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Prices as of 8 Oct 2026 close · Not investment advice

Lupin

NSE: LUPINPharmaceuticals

Share price

₹1,936.90

-3.78% close of 8 Oct 2026

Market cap ₹88,129 CrP/E 14.8

Business score

How strong the business is, in one number. The parts behind it are in Pro.

83

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹88,129 Cr

P/E ratio

14.8

P/B ratio

3.9

ROCE

29.9%

ROE

28.7%

Dividend yield

0.9%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 8 Oct 2026 close52-week high ₹2,514.8052-week low ₹1,905.60

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales grew 28.2% over the past year, and 12.9% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from -2.6% to 31.9% over the last four years.

Whether it grew faster than its sector

It grew 12.9% a year against a sector median of 13.1% — 0.1 percentage points slower.

Room to re-rate, or risk of de-rating

At 14.8× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 78.7×, across 5 companies. It is against its own five-year median of 32.2×, the 0th percentile of its own range.

Whether growth justifies the valuation

Priced at 0.1 times its growth rate, on earnings growth of 140%.

Profit growthPrice per ₹1 profitPer 1% growth
Lupin — this one140%/yr14.8×—
Sun Pharmaceutical13%/yr33.4×₹2.6
Divi's Laboratories13%/yr83.3×₹6.4
Torrent Pharmaceuticals22%/yr78.7×₹3.6
Zydus Lifesciences32%/yr23.1×₹0.72
Laurus Labs Limited4%/yr98.6×₹24.7

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Pharmaceuticals), it ranks 13 of 130 on returns, 55 of 127 on growth, 23 of 130 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

A wide advantage: it earns 29.9% on capital, ahead of 90% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

Yes — Over the last five years it made ₹16246 crore of cash from the business, spent ₹6735 crore on plant and equipment, and returned ₹3207 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 12 years, about 158 arrived as cash — well above the profit; depreciation and interest are the reason, not a windfall. Its cash comes back faster than it used to: it went from being waiting 45 days for its cash to waiting 28 days for its cash.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

8 of 9 checks clear · 89%

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

Revenue rose 32% from a year earlier to ₹8,277 crore and profit rose 16% to ₹1,417 crore.

Announced 6 Aug 2026 · Consolidated · Unaudited

Revenue

₹8,277 Cr

Revenue vs last year

+32.0%

Revenue vs last quarter

+10.7%

Net profit

₹1,417 Cr

Profit vs last year

+16.1%

Profit vs last quarter

-3.5%

Net margin

17.1%

EPS

₹30.95

Earnings call transcript · 7 Aug 2026

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹88,129 Cr
Prev close
₹1,936.90
52w High
₹2,530
52w Low
₹1,900
Enterprise value
₹85,515 Cr
Beta
0.7
Price CAGR 1y
6.0%
Price CAGR 3y
21.0%
Price CAGR 5y
16.0%
Price CAGR 10y
3.0%

Ratios

Return on assets
14.0%
PEG ratio
0.1
P/E ratio
14.8
P/B ratio
3.9
EV / EBITDA
9.0
Industry P/E
38.0
ROCE
29.9%
ROCE 5y average
13.2%
ROE
28.7%
Debt / Equity
0.3
Interest coverage
16.8
Dividend yield
0.9%
ROE 3y average
22.0%
ROE last year
29.0%

Annual P&L

Annual revenue
₹27,958 Cr
Annual profit
₹5,355 Cr
Operating margin
29.0%
Net profit margin
19.2%
EBITDA margin
29.2%
Sales growth 3y
18.9%
Sales growth 5y
13.0%
Profit growth 3y
140.0%
Profit growth 5y
37.0%
EPS
₹117
Sales growth TTM
28.0%
Profit growth TTM
61.0%
Dividend payout
15.0%

Quarter P&L

Sales latest quarter
₹8,277 Cr
Profit latest quarter
₹1,417 Cr
YoY quarterly sales growth
32.0%
YoY quarterly profit growth
16.1%
OPM latest quarter
29.6%

Balance Sheet

Book Value
₹493
Face Value
₹2.0
Total debt
₹6,616 Cr
Total cash
₹5,653 Cr
Borrowings
₹6,616 Cr
Reserves / Equity
245.7

Cash Flow

Operating cash flow
₹7,334 Cr
Free cash flow
₹5,527 Cr
FCF yield
5.8%
Net cash flow
₹2,624 Cr

