Sun Pharmaceutical Industries Limited (NSE: SUNPHARMA | BSE: 524715)
Source: Sun Pharmaceutical Industries Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Sun Pharmaceutical Industries Limited |
| Corporate Identity Number (CIN) | L24230GJ1993PLC019050 |
| ISIN | INE044A01036 |
| NSE Symbol & BSE Scrip Code | Scrip Symbol: SUNPHARMA | Scrip Code: 524715 |
| Date of Incorporation / Founding Year | 1993 (Group founded in 1983) |
| Founders / Key Founding Figures | Dilip Shanghvi |
| Registered Office & Corporate Headquarters | Registered Office: SPARC, Tandalja, Vadodara – 390012, Gujarat, INDIA. Corporate Headquarters: Sun House, Plot No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai – 400 063, Maharashtra, INDIA. |
| Telephone & Investor Relations Contact | Tel. : (91-22) 4324 4324 | Email: secretarial@sunpharma.com, investor.relations@sunpharma.com |
| Chairman / Managing Director & CEO | Dilip Shanghvi (Executive Chairman) | Kirti Ganorkar (Managing Director) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | Jayashree Satagopan (Chief Financial Officer) | Anoop Deshpande (Company Secretary and Compliance Officer) |
| Promoter & Holding Group | Shanghvi Finance Private Limited and Dilip Shantilal Shanghvi |
| Industry / Sector Classification | Pharmaceuticals, Medicinal and API products |
| Total Employees / Permanent & Contractual Workforce (BRSR) | 47,000+ Global Employees across the globe (Permanent Employees: 17,259; Permanent Workers: 5,393; Total Workers: 11,666) |
| Manufacturing Plants / Branches / Offices Count | 40 Manufacturing facilities globally (27 Finished Dosage Manufacturing Facilities, 13 API facilities) across 5 continents |
| Countries / States Served | 100+ Countries served globally (Operations in 80+ emerging market countries, ~90 countries served) |
| Statutory Auditors | S R B C & CO LLP, Chartered Accountants |
| Registrar and Share Transfer Agent (RTA) | MUFG Intime India Private Limited (formerly known as Link Intime India Private Limited) |
🏢 The Corporate Identity: Who They Are & Where They Came From
The Big Picture
Sun Pharmaceutical Industries Limited is an innovation-led global pharmaceutical company and the largest pharmaceutical enterprise in India by market share. Operating across more than 100 countries, the company maintains a diversified business model combining global scale with deep market expertise across innovative medicines, branded generics, generics, consumer healthcare, and active pharmaceutical ingredients (APIs). With an expansive global workforce exceeding 47,000 employees representing over 50 nationalities, Sun Pharma operates 40 manufacturing facilities across five continents, supported by 6 global R&D centres housing over 2,700 R&D professionals.
The Founders, Promoters & Their Legacy
The company’s foundational vision and long-term trajectory have been guided by Dilip Shantilal Shanghvi, who serves as Executive Chairman. Under his stewardship, the enterprise has grown from its origins into a globally diversified healthcare leader. The promoter group, anchored by Shanghvi Finance Private Limited and individual promoters, exercises controlling equity ownership while fostering an entrepreneurial, patient-centric corporate culture committed to scientific excellence and operational integrity.
The Journey: History & Evolution
Sun Pharma’s evolution is marked by strategic expansions and transformative integrations over decades. Starting with its entry into the US generics market through the acquisition of Caraco in 1998, the company scaled significantly through milestone transactions including the acquisition of Taro Pharmaceutical Industries Ltd. in 2010, DUSA Pharma in 2012, and the merger with Ranbaxy Laboratories Limited in 2015. Recent years have seen accelerated investment in specialized therapeutic segments, including the acquisition of Concert Pharmaceuticals in 2023, the 100% consolidation of Taro in 2024, and the announced acquisition of Organon & Co. to expand global scale in women’s health and biosimilars.
