Pharmaceuticals industry

221 companies · ₹26.0 L cr · 101 with AI deep dives · Q1FY27 report

India branded and CDMO volume peak cycle revenue; geopolitical costs and lenalidomide cliffs cap margins

Mid cyclemargin range-bound near 22.7%

Revenue YoY: +16.1%
EBITDA margin: 22.7%; -120bps YoY
Price, 1 year: +12.9%; 59% of names up
P/E vs own 5y: +30.0%; 38.0x now

Exhibit 1The quarter in numbers

constant panel of 92 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	1.26 L cr	1.23 L cr	+2.9%	1.09 L cr	+16.1%	1.26 L cr	0.0%
EBITDA margin	22.7%	23.7%	-100bps	23.9%	-120bps	25.4%	-270bps

Revenue

Jun 26: 1.26 L cr
Mar 26: 1.23 L cr
QoQ: +2.9%
Jun 25: 1.09 L cr
YoY: +16.1%
Peak: 1.26 L cr
vs peak: 0.0%

EBITDA margin

Jun 26: 22.7%
Mar 26: 23.7%
QoQ: -100bps
Jun 25: 23.9%

Sept 26: 6 of 108 reported so far, so it is not in the trend above.

Breadth: 87% of 98 companies grew revenue year on year (was 80% a quarter earlier) and 62% expanded margin (was 56%).

Exhibit 2What it costs

25.4x - 52.92x across the panel today

The median name trades at 38.0x, +30.0% against this industry's own 5-year median of 29.2x, and -11.3% against its own peak of 42.8x.

Exhibit 3Structure

₹26.0 L cr

Sun Pharmaceutical Industries Ltd is 16.1% of this industry by market cap. The top 5 are 40.3% and the top 10 are 58.7%.

large 14mid 28small 53micro 126108 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 37.95x, 5y ROCE above its median of 12.63%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (25 of 221)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Sun Pharmaceutical Industries Ltd	₹4.2 L cr	34.6x	23.1x	20.4%	30.3%	+10.5%	Unlock
Divis Laboratories Ltd	₹2.5 L cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindIndia branded formulations broadly outperforming the Indian Pharmaceutical Market10 managements

Every domestic-formulation-focused company in the coverage reported India branded revenue growth in the 12-24% range for Q1 FY27, outpacing IPM growth of approximately 11-12% per…

SUNPHARMA (Q1FY27): “Sales of India formulations were INR54,749 million for the quarter, recording a growth of…”

headwind8 managements tailwind6 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 196 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Granules India Ltd	₹22,909 cr	30.4x	20.3x	15.5%	22.1%	+22.0%	Unlock