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Health Technology

Sun Pharmaceutical Industries Ltd.

Company Background

Sun Pharmaceutical is India's largest drugmaker. It sells mainly generic drugs, an area in which Indian companies do well, in more than 150 countries, including the U.S. It has over 20 production bases around the world and supplies more than 1,000 products. It has succeeded in expanding its business globally, given that domestic sales account for only about 30% of its group sales. It has built a solid business base especially in the U.S., generating more around 50% of sales in that market.


The company was founded in 1983 by Dilip Shanghvi, who serves as managing director. It brought online its first active pharmaceutical ingredients factory in the western Indian state of Gujarat in 1995. It has been on a growth path recently on the back of the global expansion of India's generic drug business. Shanghvi is known for his aggressive merger and acquisition strategy and has expanded his company through buyouts including overseas companies. In 2014, it bought Ranbaxy Laboratories, an Indian drugmaker, which cemented its place at the top of India's pharmaceutical industry.


Shanghvi and other founding family members and affiliate companies own more than 60% of shares in Sun Pharmaceutical. Shanghvi is one of India's richest men, and he and his family are actively investing in India.

Business Summary

Sun Pharmaceutical Industries Ltd. engages in manufacturing, developing, and marketing of pharmaceuticals products. It operates through the following geographical segments: India, United States of America, Emerging Markets, and Rest of the World. It offers tablets, capsules, injectable, inhalers, ointments, creams, and liquids. The company was founded by Dilip Shantilal Shanghvi in 1983 and is headquartered in Mumbai, India.

Financial Highlights

Mar 2020 INRUSD
Gross Profit140,938.30M1,987.67M
Operating income52,395.30M738.94M
Income before tax50,095.90M706.51M
Net income37,649.30M530.97M
Diluted EPS15.690.22
Dividends Per Share40.05
Total Assets692,186.70M9,149.70M
Total liabilities200,939.80M2,656.13M
Total equity452,644.50M5,983.30M
Operating cash flow66,775.20M941.74M
Currency in INRCurrency in USD

Historical Data

 Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020
Revenue 281,086.10M 313,081.40M 264,155.40M 290,659.10M 328,375M
Gross Profit 149,951.40M 158,651.20M 109,049.50M 122,523.20M 140,938.30M
Operating income 75,140.60M 84,884.50M 41,097.80M 49,220M 52,395.30M
Income before tax 65,706.30M 90,478.70M 34,789.80M 38,102M 50,095.90M
Net income 45,457.10M 69,643.70M 20,957M 26,654.20M 37,649.30M
EBITDA 85,515.90M 97,532M 56,096.20M 66,752.50M 72,923.10M
Diluted EPS 18.90 29 8.73 11.10 15.69
Dividends Per Share 1 3.50 2 2.75 4
Total Assets 559,415.90M 619,117.90M 652,045.20M 655,799.50M 692,186.70M
Total liabilities 188,572.10M 214,674.70M 230,062.50M 208,573.50M 200,939.80M
Total equity 329,824.80M 366,396.70M 383,141.10M 414,090.60M 452,644.50M
Operating cash flow 67,726.30M 71,269.50M 39,781.60M 24,425.10M 66,775.20M
 Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020
Revenue 4,293.30M 4,668.88M 4,097.58M 4,155.67M 4,631.13M
Gross Profit 2,290.35M 2,365.91M 1,691.58M 1,751.76M 1,987.67M
Operating income 1,147.69M 1,265.85M 637.51M 703.71M 738.94M
Income before tax 1,003.59M 1,349.27M 539.66M 544.76M 706.51M
Net income 694.31M 1,038.57M 325.08M 381.08M 530.97M
EBITDA 1,306.16M 1,454.46M 870.16M 954.38M 1,028.44M
Diluted EPS 0.28 0.43 0.13 0.15 0.22
Dividends Per Share 0.01 0.05 0.03 0.03 0.05
Total Assets 8,447.51M 9,534.42M 9,997.36M 9,466.61M 9,149.70M
Total liabilities 2,847.55M 3,305.99M 3,527.39M 3,010.80M 2,656.13M
Total equity 4,980.55M 5,642.51M 5,874.44M 5,977.48M 5,983.30M
Operating cash flow 1,034.44M 1,062.81M 617.09M 349.21M 941.74M

Valuation Measures

Mar 2020
Operating margin15.95%
Profit margin11.46%

Key executives

  • Managing Director & Executive Director: Dilip Shantilal Shanghvi
  • Chief Financial Officer: C. S. Muralidharan
  • SVP & Chief Information Officer: Atanu Roy
  • Compliance Officer & Senior GM-Secretarial: Ashok I. Bhuta
  • SVP & Head-Human Resources: Sapna Purohit


  • Shanghvi Finance Pvt Ltd. (41.9%)
  • Life Insurance Corp of India (6.7%)
  • ICICI Prudential Asset Management Co. Ltd. (3.3%)
  • SBI Funds Management Pvt Ltd. (2.0%)
  • Nippon Life India Asset Management Ltd. (Invt Mgmt) (1.4%)
  • The Vanguard Group, Inc. (1.3%)
  • HDFC Asset Management Co. Ltd. (Invt Mgmt) (1.3%)
  • Lakshdeep Investments & Finance Pvt Ltd. (1.1%)

Contact Details

  • Website:
  • Address: CTS No. 201 B/1, Sun House, Western Express Highway, Mumbai, 400063, India
  • Phone: +91.22.43244324

Related Companies

  • 3 Skyline LLC
  • Zenotech Laboratories Nigeria Ltd.
  • Zenotech, Inc.
  • Sun Pharmaceuticals Korea Ltd.
  • Sun Pharmaceuticals France SA
  • Sun Pharmaceuticals (SA) Pty Ltd.
  • Sun Pharmaceuticals Holdings USA, Inc.
  • Sun Pharmaceutical Peru SAC
  • Sun Pharmaceutical Industries SAC
  • Sun Pharmaceutical (Bangladesh) Ltd.
  • Sun Pharma Switzerland Ltd.
  • Sun Pharma Philippines, Inc.
  • Sun Pharma Holdings
  • Sun Pharma Healthcare FZE
  • Sun Pharma East Africa Ltd.
  • Sun Laboratories FZE
  • Sun Global Development FZE
  • Sun Farmaceutica do Brasil Ltda.
  • Softdeal Trading Co. Ltd.
  • Sun Pharmaceutical Industries OOO
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  • Rexcel Egypt LLC
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  • Ranbaxy Pharmaceuticals Ukraine LLC
  • Ranbaxy Pharmaceuticals (Pty) Ltd.
  • Ranbaxy Farmaceutica Ltda.
  • Ranbaxy (Thailand) Co., Ltd.
  • Ranbaxy (Poland) Sp zoo
  • Ranbaxy South Africa (Pty) Ltd.
  • PI Real Estate Ventures LLC


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  • Antares Pharma, Inc.
  • Aerie Pharmaceuticals, Inc.
  • Nicox SA
  • Senhwa Biosciences Inc
  • Aurisco Pharmaceutical Co. Ltd. Class A
  • Curis, Inc.
  • Oyster Point Pharma Inc
  • Intec Pharma Ltd
  • Acura Pharmaceuticals, Inc.
  • Bora Pharmaceuticals Co Ltd
  • Evolus, Inc.
  • Sol-Gel Technologies Ltd.
Last Updated on 20 Apr, 2021

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