Sanofi India Ltd(SANOFI)

NSE: SANOFIBSE: 500674

₹ 2,837.65+2.24%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 6,535 crNext results: 29 Oct 2026Website: www.sanofiindialtd.comUpdated: 26 Oct 2026

About

Sanofi India Ltd is a listed subsidiary of Sanofi S.A. (60.40% held) that develops, manufactures, and markets pharmaceutical products across diabetes, cardiology, thrombosis, epilepsy, and infections in India. Its insulin franchise - anchored by Lantus, Toujeo, and Soliqua - holds 58% value share and ~61% volume share in the Indian basal analog market as of Q2 2026.^[1][2][3]

Business segments

Diabetes (insulin franchise): Lantus, Toujeo, Soliqua, and Apidra; the core and growing segment, delivering +14% growth in Q2 2026 and +17% in H1 2026.^[3]
Partnership portfolio (CV/CNS/OAD): legacy cardiovascular, CNS, and oral anti-diabetic brands now marketed and distributed by Cipla and Emcure; grew only 2% in Q2 2026 on an apple-to-apple basis.^[3]
Exports: 13.31% of total turnover in FY25, with the Goa site producing 50% of its volume for export to 25 countries.^[2]

Products and brands

Portfolio spans 4 therapeutic areas and 9 brands; more than 72% of the portfolio is priced below ₹0.31 per tablet as of FY25.^[2]
Lantus (insulin glargine) is the 3rd top-most brand in India's insulin market; included in the National List of Essential Medicines (NLEM) in 2023.^[2]
Soliqua (insulin glargine + lixisenatide fixed-dose combination) achieved 90% growth in FY25 and continued to grow 16% quarter-on-quarter in Q2 2026.^[2][3]
Apidra (rapid-acting insulin analog) recorded 13% growth in FY25, outperforming market growth rates (IQVIA MAT December 2025).^[2]
TouStar is the first re-usable insulin pen in India, with a dedicated cartridge and total deliverable dose of 450 U.^[2]
Local manufacturing (including contract manufacturers) accounts for 24% of sales; 76% of purchases are from Sanofi Group related parties, comprising imported finished products and APIs.^[2]

Manufacturing operations

One GMP-compliant manufacturing site in Goa with annual production capacity of 5 billion oral solid dosage forms.^[2]
The Goa site is the third most cost-competitive solid dosage manufacturing facility globally among 35 Sanofi sites in Asia, at USD 0.09 per unit in 2025 - 20% below the top-quartile benchmark of USD 0.113 per unit.^[2]
The Goa facility achieved a customer service level of 99.5% in FY25 and is overseen by Regierungspräsidium Darmstadt, TGA, UK-MHRA, WHO, Russian Health Authorities, and NMRA Sri Lanka, among others.^[2]
7 contract manufacturing organizations in India supplement the Goa site; CMO products are being insourced to Goa as part of export strategy.^[2][3]

Key operating metrics

Basal analog market share: 58% by value and ~61% by volume in Q2 2026, combining Lantus (~47% value share) and Toujeo (+11% value share growth).^[3]
Insulin franchise grew +6% for full year FY25, accelerating to +11% in Q4 FY25 and +14% in Q2 2026.^[4][3]
Operating expenses (employee cost + other opex) reduced 17% in both Q4 FY25 and full year FY25; a further 15% reduction achieved in H1 2026 YTD.^[4][3]
PBT margin improved from 24% to 27% of net sales between Q2 2025 and Q2 2026; Q2 2026 PBT was ₹112 crore vs ₹94 crore in Q2 2025.^[3]
AI-driven supply chain forecast accuracy reached ±1% as of Q3 FY26.^[5]

Distribution and customers

Network of 2,900 distributors in India as of FY25; sales to dealers/distributors account for 78% of total sales.^[2]
Top 10 distributors represent 51% of total distributor sales in FY25, indicating moderate concentration.^[2]
Public sector channel (CGHS, ESI, railways, defence, state rate contracts) contributed ~70% of diabetes business growth in Q2 2026, driven by Toujeo and Soliqua expansion.^[3]
Export markets span 25 countries; new volumes in France, Italy, Turkey, and Russia are partially offsetting losses from Australia as of H1 2026; South Africa tenders awaited.^[2][3]

Pipeline and R&D

LANDMARC real-world study for Soliqua (382 sites, ~6,000 patients over 3 years) completed last patient recruitment on 12 December 2025; publication awaited.^[4]
A reusable pen for Soliqua is under evaluation; project in progress with expected launch potentially in FY27 or FY28.^[4]
Bluetooth-enabled insulin devices and AI platforms are being evaluated as complements to the existing insulin portfolio; business cases under development as of Q2 2026.^[3]

Recent developments

H1 2026 net sales were -2% year-on-year due to partnership transition one-offs and export volume losses in Australia, despite Q2 domestic sales growing 8%.^[3]
Export revenue decline in FY25 was driven by Zentiva obtaining Indian regulatory authorization (end-2024) to manufacture products from the Ankleshwar site divested in 2021.^[4][5]
Board proposed a final dividend of ₹123 per share for FY25 (EPS: ₹142), up 5% versus FY24; an interim dividend of ₹75 per share was paid in September 2025.^[4][5]
Partnership portfolio (CV/CNS brands with Cipla and Emcure) grew only 2% in Q2 2026; management does not expect the portfolio to reach industry growth rates in 2026, with recovery under evaluation for 2027.^[3]

Market Cap

₹6,535 Cr

High / Low

₹4,896 / 2,758

Stock P/E

34.1

Price / Book

16.4

Book Value

₹325

EPS

₹141.8

No. of Shares

2.3 Cr

ROCE

58.3%

ROE

40.6%

OPM

25.5%

Debt / Equity

0.00

Sales

₹1,837 Cr

Net Profit

₹327 Cr

Promoter holding

60.4%

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