Shareholding

Promoter holding
46.9%
FII holding
22.4%
DII holding
24.6%
Public holding
6.1%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Sun Pharma.Inds.1,788.6534.04,29,1570.902,901.26.015,299.910.520.5
Divi's Lab.9,555.0085.12,53,6550.31902.065.53,080.027.822.0
Torrent Pharma.4,709.3080.31,79,1270.81566.05.84,921.054.915.2
Zydus Lifesci.1,146.5023.51,14,3640.09990.2-35.18,017.022.021.1
Laurus Labs2,050.00101.31,10,7640.10362.1125.52,026.329.117.8
Cipla1,326.0029.91,07,1240.98785.6-39.27,119.32.315.5
Mankind Pharma2,472.4547.91,02,1230.04574.129.64,030.612.913.5
Lupin2,020.4515.592,3930.891,417.016.18,276.932.029.9
Median415.0734.72,1610.0713.229.6162.418.615.0

Competes with: Aarey Drugs & Pharmaceuticals Limited, Aarti Drugs Limited, Aarti Pharmalabs Limited, Abbott India Limited, Acutaas Chemicals Limited, Ajanta Pharma Limited, Akums Drugs and Pharmaceuticals Limited, Albert David Limited, Alembic Pharmaceuticals Limited, Alivus Life Sciences Limited, Alkem Laboratories Limited, Alpa Laboratories Limited, Amanta Healthcare Limited, Ambalal Sarabhai Enterprises Limited, Amrutanjan Health Care Limited, Anlon Healthcare Limited, Anuh Pharma Limited, AstraZeneca Pharma India Limited, Aurobindo Pharma, BALAXI PHARMACEUTICALS LIMITED, Bafna Pharmaceuticals Limited, Bajaj Healthcare Limited, Bal Pharma Limited, Beta Drugs Limited, Bharat Parenterals Limited, Biocon, Biofil Chemicals & Pharmaceuticals Limited, Bliss GVS Pharma Limited, Blue Jet Healthcare Limited, Brooks Laboratories Limited, CORONA Remedies Limited, Caplin Point Laboratories Limited, Cipla, Cohance Lifesciences Limited, Concord Biotech Limited, Dishman Carbogen Amcis Limited, Divi's Laboratories, Dr Reddy's Laboratories, Emcure Pharmaceuticals Limited, Eris Lifesciences Limited, FDC Limited, Fermenta Biotech Limited, Fredun Pharmaceuticals Limited, Gland Pharma Limited, GlaxoSmithKline Pharmaceuticals Limited, Glenmark Pharmaceuticals Limited, Granules India Limited, Gufic Biosciences Limited, Gujarat Themis Biosyn Limited, HALEOS LABS LIMITED, Hester Biosciences Limited, Hikal Limited, IOL Chemicals and Pharmaceuticals Limited, IPCA Laboratories Limited, Ind-Swift Laboratories Limited, Indoco Remedies Limited, Innova Captab Limited, JB Chemicals & Pharmaceuticals Limited, Jagsonpal Pharmaceuticals Limited, Jeena Sikho Lifecare Limited, Jenburkt Pharmaceuticals Limited, Jubilant Pharmova Limited, Kilitch Drugs (India) Limited, Kopran Limited, Krebs Biochemicals and Industries Limited, Kwality Pharmaceuticals Limited, Lasa Supergenerics Limited, Laurus Labs Limited, Lincoln Pharmaceuticals Limited, Lyka Labs Limited, Makers Laboratories Limited, Mangalam Drugs And Organics Limited, Mankind Pharma Limited, Marksans Pharma Limited, Medi Caps Limited, Medicamen Biotech Limited, Medico Remedies Limited, Morepen Laboratories Limited, NGL Fine-Chem Limited, Natco Pharma Limited, Natural Capsules Limited, Nectar Lifesciences Limited, Neuland Laboratories Limited, Novartis India Limited, ORTIN GLOBAL LIMITED, Onesource Specialty Pharma Limited, Orchid Pharma Limited, Panacea Biotec Limited, Par Drugs And Chemicals Limited, Parnax Lab Limited, Pfizer Limited, Piramal Pharma Limited, Procter & Gamble Health Limited, RPG Life Sciences Limited, Rubicon Research Limited, SMS Pharmaceuticals Limited, Sai Life Sciences Limited, Sai Parenterals Limited, Sakar Healthcare Limited, Sanofi Consumer Healthcare India Limited, Sanofi India Limited, Senores Pharmaceuticals Limited, Shilpa Medicare Limited, Shree Ganesh Remedies Limited, Shukra Pharmaceuticals Limited, Sigachi Industries Limited, Solara Active Pharma Sciences Limited, Strides Pharma Science Limited, Sudeep Pharma Limited, Sun Pharma Advanced Research Company Limited, Sun Pharmaceutical, Sunil Healthcare Limited, Supriya Lifescience Limited, Symbiotec Pharmalab Limited, Syncom Formulations (India) Limited, Themis Medicare Limited, Torrent Pharmaceuticals, Unichem Laboratories Limited, Vaishali Pharma Limited, Valiant Laboratories Limited, Venus Remedies Limited, Vineet Laboratories Limited, Vivimed Labs Limited, Viyash Scientific Limited, Wanbury Limited, Windlas Biotech Limited, Wockhardt Limited, Zim Laboratories Limited, Zota Health Care LImited, Zydus Lifesciences