The Corporate Umbrella
The corporate group operates through an extensive network of domestic and international subsidiaries, joint ventures, and associate entities spanning North America, Europe, Latin America, Asia, Africa, and Australia. Key operating subsidiaries include Sun Pharma Laboratories Limited, Sun Pharma Distributors Limited, Taro Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries, Inc., and Ohm Laboratories, Inc., ensuring vertical integration from active ingredients to finished dosage forms and specialized commercial distribution.
Key Takeaways:
- Ranked as the largest pharmaceutical company in India with an 8.4% market share (AIOCD AWACS data for 12 months ended March 2026).
- Positioned as the 13th largest generics company in the US market (IQVIA data for 12 months ended March 2026).
- Innovative Medicines contribution reached 22% of consolidated sales in FY26.
⚙️ The Business Engine: What They Do & Where They Operate
The Core Divisions
Sun Pharma operates a balanced geographic and product portfolio designed to mitigate regional volatility and capture growth opportunities across developed and emerging markets. The business is divided into key operational segments including India Formulations, US Formulations, Emerging Markets, Rest of the World (RoW), Active Pharmaceutical Ingredients (API), and Global Consumer Healthcare.
| Geographic / Business Segment | Revenue in FY26 (₹ in Crores) | % Share of Total Revenue |
|---|---|---|
| India Formulations (Branded Generics) | 19,290.40 | 33.0% |
| United States Formulations | 16,824.20 | 28.8% |
| Emerging Markets | 11,186.50 | 19.1% |
| Rest of the World (RoW) | 8,568.40 | 14.7% |
| Active Pharmaceutical Ingredients (API) & Others | 2,185.30 | 3.7% |
| Total Revenue from Operations | 58,462.04 | 100.0% |
The Product & Service Catalog
The company’s comprehensive product catalog encompasses complex generics, branded generics, active pharmaceutical ingredients, consumer healthcare over-the-counter (OTC) products, and high-value innovative medicines. Therapeutic coverage spans dermatology, ophthalmology, onco-dermatology, oncology, neuropsychiatry, cardiology, diabetology, gastroenterology, anti-infectives, respiratory, and pain management across multiple dosage platforms including injectables, sprays, ointments, creams, liquids, tablets, and capsules.
The Names You Know
Sun Pharma manages a portfolio of market-leading global brands and specialty therapies. Key innovative and branded products include:
- ILUMYA / ILUMETRI (tildrakizumab): An IL-23 antagonist biologic for moderate-to-severe plaque psoriasis, marketed in over 35 countries.
- LEQSELVI (deuruxolitinib): An oral treatment for severe alopecia areata launched in the US in FY26.
- UNLOXCYT (cosibelimab-ipdl): A checkpoint inhibitor for metastatic or locally advanced cutaneous squamous cell carcinoma (mCSCC/laCSCC) launched in the US in FY26.
- CEQUA (cyclosporine ophthalmic solution): Proprietary treatment for dry eye disease.
- ODOMZO (sonidegib): Oral therapy for locally advanced basal cell carcinoma.
- WINLEVI (clascoterone): Topical treatment for acne vulgaris.
- Consumer Brands: Revital and Volini, alongside Prohance nutritional supplements.
Mapping the Domestic & Global Reach
Sun Pharma reaches patients in over 100 countries across six continents. Domestic operations are anchored by India Formulations, which generated ₹19,290.40 Crores in FY26, maintaining #1 ranking across 11 different doctor classes by prescription volume. International markets contributed approximately 66% of consolidated revenues, led by US formulations, emerging markets spanning over 80 countries (including Brazil, Romania, South Africa, and Russia), and Rest of the World markets including Western Europe, Canada, Japan, Australia, and New Zealand.
