SUNPHARMA

Sun Pharmaceutical Industries share price & financials

Price
₹1,838.3
Market cap
₹4.7L Cr
Sector
Healthcare
Calls analysed
7
Latest concall · Q1 FY27 · call held 31 Jul 2026

Sun Pharma-Organon Acquisition Investor Call Analysis

EBITDA ₹4,417.7 cr +3%EBITDA Margin 28.9% Adjusted Net Profit ₹3,089.4 cr Gross Margin 80.5%

What went well

  • Acquisition of Organon for an equity value of $3.99 billion and an enterprise value of $11.75 billion, expected to close in 6-9 months.
  • Combined company's revenues will be $12.4 billion, with the innovative part of the business moving from 20% to 27%.
  • Combined entities together generating free cash flows of close to $2 billion, $2.5 billion on an annual basis.

What to watch

  • Taking on a significant amount of debt, resulting in a net debt by EBITDA of 2.3x post-acquisition.
  • Organon's business has historically shown 'no growth', requiring Sun Pharma to find ways to grow it.
Read the full call →

What Sun Pharmaceutical Industries Limited does

Sun Pharmaceutical Industries is a global specialty and generic pharmaceutical company — the largest drugmaker in India and the 13th-largest generics company in the US. It develops, manufactures and markets branded generics, specialty (innovative) medicines, pure generics and active pharmaceutical ingredients (APIs), selling across more than 100 countries from 40 manufacturing facilities. Revenue is earned across several business lines spanning fast-growing Innovative Medicines, US Generics, India branded generics, Emerging Markets and Rest-of-World developed markets.

Segments

  • Innovative Medicines
  • US Generics
  • India
  • Emerging Markets
  • Rest of World
  • APIs
Market position in India
No.1 — largest pharma company in India, ranked No.1 by prescriptions across 14 prescriber categories
US generics ranking
13th largest generics company in the US
Countries of operation
100+ countries
Manufacturing facilities
40
India field force
15,000+ representatives
R&D headcount
2,900+ across several R&D centres
Founded 1993Headquarters Mumbai, Maharashtra, IndiaEmployees 43,000 (FY25) Company website

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 6 delivered 3 missed 6 open
  • Consolidated Topline Growth delivered said Q4 FY25 Promised: mid to high single digit Q1 FY27: The Q1 FY27 call was focused on the Organon acquisition and did not provide final FY26 results.
  • Synergy realization from Organon acquisition open said Q1 FY27 Promised: $350 million Q1 FY27: There are also significant potential synergies that could come out, which we have highlighted could be in the range of about $350 million which could be materialized in the next two to four years.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 2.6%, net profit up 49.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue5,122 6,181 7,179 5,595 4,548 −11%5,688 −8%4,924 −31%5,741 +3%
EBITDA1,332 1,705 3,059 1,910 1,184 −11%1,759 +3%1,329 −57%1,964 +3%
Net profit838 1,156 2,042 745 564 −33%705 −39%609 −70%1,115 +50%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +15.5% 1Y

₹1.6k₹1.7k₹1.8k₹1.9k₹2.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 11 Nov 2025Q3 FY26 — 30 Jan 2026Q1 FY27 — 27 Apr 2026Q1 FY27 — 31 Jul 2026

1Y: ₹1,593.4 on 10 Sept 2025 → ₹1,840. High ₹2,001.1 (30 Jul 2026), low ₹1,586.7 (26 Sept 2025).

How the price took the results

close before → close after

Q1 FY27
+7.0%
27 Apr
Q3 FY26
+0.9%
31 Jan
Q2 FY26
+1.1%
11 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 22.1% a year over 3 years, FY23 to FY26. Operating margin widened to 29.8%.

Year endingFY23FY24FY25FY26
Revenue₹43.9k Cr₹20.3k Cr₹23.0k Cr₹20.8k Cr
Operating profit₹11.6k Cr₹5.6k Cr₹6.9k Cr₹6.2k Cr
Operating margin26.5%27.6%29.8%29.8%
Interest₹172 Cr₹785 Cr₹938 Cr₹947 Cr
Depreciation₹2.5k Cr₹1.6k Cr₹1.3k Cr₹1.3k Cr
Net profit₹8.5k Cr₹2.9k Cr₹4.3k Cr₹2.6k Cr
Net margin19.4%14.1%18.6%12.6%
ROCE17.0%13.0%17.0%15.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹240 Cr₹240 Cr₹240 Cr₹240 Cr₹240 Cr₹240 Cr
Reserves₹26.7k Cr₹24.3k Cr₹23.5k Cr₹23.5k Cr₹77.6k Cr₹22.1k Cr
Borrowings₹7.4k Cr₹5.1k Cr₹7.8k Cr₹11.2k Cr₹5.2k Cr₹13.6k Cr
Other liabilities₹9.4k Cr₹11.1k Cr₹9.4k Cr₹6.1k Cr₹20.7k Cr₹7.1k Cr
Total liabilities₹43.7k Cr₹40.8k Cr₹41.0k Cr₹41.1k Cr₹103.7k Cr₹43.1k Cr
Fixed assets₹9.7k Cr₹9.7k Cr₹8.7k Cr₹7.7k Cr₹33.4k Cr₹7.6k Cr
Capital work in progress₹1.1k Cr₹829 Cr₹853 Cr₹766 Cr₹1.4k Cr₹899 Cr
Investments₹15.5k Cr₹15.5k Cr₹12.6k Cr₹12.4k Cr₹19.5k Cr₹13.0k Cr
Other assets₹17.4k Cr₹14.7k Cr₹18.8k Cr₹20.1k Cr₹49.4k Cr₹21.6k Cr
Total assets₹43.7k Cr₹40.8k Cr₹41.0k Cr₹41.1k Cr₹103.7k Cr₹43.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −2.72 pp while DIIs added +2.68 pp. The shareholder count shrank 2% to 7,10,246.

