# Sun Pharmaceutical Industries (SUNPHARMA.NSE)

Canonical: https://gigainvestors.com/s/SUNPHARMA.NSE

Analysis as of: 2026-10-16T07:33:24.362Z. Financial observations: FY2012–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 1,764.00 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.28×

- FY2018: 0.16×

- FY2019: 0.16×

- FY2020: 0.15×

- FY2021: 0.19×

- FY2022: 0.21×

- FY2023: 0.21×

- FY2024: 0.22×

- FY2025: 0.24×

- FY2026: 0.23×

### moat: pass

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- ROIC, median of available years: 16.9%

- ROIC, second-lowest year: 16.4%

- Conservative return floor, median: 15.8%

- Conservative return floor, second lowest: 7.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.7%

- ROIC including acquisitions, ten-year median: 11.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 16.4%

- FY2023: 16.9%

- FY2024: 18.9%

- FY2025: 18.3%

- FY2026: 15.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 450B

- Net income, five-year total: INR 437B

- Return on incremental invested capital: 35.5%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -4.5 pp

- Working capital / revenue, final three-year average: 32.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.16×

- FY2023: 1.04×

- FY2024: 1.02×

- FY2025: 1.03×

- FY2026: 0.99×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- Per-share earnings: 18.89 to 45.60 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: INR 2.57T

- Cumulative retained earnings: INR 391B

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 11.6%

- Per-share value change: INR 26.71

- Per-share value, starting three-year median: INR 18.89

- Per-share value, ending three-year median: INR 45.60

- Average buyback yield: 3.3%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: INR 621B

- ROIC, last three-year median: 18.3%

- Buybacks concentrated in cheaper years (correlation): -1.00

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 29.03

- FY2018: INR 9.00

- FY2019: INR 11.11

- FY2020: INR 15.69

- FY2021: INR 12.10

- FY2022: INR 13.60

- FY2023: INR 35.30

- FY2024: INR 39.90

- FY2025: INR 45.60

- FY2026: INR 47.80

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -0.9%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.08×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.26×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.2%

- FY2018: -2.8%

- FY2019: 0.7%

- FY2020: -4.1%

- FY2021: -4.8%

- FY2022: -8.2%

- FY2023: 4.4%

- FY2024: -3.0%

- FY2025: -3.4%

- FY2026: -0.9%

## Holders

## Price story

Up 62% since Oct 2023 · sales +11.2%

Story as of 2026-10-16T09:59:56.033Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +11.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 316B 

- FY2018: INR 265B 

- FY2019: INR 291B 

- FY2020: INR 328B 

- FY2021: INR 335B 

- FY2022: INR 387B 

- FY2023: INR 439B 

- FY2024: INR 485B 

- FY2025: INR 526B 

- FY2026: INR 585B 

### Gross margin · FY2026

gross margin 77.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2023: 71.4% 

- FY2024: 73.6% 

- FY2025: 75.8% 

- FY2026: 77.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in pharmaceuticals; annual sales are INR 584.6 billion.

- Source: https://www.screener.in/company/SUNPHARMA/consolidated/ (filed 2026-10-16T07:33:24.362Z); FY2026: revenue 584620000000; grossProfit 450469700000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 73.6% to 77.1% during 2024–26; it earns 16.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.362Z); FY2024: grossProfit / revenue = 73.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.362Z); FY2025: grossProfit / revenue = 75.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.362Z); FY2026: grossProfit / revenue = 77.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.362Z); 10-year return on capital observations [[2022,0.1636724215908391],[2023,0.1690922595886264],[2024,0.18862700452216344],[2025,0.18304728697249728],[2026,0.15314806282828303]]; median 0.1690922595886264. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 36% of cash earnings; earns 35.5% on new investment.

- Source: https://www.screener.in/company/SUNPHARMA/consolidated/ (filed 2026-10-16T07:33:24.362Z); FY2017: growth capex 16277962722.15134; upkeep 20652037277.84866; owner earnings 61637962722.15134. Growth capex / owner earnings = 0.2640898888162213.