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales4,8145,0395,1974,9615,6005,6735,7685,6676,2687,0487,1687,4758,277
Expenses3,9584,1214,1593,9644,3594,3324,4124,3464,5414,7064,9064,9895,827
Material Cost1,1091,1271,1391,1251,2311,312
Change in Inventories1.05-69-3934-88-65
Purchases of Stock-in-Trade576714725720708842
Employee Cost1,0011,0831,1061,1431,2431,383
Other Expenses1,6591,6861,7761,8841,8952,355
Operating Profit8569181,0389971,2411,3401,3561,3211,7272,3412,2622,4862,450
OPM %18182020222424232833323330
Other Income23402929684254577990-3129130
Exceptional items (within Other Income)000-427-1310
Interest868174716871678992108115120110
Depreciation235248257457248257271393299317313447453
Profit before tax5596307364989931,0551,0718961,4162,0071,5221,9282,017
Tax %19211626191920131426222430
Net Profit4534956193688068598597821,2211,4851,1811,4691,417
EPS in Rs9.9411137.89181919172732263231
Diluted EPS in Rs172732263231

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales12,77014,25617,36715,79714,66515,37515,16316,40516,64220,01122,70827,95829,967
Expenses9,14610,56412,86512,64912,10413,02012,59616,18714,92116,21117,43019,79820,428
Material Cost4,4574,622
Change in Inventories-258-162
Purchases of Stock-in-Trade2,6432,867
Employee Cost3,9644,575
Other Expenses6,6187,241
Operating Profit3,6243,6914,5023,1482,5612,3552,5672191,7213,8005,2788,1609,538
OPM %282626201715171.301019232932
Other Income235184106-1,31091-134138210151131202523-82
Exceptional items (within Other Income)0-558
Interest1059153204302363141143274312295434452
Depreciation4354879121,0868469708871,6598811,1971,1691,3761,529
Profit before tax3,4153,3293,5435471,5038871,676-1,3727162,4224,0156,8737,474
Tax %2832285359130271038201822
Net Profit2,4442,2702,565258615-2701,228-1,5284481,9363,3065,3555,551
EPS in Rs5350575.5613-5.9527-349.454272117121
Diluted EPS in Rs72116
Dividend Payout %1415139037-10124-1242191715

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
7%
5 years
13%
3 years
19%
TTM
28%

Compounded profit growth

10 years
10%
5 years
37%
3 years
140%
TTM
61%

Stock price CAGR

10 years
3%
5 years
16%
3 years
21%
1 year
6%

Return on equity

10 years
10%
5 years
13%
3 years
22%
Last year
29%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital909090909091919191919191
Reserves8,78411,07313,40713,48713,65212,44613,71212,06212,37414,19917,11222,357
Borrowings5377,1787,9667,1438,4966,3054,7834,1584,5422,9225,4486,616
Other Liabilities3,6423,9574,7495,3005,4235,9684,8445,3405,7946,5396,3279,082
Minority Interest9165
Total Liabilities13,05422,29826,21226,02027,66124,81023,43021,65122,80023,75128,97838,146
Fixed Assets4,3688,71711,03310,36211,0877,9387,8817,3828,3558,8789,71910,994
CWIP5762,7022,1332,5981,6409401,0661,1461,2387735171,016
Investments1,658162,1362622,2952,3742,4559005171,0751,1463,670
Other Assets6,45110,86210,91012,79812,63913,55712,02812,22412,69013,02617,59622,466
Total Assets13,05422,29826,21226,02027,66124,81023,43021,65122,80023,75129,20538,365

