Who makes India's medicines
21 listed companies earned ₹276,537 crore from medicines in FY25. Sun Pharmaceutical Industries Ltd earned the most, 19.0% of it. Glaxosmithkline Pharmaceuticals Ltd earned the most on each rupee of sales: 33.6%.
The brands, and who owns them
Foracort, Galvus, Afrezza, Ciplostem are Cipla Ltd's; Gibtulio®, Huminsulin®, ONDERO, ONDERO MET and others are Lupin Ltd's; Bilypsa®, Lipaglyn®, OxemiaTM, Oxemia and others are Zydus Lifesciences Ltd's; Pan, Pan-D, Taxim-O, PIPZO and others are Alkem Laboratories Ltd's; Vonalong, Vonatime are Mankind Pharma Ltd's; Biolide, Liraglutide Biocon are Biocon Ltd's; Brufen, Creon, Duphaston, Thyronorm and others are Abbott India Ltd's; Rantac, Cilacar, Cilacar T, Metrogyl and others are J B Chemicals & Pharmaceuticals Ltd's; Augmentin, Betnovate, Betnovate-C, Betnovate-N and others are Glaxosmithkline Pharmaceuticals Ltd's. Brands are read from each company's filings and checked against a public source.
Who sells the most
Sun Pharmaceutical Industries Ltd had 19.0% of the listed companies' revenue from medicines here, 1.7 times as much as Aurobindo Pharma Ltd, the next largest. The two together sold 30%; the other 19 the rest.
What it is made of
Of the sales reported by product line, india formulations is the largest at ₹18,929 Cr, then apis at ₹14,914 Cr.
How the sales have grown, and who sold them
The listed companies here earned ₹2.88 lakh Cr from medicines in FY26. Counting only the companies with figures in both years, sales went from ₹1.05 lakh Cr in FY19 to ₹1.96 lakh Cr, 1.9 times as much. The biggest rise was in FY26 (+15%) and the weakest year FY23 (+5%). Sun Pharmaceutical Industries Ltd's part of the total went from 29% in FY19 to 20% in FY26. Over three years Sai Life Sciences Ltd grew fastest, +20.8% a year. Some companies are counted only from a later year (Cipla Ltd from FY25; Lupin Ltd from FY25; Zydus Lifesciences Ltd from FY25; Mankind Pharma Ltd from FY20; Biocon Ltd from FY25; Gland Pharma Ltd from FY20; J B Chemicals & Pharmaceuticals Ltd from FY25).
Who earns the most on each rupee
Operating profit before interest and tax, as a share of revenue from medicines. Sun Pharmaceutical Industries Ltd earned 26.4% on its sales in FY26, against 28.1% in FY17. Aurobindo Pharma Ltd earned 16.3% on its sales in FY26, against 20.4% in FY17; its best year was FY21 at 25.9%. Lupin Ltd earned 25.4% on its sales in FY26, against 18.4% in FY25. Zydus Lifesciences Ltd earned 31.5% on its sales in FY26, against 28.7% in FY25. Glenmark Pharmaceuticals Ltd earned 12.9% on its sales in FY26, against 16.4% in FY17.
