In the dynamic world of pharmaceuticals, India proudly holds the third-largest global position by volume and fourteenth by value. No wonder that top pharma companies in India are also among the biggest players globally. In the fiscal year 2021-2022, the domestic industry recorded an impressive INR 3,44,125 crore turnover. During the same period, pharmaceutical exports and imports stood at INR 1,74,955 crore and INR 60,060 crore, respectively.
The industry covers various sectors: generic drugs, OTC medicines, APIs, vaccines, contract research, and biosimilars. India proudly has the second-highest number of USFDA-approved plants globally. Additionally, India plays a vital role in the global supply of vaccines like DPT, BCG, and measles. Impressively, India contributes a substantial 60% to global vaccine production, meeting 40 to 70% of the World Health Organization’s (WHO) demand for diphtheria, tetanus, and pertussis (DPT) as well as bacillus Calmette–Guérin (BCG) vaccines. Moreover, India satisfies a significant 90% of WHO’s measles vaccine requirement.
As the primary global source of generic drugs, India has played a crucial role in ensuring affordable access to HIV treatment, showcasing a notable success story in medicine. The nation stands among the top suppliers of cost-effective vaccines worldwide. Internationally, Indian medicines are highly sought-after for their exceptional quality and reasonable prices, rightfully earning India the title of the “Pharmacy of the World.” Currently, the pharmaceutical sector contributes approximately 1.72% to India’s GDP.
India’s pharmaceutical industry is a key player in the nation’s foreign trade, offering appealing opportunities for investors. Boasting numerous facilities compliant with the United States Food and Drug Administration (USFDA) and World Health Organization (WHO) Good Manufacturing Practices (GMP), India supplies cost-effective generic drugs globally. This positions India among the esteemed leaders in pharmaceutical manufacturing on a global scale.
India’s pharmaceutical market is on a rapid ascent, poised to hit USD 65 billion by 2024. Projections further indicate it will soar to around USD 130 billion by 2030, and by 2047, an astounding USD 450 billion is within reach. Current government data reveals that this sector is valued at approximately USD 50 billion, with exports contributing over USD 25 billion. Impressively, India supplies nearly 20% of the world’s generic drug exports.
Notably, India represents the third-largest market for APIs on a global scale, accounting for an 8% share in the global API industry. The country manufactures over 500 different APIs and contributes 57% of APIs to the prequalified list of the WHO.
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Pharma Sector Growth in Recent Years
| Financial Year | Turnover (in INR Crore) | Growth Rate (%) |
| 2017-2018 | 2,26,423 | 3.03 |
| 2018-2019 | 2,58,534 | 14.18 |
| 2019-2020 | 2,89,998 | 12.17 |
| 2020-2021 | 3,28,054 | 13.12 |
| 2021-2022 | 3,44,125 | 4.89 |
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Top Pharma Companies in India by Market Capitalization June 2024:
#1 Sun Pharmaceutical Industries – Top Pharma Stocks in India
Established in 1983, Sun Pharmaceutical is a prominent specialty generic pharmaceutical company and holds the distinction of being the fourth largest worldwide, boasting impressive global revenues exceeding USD 5.1 billion. With a robust infrastructure comprising more than 40 manufacturing facilities, the company is dedicated to delivering high-quality and affordable medications that are trusted by both healthcare professionals and patients in over 100 countries.
Sun Pharmaceutical offers a comprehensive and diverse portfolio of generic and specialty medicines, catering to a broad range of chronic and acute treatments. Its product lineup encompasses generics, branded generics, specialty medications, technologically complex products that are challenging to manufacture, OTC drugs, antiretrovirals (ARVs), APIs, and intermediates.
Market Cap – INR 3,61,820 crore
Revenue – INR 48,497 crore
Net Income – INR 9,610 crore
3 Year Sales CAGR – 13.1%
EPS – INR 39.9 per share
P/E Ratio – 36.1
ROE – 16.7%
ROCE – 17.3%
No. of Employees – 41,000+
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#2 Cipla
Established in 1935, Cipla is a renowned global pharmaceutical company dedicated to achieving agile and sustainable growth while maintaining a strong commitment to ensuring the availability and accessibility of life-saving medications to those in need.
