Sector analysis · India
Healthcare sector earnings growth, Q3 FY26
The 20 largest Healthcare companies by market cap at the end of Q3 FY26 (31 Dec 2025), compared with Q3 FY25.
The top 20 at Q3 FY26
Q3 FY26 vs Q3 FY25: combined net profit ₹13,188 cr (+2%), median EPS +7% (13 of 19 up), market-cap-weighted price −4%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Sun Pharmaceutical Industries Limited | 20.9% | 12.10 → 14.04 | +16% | +3.6 pp | −9% |
| 2 | Divi's Laboratories Limited | 8.6% | 22.19 → 21.96 | −1% | 0.0 pp | +5% |
| 3 | Torrent Pharmaceuticals Limited | 6.6% | 14.86 → 18.76 | +26% | +1.0 pp | +15% |
| 4 | Cipla Limited | 6.2% | 19.45 → 8.37 | −57% one-off | −6.9 pp | −1% |
| 5 | Dr. Reddy's Laboratories Limited | 5.4% | 16.94 → 14.50 | −14% | −1.6 pp | −8% |
| 6 | Max Healthcare Institute Limited | 5.2% | 2.46 → 3.09 | +26% | +0.5 pp | −7% |
| 7 | Apollo Hospitals Enterprise Limited | 5.1% | 25.89 → 34.93 | +35% | +1.0 pp | −3% |
| 8 | Lupin Limited | 4.9% | 18.74 → 25.73 | +37% one-off | +2.5 pp | −10% |
| 9 | Zydus Lifesciences Limited | 4.7% | 10.17 → 10.36 | +2% | +0.1 pp | −6% |
| 10 | Mankind Pharma Limited | 4.6% | 9.22 → 9.90 | +7% | +0.2 pp | −24% |
| 11 | Aurobindo Pharma Limited | 3.5% | 14.56 → 15.67 | +8% | +0.5 pp | −11% |
| 12 | Fortis Healthcare Limited | 3.4% | 3.28 → 2.57 | −22% | −0.4 pp | +23% |
| 13 | Alkem Lab | 3.3% | 52.34 → 53.19 | +2% | +0.1 pp | −2% |
| 14 | Abbott India Limited | 3.1% | 169.78 → 176.93 | +4% | +0.1 pp | −2% |
| 15 | Laurus Labs | 3.0% | 1.71 → 4.66 | +173% | +1.2 pp | +84% |
| 16 | Glenmark Pharmaceuticals Limited | 2.9% | 12.33 → 14.29 | +16% one-off | +0.4 pp | +26% |
| 17 | Biocon Limited | 2.7% | — → 1.08 | sources disagree one-off | — | +8% |
| 18 | GlaxoSmithKline Pharmaceuticals Limited | 2.1% | 13.57 → 17.45 | +29% | +0.5 pp | +10% |
| 19 | Narayana Hrudayalaya Ltd. | 2.0% | 9.44 → 6.20 | −34% one-off | −0.5 pp | +49% |
| 20 | Anthem Biosciences Limited | 1.9% | 2.29 → 1.65 | −28% | −0.3 pp | — |
| Sector earnings growth | 100% | +2.1 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q2 FY26, as market caps moved.
Joined the top 20 since Q2 FY26
Left the top 20 since Q2 FY26
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% |
| DRREDDY | +33% | +11% | +36% | −1% | −15% | +2% | +22% | +2% | +7% | −14% | −86% | −69% |
| 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% |
| LUPIN | +278% | +300% | +52% | +77% | +74% | +39% | +114% | +52% | +73% | +37% | +89% | +16% |
| 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% |
| 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% |
| ABBOTINDIA | +18% | +26% | +24% | +13% | +15% | +16% | +28% | +12% | +16% | +4% | +8% | +17% |
| LAURUSLABS | outside | outside | outside | outside | outside | outside | outside | +1,213% | +876% | +173% | +19% | +125% |
| 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 |
| GLAXO | +12% | −72% | +46% | +38% | +16% | +403% | +35% | +12% | +2% | +29% | +6% | outside |
| NH | outside | outside | outside | outside | outside | outside | +3% | −2% | +30% | −34% | outside | outside |
| ANTHEM | outside | outside | outside | outside | outside | outside | outside | outside | +1% | −28% | +54% | −12% |