The companies, and their brands
| Company and brands | Sales FY25 | Growth 1 yr | 3 yrs | 5 yrs | Margin | Profit share | Return on assets | P/E | ROE | Share price 1 yr |
|---|---|---|---|---|---|---|---|---|---|---|
| Sun Pharmaceutical Industries Ltd Sells in 28 states and 90 countries; exports 72.3% of turnover |
₹52,578 Cr | +11.2% | +9.5% | +11.2% | 26.6% | 23.0% | — | 35.1 | 12.7% | +7.0% |
| Aurobindo Pharma Ltd | ₹31,724 Cr | +6.1% | +10.2% | +3.4% | 17.5% | 9.1% | — | 26.3 | 11.2% | +49.8% |
| Cipla Ltd Foracort, Galvus, Afrezza, Ciplostem Sells in 28 states and 68 countries; exports 40.82% of turnover |
₹26,254 Cr | — | — | — | 26.2% | 11.3% | — | 31.9 | 10.6% | -14.3% |
| Lupin Ltd Gibtulio®, Huminsulin®, ONDERO, ONDERO MET, Nalcrom, NalcromTM Sells in 28 states and 136 countries; exports 58.6% of turnover |
₹22,602 Cr | +23.1% | — | — | 18.4% | 6.9% | 14.2% | 15.8 | 23.4% | +0.8% |
| Zydus Lifesciences Ltd Bilypsa®, Lipaglyn®, OxemiaTM, Oxemia, Ujvira, UjviraTM, VivitraTM, Zituvimet, ZITUVIMET™, Zituvimet™ XR, Zituvio, ZITUVIO™ Sells in 28 states and 81 countries; exports 33.8% of turnover |
₹20,544 Cr | +9.1% | — | — | 28.7% | 9.7% | 19.2% | 25.2 | 15.9% | +15.7% |
| Glenmark Pharmaceuticals Ltd Sells in 36 states and 80 countries; exports 57.99% of turnover |
₹13,322 Cr | +27.5% | +11.2% | +9.0% | 12.1% | 2.6% | — | 35.6 | 3.9% | +19.7% |
| Alkem Laboratories Ltd Pan, Pan-D, Taxim-O, PIPZO, Taxim, XONE, NERVMAX-XT, Obesema, PAN RFT, PENTANERV GRDS, Semasize, TAXIM-OFZ Sells in 28 states and 40 countries; exports 27.32% of turnover |
₹12,965 Cr | +13.5% | +7.6% | +10.1% | 20.4% | 4.4% | — | 29.1 | 17.3% | -4.4% |
| Mankind Pharma Ltd Vonalong, Vonatime Sells in 36 states and 38 countries; exports 9.45% of turnover |
₹12,207 Cr | +17.0% | +17.1% | +17.4% | 24.0% | 4.8% | — | 47.9 | 13.3% | -2.7% |
| Biocon Ltd Biolide, Liraglutide Biocon Sells in 21 states and 60 countries; exports 51.0% of turnover |
₹11,716 Cr | +44.5% | — | — | 10.8% | 2.1% | 2.4% | 103.2 | 0.9% | -0.2% |
| Torrent Pharmaceuticals Ltd Sells in 28 states and 50 countries; exports 28.0% of turnover |
₹11,516 Cr | +21.4% | +13.1% | +11.6% | 25.4% | 4.8% | — | 74.1 | 27.3% | +31.8% |
| Divis Laboratories Ltd | ₹9,360 Cr | +12.8% | +9.2% | +8.5% | 31.2% | 4.8% | — | 84.2 | 16.5% | +41.5% |
| Ipca Laboratories Ltd | ₹8,940 Cr | +7.9% | +14.8% | +12.0% | 13.6% | 2.0% | — | 36.1 | 15.2% | +46.9% |
| Emcure Pharmaceuticals Ltd Sells in 28 states and 80 countries; exports 50.26% of turnover |
₹7,896 Cr | +16.6% | +15.1% | +12.7% | 14.5% | 1.9% | — | 35.0 | 21.8% | +39.5% |
| Abbott India Ltd Brufen, Creon, Duphaston, Thyronorm, Arachitol, Arachitol Nano, Colospa, Duphaston OD, Duvadilan, Enteroshield, Ganaton, Havshield |
₹6,721 Cr | +7.9% | +9.4% | +10.5% | 28.1% | 3.1% | — | 33.8 | 34.5% | -14.6% |