Cipla’s extensive product portfolio encompasses a wide range of pharmaceuticals, including complex generics, respiratory medications, anti-retroviral drugs, urology treatments, cardiology medications, anti-infectives, CNS (Central Nervous System) drugs, and various other essential therapeutic segments. With a diverse and comprehensive lineup, Cipla is expanding its presence not only in its home market of India but also in South Africa, North America, and other key regulated and emerging markets.
Spanning the globe, Cipla manages 47 cutting-edge manufacturing facilities worldwide. These facilities churn out over 50 diverse dosage forms and a portfolio exceeding 1,500 high-quality products. Utilizing state-of-the-art technology platforms, Cipla caters to its markets in 86 countries.
Market Cap – INR 1,24,395 crore
Revenue – INR 25,774 crore
Net Income – INR 4,154 crore
3-Year Sales CAGR – 10.4%
EPS – INR 51.0 per share
P/E Ratio – 29.2
ROE – 17.0%
ROCE – 23.1%
No. of Employees – 25,000+
#3 Divi’s Laboratories
Boasting a history of over 30 years, Divi’s is a leading pharmaceutical company based in Hyderabad. Running two state-of-the-art manufacturing units, it is renowned as a dependable supplier of generic APIs and a trusted manufacturer for major pharmaceutical firms.
The company specializes in the production of APIs, intermediates, and registered starting materials, delivering exceptional quality products that adhere to the highest standards of compliance and integrity. Divi’s serves a vast network of customers across more than 100 countries, catering to their pharmaceutical needs with unwavering commitment.
Market Cap – INR 1,18,294 crore
Revenue – INR 7,845 crore
Net Income – INR 1,600 crore
3-Year Sales Growth – 4.02%
EPS – INR 60.3 per share
P/E Ratio – 73.9
ROE – 12.2%
ROCE – 16.4%
No. of Employees – ~16,500+
#4 Zydus Lifesciences
Previously known as Cadila Healthcare, the company is a comprehensive global healthcare provider engaged in the discovery, development, manufacturing, and commercialization of a diverse range of healthcare products. Its extensive product portfolio encompasses APIs, formulations, wellness products, and animal health products.
Zydus Lifesciences’ products address various diseases in multiple therapeutic areas, including gastrointestinal disorders, cardiovascular conditions, respiratory ailments, pain management, cancer treatments, inflammation-related disorders, neurology, and women’s health. The company actively conducts research to develop biologics, biosimilars, vaccines, and new chemical entities, with a specific focus on advancing medical science.
Zydus Lifesciences operates manufacturing facilities in various locations across India, including Gujarat, Goa, Maharashtra, Sikkim, and Himachal Pradesh. Additionally, the company has manufacturing facilities in Brazil and the United States, further strengthening its global presence and reach.
With returns of nearly 109.57% in the last 12 months, Zydus Lifesciences is easily among the best pharma stocks in India.
Market Cap – INR 1,09,121 crore
Revenue – INR 19,547 crore
Net Income – INR 3,973 crore
3-Year Sales Growth – 10.7%
EPS – INR 38.4 per share
P/E Ratio – 28.2
ROE – 20.6%
ROCE – 22.4%
No. of Employees – 15,000+
#5 Dr. Reddy’s Laboratories
Dr. Reddy’s Laboratories offers a wide range of products and services across various key sectors such as APIs, generics, branded generics, biosimilars, and over-the-counter pharmaceutical products.
With a strong focus on addressing unmet patient needs, Dr. Reddy’s Laboratories actively works in areas such as gastroenterology, cardiovascular health, diabetology, oncology, pain management, and dermatology. Furthermore, the company is dedicated to investing in future-oriented businesses, including drug discovery, clinically unique assets, and digital healthcare solutions.
