India ranks as the third-largest pharmaceutical market globally 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 2023-2024, the domestic pharmaceutical industry achieved an impressive turnover of INR 4,17,345 crore. During this period, pharmaceutical exports reached INR 2,19,438.60 crore, while imports totaled INR 58,440.37 crore, showcasing the robust trade dynamics within the sector.
India stands as a global leader in the supply of vaccines for Diphtheria, Tetanus, Pertussis (DPT), Bacillus Calmette–Guérin (BCG), and measles. Indian manufacturers are responsible for approximately 60% of the vaccine supplies to UNICEF and contribute between 40% to 70% of the World Health Organization’s (WHO) demand for DPT and BCG vaccines. Notably, India accounts for 90% of the WHO’s demand for the measles vaccine, highlighting its significant role in providing low-cost vaccines worldwide.
India boasts the highest number of United States Food and Drug Administration (USFDA) compliant pharmaceutical plants outside the USA. The country is home to approximately 500 Active Pharmaceutical Ingredient (API) manufacturers, contributing about 8% to the global API market. As the largest supplier of generic medicines, India holds a significant 20% share in the global supply, producing around 60,000 different generic brands across 60 therapeutic categories.
One of India’s notable achievements in healthcare is its provision of affordable HIV treatment, which stands out as a major success story in medicine. The combination of low prices and high-quality production has led to a strong preference for Indian medicines worldwide, justifying its reputation as the “pharmacy of the world.”
India’s pharmaceutical market is experiencing significant growth, with projections indicating it will reach approximately USD 65 billion by 2024. This upward trajectory is expected to continue, with estimates suggesting the market could soar to around USD 130 billion by 2030 and potentially reach an astounding USD 450 billion by 2047. Current government data reveals that the sector is valued at about USD 50 billion, with exports contributing over USD 25 billion. Notably, India supplies nearly 20% of the world’s generic drug exports, solidifying its position as a key player in the global pharmaceutical industry.
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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 |
| 2022-2023 | 3,79,450 | 10.0 |
| 2023-2024 | 4,17,345 | 10.0 |
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Top 10 Pharma Companies in India
Top 10 pharma companies in India by Market Capitalization November 2024:
#1 Sun Pharmaceutical Industries – Top Pharma Stocks in India
Sun Pharmaceutical Industries, established in 1983, is a leading specialty generic pharmaceutical company and ranks as the fourth largest globally, with impressive revenues exceeding USD 5.1 billion. The company operates a robust infrastructure of over 41 manufacturing facilities and is committed to providing high-quality and affordable medications trusted by healthcare professionals and patients in more than 100 countries.
The company’s diverse portfolio includes a wide range of generic and specialty medicines that address various chronic and acute conditions. This includes generics, branded generics, specialty medications, complex products that are challenging to manufacture, over-the-counter (OTC) drugs, antiretrovirals (ARVs), active pharmaceutical ingredients (APIs), and intermediates.
Market Cap – INR 4,25,078 crore
Revenue – INR 50,308 crore
Net Income – INR 11,117 crore
3 Year Sales CAGR – 13.1%
EPS – INR 46.1 per share
P/E Ratio – 38.0
ROE – 16.7%
ROCE – 17.3%
No. of Employees – 43,000+
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#2 Divi’s Laboratories
Divi’s Laboratories, with a history spanning over 30 years, is a prominent pharmaceutical company headquartered in Hyderabad, India. The company operates three state-of-the-art manufacturing facilities and is recognized as a reliable supplier of generic Active Pharmaceutical Ingredients (APIs), serving as a trusted manufacturer for major pharmaceutical firms globally.
Divi’s Laboratories specializes in producing APIs, intermediates, and registered starting materials, ensuring exceptional quality products that meet stringent regulatory standards. With a commitment to compliance and integrity, Divi’s caters to a vast network of customers across more than 100 countries, addressing their pharmaceutical needs with unwavering dedication.