| Gland Pharma Ltd | ₹5,616 Cr | +14.5% | +18.5% | +12.3% | 19.7% | 1.8% | — | 45.1 | 12.6% | +60.9% |
| Laurus Labs Ltd | ₹5,554 Cr | +22.7% | +4.1% | +7.1% | 12.6% | 1.2% | — | 101.7 | 15.1% | +134.6% |
| Ajanta Pharma Ltd | ₹4,648 Cr | +17.3% | +12.4% | +13.3% | 26.0% | 2.0% | — | 36.6 | 24.1% | +39.1% |
| J B Chemicals & Pharmaceuticals Ltd Rantac, Cilacar, Cilacar T, Metrogyl, Nicardia, Razel, Azmarda, Beta-Nicardia, Cilacar C, Cilacar M, Cilacar TC, Cilacar TM Sells in 28 states and 40 countries; exports 35.0% of turnover |
₹3,918 Cr | +5.9% | — | — | 22.9% | 1.5% | — | — | 18.2% | +45.2% |
| Glaxosmithkline Pharmaceuticals Ltd Augmentin, Betnovate, Betnovate-C, Betnovate-N, Boostrix, Ceftum, Eltroxin, Havrix, Infanrix Hexa, Shingrix, T-bact, Tenovate Sells in 28 states; exports 0.0% of turnover |
₹3,749 Cr | +1.9% | +4.3% | +4.0% | 33.6% | 2.1% | — | 40.9 | 48.3% | -8.2% |
| Wockhardt Ltd | ₹3,012 Cr | +12.0% | +6.7% | -2.5% | 7.9% | 0.4% | — | 78.7 | 9.9% | +44.9% |
| Sai Life Sciences Ltd | ₹1,695 Cr | +29.4% | +20.8% | +22.7% | 17.9% | 0.5% | — | 85.2 | 14.6% | +70.7% |
See every one of these companies in Valarth
Questions people ask
Who makes India's medicines?
21 listed companies report their revenue from medicines: Sun Pharmaceutical Industries Ltd (SUNPHARMA), Aurobindo Pharma Ltd (AUROPHARMA), Cipla Ltd (CIPLA), Lupin Ltd (LUPIN), Zydus Lifesciences Ltd (ZYDUSLIFE), Glenmark Pharmaceuticals Ltd (GLENMARK), Alkem Laboratories Ltd (ALKEM), Mankind Pharma Ltd (MANKIND).
Which listed company earns the most from medicines in India?
Sun Pharmaceutical Industries Ltd, with revenue from medicines of ₹52,578 crore in FY25: 19.0% of the listed companies' total here.
How much do listed companies earn from medicines?
The listed companies here earned ₹276,537 crore from medicines in FY25. Private makers are not included.
Which listed company makes the most profit from medicines?
Glaxosmithkline Pharmaceuticals Ltd: its operating profit was 33.6% of its revenue from medicines in FY25.
Who owns Foracort?
Foracort is a brand of Cipla Ltd, listed on the NSE as CIPLA.
Who owns Galvus?
Galvus is a brand of Cipla Ltd, listed on the NSE as CIPLA.
Who owns Gibtulio®?
Gibtulio® is a brand of Lupin Ltd, listed on the NSE as LUPIN.
Who owns Huminsulin®?
Huminsulin® is a brand of Lupin Ltd, listed on the NSE as LUPIN.
Who owns Bilypsa®?
Bilypsa® is a brand of Zydus Lifesciences Ltd, listed on the NSE as ZYDUSLIFE.
Who owns Lipaglyn®?
Lipaglyn® is a brand of Zydus Lifesciences Ltd, listed on the NSE as ZYDUSLIFE.
Who owns Pan?
Pan is a brand of Alkem Laboratories Ltd, listed on the NSE as ALKEM.
Who owns Pan-D?
Pan-D is a brand of Alkem Laboratories Ltd, listed on the NSE as ALKEM.
Who owns Vonalong?
Vonalong is a brand of Mankind Pharma Ltd, listed on the NSE as MANKIND.
Who owns Vonatime?
Vonatime is a brand of Mankind Pharma Ltd, listed on the NSE as MANKIND.