Promoters
54.5%
FIIs
14.5%
DIIs
22.1%
Government
0.1%
Public
8.8%

Since Jun 2025

  • FIIs −2.72 pp
  • DIIs +2.68 pp
  • Public +0.05 pp

How it drifted, 12 quarters

Over this window DIIs went from 19.6% to 22.1% — +2.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 54.5%, FIIs 16.8%, DIIs 19.6%, Government 0.1%, Public 9.1%.Dec '23: Promoters 54.5%, FIIs 17.1%, DIIs 19.4%, Government 0.1%, Public 8.9%.Mar '24: Promoters 54.5%, FIIs 17.7%, DIIs 18.7%, Government 0.1%, Public 9.0%.Jun '24: Promoters 54.5%, FIIs 17.2%, DIIs 19.2%, Government 0.1%, Public 9.0%.Sep '24: Promoters 54.5%, FIIs 18.0%, DIIs 18.5%, Government 0.1%, Public 8.9%.Dec '24: Promoters 54.5%, FIIs 18.0%, DIIs 18.4%, Government 0.1%, Public 8.9%.Mar '25: Promoters 54.5%, FIIs 18.0%, DIIs 18.6%, Government 0.1%, Public 8.9%.Jun '25: Promoters 54.5%, FIIs 17.3%, DIIs 19.4%, Government 0.1%, Public 8.8%.Sep '25: Promoters 54.5%, FIIs 16.6%, DIIs 20.1%, Government 0.1%, Public 8.7%.Dec '25: Promoters 54.5%, FIIs 16.1%, DIIs 20.7%, Government 0.1%, Public 8.6%.Mar '26: Promoters 54.5%, FIIs 15.9%, DIIs 21.0%, Government 0.1%, Public 8.5%.Jun '26: Promoters 54.5%, FIIs 14.5%, DIIs 22.1%, Government 0.1%, Public 8.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Sun Pharmaceutical Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Shanghvi Finance Private Limited 40.30%unchanged
Dilip.S.Shanghvi 9.60%unchanged
Life Insurance Corporation Of India Insurer5.53%+0.30 pp
ICICI Prudential Value Fund Mutual fund3.72%unchanged
SBI Nifty 50 ETF Mutual fund2.36%+0.28 pp
NPS Trust- A/C HDFC Pension Fund Management Limited Scheme E - Tier I Pension / PF1.88%newly disclosed
Aditya Medisales Limited 1.67%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Large Cap Fund Mutual fund1.38%newly disclosed
Raksha Sudhir Valia 1.20%unchanged
Government Pension Fund Global Sovereign1.03%unchanged
Lakshdeep Investments & Finance (P) Ltd. 1.02%unchanged
Sudhir Vrundavandas Valia 0.60%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in SUNPHARMA

Filings to Aug 2026

4 new, 20 added, 12 trimmed, 1 sold out — net +25.86 L shares (+2.5%).

Held by funds
₹21.3k Cr
62 schemes
Biggest holder
SBI Nifty 50 ETF
₹4.1k Cr · 1.9% of that fund
SchemeHoldingLast month
SBI Nifty 50 ETF SBI Mutual Fund₹4.1k Cr+1.08 L
SBI BSE Sensex ETF SBI Mutual Fund₹2.8k Cr+1.43 L
HDFC Balanced Advantage Fund HDFC Mutual Fund₹1.7k Crheld
Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund₹1.3k Cr+1.30 L
Nippon India Large Cap Fund Nippon India Mutual Fund₹1.2k Cr−3.86 L
Nippon India Pharma Fund Nippon India Mutual Fund₹1.2k Cr−3.00 L
SBI Large Cap Fund SBI Mutual Fund₹1.1k Crheld
SBI Balanced Advantage Fund SBI Mutual Fund₹740 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

20 added, 12 trimmed — net +25.86 L shares (+2.5%)

Funds are sitting on
+40%
vs est. average cost
Held by funds
₹21.3k Cr
62 schemes · ≈ 4.2% of the company
Biggest holder
SBI Nifty 50 ETF
₹4.1k Cr · 1.9% of that fund
Longest holder
Nippon India Pharma Fund
14y · since Sep '12

Shares held by these funds +18%

Aug '23 10.44 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹1840, this stock must grow earnings at 54% every year for 7 years. Our analysis caps realistic growth at ~-32%. At that growth it is worth ₹23 — downside of 99%.

Growth the price implies
54.1% a year
for 7 years, fading to 4%
It has actually compounded at
-32.5% a year
net profit, FY23–FY26 · EPS -32.3%
The gap
0.9 pp
-99% downside if it only repeats history
Price today ₹1,840 Value at the reference growth ₹22.59

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Sun Pharmaceutical Industries Limited

Guides on how to read this kind of business and the numbers that matter.