Sun Pharma
Sun Pharma
Healthcare F&OKey Fundamentals
LargecapPharmaceuticalsHealthcareTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 34.1%
Weaknesses
1- The company has delivered a poor sales growth of 11.8% over past five years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoSun Pharmaceutical Industries Ltd is India's largest pharma company by market cap at ₹4,42,293 Cr, trading at a PE of 36.9x with nearly zero debt. The company has delivered compounded profit growth of 17% over 5 years and maintains a consistent ROE of 16%, though sales growth has remained modest at around 12% over the same period.
- Almost debt-free balance sheet provides significant financial flexibility and resilience against interest rate cycles, with a negligible debt-to-equity ratio
- Consistent ROE of 16% over 3-year and 5-year periods, indicating stable and efficient capital allocation by management
- Compounded profit growth of 17% over 5 years outpaces sales growth of 12%, reflecting improving operating leverage and margin expansion
- Healthy dividend payout ratio of 34.1% with a current yield of 0.86%, demonstrating shareholder-friendly capital return policy
- TTM sales growth of 11% shows continued revenue momentum, supported by specialty and branded generics portfolio
- Stock CAGR of 19% over 5 years and 18% over 3 years indicates sustained market confidence and consistent wealth creation
- 10-year compounded profit growth of 10% demonstrates the company's ability to deliver long-term earnings growth through multiple business cycles
- PE ratio of 36.9x is significantly above the broader pharma sector average, leaving limited margin of safety if earnings growth slows
- Compounded sales growth of only 12% over 5 years and 7% over 10 years suggests the company faces structural constraints in accelerating top-line growth
- Price-to-book ratio of 5.35x implies the stock is priced at a steep premium to its book value, raising valuation risk
- TTM profit growth of 10% has decelerated compared to the 5-year CAGR of 17%, indicating potential earnings growth moderation
- Dividend yield of just 0.86% offers limited income return relative to risk-free rates in India currently above 7%
- 10-year stock CAGR of only 9% compared to 19% over 5 years highlights that long-term returns have been uneven and dependent on the entry point
- 10-year ROE average of 14% is lower than the recent 16%, suggesting historical returns on equity have been inconsistent
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- US tariff delay and pricing deal Aug 31
Sun Pharma joined a White House ceremony to announce MFN pricing for Medicaid programs, securing a delay on Section 232 tariffs on innovative drugs for over two years.
- Lipitor antitrust case dismissed Aug 17
US Third Circuit Court of Appeals affirmed summary judgment in Sun Pharma's favor, dismissing class certification and effectively closing the long-standing Lipitor antitrust litigation.
- September investor meeting schedule Sep 3
Sun Pharma has five physical investor meetings lined up in September, including UBS India Summit (Sept 21) and J.P. Morgan India Conference (Sept 22) in Mumbai and Delhi, with no UPSI to be disclosed.
- Promoter reclassification postal ballot Aug 25
Sun Pharma issued a postal ballot to reclassify three promoter-group family members to public category, following Board approval in May 2026, citing their lack of management involvement.
- Elara India Dialogue participation Aug 25
Sun Pharma scheduled an analyst and institutional investor meeting on September 1, 2026 in Mumbai as part of the Ashwamedh – Elara India Dialogue 2026.