Market Cap – INR 1,58,219 crore
Revenue – INR 8,614 crore
Net Income – INR 1,836 crore
3-Year Sales Growth – 4.02%
EPS – INR 69.2 per share
P/E Ratio – 86.2
ROE – 12.2%
ROCE – 16.5%
No. of Employees – ~17,500+
#3 Cipla
Cipla, established in 1935, is a prominent global pharmaceutical company focused on agile and sustainable growth while ensuring the availability and accessibility of life-saving medications. As of November 2024, Cipla’s extensive product portfolio includes complex generics, respiratory medications, anti-retroviral drugs, urology treatments, cardiology medications, anti-infectives, CNS (Central Nervous System) drugs, and various other essential therapeutic segments. The company is actively expanding its presence in its home market of India, as well as in South Africa, North America, and other key regulated and emerging markets.
Cipla operates 46 advanced manufacturing facilities across the globe, producing over 50 diverse dosage forms and a portfolio of more than 1,500 high-quality products. Utilizing cutting-edge technology platforms, Cipla effectively serves markets in 78 countries. In the fiscal year 2024, the company reported significant growth in revenue across its key markets, with a strong focus on enhancing its product pipeline and addressing regulatory challenges to maintain its leadership position in the pharmaceutical industry.
Market Cap – INR 1,18,151 crore
Revenue – INR 26,512 crore
Net Income – INR 4,481 crore
3-Year Sales CAGR – 10.4%
EPS – INR 55.4 per share
P/E Ratio – 25.7
ROE – 16.8%
ROCE – 22.8%
No. of Employees – 27,000+
#4 Torrent Pharmaceuticals
Torrent Pharmaceuticals, the flagship entity of the Torrent Group, continues to hold a significant position in the Indian pharmaceutical industry, recognized for its substantial contributions. The company has made numerous pioneering launches and remains a major player, strategically focusing on therapeutic areas such as cardiovascular (CV), central nervous system (CNS), gastrointestinal (GI), and women’s healthcare (WHC).
With a dedicated field force of over 3,600 personnel, Torrent Pharma effectively serves approximately 1,70,000 doctors across India. The company supports around 59,000 retailers through its 22 distribution centers strategically located throughout the country. Backed by advanced manufacturing facilities and state-of-the-art research and development (R&D) centers, Torrent Pharma maintains a strong domestic presence.
Torrent Pharma is also one of the top pharma stocks in India as it made investors richer by 31% over the last year.
As of November 2024, Torrent Pharmaceuticals has indeed proven to be a strong performer in the Indian pharmaceutical sector, delivering significant returns to investors. Over the past year, the stock has increased by approximately 79.35%, reflecting its robust growth and solid market positioning.
Market Cap – INR 1,05,096 crore
Revenue – INR 11,225 crore
Net Income – INR 1,802 crore
3-Year Sales Growth – 10.2%
EPS – INR 53.2 per share
P/E Ratio – 60.4
ROE – 24.2%
ROCE – 23.2%
No. of Employees – 15,407
#5 Mankind Pharma
Mankind Pharma is actively engaged in developing, manufacturing, and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, along with several consumer healthcare products. The company remains predominantly focused on the domestic market, with approximately 97% of its revenues generated from India, which continues to be one of the fastest-growing pharmaceutical markets globally.
Mankind Pharma operates in several therapeutic areas, including anti-infectives, cardiovascular, gastrointestinal, anti-diabetic, neuro/CNS, vitamins/minerals/nutrients, and respiratory. Its formulation manufacturing sites boast a total installed capacity of 42 billion units annually, producing a wide array of dosage forms such as tablets, capsules, syrups, vials, ampoules, blow-fill seals, soft and hard gels, eye drops, contraceptives, and other over-the-counter products. The company employs over 600 scientists and maintains a dedicated in-house R&D center located at IMT Manesar in Haryana.