The Brick & Mortar Footprint
The manufacturing infrastructure comprises 40 facilities globally, including 27 finished dosage manufacturing units and 13 API facilities. National manufacturing plants are situated across Baddi (Himachal Pradesh), Paonta Sahib (Himachal Pradesh), Mohali (Punjab), Toansa (Punjab), Dewas (Madhya Pradesh), Malanpur (Madhya Pradesh), Halol (Gujarat), Baska (Gujarat), Dadra (Dadra and Nagar Haveli and Daman and Diu), Dahej (Gujarat), Panoli (Gujarat), Ahmednagar (Maharashtra), Bengaluru (Karnataka), and Maduranthagam (Tamil Nadu). International manufacturing units are located in Bangladesh, South Africa, Malaysia, Romania, Egypt, Morocco, Nigeria, Russia, Hungary, Israel, Canada, and the United States, all meeting stringent cGMP standards established by regulatory bodies including the USFDA, EMA, MHRA, TGA, and PMDA.
Key Takeaways:
- Maintained leadership in 11 specialist doctor categories in India, including psychiatrists, neurologists, cardiologists, and diabetologists.
- Innovative Medicines portfolio expanded to 29 marketed products globally, contributing 22% of consolidated sales.
- Global R&D expenditure reached ₹3,554.00 Crores (6.1% of sales) in FY26.
📊 The Financial Health: The Numbers Simplified
Earnings, Expenses, & Take-Home Profits
Consolidated financial performance for FY26 demonstrated robust top-line expansion and operational efficiency. Revenue from operations grew by 11.2% to ₹58,462.04 Crores, while total income reached ₹60,433.80 Crores. Profit before exceptional items and tax stood at ₹16,426.36 Crores, and net profit attributable to owners of the parent company closed at ₹11,479.42 Crores, delivering basic and diluted earnings per share (EPS) of ₹ 47.8.
| Consolidated Statement of Profit and Loss (₹ in Crores) | Year ended March 31, 2026 | Year ended March 31, 2025 | Latest YoY (%) |
|---|---|---|---|
| Revenue from operations | 58,462.04 | 52,578.44 | +11.19% |
| Other income | 1,971.72 | 1,965.04 | +0.34% |
| Total income | 60,433.76 | 54,543.48 | +10.80% |
| Cost of materials consumed | 7,389.02 | 6,449.10 | +14.57% |
| Purchases of stock-in-trade | 3,811.53 | 4,147.95 | -8.11% |
| Changes in inventories of finished goods, stock-in-trade and work-in-progress | 343.13 | 150.31 | +128.28% |
| Employee benefits expense | 11,418.86 | 9,973.12 | +14.50% |
| Finance costs | 338.91 | 231.36 | +46.49% |
| Depreciation and amortisation expense | 2,937.85 | 2,575.39 | +14.07% |
| Other expenses | 19,008.28 | 16,771.80 | +13.33% |
| Net (gain) / loss on foreign currency transactions | (1,240.18) | (185.53) | +568.45% |
| Total expenses | 44,007.40 | 40,113.50 | +9.71% |
| Profit before exceptional items and tax | 16,426.36 | 14,429.98 | +13.83% |
| Exceptional items | 1,307.48 | 677.85 | +92.89% |
| Profit before tax | 15,118.88 | 13,752.13 | +9.94% |
| Total tax expense | 3,554.36 | 2,772.03 | +28.22% |
| Profit for the year before share of profit/(loss) of associates and joint venture | 11,564.52 | 10,980.10 | +5.32% |
| Share of profit/(loss) of associates and joint venture (net of tax) | (55.87) | (15.35) | +263.97% |
| Profit for the year before non-controlling interests | 11,508.65 | 10,964.75 | +4.96% |
| Non-controlling interests | 29.23 | 35.71 | -18.15% |
| Profit for the year attributable to owners of the parent company | 11,479.42 | 10,929.04 | +5.04% |
| Basic Earnings Per Share (in ₹) | 47.8 | 45.6 | +4.82% |
| Diluted Earnings Per Share (in ₹) | 47.8 | 45.6 | +4.82% |
Assets, Borrowings, & Net Worth
The balance sheet reflects continued capital strengthening, with total assets expanding to ₹1,08,785.22 Crores as at March 31, 2026. Non-current assets stood at ₹44,894.03 Crores, driven by property, plant and equipment of ₹11,114.11 Crores, other intangible assets of ₹11,875.08 Crores, and goodwill of ₹9,833.08 Crores. Total equity attributable to shareholders rose to ₹83,570.09 Crores, underpinned by reserves and surplus of ₹83,330.16 Crores. Financial liabilities remain well-structured, with non-current borrowings at ₹31.26 Crores and current borrowings at ₹4,050.35 Crores.
