KIRA
KIRA Research · Pharma · Pharmaceuticals (Specialty + Generics)

Sun Pharmaceutical Industries Limited

NSE: SUNPHARMA · BSE: 524715 · ISIN INE044A01036 · Data as of 2026-09-26
Research: READYConfidence: HIGHKIRA Score: Not yet scoredLargeFigures: INR crore; basis shown per row

KIRA view

Specialty pivot now material (22.2% of sales) with strong Q4 momentum; intra-year volatility noted. Major strength: specialty franchise + balance sheet. Major risk: US regulatory/price erosion. ANALYSIS

Pillar 1 — Business Quality & Moat

Business overview, segments, revenue drivers, competitive position and industry standing.

Business overview

  • India's largest pharma; global specialty (Innovative Medicines US$354 mn in Q4FY26, 22.2% of sales, +20.1% YoY), US generics, India formulations, emerging markets. SOURCED S10

Revenue drivers

  • Specialty ramp (Ilumya etc.) ANALYSIS
  • US generics ANALYSIS
  • Domestic branded formulations ANALYSIS

Competitive position — peers

  • Cipla ANALYSIS
  • Dr Reddy's ANALYSIS
  • Zydus ANALYSIS
  • Lupin ANALYSIS
  • Alkem (domestic) ANALYSIS

Pillar 2 — Growth Quality

Revenue/AUM and profit growth, multi-year CAGR, growth consistency, growth drivers and relevant recent developments.

MetricPeriodValueBasisProvenanceSource
SalesQ4FY26₹14,559.8 crConsol.SOURCEDS10
sales growthQ4FY2613.6%Consol.SOURCEDS10
Net profit (PAT)Q4FY26₹2,714 crConsol.SOURCEDS10
PAT growth (YoY)Q4FY2626.2%Consol.SOURCEDS10
EBITDAQ4FY26₹3,954 crConsol.SOURCEDS10
RnD of salesQ4FY266.7%Consol.SOURCEDS10
SalesFY26₹58,220.1 crConsol.SOURCEDS10
EBITDAFY26₹17,731.4 crConsol.SOURCEDS10
Net profit (PAT)FY26₹11,479.4 crConsol.SOURCEDS10
PAT growth (YoY)FY265%Consol.SOURCEDS10
RnD % of salesFY266.1%Consol.SOURCEDS10
Dividend per shareFY26₹16—SOURCEDS10

Notes

  • FY26 full year (consolidated): sales ₹58,220.1 crore (+11.9%), EBITDA ₹17,731.4 crore (margin 30.3%), net profit ₹11,479.4 crore (+5.0%); Innovative Medicines US$1,420 mn (20.7% of sales, +16.4%). SOURCED S10

Growth drivers

  • Innovative Medicines +20.1% growth, now 22.2% of sales ANALYSIS
  • Specialty pipeline ANALYSIS
  • India formulation leadership ANALYSIS

Recent developments

  • Q4FY26 and FY26 results released 22 May 2026 (company press release). SOURCED S10
  • Final dividend ₹5 per share recommended (in addition to ₹11 interim; ₹16 total for FY26). SOURCED S10

Pillar 3 — Profitability & Return Ratios

Margins, ROE, ROCE, and ROA/NIM for financial companies.

MetricPeriodValueBasisProvenanceSource
EBITDA marginQ4FY2627.1%Consol.SOURCEDS10
EBITDA marginFY2630.3%Consol.SOURCEDS10

Pillar 4 — Balance Sheet Strength

Debt, leverage, liquidity, capital adequacy and asset quality where applicable.

Notes

  • note: Historically net cash/low debt; detail from AR pending ANALYSIS

Pillar 5 — Cash Flow & Earnings Quality

CFO, FCF, CFO/PAT, working capital and, for lenders, credit-cost quality.

Notes

  • note: Strong historical CFO; FY26 detail pending ANALYSIS

Pillar 6 — Governance & Shareholding

Promoter holding and pledge, FII/DII/public holding, auditor, board, regulatory actions and material litigation.

Shareholding

MetricPeriodValueBasisProvenanceSource
Promoter holding2026-06-3054.48%—SOURCEDS11
institutions domestic2026-06-3022.18%—SOURCEDS11
institutions foreign2026-06-3014.53%—SOURCEDS11
non institutions2026-06-308.81%—SOURCEDS11
promoter pledged % of total2026-06-300.9%—SOURCEDS11

Shareholding notes

  • Pledge (30-Jun-2026): 21,524,530 promoter shares encumbered = 0.90% of total shares, 1.65% of promoter holding. Kimi's '0.23% of total shares' is not supported by the filing; the 1.65% figure is. SOURCED S11

Governance, regulatory & litigation

  • FY26 dividend: interim ₹11 + final ₹5 (recommended) = ₹16 per share. [Company disclosure] Kimi's assertion that 'Ranbaxy-era USFDA issues are historical/resolved' was removed: no documented regulatory check supports it yet. SOURCED S10

Pillar 7 — Valuation Comfort

P/E, P/B, EV/EBITDA, dividend yield, historical and peer context — descriptive only; no price target.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 8 — Technical Confirmation

Informational only: long-term trend context when properly sourced. No entry levels, targets, stop-losses or calls.

No sourced technical data. This pillar is informational only and never carries entry levels, targets, stop-losses or buy/sell/hold calls.

Material risks

  • USFDA actions ANALYSIS
  • US generics price erosion ANALYSIS
  • Specialty ramp concentration ANALYSIS

Key questions to monitor

None recorded yet.

Sources

IDDocumentPublisherTypeDateAuthority
S10Sun Pharma reports Q4 & full year results for FY26 (press release)Sun Pharmaceutical Industries Limitedresults press release2026-05-22PRIMARY
S11Shareholding Pattern under Reg. 31 — quarter ended 30 June 2026 (Scrip 524715 / SUNPHARMA)Sun Pharmaceutical Industries Limitedshareholding pattern (Reg. 31 filing)2026-06-30PRIMARY
S12NSE equity quote — Sun Pharmaceutical Industries Limited (INE044A01036)National Stock Exchange of Indiaexchange listing page (ISIN shown in indexed page title; page body not machine-retrievable)2026-09-28PRIMARY

Research status

Status
READY
Confidence
HIGH
Data as of
2026-09-26
KIRA Score
Not yet scored — no verified KIRA Score registry match
Method
Primary filings first; aggregators for cross-check only. SOURCED = from a cited document; ANALYSIS = KIRA interpretation; UNVERIFIED = not yet checked against a primary source.
Withheld
7 item(s) not yet verified are not shown.

Data conflicts

  • Resolved · shareholding.pledge
    Kimi pledge note: 0.23% of total shares (1.65% of promoter holding). 1.65% of a 54.48% promoter stake is ~0.90% of total, so the two figures are inconsistent.
    S11 (quarter ended 30-Jun-2026) shows 21,524,530 shares encumbered = 0.90% of total shares and 1.65% of promoter holding. 0.90% adopted. S11