Sector analysis · India
Healthcare sector earnings growth, Q2 FY26
The 20 largest Healthcare companies by market cap at the end of Q2 FY26 (30 Sep 2025), compared with Q2 FY25.
The top 20 at Q2 FY26
Q2 FY26 vs Q2 FY25: combined net profit ₹15,158 cr (+20%), median EPS +26% (18 of 19 up), market-cap-weighted price −6%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Sun Pharmaceutical Industries Limited | 20.0% | 12.67 → 13.00 | +3% | +0.6 pp | −17% |
| 2 | Divi's Laboratories Limited | 7.9% | 19.21 → 25.95 | +35% | +1.4 pp | +5% |
| 3 | Torrent Pharmaceuticals Limited | 6.4% | 13.38 → 17.46 | +30% | +1.1 pp | +6% |
| 4 | Cipla Limited | 6.3% | 16.13 → 16.73 | +4% | +0.4 pp | −9% |
| 5 | Max Healthcare Institute Limited | 5.7% | 2.90 → 5.05 | +74% | +1.7 pp | +13% |
| 6 | Apollo Hospitals Enterprise Limited | 5.6% | 26.34 → 33.19 | +26% | +0.8 pp | +3% |
| 7 | Dr. Reddy's Laboratories Limited | 5.3% | 15.05 → 16.14 | +7% | +0.7 pp | −9% |
| 8 | Mankind Pharma Limited | 5.3% | 16.31 → 12.39 | −24% | −1.1 pp | −3% |
| 9 | Zydus Lifesciences Limited | 5.2% | 9.06 → 12.51 | +38% | +2.7 pp | −8% |
| 10 | Lupin Limited | 4.6% | 18.69 → 32.36 | +73% | +4.9 pp | −13% |
| 11 | Fortis Healthcare Limited | 3.8% | 2.33 → 4.26 | +83% | +1.2 pp | +58% |
| 12 | Alkem Lab | 3.4% | 57.60 → 63.99 | +11% | +0.6 pp | −10% |
| 13 | Aurobindo Pharma Limited | 3.3% | 14.07 → 14.61 | +4% | +0.2 pp | −26% |
| 14 | Abbott India Limited | 3.3% | 168.76 → 195.43 | +16% | +0.4 pp | 0% |
| 15 | Glenmark Pharmaceuticals Limited | 2.9% | 12.56 → 21.63 | +72% one-off | +2.0 pp | +17% |
| 16 | Biocon Limited | 2.4% | — → 0.63 | sources disagree | — | −6% |
| 17 | Laurus Labs | 2.4% | 0.37 → 3.61 | +876% | +1.4 pp | +82% |
| 18 | GlaxoSmithKline Pharmaceuticals Limited | 2.4% | 14.91 → 15.20 | +2% | 0.0 pp | −3% |
| 19 | Anthem Biosciences Limited | 2.2% | 3.05 → 3.09 | +1% | 0.0 pp | — |
| 20 | Narayana Hrudayalaya Ltd. | 1.9% | 9.72 → 12.64 | +30% | +0.5 pp | +39% |
| Sector earnings growth | 100% | +19.6 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q1 FY26, as market caps moved.
Joined the top 20 since Q1 FY26
Left the top 20 since Q1 FY26
- Cohance Lifesciences 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% |
| TORNTPHARM | +24% | +57% | +56% | +21% | +17% | +14% | +11% | +20% | +30% | +26% | −22% | +3% |
| CIPLA | +43% | +32% | +79% | +18% | +15% | +49% | +30% | +10% | +4% | −57% | −55% | −39% |
| MAXHEALTH | −40% | +30% | 0% | −2% | +2% | −17% | +27% | +30% | +74% | +26% | +7% | +5% |
| APOLLOHOSP | +14% | +60% | +76% | +83% | +63% | +52% | +54% | +42% | +26% | +35% | +36% | +34% |
| DRREDDY | +33% | +11% | +36% | −1% | −15% | +2% | +22% | +2% | +7% | −14% | −86% | −69% |
| MANKIND | +19% | +60% | +65% | +9% | +30% | −19% | −13% | −21% | −24% | +7% | +32% | +31% |
| ZYDUSLIFE | +53% | +27% | sources disagree | +31% | +15% | +30% | sources disagree | +3% | +38% | +2% | sources disagree | −35% |
| LUPIN | +278% | +300% | +52% | +77% | +74% | +39% | +114% | +52% | +73% | +37% | +89% | +16% |
| 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% |
| AUROPHARMA | +85% | +91% | +80% | +61% | +9% | −9% | 0% | −9% | +4% | +8% | +2% | +26% |
| 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% |
| BIOCON | +169% | turned profitable | −57% | +554% | to loss | −96% | +154% | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree |
| LAURUSLABS | outside | outside | outside | outside | outside | outside | outside | +1,213% | +876% | +173% | +19% | +125% |
| GLAXO | +12% | −72% | +46% | +38% | +16% | +403% | +35% | +12% | +2% | +29% | +6% | outside |
| ANTHEM | outside | outside | outside | outside | outside | outside | outside | outside | +1% | −28% | +54% | −12% |
| NH | outside | outside | outside | outside | outside | outside | +3% | −2% | +30% | −34% | outside | outside |