| Consolidated Balance Sheet (₹ in Crores) | As at March 31, 2026 | As at March 31, 2025 | Latest YoY (%) |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | 11,114.11 | 10,035.94 | +10.74% |
| Capital work-in-progress | 1,380.65 | 1,234.34 | +11.85% |
| Goodwill (Net) | 9,833.08 | 8,939.42 | +10.00% |
| Other intangible assets | 11,875.08 | 3,610.92 | +228.87% |
| Intangible assets under development | 1,671.08 | 5,409.62 | -69.11% |
| Investments (Non-current) | 3,789.07 | 4,697.70 | -19.34% |
| Loans (Non-current) | 1.76 | 2.79 | -36.92% |
| Other financial assets (Non-current) | 66.61 | 177.04 | -62.38% |
| Deferred tax assets (Net) | 4,046.46 | 4,407.55 | -8.19% |
| Income tax assets (Net) | 645.13 | 420.67 | +53.36% |
| Other non-current assets | 471.00 | 540.12 | -12.80% |
| Total non-current assets | 44,894.03 | 39,476.11 | +13.72% |
| Current assets | |||
| Inventories | 11,492.93 | 10,243.33 | +12.20% |
| Investments (Current) | 20,933.45 | 13,656.10 | +53.29% |
| Trade receivables | 15,509.67 | 13,046.11 | +18.88% |
| Cash and cash equivalents | 9,770.51 | 10,268.77 | -4.85% |
| Bank balances other than cash and cash equivalents | 1,832.57 | 1,062.85 | +72.42% |
| Loans (Current) | 52.70 | 48.38 | +8.93% |
| Other financial assets (Current) | 1,403.69 | 1,740.66 | -19.36% |
| Other current assets | 2,864.77 | 2,527.86 | +13.33% |
| Assets classified as held for sale | 30.90 | 30.41 | +1.61% |
| Total current assets | 63,891.19 | 52,624.47 | +21.41% |
| TOTAL ASSETS | 1,08,785.22 | 92,100.58 | +18.12% |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity share capital | 239.93 | 239.93 | 0.00% |
| Other equity | 83,330.16 | 71,978.09 | +15.77% |
| Equity attributable to equity shareholders of parent company | 83,570.09 | 72,218.02 | +15.72% |
| Non-controlling interests | 309.65 | 267.93 | +15.57% |
| Total equity | 83,879.74 | 72,485.95 | +15.72% |
| Liabilities | |||
| Non-current liabilities | |||
| Non-Current Borrowings | 31.26 | 2.52 | +1140.48% |
| Lease liabilities (Non-current) | 361.63 | 355.74 | +1.66% |
| Other financial liabilities (Non-current) | 630.79 | 10.68 | +5806.27% |
| Provisions (Non-current) | 512.18 | 465.04 | +10.14% |
| Deferred tax liabilities (Net) | 378.02 | 192.44 | +96.44% |
| Other non-current liabilities | 356.67 | 385.24 | -7.42% |
| Non-Current tax liabilities (Net) | 12.89 | 8.76 | +47.15% |
| Total non-current liabilities | 2,283.44 | 1,420.42 | +60.76% |
| Current liabilities | |||
| Current Borrowings | 4,050.35 | 1,867.11 | +116.93% |
| Lease liabilities (Current) | 184.08 | 136.82 | +34.54% |
| Trade payables | 7,333.80 | 6,184.34 | +18.59% |
| Other financial liabilities (Current) | 2,572.18 | 1,947.84 | +32.05% |
| Other current liabilities | 1,187.53 | 1,169.79 | +1.52% |
| Provisions (Current) | 5,944.06 | 6,155.13 | -3.43% |
| Current tax liabilities (Net) | 1,350.04 | 733.18 | +84.13% |
| Total current liabilities | 22,622.04 | 18,194.21 | +24.34% |
| Total liabilities | 24,905.48 | 19,614.63 | +26.97% |
| TOTAL EQUITY AND LIABILITIES | 1,08,785.22 | 92,100.58 | +18.12% |
Cash Flow: Tracking the Money Movement
