Top Pharma Companies in India


Last updated on September 28, 2023

The Indian pharmaceutical sector holds the esteemed position of being the world’s third-largest in terms of volume and the fourteenth-largest in terms of value. No wonder that top pharma companies in India are also among the biggest players globally. In the fiscal year 2021-2022, the domestic pharmaceutical industry achieved a remarkable annual turnover of INR 3,44,125 crore. During the same period, the total value of pharmaceutical exports and imports stood at INR 1,74,955 crore and INR 60,060 crore, respectively.

The industry encompasses several key segments, including generic drugs, over-the-counter (OTC) medicines, active pharmaceutical ingredients (APIs) or bulk drugs, vaccines, contract research and manufacturing, as well as biosimilars and biologics. Notably, India boasts the second-highest number of plants approved by the US Food and Drug Administration (USFDA) outside the United States. Additionally, India holds a prominent position in the global supply of vaccines such as DPT, BCG, and measles vaccines. Impressively, India accounts for a staggering 60% of global vaccine production, fulfilling 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. Furthermore, India satisfies 90% of the WHO’s requirement for measles vaccines.

Top Pharma Companies in India

As the largest provider of generic drugs worldwide, India has played a pivotal role in ensuring access to affordable HIV treatment, marking a remarkable success story in the field of medicine. The country is among the leading suppliers of low-cost vaccines on a global scale. Indian medicines are highly favored internationally due to their superior quality and affordable prices, rightfully earning India the moniker of the “Pharmacy of the World.” The pharmaceutical sector currently contributes approximately 1.72% to India’s GDP.

India’s pharmaceutical industry plays a significant role in the country’s foreign trade, offering attractive opportunities and avenues for investors. With numerous United States Food and Drug Administration (USFDA) and World Health Organization (WHO) Good Manufacturing Practices (GMP)-compliant facilities, India supplies affordable and low-cost generic drugs to millions of people worldwide. Consequently, India holds a prestigious position among the top pharmaceutical manufacturing countries globally.

India's Pharmaceutical Exports and Imports
Source: Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers

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.

Pharma Sector Growth in Recent Years

Financial YearTurnover
(in INR Crore)
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Top Pharma Companies in India by Market Capitalization:

#1 Sun Pharmaceutical Industries – Top Pharma Stocks in India

Sun Pharmaceutical Industries

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 2,73,860 crore
Revenue – INR 43,886 crore
Net Income – INR 8,513 crore
3 Year Sales CAGR – 10.2%
EPS – INR 35.2 per share
P/E Ratio – 31.1
ROE – 16.6%
ROCE – 16.4%
No. of Employees – 41,000+

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#2 Divi’s Laboratories

Divis Laboratories

With a rich history spanning over 30 years, Divi’s is a prominent pharmaceutical company based in Hyderabad. It operates two state-of-the-art manufacturing units and is widely recognized as a dependable supplier of generic APIs. It is a trusted manufacturer for major pharmaceutical companies.

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 99,061 crore
Revenue – INR 7,768 crore
Net Income – INR 1,823 crore
3-Year Sales Growth – 12.9%
EPS – INR 55.6 per share
P/E Ratio – 67.1
ROE – 14.9%
ROCE – 19.4%
No. of Employees – ~16,500+

#3 Cipla

Cipla Ltd

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.

With a global reach, Cipla operates 47 state-of-the-art manufacturing facilities across the world. These facilities produce over 50 different dosage forms and more than 1,500 high-quality products. Leveraging cutting-edge technology platforms, Cipla serves its markets in 86 countries.

Market Cap – INR 94,145 crore
Revenue – INR 22,753 crore
Net Income – INR 2,833 crore
3-Year Sales CAGR – 9.92%
EPS – INR 38.6 per share
P/E Ratio – 29.3
ROE – 12.8%
ROCE – 18.0%
No. of Employees – 25,000+

#4 Dr. Reddy’s Laboratories

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 91,395 crore
Revenue – INR 24,670 crore
Net Income – INR 4,507 crore
3-Year Sales CAGR – 12.1%
EPS – INR 284 per share
P/E Ratio – 19.3
ROE – 21.6%
ROCE – 26.7%
No. of Employees – 25,498

#5 Mankind Pharma

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 70,642 crore
Revenue – INR 8,127 crore
Net Income – INR 1,248 crore
3-Year Sales Growth – 19.2%
EPS – INR 31.2 per share
P/E Ratio – 57.9
ROE – 17.0%
ROCE – 20.7%
No. of Employees – 22,000+

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#6 Torrent Pharmaceuticals

Torrent Pharmaceuticals

Torrent Pharma, the flagship company of the Torrent Group, holds a prominent position in the Indian pharmaceutical industry with its significant contributions. Known for its numerous first launches, Torrent Pharma has solidified its standing as a major player in the Indian pharma landscape. The company has strategically structured its marketing divisions to focus on specific therapeutic areas, and it enjoys a dominant presence in cardiovascular (CV), central nervous system (CNS), gastrointestinal (GI), and women’s healthcare (WHC) segments.