- Source: https://www.screener.in/company/SUNPHARMA/consolidated/ (filed 2026-10-16T07:33:24.362Z); FY2018: growth capex 0; upkeep 19610000000; owner earnings 16350000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/SUNPHARMA/consolidated/ (filed 2026-10-16T07:33:24.362Z); FY2019: growth capex 14600000000; upkeep 17530000000; owner earnings 26650000000. Growth capex / owner earnings = 0.5478424015009381.

- Source: https://www.screener.in/company/SUNPHARMA/consolidated/ (filed 2026-10-16T07:33:24.362Z); FY2020: growth capex 0; upkeep 15420000000; owner earnings 42760000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/SUNPHARMA/consolidated/ (filed 2026-10-16T07:33:24.362Z); FY2021: growth capex 0; upkeep 11700000000; owner earnings 38140000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/SUNPHARMA/consolidated/ (filed 2026-10-16T07:33:24.362Z); FY2022: growth capex 0; upkeep 14950000000; cash acquisitions 7395700000; owner earnings 37933500000. Growth capex plus acquisitions / owner earnings = 0.19496487273781749.

- Source: https://www.screener.in/company/SUNPHARMA/consolidated/ (filed 2026-10-16T07:33:24.362Z); FY2023: growth capex 0; upkeep 20860000000; cash acquisitions 46858200000; owner earnings 87823800000. Growth capex plus acquisitions / owner earnings = 0.5335478537708457.

- Source: https://www.screener.in/company/SUNPHARMA/consolidated/ (filed 2026-10-16T07:33:24.362Z); FY2024: growth capex 0; upkeep 22020000000; cash acquisitions 1433200000; owner earnings 98079000000. Growth capex plus acquisitions / owner earnings = 0.014612710162216172.

- Source: https://www.screener.in/company/SUNPHARMA/consolidated/ (filed 2026-10-16T07:33:24.362Z); FY2025: growth capex 0; upkeep 21290000000; cash acquisitions 2728300000; owner earnings 112404900000. Growth capex plus acquisitions / owner earnings = 0.024272073548395133.

- Source: https://www.screener.in/company/SUNPHARMA/consolidated/ (filed 2026-10-16T07:33:24.362Z); FY2026: growth capex 6710000000; upkeep 29380000000; cash acquisitions 34051300000; owner earnings 113276300000. Growth capex plus acquisitions / owner earnings = 0.35983961340545195.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.362Z); Incremental return on capital 0.3547002296113615, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.362Z); Dividend observations: [[2017,2430000000],[2018,8130000000],[2019,13260000000],[2020,13990000000],[2021,15860000000],[2022,21690000000],[2023,25200000000],[2024,29010000000],[2025,36170000000],[2026,39380000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 7.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.362Z); Closing price 1764 INR; reporting-to-trading FX 1; FY2026 annual sales per share 243.44312222319013; price multiple 7.246045745267571. FY2026 cash earnings/share 47.169676278421456. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 709.80 per share

