Sector analysis · India
Healthcare sector earnings growth, Q1 FY26
The 20 largest Healthcare companies by market cap at the end of Q1 FY26 (30 Jun 2025), compared with Q1 FY25.
The top 20 at Q1 FY26
Q1 FY26 vs Q1 FY25: combined net profit ₹12,728 cr (+3%), median EPS +12% (13 of 19 up), market-cap-weighted price +13%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Sun Pharmaceutical Industries Limited | 20.4% | 11.82 → 9.50 | −20% one-off | −4.5 pp | +10% |
| 2 | Divi's Laboratories Limited | 9.2% | 16.20 → 20.53 | +27% | +0.9 pp | +48% |
| 3 | Max Healthcare Institute Limited | 6.3% | 2.43 → 3.17 | +30% | +0.6 pp | +36% |
| 4 | Cipla Limited | 6.2% | 14.58 → 16.06 | +10% | +1.0 pp | +2% |
| 5 | Torrent Pharmaceuticals Limited | 5.8% | 13.50 → 16.19 | +20% | +0.7 pp | +22% |
| 6 | Dr. Reddy's Laboratories Limited | 5.4% | 16.69 → 16.99 | +2% | +0.2 pp | 0% |
| 7 | Apollo Hospitals Enterprise Limited | 5.3% | 21.23 → 30.10 | +42% | +1.0 pp | +17% |
| 8 | Zydus Lifesciences Limited | 5.0% | 14.11 → 14.58 | +3% | +0.4 pp | −8% |
| 9 | Mankind Pharma Limited | 4.8% | 13.39 → 10.62 | −21% | −0.8 pp | +9% |
| 10 | Lupin Limited | 4.5% | 17.58 → 26.69 | +52% | +3.4 pp | +20% |
| 11 | Abbott India Limited | 3.8% | 154.36 → 172.18 | +12% | +0.3 pp | +29% |
| 12 | Aurobindo Pharma Limited | 3.3% | 15.69 → 14.20 | −9% | −0.8 pp | −6% |
| 13 | Fortis Healthcare Limited | 3.0% | 2.20 → 3.45 | +57% | +0.8 pp | +67% |
| 14 | Alkem Lab | 3.0% | 45.60 → 55.56 | +22% | +1.0 pp | −1% |
| 15 | GlaxoSmithKline Pharmaceuticals Limited | 2.9% | 10.76 → 12.10 | +12% | +0.2 pp | +28% |
| 16 | Glenmark Pharmaceuticals Limited | 2.5% | 12.06 → 1.66 | −86% one-off | −2.4 pp | +43% |
| 17 | Biocon Limited | 2.4% | — → 0.23 | sources disagree | — | +1% |
| 18 | Narayana Hrudayalaya Ltd. | 2.2% | 9.85 → 9.62 | −2% | 0.0 pp | +80% |
| 19 | Laurus Labs | 2.0% | 0.23 → 3.02 | +1,213% | +1.2 pp | +71% |
| 20 | Cohance Lifesciences Limited | 1.9% | 2.39 → 1.28 | −46% | −0.1 pp | +20% |
| Sector earnings growth | 100% | +3.1 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q4 FY25, as market caps moved.
Joined the top 20 since Q4 FY25
Left the top 20 since Q4 FY25
- IPCA Laboratories Limited
- Accent Microcell
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% |
| MAXHEALTH | −40% | +30% | 0% | −2% | +2% | −17% | +27% | +30% | +74% | +26% | +7% | +5% |
| 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% |
| 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% |
| 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% |
| ABBOTINDIA | +18% | +26% | +24% | +13% | +15% | +16% | +28% | +12% | +16% | +4% | +8% | +17% |
| AUROPHARMA | +85% | +91% | +80% | +61% | +9% | −9% | 0% | −9% | +4% | +8% | +2% | +26% |
| FORTIS | −15% | +3% | +35% | +49% | +1% | +84% | +3% | +57% | +83% | −22% | +44% | +2% |
| ALKEM | +88% | +31% | +313% | +90% | +11% | +5% | +4% | +22% | +11% | +2% | −23% | −22% |
| GLAXO | +12% | −72% | +46% | +38% | +16% | +403% | +35% | +12% | +2% | +29% | +6% | outside |
| 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 |
| NH | outside | outside | outside | outside | outside | outside | +3% | −2% | +30% | −34% | outside | outside |
| LAURUSLABS | outside | outside | outside | outside | outside | outside | outside | +1,213% | +876% | +173% | +19% | +125% |
| COHANCE | outside | outside | outside | outside | outside | outside | outside | −46% | outside | outside | outside | outside |