Market Cap – INR 1,02,611 crore
Revenue – INR 11,018 crore
Net Income – INR 2,138 crore
3-Year Sales Growth – 18.5%
EPS – INR 52.8 per share
P/E Ratio – 45.6
ROE – 21.5%
ROCE – 26.2%
No. of Employees – 22,000+
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#6 Dr. Reddy’s Laboratories
Dr. Reddy’s Laboratories continues to offer a diverse range of products and services, including Active Pharmaceutical Ingredients (APIs), generics, branded generics, biosimilars, and over-the-counter (OTC) pharmaceutical products. The company maintains a strong emphasis on addressing unmet patient needs in therapeutic areas such as gastroenterology, cardiovascular health, diabetology, oncology, pain management, and dermatology. Additionally, Reddy’s Laboratories is actively investing in future-oriented sectors, including drug discovery, unique clinical assets, and digital healthcare solutions.
A significant segment of Dr. Reddy’s business is its branded generics, which are marketed not only in India but also across emerging markets globally. The company’s branded products are available in over 30 countries, including members of the Association of Southeast Asian Nations (ASEAN), Africa, Australia, New Zealand, Russia, Romania, China, and Latin America.
In FY 2024, Dr. Reddy’s Laboratories successfully launched 181 products, which included both new molecules and line extensions from in-house development as well as acquisitions. This represents a notable increase from previous years, highlighting the company’s ongoing commitment to innovation and market expansion.
Market Cap – INR 99,630 crore
Revenue – INR 30,085 crore
Net Income – INR 5,425 crore
3-Year Sales CAGR – 13.7%
EPS – INR 64 per share
P/E Ratio – 18.7
ROE – 21.4%
ROCE – 26.5%
No. of Employees – 25,498
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#7 Zydus Lifesciences
Previously known as Cadila Healthcare, Zydus Lifesciences is a comprehensive global healthcare provider involved in the discovery, development, manufacturing, and commercialization of a diverse range of healthcare products. The company’s extensive product portfolio includes active pharmaceutical ingredients (APIs), formulations, wellness products, and animal health products.
Zydus Lifesciences addresses various diseases across multiple therapeutic areas such as gastrointestinal disorders, cardiovascular conditions, respiratory ailments, pain management, cancer treatments, inflammation-related disorders, neurology, and women’s health. The company is actively engaged in research to develop biologics, biosimilars, vaccines, and new chemical entities (NCEs), with a focus on advancing medical science.
As of now, Zydus Lifesciences operates manufacturing facilities in several locations across India, including Gujarat, Goa, Maharashtra, Sikkim, and Himachal Pradesh. Additionally, the company has expanded its manufacturing capabilities to include facilities in Brazil and the United States, enhancing its global presence and reach. Recently, Zydus has also seen growth in its specialty portfolio and has received approvals for new products aimed at both domestic and international markets.
Zydus Lifesciences has reported a consolidated net profit increase of 14.57%, reaching INR 920 crore for the second quarter ending 30 September 2024. This is an improvement from INR 803 crore during the same period last year. Zydus Lifesciences is easily among the best pharma stocks in India.
Market Cap – INR 94,857 crore
Revenue – INR 21,484 crore
Net Income – INR 4,439 crore
3-Year Sales Growth – 10.7%
EPS – INR 42.7 per share
P/E Ratio – 22.2
ROE – 20.7%
ROCE – 22.3%
No. of Employees – 15,000+
#8 Lupin
Lupin is a prominent pharmaceutical company specializing in the development and manufacturing of generic and branded formulations, biotechnology products, and Active Pharmaceutical Ingredients (APIs). The company’s expertise spans various therapeutic areas, including cardiovascular diseases, asthma, diabetes management, pediatrics, central nervous system disorders, gastrointestinal issues, anti-infectives, non-steroidal anti-inflammatory drugs (NSAIDs), anti-tuberculosis medications, and cephalosporins. Additionally, Lupin employs platform technologies to create value-added generic pharmaceuticals that provide enhanced benefits to patients.
