Sector analysis · India
Healthcare sector earnings growth, Q3 FY25
The 20 largest Healthcare companies by market cap at the end of Q3 FY25 (31 Dec 2024), compared with Q3 FY24.
The top 20 at Q3 FY25
Q3 FY25 vs Q3 FY24: combined net profit ₹13,014 cr (+18%), median EPS +16% (15 of 19 up), market-cap-weighted price +39%. 19 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Sun Pharmaceutical Industries Limited | 22.5% | 10.52 → 12.10 | +15% | +3.3 pp | +50% |
| 2 | Divi's Laboratories Limited | 8.0% | 13.49 → 22.19 | +64% | +2.0 pp | +56% |
| 3 | Cipla Limited | 6.1% | 13.08 → 19.45 | +49% | +4.4 pp | +23% |
| 4 | Mankind Pharma Limited | 5.9% | 11.33 → 9.22 | −19% | −0.6 pp | +45% |
| 5 | Dr. Reddy's Laboratories Limited | 5.8% | 16.56 → 16.94 | +2% | +0.3 pp | +20% |
| 6 | Torrent Pharmaceuticals Limited | 5.6% | 13.09 → 14.86 | +14% | +0.5 pp | +46% |
| 7 | Max Healthcare Institute Limited | 5.4% | 2.98 → 2.46 | −17% | −0.4 pp | +64% |
| 8 | Lupin Limited | 5.3% | 13.47 → 18.74 | +39% | +2.1 pp | +78% |
| 9 | Apollo Hospitals Enterprise Limited | 5.2% | 17.06 → 25.89 | +52% | +1.1 pp | +28% |
| 10 | Zydus Lifesciences Limited | 4.9% | 7.80 → 10.17 | +30% | +2.0 pp | +40% |
| 11 | Aurobindo Pharma Limited | 3.8% | 15.98 → 14.56 | −9% | −0.8 pp | +23% |
| 12 | Alkem Lab | 3.3% | 49.76 → 52.34 | +5% | +0.3 pp | +8% |
| 13 | Abbott India Limited | 3.1% | 146.35 → 169.78 | +16% | +0.4 pp | +30% |
| 14 | Fortis Healthcare Limited | 2.7% | 1.78 → 3.28 | +84% | +1.0 pp | +72% |
| 15 | Glenmark Pharmaceuticals Limited | 2.3% | −12.45 → 12.33 | turned profitable | +6.0 pp | +88% |
| 16 | Biocon Limited | 2.2% | 5.50 → 0.21 | −96% | −5.5 pp | +46% |
| 17 | IPCA Laboratories Limited | 2.1% | 7.09 → 9.78 | +38% | +0.6 pp | +52% |
| 18 | Accent Microcell | 1.9% | — | — | — | −7% |
| 19 | GlaxoSmithKline Pharmaceuticals Limited | 1.9% | 2.70 → 13.57 | +403% | +1.6 pp | +19% |
| 20 | Ajanta Pharma Limited | 1.8% | 16.68 → 18.64 | +12% | +0.2 pp | +38% |
| Sector earnings growth | 100% | +18.5 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q2 FY25, as market caps moved.
Joined the top 20 since Q2 FY25
Left the top 20 since Q2 FY25
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% |
| MANKIND | +19% | +60% | +65% | +9% | +30% | −19% | −13% | −21% | −24% | +7% | +32% | +31% |
| DRREDDY | +33% | +11% | +36% | −1% | −15% | +2% | +22% | +2% | +7% | −14% | −86% | −69% |
| TORNTPHARM | +24% | +57% | +56% | +21% | +17% | +14% | +11% | +20% | +30% | +26% | −22% | +3% |
| MAXHEALTH | −40% | +30% | 0% | −2% | +2% | −17% | +27% | +30% | +74% | +26% | +7% | +5% |
| LUPIN | +278% | +300% | +52% | +77% | +74% | +39% | +114% | +52% | +73% | +37% | +89% | +16% |
| APOLLOHOSP | +14% | +60% | +76% | +83% | +63% | +52% | +54% | +42% | +26% | +35% | +36% | +34% |
| ZYDUSLIFE | +53% | +27% | sources disagree | +31% | +15% | +30% | sources disagree | +3% | +38% | +2% | sources disagree | −35% |
| 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% |
| FORTIS | −15% | +3% | +35% | +49% | +1% | +84% | +3% | +57% | +83% | −22% | +44% | +2% |
| GLENMARK | to loss | outside | outside | +1,371% | turned profitable | turned profitable | turned profitable | −86% | +72% | +16% | sources disagree | +931% |
| 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% |
| ACCENTMIC | — | — | — | — | −14% | — | +3% | outside | outside | outside | outside | outside |
| GLAXO | +12% | −72% | +46% | +38% | +16% | +403% | +35% | +12% | +2% | +29% | +6% | outside |
| AJANTPHARM | outside | outside | outside | outside | +12% | +12% | outside | outside | outside | outside | outside | +31% |