Sun Pharmaceutical Industries Ltd.

Sun Pharmaceutical Industries delivered strong Q3 FY26 results with revenue growing 15.1% year-on-year to ₹154,691 million and EBITDA surging 23.4% to ₹49,485 million, expanding margins by 210 basis points to 31.9%.

The company reinforced its market leadership in India with 16.2% revenue growth and maintained its #1 ranking with 8.4% market share, up 30 basis points, while volume growth of 6.3% significantly outpaced the market's 1.2%. Global innovative medicines revenue grew 14.3% to US$423 million, driven by encouraging early feedback from recent US launch of UNLOXCYT for alopecia and Ilumya's introduction in India. Management highlighted day-one launch readiness for Semaglutide in India with regulatory approvals secured under brands Noveltreat and Sematrinity.

The US generic business faced competition pressures but innovative medicines growth provided offset. The Board declared an increased interim dividend of ₹11 per share, up 4.8%. With a robust balance sheet holding US$3.2 billion net cash, management emphasized disciplined capital allocation focusing on organic growth while remaining open to strategic acquisitions in innovative medicines and emerging market tuck-ins.