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity2,733-3824,1141,7511,6661,4691,8223671,8973,6483,0007,335
Cash from Investing Activity-1,034-6,769-2,527470-3,2821,107-1,2401,292-1,287-1,712-4,172-3,865
Cash from Financing Activity-1975,836433-1,492744-891-1,885-1,572-337-2,1841,732-846
Net Cash Flow1,502-1,3152,019729-8721,685-1,30387273-2485602,624
Free Cash Flow1,865-6,1641,5132617067981,150-5314362,7321,3475,527

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days76116911201281291089598868886
Inventory Days220276266253283232279261242272292303
Days Payable172168189178184162137129136163158208
Cash Conversion Cycle124225167195227199249227204195223181
Working Capital Days561026312611533344532535828
ROCE %402419101099-76162130

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters474747474747474747474747
FIIs151618192222212121222222
DIIs293028272525252627262525
Government0.280.010.010.010.010.010.0100000
Public8.527.106.936.926.446.276.216.286.066.046.136.08
No. of Shareholders2,89,0742,81,5422,80,2482,88,5372,79,2802,81,9882,83,2102,86,6042,80,2562,88,9312,90,4113,00,283

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -1.1% (₹1,957.60 → ₹1,936.90)Brick size ₹41.75 (fixed)Bricks 33
₹2,000₹2,200₹2,400₹1,937Dec '25Feb '26May '26Jul '26Sep '26
Price moved up one brickPrice moved down one brickLast close ₹1,936.90 on 8 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

-2,614inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

R&D as % of revenue

7.40pct

2026-06-30

FY revenue / permanent employees + workers, same basis (calc)

92,88,647inr

2026-03-31

News

News and filings about Lupin. Open one to see why it matters.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • Active Pharmaceutical Ingredients (APIs)
  • Key Starting Materials (KSMs) and intermediates
  • Penultimate intermediates / fine chemicals for synthetic & fermentation API
  • Solvents (process chemistry)

Buys drug ingredients from

  • China (KSMs, intermediates, early raw materials)

Buys from

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Healthcare
Industry
Pharmaceuticals
Classification
Healthcare › Pharmaceuticals
ISIN
INE326A01037

Business segments

  • Pharmaceuticals · 100%
  • Others · 1%

Plants

  • Ankleshwar · Ankleshwar, Gujarat
  • Aurangabad (Chhatrapati Sambhajinagar)
  • Dabhasa · Dabhasa, Gujarat
  • Goa · Goa, Goa
  • Indore · Indore, Madhya Pradesh
  • Jammu · Jammu, Jammu & Kashmir
  • Mandideep · Mandideep, Madhya Pradesh
  • Nagpur SEZ (MIHAN)
  • Pithampur · Pithampur, Madhya Pradesh
  • Pune · Pune, Maharashtra
  • Sikkim · Sikkim
  • Tarapur · Tarapur, Maharashtra
  • Visakhapatnam (Vizag)

News impact

Big market events that reach Lupin, and how the effect spreads.

Who it hits first

  • Sun Pharmaceutical, India's biggest drugmaker by market value, plans to raise Rs 10,000 crore by selling rupee bonds maturing in two, three and four years.
  • The money will refinance borrowings tied to its Organon deal, swapping old deal loans for new bonds rather than funding new factories or drugs.
  • Existing Sun Pharma shareholders face mild pressure from higher interest costs and extra bond supply, partly offset by longer, possibly cheaper maturities.

Who may gain

  • Bond buyers and mutual funds gain fresh, highly rated Sun Pharma paper across 2-4 year maturities.
  • The banks and arrangers running the Rs 10,000 crore sale earn underwriting fees.
  • Long-term Sun Pharma holders could benefit if the new bonds carry lower rates than the old deal debt.

Along the supply chain

Downstream

No downstream effect — Sun Pharma sells finished medicines, and a bond refinancing does not change drug prices, chemist stocks or patient demand.

Upstream

No direct supply-chain link — Divi's Laboratories and other ingredient suppliers to Sun Pharma keep the same orders, since refinancing changes lenders, not production.

Where demand moves

Business

No new drug demand is created — hospitals, chemists and patients buy the same medicines; the only business flow is Sun Pharma swapping one lender for another.

Capital

About Rs 10,000 crore of investor money flows into new Sun Pharma bonds while the repaid Organon deal loans release bank capital for other borrowers, and Sun Pharma shares may see mild selling as leverage headlines weigh.

