 23.1% | 9.90 → 12.67 | +28% | +6.2 pp | +66% |
| 2 | Divi's Laboratories Limited | 7.2% | 13.11 → 19.21 | +47% | +1.5 pp | +45% |
| 3 | Cipla Limited | 6.7% | 14.01 → 16.13 | +15% | +1.6 pp | +39% |
| 4 | Torrent Pharmaceuticals Limited | 5.7% | 11.41 → 13.38 | +17% | +0.6 pp | +76% |
| 5 | Dr. Reddy's Laboratories Limited | 5.6% | 17.77 → 15.05 | −15% | −2.1 pp | +21% |
| 6 | Zydus Lifesciences Limited | 5.4% | 7.91 → 9.06 | +15% | +1.0 pp | +73% |
| 7 | Apollo Hospitals Enterprise Limited | 5.2% | 16.20 → 26.34 | +63% | +1.4 pp | +40% |
| 8 | Mankind Pharma Limited | 5.0% | 12.51 → 16.31 | +30% | +1.4 pp | +40% |
| 9 | Lupin Limited | 5.0% | 10.76 → 18.69 | +74% | +3.4 pp | +87% |
| 10 | Max Healthcare Institute Limited | 4.8% | 2.85 → 2.90 | +2% | 0.0 pp | +74% |
| 11 | Aurobindo Pharma Limited | 4.2% | 12.92 → 14.07 | +9% | +0.6 pp | +60% |
| 12 | Alkem Lab | 3.6% | 51.90 → 57.60 | +11% | +0.6 pp | +68% |
| 13 | Abbott India Limited | 3.1% | 147.27 → 168.76 | +15% | +0.4 pp | +26% |
| 14 | Glenmark Pharmaceuticals Limited | 2.4% | −2.90 → 12.56 | turned profitable | +4.1 pp | +96% |
| 15 | Accent Microcell | 2.4% | 8.01 → 6.86 | −14% one source | 0.0 pp | +25% |
| 16 | GlaxoSmithKline Pharmaceuticals Limited | 2.3% | 12.84 → 14.91 | +16% | +0.3 pp | +78% |
| 17 | Fortis Healthcare Limited | 2.3% | 2.30 → 2.33 | +1% | 0.0 pp | +81% |
| 18 | Biocon Limited | 2.2% | 1.05 → −0.13 | to loss one-off | −1.3 pp | +33% |
| 19 | Ajanta Pharma Limited | 2.0% | 15.51 → 17.33 | +12% | +0.2 pp | +75% |
| 20 | IPCA Laboratories Limited | 1.9% | 5.72 → 9.05 | +58% | +0.8 pp | +60% |
| Sector earnings growth | 100% | +20.9 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q1 FY25, as market caps moved.
Joined the top 20 since Q1 FY25
Left the top 20 since Q1 FY25
- Global Health Limited
- Gland Pharma 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% |
| TORNTPHARM | +24% | +57% | +56% | +21% | +17% | +14% | +11% | +20% | +30% | +26% | −22% | +3% |
| DRREDDY | +33% | +11% | +36% | −1% | −15% | +2% | +22% | +2% | +7% | −14% | −86% | −69% |
| ZYDUSLIFE | +53% | +27% | sources disagree | +31% | +15% | +30% | sources disagree | +3% | +38% | +2% | sources disagree | −35% |
| 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% |
| LUPIN | +278% | +300% | +52% | +77% | +74% | +39% | +114% | +52% | +73% | +37% | +89% | +16% |
| 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% |
| ABBOTINDIA | +18% | +26% | +24% | +13% | +15% | +16% | +28% | +12% | +16% | +4% | +8% | +17% |
| GLENMARK | to loss | outside | outside | +1,371% | turned profitable | turned profitable | turned profitable | −86% | +72% | +16% | sources disagree | +931% |
| ACCENTMIC | — | — | — | — | −14% | — | +3% | outside | outside | outside | outside | outside |
| GLAXO | +12% | −72% | +46% | +38% | +16% | +403% | +35% | +12% | +2% | +29% | +6% | 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 |
| AJANTPHARM | outside | outside | outside | outside | +12% | +12% | outside | outside | outside | outside | outside | +31% |
| IPCALAB | outside | +64% | −22% | outside | +58% | +38% | +14% | outside | outside | outside | +342% | +72% |