Sun Pharmaceutical Industries Limited

SUNPHARMA.NS

Drug Manufacturers - Specialty & Generic · Healthcare

Price

₹1915.60

-6.40 (-0.33%)

Market Cap

₹4.60T

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 26, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Strong

Cash Flow

Weak

Stability

Good

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Sun Pharmaceutical Industries is India's largest pharmaceutical company. It makes generic medicines, branded generics, and specialty drugs that treat conditions like skin diseases, eye problems, and cancer. Its products are used by patients, hospitals, and pharmacies around the world.

Sun Pharma earns revenue by selling affordable generic versions of branded drugs as well as higher-margin specialty products. It operates in over 100 countries, with the United States and India as its two biggest markets. The company's scale, broad product portfolio, and large manufacturing network give it a strong competitive position in the global generics industry. Growth depends on expanding its specialty drug pipeline, particularly in dermatology and oncology, though pricing pressure in the US generics market and regulatory scrutiny of manufacturing facilities remain ongoing risks.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+25.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

₹34.7B/ year

↑ Rising (+10% vs prior year)

5.9% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

55.6%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹363.9B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Sun Pharmaceutical Industries Limited is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 2.40B (2022) → 2.40B (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

54.7%

Healthy — 54.7% gross margin

Profit after running costs

Operating Margin

23.2%

Excellent — 23.2% operating margin

Return on the money invested

ROCE

16.4%

Strong — 16.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+11.4%

Steady sales growth (+11.4% YoY)

Profit growth

EPS YoY

+16.4%

Earnings growing fast (+16.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

40%

Weak — only 40% of profit becomes cash

Spare cash per sale

FCF Margin

4.0%

Thin free cash flow (4.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

37.77x

Comfortably covers interest (37.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

38.0x

Pricey — P/E 38.0

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+8.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (38.0 → 29.5)

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Dividends

Dividend

Dividend Yield

0.52%

Small dividend — 0.52% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+28.0%

Dividend growing fast (28.0% YoY)

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