Lupin maintains a robust global presence with manufacturing facilities in India, the United States, Mexico, and Brazil. The company operates 15 state-of-the-art manufacturing sites that adhere to stringent quality standards and are equipped to meet the increasing demand for its pharmaceutical products. Recent developments include the expansion of capacities for complex generics and biotechnology products, ensuring that Lupin continues to deliver high-quality medicines while addressing unmet patient needs globally.
Market Cap – INR 93,310 crore
Revenue – INR 21,431 crore
Net Income – INR 2,652 crore
3-Year Sales Growth – 9.69%
EPS – INR 57.6 per share
P/E Ratio – 35.5
ROE – 14.1%
ROCE – 15.7%
No. of Employees –1,400
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#9 Aurobindo Pharma
Aurobindo Pharma is actively engaged in the manufacturing and marketing of Active Pharmaceutical Ingredients (APIs), generic pharmaceuticals, and related services. The company’s diverse product portfolio includes various therapeutic categories such as antibiotics, anti-retroviral medications, gastroenterological drugs, central nervous system treatments, cardiovascular medicines, anti-allergies, and anti-diabetic drugs.
In addition to its core offerings, Aurobindo Pharma also produces innovative biocatalysts, vitamins, minerals, dietary supplements, sports nutrition products, functional foods, weight loss items, and fermentation-based semi-synthetics. The company operates manufacturing units in India, Brazil, Portugal, and the United States, ensuring a robust global presence.
Aurobindo Pharma’s commitment to research and development is reflected in its facilities located in India and the United States. In the fiscal year 2024, the company successfully launched 62 new products, showcasing its dedication to innovation and expansion in the pharmaceutical market.
Market Cap – INR 71,552 crore
Revenue – INR 30,295 crore
Net Income – INR 3,582 crore
3-Year Sales Growth – 5.39%
EPS – INR 61.1 per share
P/E Ratio – 19.6
ROE – 11.5%
ROCE – 14.1%
No. of Employees – 33,000+
#10 Alkem Laboratories
Established in 1973, Alkem Laboratories is one of India’s leading global pharmaceutical companies. The company develops, manufactures, and markets high-quality pharmaceutical products across all major therapeutic segments. Alkem’s products serve patients and customers in over 50 countries, with the United States being the second-largest market after India. Other key markets include Australia, Chile, the Philippines, Kazakhstan, Europe, and East Africa.
The company’s global operations are supported by 21 state-of-the-art manufacturing and R&D facilities located in India and the US, ensuring that high-quality healthcare products remain available, affordable, and accessible to a broad range of consumers.
Alkem Laboratories IPO was launched in 2015 and has offered decent returns to investors since then.
Market Cap – INR 67,024 crore
Revenue – INR 12,706 crore
Net Income – INR 2,161 crore
3-Year Sales Growth – 12.6%
EPS – INR 178 per share
P/E Ratio – 30.8
ROE – 19.6%
ROCE – 19.7%
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.
Headquartered in Mumbai, Abbott India is publicly listed and remains committed to delivering high-quality, trusted medicines across various therapeutic categories such as women’s health, gastroenterology, cardiology, metabolic disorders, and primary care. As of November 2024, the company operates multiple facilities in India, including significant locations in Chembur and Bandra Kurla Complex in Mumbai, ensuring its robust presence in the market while contributing to the healthcare needs of the population.
Market Cap – INR 57,790 crore
Revenue – INR 6,066 crore
Net Income – INR 1,285 crore
3-Year Sales Growth – 10.7%
EPS – INR 605 per share
P/E Ratio – 45.0
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, Divi’s Laboratories, Cipla, Torrent Pharma, Zydus Lifesciences, 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 50,308 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 4,17,345 crore for the FY 2023-2024, marking a growth of 9.99% from the previous year.