One of the company’s major business segments is branded generics, which operates not only in India but also in emerging markets worldwide. Dr. Reddy’s branded products are available in over 30 countries, including the Association of Southeast Asian Nations (ASEAN) countries, Africa, Australia, New Zealand, Russia, Romania, China, and Latin America.
In FY 2023, the company successfully launched 163 products, including new molecules, and line extensions, as in-house and acquired products. This marks a significant increase compared to 26 launches in FY 2018 and 31 launches in FY 2020.
Market Cap – INR 1,01,096 crore
Revenue – INR 28,011 crore
Net Income – INR 5,578 crore
3-Year Sales CAGR – 13.7%
EPS – INR 334 per share
P/E Ratio – 18.1
ROE – 21.6%
ROCE – 26.9%
No. of Employees – 25,498
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#6 Torrent Pharmaceuticals
Torrent Pharma, the leading entity of the Torrent Group, holds a prominent position in the Indian pharmaceutical industry, renowned for its impactful contributions. With numerous pioneering launches, Torrent Pharma is a major player in India’s pharmaceutical landscape, strategically focusing on cardiovascular (CV), central nervous system (CNS), gastrointestinal (GI), and women’s healthcare (WHC) segments.
With a committed field force of over 3,600 personnel, Torrent Pharma efficiently caters to the needs of about 170,000 doctors nationwide. Additionally, the company services around 59,000 retailers through its 22 strategically placed distribution centers across India. Bolstered by modern manufacturing facilities and cutting-edge research and development (R&D) centers, the company maintains a robust domestic presence in India.
Torrent Pharma is also one of the top pharma stocks in India as it made investors richer by 31% over the last year.
Market Cap – INR 97,143 crore
Revenue – INR 10,728 crore
Net Income – INR 1,656 crore
3-Year Sales Growth – 10.2%
EPS – INR 48.9 per share
P/E Ratio – 60.9
ROE – 24.4%
ROCE – 23.3%
No. of Employees – 15,407
#7 Mankind Pharma
Mankind Pharma is engaged in developing, manufacturing, and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products. The company is a domestic-focused company with 97% of its revenues coming from India, one of the fastest-growing Pharma markets globally.
The company is present in several acute and chronic therapeutic areas in India, including anti-infectives, cardiovascular, gastrointestinal, anti-diabetic, neuro/CNS, vitamins/minerals/ nutrients, and respiratory.
Its formulation manufacturing sites have a total installed capacity of 42 billion units annually, across a wide range of dosage forms, including tablets, capsules, syrups, vials, ampoules, blow-fill seals, soft and hard gels, eye drops, contraceptives, and other over-the-counter products. The company had a team of over 600 scientists and a dedicated in-house R&D center at IMT Manesar, Haryana.
Market Cap – INR 87,827 crore
Revenue – INR 10,335 crore
Net Income – INR 1,942 crore
3-Year Sales Growth – 18.5%
EPS – INR 47.8 per share
P/E Ratio – 45.8
ROE – 22.8%
ROCE – 27.7%
No. of Employees – 22,000+
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#8 Aurobindo Pharma
Aurobindo Pharma is primarily involved in the manufacturing and marketing of APIs, generic pharmaceuticals, and associated services. The company’s extensive product portfolio encompasses various therapeutic and product categories, including antibiotics, anti-retroviral medications, systemic gastroenterological drugs, central nervous system treatments, cardiovascular medicines, anti-allergies, anti-diabetic drugs, and other therapeutic areas.
Aurobindo Pharma, beyond its core offerings, produces novel biocatalysts, vitamins, minerals, dietary supplements, sports nutrition, functional foods, weight loss items, and fermentation-based semi-synthetics. With manufacturing units in India, Brazil, Portugal, and the United States, the company boasts a global reach. Research and development facilities in India and the United States showcase Aurobindo Pharma’s commitment to innovation, evidenced by the launch of 34 new products in the fiscal year 2023.
