India’s top 10 pharma companies by market capitalization, offering insights into their valuation, revenue performance, and industry trends
In 2025, the Indian pharmaceutical industry is set for significant developments and growth.
Sun Pharma maintains its pole position as the leading company, with Divi’s Labs and Cipla following closely behind.
Hyderabad and Mumbai emerge as prominent pharma hubs, hosting 7 of the top 10 companies in the sector.
The industry’s trajectory is fueled by ongoing global expansions and acquisitions, propelling Indian pharma companies toward success. API and Generic Drug Manufacturing continue to drive business operations, showcasing the sector’s resilience and innovation.
As Indian pharma firms strategically acquire and broaden their global footprint, the industry anticipates further expansion. Investors should evaluate undervalued stocks using market cap-to-sales ratios to capitalize on long-term investment opportunities.
The following table ranks India’s leading pharmaceutical companies based on their market capitalization:
| Rank | Company | Market Cap (₹ Lakh Crore) | Headquarter |
|---|---|---|---|
| 1 | Sun Pharma | 4.19 | Mumbai, Maharashtra |
| 2 | Divi’s Laboratories | 1.49 | Hyderabad, Telangana |
| 3 | Cipla | 1.16 | Mumbai, Maharashtra |
| 4 | Torrent Pharmaceuticals | 1.08 | Ahmedabad, Gujarat |
| 5 | Mankind Pharma | 1.02 | Delhi |
| 6 | Dr. Reddy’s Laboratories | 1.00 | Hyderabad, Telangana |
| 7 | Zydus Lifesciences | 0.98 | Ahmedabad, Gujarat |
| 8 | Lupin | 0.93 | Mumbai, Maharashtra |
| 9 | Aurobindo Pharma | 0.66 | Hyderabad, Telangana |
| 10 | Alkem Laboratories | 0.60 | Mumbai, Maharashtra |
Company Profiles & Key Highlights
1. Sun Pharma (₹4.19 Lakh Crore Market Cap)
- Managing Director: Dilip Shanghvi
- Net Sales: ₹20,275.17 Cr
- Industry Leadership: India’s largest pharma company and the 6th-largest generic drug manufacturer globally.
- Expansion: Recently acquired Libra Merger Ltd (Israel) to strengthen its global presence.
2. Divi’s Laboratories (₹1.49 Lakh Crore Market Cap)
- CEO: Dr. Kiran Divi
- Net Sales: ₹7,665.00 Cr
- Core Business: Leading manufacturer of active pharmaceutical ingredients (APIs) and intermediates.
- Valuation: High market cap-to-sales ratio due to strong investor confidence.
3. Cipla (₹1.16 Lakh Crore Market Cap)
- MD & Global CEO: Umang Vohra
- Net Sales: ₹16,574.34 Cr
- Legacy: Founded in 1935, it specializes in respiratory, cardiovascular, and diabetes treatments.
4. Torrent Pharmaceuticals (₹1.08 Lakh Crore Market Cap)
- Chairman: Samir Mehta
- Net Sales: ₹8,532.90 Cr
- Growth Strategy: The company expanded through acquisitions and diversification.
5. Mankind Pharma (₹1.02 Lakh Crore Market Cap)
- CEO: Sheetal Arora
- Net Sales: ₹9,264.81 Cr
- Investment: Recently invested £1 million in Actimed Therapeutics for advanced treatments.
6. Dr. Reddy’s Laboratories (₹1.00 Lakh Crore Market Cap)
- Co-chairman & MD: GV Prasad
- Net Sales: ₹19,483.80 Cr
- Acquisitions: Recently acquired MenoLabs to strengthen its women’s health portfolio.
7. Zydus Lifesciences (₹0.98 Lakh Crore Market Cap)
- Managing Director: Sharvil P. Patel
- Net Sales: ₹10,818.70 Cr
- Formerly known as Cadila Healthcare, it has a strong presence in the generics sector.
8. Lupin Limited (₹0.93 Lakh Crore Market Cap)
- CEO: Vinita D Gupta
- Net Sales: ₹14,666.50 Cr
- Key Focus Areas: Pediatrics, cardiovascular, diabetology.
9. Aurobindo Pharma (₹0.66 Lakh Crore Market Cap)
- Executive Chairman: P.V. Ramprasad Reddy
- Net Sales: ₹10,645.64 Cr
- Regulatory Success: Received USFDA approval for Posaconazole Injection.
10. Alkem Laboratories (₹0.60 Lakh Crore Market Cap)
- CEO: Dr. Vikas Gupta
- Net Sales: ₹9,747.72 Cr
- Global Reach: Strong presence in both domestic and international markets.
Sales vs. Market Cap Analysis
Comparing revenue with market capitalization helps assess how efficiently companies are valued:
| Company | Market Cap (₹ Lakh Cr.) | Net Sales (₹ Cr.) | Market Cap-to-Sales Ratio |
|---|---|---|---|
| Sun Pharma | 4.19 | 20,275.17 | 20.7x |
| Divi’s Labs | 1.49 | 7,665.00 | 19.4x |
| Cipla | 1.16 | 16,574.34 | 7.0x |
| Torrent Pharma | 1.08 | 8,532.90 | 12.7x |
| Mankind Pharma | 1.02 | 9,264.81 | 11.0x |
| Dr. Reddy’s | 1.00 | 19,483.80 | 5.1x |
| Zydus Life | 0.98 | 10,818.70 | 9.1x |
| Lupin | 0.93 | 14,666.50 | 6.3x |
| Aurobindo | 0.66 | 10,645.64 | 6.2x |
| Alkem Labs | 0.60 | 9,747.72 | 6.2x |
Key Insights
- Sun Pharma (20.7x) & Divi’s Labs (19.4x) have high market cap-to-sales ratios, indicating strong investor confidence and future growth expectations.
- Dr. Reddy’s (5.1x), Lupin (6.3x), and Aurobindo (6.2x) appear undervalued relative to revenue.
- Torrent Pharma (12.7x) and Mankind Pharma (11.0x) balance revenue growth and valuation.
Which pharma company do you think will dominate in the coming years?
Let us know in the comments!
A MedicinManAI Feature
Source: Forbes India and Data on net sales on February 1, 2025, Moneycontrol.
