SUNPHARMA · Healthcare
Sun Pharmaceutical Industries Ltd. reported revenue of ₹15,300 cr for April to June 2026, +10.5% on the year and +4.7% on the quarter. That is in line with how this quarter has grown in recent years (+7.7% on average). Over the last four quarters revenue comes to ₹59,911 cr, +11.4% on the four before.
Operating profit (EBITDA) was ₹4,418 cr, a margin of 28.9%, −218 bps on the year and +182 bps on the quarter. Over the last 8 quarters the margin has ranged from 27.1% to 31.9%, averaging 29.7%. Operating costs grew +14.0%, faster than revenue at +10.5%, so operating profit grew less than sales.
Net profit was ₹2,901 cr, +26.5% on the year and +7.0% on the quarter, with earnings per share of ₹12.06. Profit before other income, one-offs and tax grew 1.5%, so 25 points of the headline growth came from outside the core business. The tax rate was 29% against an average of 22% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹12,117 cr, +16.5% on the four before.
On earnings per share of ₹50.41 over the last four quarters, the stock at ₹1,754.30 trades at 34.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +26.5% on the year; profit before other income, exceptional items and tax +1.5%.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 28.9%, −218 bps on the year (+182 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹12,192 cr | ₹12,381 cr | ₹11,983 cr | ₹12,653 cr | ₹13,291 cr | ₹13,675 cr | ₹12,959 cr | ₹13,851 cr | ₹14,478 cr | ₹15,521 cr | ₹14,612 cr | ₹15,300 cr |
| YoY | — | — | — | +6% | +9% | +10% | +8% | +9% | +9% | +13% | +13% | +10% |
| EBITDA margin | 26.1% | 28.1% | 25.3% | 28.5% | 29.6% | 29.3% | 28.7% | 31.1% | 31.3% | 31.9% | 27.1% | 28.9% |
| Other income, % of PBT | 11% | 6% | 18% | 16% | 10% | 4% | 8% | −11% | 11% | 2% | 13% | 13% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 14% | 14% | 5% | 16% | 16% | 16% | 34% | 27% | 25% | 20% | 23% | 29% |
| Net profit | ₹2,385 cr | ₹2,561 cr | ₹2,659 cr | ₹2,861 cr | ₹3,037 cr | ₹2,913 cr | ₹2,154 cr | ₹2,293 cr | ₹3,125 cr | ₹3,381 cr | ₹2,710 cr | ₹2,901 cr |
| YoY | — | — | — | +43% | +27% | +14% | −19% | −20% | +3% | +16% | +26% | +27% |
| Core profit YoY | — | — | — | +11% | +30% | +18% | +30% | +22% | +14% | +24% | +3% | +1% |
| EPS | ₹9.90 | ₹10.52 | ₹11.06 | ₹11.82 | ₹12.67 | ₹12.10 | ₹8.96 | ₹9.50 | ₹13.00 | ₹14.04 | ₹11.31 | ₹12.06 |
| Flags | · | · | 1 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Sun Pharmaceutical Industries Ltd. reported revenue of ₹15,300 cr (+10.5% on the year) and net profit of ₹2,901 cr (+26.5% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +1.5% on the year, against +26.5% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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