Market Cap – INR 73,116 crore
Revenue – INR 29,002 crore
Net Income – INR 3,169 crore
3-Year Sales Growth – 5.39%
EPS – INR 54.2 per share
P/E Ratio – 22.3
ROE – 11.6%
ROCE – 14.2%
No. of Employees – 33,000+
#9 Lupin
Lupin is a renowned pharmaceutical company specializing in developing and manufacturing generic and branded formulations, biotechnology products, and APIs. The company’s expertise covers various therapeutic areas, including cardiovascular diseases, asthma, diabetic management, pediatrics, central nervous system disorders, gastrointestinal ailments, anti-infectives, NSAIDs, anti-tuberculosis medications, and cephalosporins. Lupin also utilizes platform technologies to create value-added generic pharmaceuticals, delivering enhanced benefits to patients.
With a strong global presence, Lupin, along with its subsidiaries, operates manufacturing facilities in India, the United States, Mexico, and Brazil. These facilities are equipped to meet stringent quality standards and cater to the growing demand for Lupin’s pharmaceutical products.
Market Cap – INR 73,048 crore
Revenue – INR 20,011 crore
Net Income – INR 1,936 crore
3-Year Sales Growth – 9.69%
EPS – INR 42.0 per share
P/E Ratio – 38.2
ROE – 14.3%
ROCE – 15.9%
No. of Employees –1,400
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#10 Alkem Laboratories
Established in 1973, Alkem Laboratories is among India’s leading global pharmaceutical companies. The company develops, manufactures, and markets high-quality pharmaceutical products across all major therapeutic segments.
Alkem products serve patients and customers in more than 40 countries. The US is the second-largest market for the company after India. The other key markets include Australia, Chile, the Philippines, Kazakhstan, Europe, and East Africa. The company’s global operations are supported by state-of-the-art manufacturing and R&D facilities spread across India and the US, which make high-quality healthcare products available, affordable, and accessible.
Alkem Laboratories IPO was launched in 2015 and has offered decent returns to investors since then.
Market Cap – INR 60,677 crore
Revenue – INR 12,668 crore
Net Income – INR 1,811 crore
3-Year Sales Growth – 12.6%
EPS – INR 150 per share
P/E Ratio – 32.1
ROE – 19.5%
ROCE – 19.6%
No. of Employees – 16,500+
#11 Abbott India
Abbott India, part of Abbott’s global pharmaceutical business, is the top pharma companies in India. The company focuses on enhancing health and well-being through a range of science-based products, including nutritional supplements, diagnostic tools, branded generic pharmaceuticals, and diabetes and vascular devices.
With its headquarters located in Mumbai, Abbott India is a publicly listed company and a subsidiary of Abbott Laboratories. The company takes pride in delivering high-quality and trusted medicines in various therapeutic categories, including women’s health, gastroenterology, cardiology, metabolic disorders, and primary care.
Market Cap – INR 58,547 crore
Revenue – INR 5,849 crore
Net Income – INR 1,201 crore
3-Year Sales Growth – 10.7%
EPS – INR 565 per share
P/E Ratio – 58.8
ROE – 34.9%
ROCE – 46.0%
No. of Employees – 14,000
Top Pharma Companies in India FAQs
Which are the Top Pharma Companies in India?
India’s Top Pharma Companies include Sun Pharmaceutical Industries, Cipla, Divis Laboratories, Zydus Lifesciences, Dr. Reddy’s Laboratories, Torrent Pharma, and Mankind Pharma.
Which is the best Pharma company in India?
Sun Pharmaceutical tops the list of biggest Pharma companies in India by sales. The company has annual sales of INR 48,497 crore.
Which is the oldest pharma company in India?
The oldest pharma company in India is Bengal Chemicals & Pharmaceuticals Limited (BCPL), which was founded in 1901 by Prafulla Chandra Ray.
What is the turnover of pharmaceutical companies in India in FY 2024?
The total annual turnover of the pharmaceutical industry in India stood at INR 3,44,125 crore for the FY 2021-2022, marking a growth of 4.89% from the previous year.