Operating cash flows remained healthy, generating net cash of ₹12,419.18 Crores for FY26. Cash used in investing activities totaled ₹11,344.05 Crores, driven by capital expenditure and investments in financial assets. Net cash used in financing activities stood at ₹2,512.55 Crores, reflecting dividend payouts and debt servicing. Cash and cash equivalents closed at ₹9,770.51 Crores.
| Consolidated Statement of Cash Flow (₹ in Crores) | Year ended March 31, 2026 | Year ended March 31, 2025 | Latest YoY (%) |
|---|---|---|---|
| Net cash generated from operating activities (A) | 12,419.18 | 14,072.09 | -11.75% |
| Net cash used in investing activities (B) | (11,344.05) | (5,306.16) | +113.79% |
| Net cash flow from / (used in) financing activities (C) | (2,512.55) | (7,905.82) | -68.22% |
| Net (decrease) / increase in cash and cash equivalents (A+B+C) | (1,437.42) | 860.11 | N/M |
| Cash and cash equivalents at the beginning of the year | 10,268.77 | 9,285.65 | +10.59% |
| Cash and cash equivalents transferred on sale / taken over on acquisition of subsidiary | 162.73 | (0.03) | N/M |
| Effect of exchange differences on restatement of foreign currency cash and cash equivalents | 776.43 | 123.04 | +531.04% |
| Cash and cash equivalents at the end of the year | 9,770.51 | 10,268.77 | -4.85% |
Funding the Future: CapEx, CWIP & R&D Spending
Capital investments during FY26 included capital work-in-progress additions of ₹1,590.76 Crores, with capital commitments remaining robust at ₹3,489.84 Crores for property, plant and equipment. R&D expenditure totaled ₹3,554.00 Crores (representing 6.1% of sales), reflecting sustained investment in innovative medicines and complex generic pipelines.
Key Takeaways:
🗺️ The Corporate Family Tree: Structure & Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
The consolidated financial statements encompass the parent company along with numerous direct and indirect subsidiaries, joint ventures, and associates operating across global jurisdictions.
| Entity Name | Relationship | Country of Incorporation | % Shareholding |
|---|---|---|---|
| Sun Pharma Laboratories Limited | Subsidiary | India | 100.00% |
| Sun Pharma Distributors Limited | Subsidiary | India | 100.00% |
| Sun Pharmaceutical Industries, Inc. | Subsidiary | United States of America | 100.00% |
| Taro Pharmaceutical Industries Ltd. | Subsidiary | Israel | 100.00% |
| Sun Pharma Canada Inc. | Subsidiary | Canada | 100.00% |
| Taro Pharmaceuticals U.S.A., Inc. | Subsidiary | United States of America | 100.00% |
| SC Terapia SA | Subsidiary | Romania | 96.81% |
| Alkaloida Chemical Company Zrt. | Subsidiary | Hungary | 100.00% |
| Ohm Laboratories, Inc. | Subsidiary | United States of America | 100.00% |
| Checkpoint Therapeutics, Inc. | Subsidiary | United States of America | 100.00% |
| Artes Biotechnology GmbH | Joint Venture | Germany | 45.00% |
| Medinstill LLC | Associate | United States of America | 21.38% |
| Trumpcard Advisors and Finvest LLP | Associate | India | 40.61% |
Strategic Investments & Treasury Holdings
The company maintains a diversified treasury portfolio comprising quoted and unquoted equity instruments, debt bonds, and mutual funds. Current investments in mutual funds stood at ₹20,933.45 Crores as at March 31, 2026, providing high liquidity to support strategic initiatives and inorganic growth opportunities.
