SUNPHARMA · Healthcare
Sun Pharmaceutical Industries Ltd. reported revenue of ₹14,612 cr for January to March 2026, +12.8% on the year and −5.9% on the quarter. Over the last four quarters revenue comes to ₹58,462 cr, +11.2% on the four before.
Operating profit (EBITDA) was ₹3,954 cr, a margin of 27.1%, −162 bps on the year and −482 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 27.1% to 31.9%). Operating costs grew +15.3%, faster than revenue at +12.8%, so operating profit grew less than sales.
Net profit was ₹2,710 cr, +25.8% on the year and −19.8% on the quarter, with earnings per share of ₹11.31. Profit before other income, one-offs and tax grew 3.0%, so 23 points of the headline growth came from outside the core business. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹11,509 cr, +5.0% on the four before.
On earnings per share of ₹47.85 over the last four quarters, the stock at ₹1,754.30 trades at 36.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, 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 +25.8% on the year; profit before other income, exceptional items and tax +3.0%.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 27.1%, −162 bps on the year (−482 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹14,612 cr (+12.8% on the year) and net profit of ₹2,710 cr (+25.8% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +3.0% on the year, against +25.8% 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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