With a dedicated field force comprising over 3,600 personnel, Torrent Pharma effectively caters to the needs of approximately 170,000 doctors across the country. Furthermore, the company services approximately 59,000 retailers through its 22 distribution centers strategically located across India. The company boasts a strong domestic presence in India, equipped with modern manufacturing facilities and cutting-edge research and development (R&D) centers.

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 62,799 crore
Revenue – INR 9,620 crore
Net Income – INR 1,245 crore
3-Year Sales Growth – 6.61%
EPS – INR 37.5 per share
P/E Ratio – 49.5
ROE – 20.0%
ROCE – 19.8%
No. of Employees – 15,407

#7 Zydus Lifesciences

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.

The products offered by Zydus Lifesciences find application in the treatment of various diseases across multiple therapeutic areas. These include gastrointestinal disorders, cardiovascular conditions, respiratory ailments, pain management, cancer treatments, inflammation-related disorders, neurology, and women’s health, among others. The company is actively involved in research to develop biologics, biosimilars, vaccines, and new chemical entities, focusing 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 38% in the last 12 months, Zydus Lifesciences is easily among the best pharma stocks in India.

Market Cap – INR 61,340 crore
Revenue – INR 17,237 crore
Net Income – INR 2,092 crore
3-Year Sales Growth – 6.54%
EPS – INR 25.0 per share
P/E Ratio – 21.6
ROE – 13.7%
ROCE – 15.0%
No. of Employees – 15,000+

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#8 Lupin

Lupin Ltd

Lupin is a renowned pharmaceutical company that specializes in the development and manufacturing of both generic and branded formulations, biotechnology products, and APIs. The company’s wide-ranging expertise extends to various therapeutic areas, including cardiovascular diseases, asthma, diabetic management, pediatrics, central nervous system disorders, gastrointestinal ailments, anti-infectives, nonsteroidal anti-inflammatory drugs (NSAIDs), anti-tuberculosis medications, and cephalosporins. Additionally, Lupin leverages its platform technologies to develop value-added generic pharmaceuticals that offer 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 51,491 crore
Revenue – INR 16,642 crore
Net Income – INR 430 crore
3-Year Sales Growth – 2.67%
EPS – INR 21.4 per share
P/E Ratio – 53.0
ROE – 3.33%
ROCE – 5.73%
No. of Employees –1,400

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#9 Aurobindo Pharma

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.

In addition to its core offerings, Aurobindo Pharma also produces novel proprietary biocatalysts, vitamins, minerals, dietary supplements, sports nutrition products, functional foods, weight loss products, and fermentation-based semi-synthetic products. The company operates manufacturing facilities in India, Brazil, Portugal, and the United States, showcasing its global reach. Furthermore, Aurobindo Pharma has established research and development facilities in India and the United States to drive innovation and advance its product pipeline. The company’s commitment to innovation is evident through the launch of 22 new products in the fiscal year 2022.

Market Cap – INR 51,070 crore
Revenue – INR 24,855 crore
Net Income – INR 1,928 crore
3-Year Sales Growth – 2.47%
EPS – INR 33.8 per share
P/E Ratio – 25.3
ROE – 7.47%
ROCE – 9.20%
No. of Employees – 33,000+

#10 Abbott India

Abbott India

Abbott India, part of Abbott’s global pharmaceutical business, is among the top pharma companies in India. The company aims to improve the health and well-being of people in India through a wide range of science-based products. These include nutritional supplements, diagnostic tools, branded generic pharmaceuticals, as well as 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 47,730 crore
Revenue – INR 5,349 crore
Net Income – INR 949 crore
3-Year Sales Growth – 9.33%
EPS – INR 487 per share
P/E Ratio – 46.2
ROE – 31.6%
ROCE – 41.1%
No. of Employees – 14,000

#11 Alkem Laboratories

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 42,227 crore
Revenue – INR 11,599 crore
Net Income – INR 1,007 crore
3-Year Sales Growth – 11.6%
EPS – INR 95.6 per share
P/E Ratio – 36.0
ROE – 12.1%
ROCE – 13.7%
No. of Employees – 16,500+

Top Pharma Companies in India FAQs

Which are the Top Pharma Companies in India?

India’s Top Pharma Companies include Sun Pharmaceutical Industries, Divis Laboratories, Cipla, Dr. Reddy’s Laboratories, 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 43,886 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 2023?

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.


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