Key Takeaways:
👥 Power & Control: Who Pulls the Strings?
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
The Board of Directors comprises seasoned professionals with deep expertise across governance, clinical research, finance, and industrial operations.
| Name of Director / KMP | Designation | Category |
|---|---|---|
| Dilip Shanghvi | Executive Chairman | Promoter Executive Director |
| Kirti Ganorkar | Managing Director | Non-Promoter Executive Director |
| Aalok D. Shanghvi | Whole-time Director and Chief Operating Officer | Promoter Executive Director |
| Vidhi D. Shanghvi | Whole-time Director and Head – CHC | Promoter Executive Director |
| Dr. Pawan Goenka | Lead Independent Director | Non-Executive Independent Director |
| Gautam Doshi | Independent Director | Non-Executive Independent Director |
| Rolf Hoffmann | Independent Director | Non-Executive Independent Director |
| Satyavati Berera | Independent Director | Non-Executive Independent Director |
| Dr. Andreas Busch | Independent Director | Non-Executive Independent Director |
| Jayashree Satagopan | Chief Financial Officer | Key Managerial Personnel |
| Anoop Deshpande | Company Secretary and Compliance Officer | Key Managerial Personnel |
Who Owns the Stock? Shareholding Pattern
The equity shareholding distribution as on March 31, 2026 illustrates strong institutional participation alongside promoter commitment.
| Category of Shareholder | Number of Shares Held | Percentage (%) |
|---|---|---|
| Promoters & Promoter Group | 1,307,119,535 | 54.5% |
| Institutions (Foreign / FPIs) | 382,329,873 | 15.9% |
| Mutual Funds / DIIs | 286,934,377 | 11.9% |
| Insurance Companies | 163,763,533 | 6.9% |
| Resident Individuals and Others | 203,461,444 | 8.5% |
| Institutions (Domestic) & Central/State Governments | 55,726,208 | 2.3% |
| Total | 2,399,334,970 | 100.00% |
Key Takeaways:
🎯 The Strategic Outlook: Future Plans & Potential Pitfalls
Competitive Advantages & Economic Moats
Sun Pharma’s primary economic moats stem from its vertically integrated global supply chain, robust R&D capabilities, and market leadership in India and high-barrier specialty segments. The company’s diverse geographic presence across 100+ countries provides earnings resilience against regional downturns. Furthermore, the rising revenue contribution from Innovative Medicines (reaching 22% of consolidated sales in FY26) enhances margin profiles and reduces commoditised generic pricing pressures.
What Could Go Wrong? Key Challenges & Business Risks
The company faces several external headwinds and operational risks, including:
The Next Chapter: Growth & CapEx Initiatives
Strategic priorities moving forward include scaling recently launched innovative therapies such as LEQSELVI and UNLOXCYT in the US market, sustaining leadership momentum across chronic and acute segments in India, restoring impacted manufacturing facilities to full regulatory compliance, and integrating the proposed acquisition of Organon & Co. to expand global scale in women’s health and biosimilars.
The Verdict: Strategic Outlook & Conclusion
Sun Pharma enters the coming fiscal years with a solid balance sheet, robust cash reserves, and an increasingly balanced business mix bridging generics and innovative medicines. While regulatory and pricing complexities across developed markets require diligent oversight, the company’s strategic focus on specialty portfolio expansion, operational excellence, and disciplined capital allocation positions it well for sustainable long-term value creation.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.sunpharma.com