How it spreads across sectors

Healthcare

Neutral for drug peers — a single company's refinancing moves no industry sales or prices, so rivals from Cipla to Lupin should trade flat.

IT Services

No spillover — the 'Rupee Cascade' keyword fired only because the bonds are rupee-denominated, not because the currency moved, so export-earning sectors see no chain.

A pattern seen before

Cascade chain

Pattern name

Rupee Cascade

Patterns

  • Rupee Cascade

Sectors queried

  • IT Services
  • Oil & Gas
  • Pharma

When it plays out

Immediate

Sun Pharma shares drift mildly on the leverage headline while bond arrangers sound out investors for the 2-4 year tranches.

Medium term

Higher interest costs show up in quarterly results; if rates fell, refinancing savings support earnings instead.

Short term

Bond pricing and demand decide the verdict — a well-bought issue calms equity, a weak one extends the drag.

23 Sept, 10:54 IST · Market event · high impact

US FDA clears Glenmark's Goa unit with VAI status

The US FDA cleared Glenmark's Goa drug factory with a mostly-clean VAI report, protecting its American sales and shares, while rival drugmakers and suppliers see no real change.

Healthcare

Who it hits first

  • Glenmark Pharmaceuticals, a Mumbai drugmaker selling in the US, got a VAI result (a mostly-clean report card asking for voluntary fixes) from the US FDA for its Goa factory, inspected June 22-30.
  • The clearance removes the fear of an import ban, so medicines made in Goa can keep shipping to America.
  • Rival drugmakers and Glenmark's raw-material suppliers see no direct change from this single-factory result.

Who may gain

  • Glenmark: its Goa plant keeps exporting to the US without an import alert.
  • US buyers and patients: steady supply of Glenmark medicines from Goa.
  • Glenmark shareholders: a regulatory overhang lifts, supporting the share price.

Along the supply chain

Downstream

Downstream, US distributors and pharmacies continue receiving Goa-made drugs without disruption; the pack lists no customer of Glenmark to name further.

Upstream

Upstream, Glenmark's listed suppliers (Alivus, Concord Bio, Sakar and others) keep their existing Goa-linked orders, but a clearance creates no new ingredient demand.

Where demand moves

Business

Real business is protected, not added: Goa-made medicines keep flowing to US distributors and pharmacies, preserving existing export revenue; no rival gains or loses orders from this.

Capital

Capital relief trade: Glenmark shares should firm as the import-alert risk fades, while peer pharma stocks see only faint sympathy flows.

How it spreads across sectors

Healthcare

Mild relief tone: one fewer FDA overhang steadies sentiment for US-exposed drugmakers, but sales move nowhere.

When it plays out

Immediate

Glenmark shares firm as the VAI outcome circulates and import-alert fears unwind.

Medium term

Sustained US shipments and new approvals from the Goa site convert relief into revenue.

Short term

Management commentary on the observations and any remediation timeline sets the next move.

Who it hits first

  • Sterile-injectable makers (Gland, Aurobindo, Lupin, Caplin, Shilpa) face new licensing layer
  • Small job-work sterile units face consolidation pressure
  • CDSCO capacity becomes the approval bottleneck

Who may gain

  • Large compliant players gain share as small units exit
  • Testing and validation service firms gain business

Along the supply chain

Downstream

Hospitals pay slightly more for assured-quality injectables.

Upstream

API and vial suppliers see steadier demand from compliant makers.

Where demand moves

Business

Plants undergo central audits; documentation and QA headcount rise; approvals add months to greenfield timelines.

Capital

Money favours large, audit-ready pharma over small sterile job-workers.

How it spreads across sectors

Healthcare

injectable compliance cost rises; consolidation favours leaders

When it plays out

Immediate

Injectable stocks soften on cost headlines.

Medium term

Cleaner industry commands better US/EU pricing power.

Short term

Watch draft rules, timelines and grandfathering clauses.

1 Sept, 04:32 IST · Market event · high impact

Trump squeezes mid-size pharma for cheaper US drug prices in a $64 billion savings push, and Sun Pharma agrees to lower its US prices

The White House got nine mid-sized drug companies, including India's Sun Pharma, to agree to charge Americans no more than the lowest price they charge in other rich countries. That caps the most profitable part of Sun Pharma's US business, though past versions of this policy have not actually hurt Indian drugmakers' share prices.

Healthcare

Who it hits first

  • Sun Pharma's US specialty franchise, its highest-margin business, now carries an explicit price ceiling under the agreement it signed.
  • Other US-exposed Indian drugmakers face the headline risk that branded price compression eventually transmits to generic pricing.