TL;DR: Sun Pharma is in a strong position with no material headwinds in recent news. The US tariff delay of over two years and the Lipitor litigation closure remove key overhang risks. Active investor engagement through five meetings in September signals confidence in the company's outlook. The near-term trend is clearly positive, with regulatory and legal tailwinds supporting the stock.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 11,941 | 12,192 | 12,381 | 11,983 | 12,653 | 13,291 | 13,675 | 12,959 | 13,851 | 14,478 | 15,521 | 14,612 | 15,300 |
| Expenses | 8,609 | 9,013 | 8,904 | 8,948 | 9,045 | 9,352 | 9,666 | 9,243 | 9,550 | 9,951 | 10,572 | 10,658 | 10,882 |
| Operating Profit | 3,332 | 3,179 | 3,477 | 3,035 | 3,608 | 3,939 | 4,009 | 3,716 | 4,302 | 4,527 | 4,948 | 3,954 | 4,418 |
| OPM % | 28% | 26% | 28% | 25% | 29% | 30% | 29% | 29% | 31% | 31% | 32% | 27% | 29% |
| Other Income | -118 | 294 | 180 | 504 | 533 | 354 | 149 | 251 | -354 | 470 | 89 | 458 | 520 |
| Interest | 81 | 49 | 35 | 74 | 62 | 69 | 52 | 49 | 75 | 100 | 78 | 86 | 100 |
| Depreciation | 651 | 633 | 622 | 650 | 655 | 626 | 631 | 664 | 701 | 730 | 732 | 775 | 739 |
| PBT | 2,481 | 2,791 | 3,000 | 2,816 | 3,424 | 3,598 | 3,476 | 3,254 | 3,173 | 4,168 | 4,227 | 3,551 | 4,099 |
| Tax % | 19% | 14% | 14% | 5% | 16% | 16% | 16% | 34% | 27% | 25% | 20% | 23% | 29% |
| Net Profit | 2,006 | 2,385 | 2,561 | 2,659 | 2,861 | 3,037 | 2,913 | 2,154 | 2,293 | 3,125 | 3,381 | 2,710 | 2,901 |
| EPS in Rs | 8.43 | 9.9 | 10.52 | 11.06 | 11.82 | 12.67 | 12.1 | 8.96 | 9.5 | 13 | 14.04 | 11.31 | 12.06 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 27,392 | 28,487 | 31,578 | 26,489 | 29,066 | 32,838 | 33,498 | 38,654 | 43,886 | 48,497 | 52,578 | 58,462 | 59,911 |
| Expenses | 19,498 | 20,313 | 21,476 | 20,858 | 22,689 | 25,855 | 25,028 | 28,397 | 32,235 | 35,479 | 37,464 | 41,961 | 42,063 |
| Operating Profit | 7,894 | 8,174 | 10,102 | 5,631 | 6,377 | 6,983 | 8,470 | 10,258 | 11,650 | 13,018 | 15,114 | 16,501 | 17,847 |
| OPM % | 29% | 29% | 32% | 21% | 22% | 21% | 25% | 27% | 27% | 27% | 29% | 28% | 30% |
| Other Income | 283 | -42 | 610 | -135 | -258 | 382 | -3,449 | -3,505 | 459 | 865 | 1,444 | 1,895 | 1,537 |
| Interest | 579 | 523 | 400 | 518 | 555 | 303 | 141 | 127 | 172 | 238 | 231 | 339 | 364 |
| Depreciation | 1,195 | 1,038 | 1,265 | 1,500 | 1,753 | 2,053 | 2,080 | 2,144 | 2,529 | 2,557 | 2,575 | 2,938 | 2,976 |
| PBT | 6,403 | 6,571 | 9,048 | 3,479 | 3,810 | 5,010 | 2,799 | 4,481 | 9,408 | 11,088 | 13,752 | 15,119 | 16,045 |
| Tax % | 14% | 14% | 13% | 26% | 16% | 16% | 18% | 24% | 9% | 13% | 20% | 24% | — |
| Net Profit | 5,476 | 5,658 | 7,846 | 2,542 | 3,208 | 4,172 | 2,272 | 3,389 | 8,513 | 9,610 | 10,965 | 11,509 | 12,117 |
| EPS in Rs | 21.92 | 18.89 | 29.03 | 8.73 | 11.11 | 15.69 | 12.1 | 13.64 | 35.32 | 39.91 | 45.55 | 47.84 | 50.41 |
| Div. Payout % | 14% | 5% | 12% | 23% | 25% | 25% | 62% | 73% | 33% | 34% | 35% | 33% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 207 | 241 | 240 | 240 | 240 | 240 | 240 | 240 | 240 | 240 | 240 | 240 |