- 2016-12: INR 630.00 per share

- 2017-01: INR 631.50 per share

- 2017-02: INR 679.00 per share

- 2017-03: INR 688.15 per share

- 2017-04: INR 641.95 per share

- 2017-05: INR 501.60 per share

- 2017-06: INR 555.70 per share

- 2017-07: INR 531.65 per share

- 2017-08: INR 481.15 per share

- 2017-09: INR 503.25 per share

- 2017-10: INR 552.90 per share

- 2017-11: INR 539.95 per share

- 2017-12: INR 571.15 per share

- 2018-01: INR 579.90 per share

- 2018-02: INR 535.35 per share

- 2018-03: INR 495.10 per share

- 2018-04: INR 528.40 per share

- 2018-05: INR 480.35 per share

- 2018-06: INR 564.00 per share

- 2018-07: INR 568.50 per share

- 2018-08: INR 652.85 per share

- 2018-09: INR 623.25 per share

- 2018-10: INR 580.25 per share

- 2018-11: INR 492.60 per share

- 2018-12: INR 430.50 per share

- 2019-01: INR 423.45 per share

- 2019-02: INR 445.15 per share

- 2019-03: INR 478.85 per share

- 2019-04: INR 457.65 per share

- 2019-05: INR 409.85 per share

- 2019-06: INR 400.95 per share

- 2019-07: INR 426.75 per share

- 2019-08: INR 450.40 per share

- 2019-09: INR 389.45 per share

- 2019-10: INR 433.40 per share

- 2019-11: INR 449.85 per share

- 2019-12: INR 432.55 per share

- 2020-01: INR 434.30 per share

- 2020-02: INR 372.90 per share

- 2020-03: INR 352.30 per share

- 2020-04: INR 464.45 per share

- 2020-05: INR 474.25 per share

- 2020-06: INR 472.95 per share

- 2020-07: INR 531.70 per share

- 2020-08: INR 520.25 per share

- 2020-09: INR 500.45 per share

- 2020-10: INR 465.75 per share

- 2020-11: INR 511.65 per share

- 2020-12: INR 592.35 per share

- 2021-01: INR 586.20 per share

- 2021-02: INR 594.60 per share

- 2021-03: INR 597.80 per share

- 2021-04: INR 654.45 per share

- 2021-05: INR 668.30 per share

- 2021-06: INR 675.45 per share

- 2021-07: INR 773.95 per share

- 2021-08: INR 794.05 per share

- 2021-09: INR 818.25 per share

- 2021-10: INR 795.00 per share

- 2021-11: INR 753.60 per share

- 2021-12: INR 845.70 per share

- 2022-01: INR 834.50 per share

- 2022-02: INR 843.90 per share

- 2022-03: INR 914.75 per share

- 2022-04: INR 928.65 per share

- 2022-05: INR 860.60 per share

- 2022-06: INR 830.60 per share

- 2022-07: INR 943.20 per share

- 2022-08: INR 893.05 per share

- 2022-09: INR 948.65 per share

- 2022-10: INR 1,016.90 per share

- 2022-11: INR 1,046.05 per share

- 2022-12: INR 1,001.40 per share

- 2023-01: INR 1,034.50 per share

- 2023-02: INR 956.60 per share

- 2023-03: INR 983.10 per share

- 2023-04: INR 987.65 per share

- 2023-05: INR 975.35 per share

- 2023-06: INR 1,051.60 per share

- 2023-07: INR 1,143.40 per share

- 2023-08: INR 1,111.60 per share

- 2023-09: INR 1,158.65 per share

- 2023-10: INR 1,088.60 per share

- 2023-11: INR 1,225.85 per share

- 2023-12: INR 1,259.45 per share

- 2024-01: INR 1,418.45 per share

- 2024-02: INR 1,577.95 per share

- 2024-03: INR 1,620.55 per share

- 2024-04: INR 1,502.10 per share

- 2024-05: INR 1,459.80 per share

- 2024-06: INR 1,520.85 per share

- 2024-07: INR 1,719.35 per share

- 2024-08: INR 1,821.65 per share

- 2024-09: INR 1,926.70 per share

- 2024-10: INR 1,848.90 per share

- 2024-11: INR 1,780.90 per share

- 2024-12: INR 1,886.35 per share

- 2025-01: INR 1,743.95 per share

- 2025-02: INR 1,593.25 per share

- 2025-03: INR 1,734.70 per share

- 2025-04: INR 1,832.30 per share

- 2025-05: INR 1,677.60 per share

- 2025-06: INR 1,675.70 per share

- 2025-07: INR 1,706.70 per share

- 2025-08: INR 1,594.50 per share

- 2025-09: INR 1,594.30 per share

- 2025-10: INR 1,690.70 per share

- 2025-11: INR 1,831.60 per share

- 2025-12: INR 1,719.70 per share

- 2026-01: INR 1,595.30 per share

- 2026-02: INR 1,737.00 per share

- 2026-03: INR 1,757.20 per share

- 2026-04: INR 1,808.30 per share

- 2026-05: INR 1,799.20 per share

- 2026-06: INR 1,862.50 per share

- 2026-07: INR 1,990.50 per share

- 2026-08: INR 1,984.80 per share

- 2026-09: INR 1,816.60 per share

- 2026-10: INR 1,764.00 per share

## Annual estimated value (INR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:09.984Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.