Who may gain

  • Generic and active-ingredient suppliers can gain volume if the policy pushes prescriptions toward cheaper medicines - Granules, which sells ingredients and finished doses to US generic makers, rose 11.20% in the week after the May 2025 most-favoured-nation order.
  • Aurobindo Pharma is running a live offsetting positive: its Lannett subsidiary has just launched generic Advair Diskus, a complex inhalation product that carries far better pricing than ordinary generics.
  • Domestically skewed drugmakers such as Alkem are relatively insulated, because a smaller share of their revenue is exposed to US pricing at all.

Along the supply chain

Downstream

US pharmacy benefit managers, insurers and ultimately American patients are the downstream beneficiaries of lower prices. For Indian exporters the practical downstream effect is on contract renewal terms with US distributors and pharmacy chains, which reset annually rather than immediately.

Upstream

Active pharmaceutical ingredient makers sit one layer above the pricing pressure. If US branded prices fall, formulators squeeze their ingredient suppliers on cost, but if the policy also shifts prescription volume toward cheaper generics, the number of doses made goes up - which is what an ingredient supplier gets paid for. Granules sits squarely at this junction, which is why its direction is mixed rather than negative.

Where demand moves

Business

Volume of medicine consumed does not change - people take the same drugs - so this reallocates value along the chain rather than destroying demand. Money moves from branded manufacturers' margins to US payers and patients. Where prescriptions shift from branded to generic alternatives, volume moves toward Indian generic suppliers, which is the mechanism behind the consistently positive historical reaction.

Capital

Within Indian pharma, capital rotates from US-specialty-heavy names such as Sun Pharma toward domestically skewed names such as Alkem and toward complex-generic stories such as Aurobindo Pharma. Because the historical base rate is flat-to-positive, the rotation has been mild rather than a sector-wide de-rating.

How it spreads across sectors

Healthcare

US specialty pricing capped; generic and active-ingredient volumes potentially supported; domestically skewed drugmakers relatively insulated.

When it plays out

Immediate

Sun Pharma opens weaker on the specialty pricing cap; the wider Indian pharma complex is likely to be muted rather than sold off, based on the base rate.

Medium term

The real risk is cumulative: successive orders capping US branded prices, adding pharmaceutical import tariffs and pressuring generic pricing together would eventually compress the US profit pool Indian exporters draw on, even though no single announcement has done so yet.

Short term

Watch which other Indian companies sign most-favoured-nation deals and on what terms. Watch whether the separate generic tariff proposal from July 2026 advances, because that channel HAS produced negative day-one reactions where the pricing orders have not.

Who it hits first

  • US-generics exporters (Aurobindo, Dr Reddy's, Zydus, Lupin) face a tax on their biggest profit market
  • Complex/branded-skewed players (Cipla) less exposed

Who may gain

  • No clear Indian beneficiary — a US tariff broadly pressures the export-generics group; US-based generic makers and domestic-only Indian pharma are relatively insulated

Along the supply chain

Downstream

US wholesalers/pharmacies and ultimately US patients face higher generic-drug prices, as the India pharma CEO warned; this is the tariff's pass-through path.

Upstream

Indian formulators source active ingredients (APIs) from domestic and Chinese suppliers; softer US generic volumes would, with a lag, trim API demand for the affected exporters — a second-order drag on API makers.

Where demand moves

Business

A US tariff raises the landed cost of Indian generics in America, forcing exporters to either lift prices (risking share to US/other suppliers) or absorb the tariff (thinner margins). End-patient demand for medicines is stable; the hit is on exporter economics, not volumes.

Capital

Money rotates out of US-generics-heavy exporters toward domestic-facing pharma and defensives; strong-balance-sheet names (Lupin, Cipla) may see relative buying as safer ways to stay in the sector.

How it spreads across sectors

Healthcare

Largely insulated (hospitals, diagnostics have no US-generic export exposure)

Pharma

Negative for US-generics exporters; mild for domestic/complex-product names

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

17 Jul 2026unspecified₹18
25 Jul 2025unspecified₹12
16 Jul 2024unspecified₹8
14 Jul 2023unspecified₹4
14 Jul 2022unspecified₹4
27 Jul 2021unspecified₹6.5
3 Aug 2020unspecified₹6
29 Jul 2019unspecified₹5

Splits, bonuses & buybacks

  • daily-prices repair: 9 rows from NSE's archive (replace 1, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.