| Reserves | 25,431 | 32,742 | 36,400 | 38,074 | 41,169 | 45,025 | 46,223 | 47,771 | 55,755 | 63,427 | 71,978 | 83,330 |
| Borrowings | 8,996 | 8,497 | 9,832 | 10,385 | 10,514 | 8,315 | 3,869 | 1,290 | 6,886 | 3,274 | 2,362 | 4,627 |
| Other Liabilities | 14,089 | 13,948 | 14,624 | 15,598 | 12,666 | 14,615 | 17,291 | 20,474 | 17,831 | 18,387 | 17,328 | 20,210 |
| Total Liabilities | 48,723 | 55,428 | 61,095 | 64,297 | 64,590 | 68,194 | 67,622 | 69,776 | 80,712 | 85,328 | 91,908 | 1,08,407 |
| Fixed Assets | 12,682 | 15,872 | 17,675 | 18,853 | 21,837 | 22,847 | 21,553 | 22,665 | 24,065 | 23,248 | 22,586 | 32,822 |
| CWIP | 2,039 | 2,175 | 2,801 | 2,465 | 1,411 | 1,220 | 1,567 | 1,287 | 4,973 | 5,354 | 6,644 | 3,052 |
| Investments | 2,716 | 1,830 | 1,192 | 7,143 | 7,903 | 10,143 | 9,612 | 12,849 | 14,824 | 15,026 | 18,354 | 24,723 |
| Other Assets | 31,286 | 35,550 | 39,427 | 35,837 | 33,439 | 33,984 | 34,890 | 32,975 | 36,849 | 41,700 | 44,324 | 47,811 |
| Total Assets | 48,723 | 55,428 | 61,095 | 64,297 | 64,590 | 68,194 | 67,622 | 69,776 | 80,712 | 85,328 | 91,908 | 1,08,407 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 5,616 | 6,686 | 7,082 | 3,907 | 2,196 | 6,555 | 6,170 | 8,985 | 4,959 | 12,135 | 14,072 | 12,419 |
| Investing | -1,502 | -3,949 | -4,186 | -3,104 | -310 | -2,225 | 407 | -5,556 | -7,220 | -763 | -5,183 | -10,405 |
| Financing | -1,187 | -1,889 | -2,285 | -1,539 | -2,731 | -5,715 | -5,980 | -5,193 | 2,376 | -6,710 | -7,906 | -2,513 |
| Net Cash Flow | 2,927 | 848 | 611 | -736 | -844 | -1,386 | 596 | -1,765 | 115 | 4,662 | 983 | -498 |
| Free Cash Flow | 3,316 | 3,353 | 3,492 | 2,013 | -966 | 5,105 | 5,097 | 7,550 | 2,895 | 9,964 | 12,005 | 8,906 |
| CFO/OP | 93 | 106 | 90 | 83 | 48 | 113 | 85 | 78 | 56 | 105 | 96 | 89 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 68 | 87 | 83 | 108 | 112 | 105 | 99 | 99 | 95 | 85 | 91 | 97 |
| Inventory Days | 307 | 370 | 307 | 338 | 366 | 311 | 378 | 315 | 360 | 338 | 348 | 363 |
| Days Payable | 178 | 207 | 197 | 234 | 192 | 142 | 167 | 158 | 194 | 194 | 210 | 232 |
| Cash Conversion Cycle | 197 | 251 | 193 | 212 | 285 | 274 | 310 | 255 | 261 | 229 | 228 | 228 |
| Working Capital Days | -7 | 37 | -4 | -31 | 31 | 51 | 51 | 47 | 40 | 55 | 65 | 54 |
| ROCE % | 23% | 18% | 20% | 10% | 10% | 10% | 13% | 17% | 16% | 17% | 20% | 21% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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68 extracted metrics + investor summaries across FY07–FY27.
Documents
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Company Information
Sun Pharmaceutical Industries Ltd is engaged in the business of manufacturing, developing and marketing a wide range of branded and generic formulations and Active Pharma Ingredients (APIs). The company and its subsidiaries has various manufacturing facilities spread across the world with trading and other incidental and related activities extending to global market.[1] It is the largest pharmaceutical company in India.[2]
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