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Sun Pharmaceutical Industries

SUNPHARMA · Biotechnology & Drugs · INE044A01036

Analyst mean 1.94 · 33 analysts · 17% bullish
₹1,989.90
Close 2026-07-31 · Moderate risk

Reading the Statements forensic interpretation

What the numbers mean when read together — computed from the filings, not a score.

Operating cash flow backs the profit

Operating cash flow is 108% of trailing profit — the earnings are converting to cash, not just accruals.

Full read

Last operating cash flow ₹12,419 cr against trailing net profit ₹11,509 cr. A ratio at or above ~0.9 means reported profit is showing up as real cash.

Profit growing with revenue

Both revenue and profit grew over the last year (11.2% and 5%) — growth is translating to the bottom line.

Full read

Trailing revenue ₹58,462 cr, trailing profit ₹11,509 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.

Generates free cash

Free cash flow is positive and consistent — the business funds itself after capex.

Full read

Latest free cash flow ₹8,906 cr. Negative in only 1 of 12 years. A self-funding business needs less external capital and dilutes less.

Borrowing while holding investments

Borrowings rose 41% over two years while the company also carries ₹24,723 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.

Full read

Borrowings moved to ₹4,627 cr from ₹3,274 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.

Price & Valuation 10-year, split-adjusted

Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.

Valuation & Quality

Valuation
P/E (TTM) 38x
P/B 5.68x
P/S 8.11x
PEG 4.4
P/FCF 94.1x
Dividend Yield 0.81%
Leverage
Debt / Equity conservative 0.06
Payout Ratio 10.8%
Returns & Margins
Operating Margin (TTM) 21%
Net Margin (TTM) 19.1%
Return on Equity 14.2%
Return on Assets 11.1%
Implied Growth (Graham) growth the market is pricing in 14.8%
Rule of 40 33.7
Growth 12.8% + Margin 21% — below 40

Ownership & Skin in the Game

Promoter54.48% ▲ 0.00
FII14.54%
DII
Mutual Funds12.84%

Quarterly Financials ₹ cr

MetricJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue12,65313,29113,67512,95913,85114,47815,52114,612
Expenses9,0459,3529,6669,2439,5509,95110,57210,658
Other Income533354149251-35447089458
Depreciation655626631664701730732775
Profit before tax3,4243,5983,4763,2543,1734,1684,2273,551
Net Profit2,8613,0372,9132,1542,2933,1253,3812,710
EPS11.8212.6712.108.969.5013.0014.0411.31

Balance Sheet ₹ cr, annual

ItemMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital240240240240240240
Reserves46,22347,77155,75563,42771,97883,330
Borrowings3,8691,2906,8863,2742,3624,627
Fixed Assets21,55322,66524,06523,24822,58632,822
CWIP1,5671,2874,9735,3546,6443,052
Investments9,61212,84914,82415,02618,35424,723
Total Assets67,62269,77680,71285,32891,908108,407
DISCLAIMER: FinMinutes is a financial data and analytics platform, not a SEBI-registered investment adviser. Everything here is for educational and informational purposes. Forensic interpretations are computed from disclosed data and are not recommendations. Do your own due diligence.