Sun Pharmaceutical Industries
India's largest pharma company, transitioning from generics to a global specialty franchise across dermatology, ophthalmology and onco-derm while retaining a large India and US generics base.
A full research profile for one company — what it does, how its financials have trended, how the market values it, and a balanced bull/bear/base investment memo.
Scan the top row for the headline numbers, read the charts for trends, check the three gauge scores, then read the auto-generated memo at the bottom. Sources for every figure are linked at the very bottom.
- EBITDA
- — Earnings before interest, tax, depreciation & amortisation — a proxy for operating cash profit.
- PAT
- — Profit After Tax — the bottom-line net profit.
- FCF
- — Free Cash Flow — cash left after running the business and capital spending.
- ANDA
- — Abbreviated New Drug Application — the US FDA filing to sell a generic drug.
Revenue
₹ crore · FY
EBITDA
₹ crore · FY
Margins
EBITDA & PAT margin %
R&D Spend
₹ crore · FY
Free Cash Flow
₹ crore · FY
Revenue Mix
By geography / segment
Quality Score
Growth Score
Regulatory Risk
Snapshot
Business Model
How the company makes money
Global specialty (Ilumya, Cequa, Winlevi, Leqselvi) + US/India/EM generics + API.
Global specialty ramp (Ilumya, Winlevi, Leqselvi)
Specialty R&D execution & US generic price erosion
Peer Group
Click to compare
| Peer | Rev CAGR | EBITDA% | ROCE | P/E |
|---|---|---|---|---|
| Sun Pharmaceutical Industries | 22% | 29% | 20.5% | 35x |
| Dr. Reddy's Laboratories | 4% | 26% | 13.6% | 25x |
| Cipla | 7% | 26% | 23% | 29x |
| Lupin | 25% | 23% | 30.3% | 18x |
| Zydus Lifesciences | 12% | 30% | 24% | 20x |
Investment Memo
Auto-generated from the data layer — illustrative, not advice
- • Global specialty ramp (Ilumya, Winlevi, Leqselvi) underpins a 22% 5Y revenue CAGR.
- • Premium 29% EBITDA margin with 20.5% ROCE signals durable economics.
- • Clean balance sheet (D/E 0.03) funds growth internally.
- • Specialty R&D execution & US generic price erosion.
- • Pricing/NLEM exposure on the domestic book can cap realisation.
- • Re-rating depends on proving R&D/return discipline.
Sun Pharmaceutical Industries screens as a high-quality diversified franchise. With revenue of ₹52.6K Cr growing ~22% and 29% EBITDA margins, the base case is steady compounding driven by global specialty ramp (ilumya, winlevi, leqselvi), while watching specialty r&d execution & us generic price erosion.
Trades at 35x P/E, 27.0x EV/EBITDA and 5.7x P/B. Reasonable versus growth — re-rating optionality if execution improves.
- 1 India IPM outperformance & chronic mix
- 2 Gross-margin trajectory & new-launch contribution
- 3 R&D productivity (filings/approvals per ₹ of R&D)
- 4 Capital allocation — capex payback & M&A discipline
Revenue/margins/mcap/P-E sourced; specialty ~20% & US ~31% per company PR; mix & EV/EBITDA partly modeled.