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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 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 2022 INRUSD
Gross Profit169,267M2,271.74M
Operating income83,215.50M1,116.84M
Income before tax44,813.20M601.44M
Net income32,727.30M439.23M
Diluted EPS13.640.18
Dividends Per Share100.13
Total Assets713,814.60M9,420.18M
Total liabilities203,153.50M2,681.00M
Total equity480,112.20M6,336.02M
Operating cash flow91,214.60M1,224.19M
Currency in INRCurrency in USD

Historical Data

 Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022
Revenue 264,155.40M 290,659.10M 328,375M 334,981.40M 386,544.90M
Gross Profit 109,049.50M 122,523.20M 140,938.30M 140,851.90M 169,267M
Operating income 41,097.80M 49,220M 52,395.30M 64,988.60M 83,215.50M
Income before tax 34,789.80M 38,102M 50,095.90M 27,993.70M 44,813.20M
Net income 20,957M 26,654.20M 37,649.30M 29,038.20M 32,727.30M
EBITDA 56,096.20M 66,752.50M 72,923.10M 85,788.10M 104,652.90M
Diluted EPS 8.73 11.10 15.69 12.10 13.64
Dividends Per Share 2 2.75 4 7.50 10
Total Assets 645,163.50M 646,938.10M 682,524.60M 688,224.80M 713,814.60M
Total liabilities 223,180.80M 199,712.10M 191,277.70M 193,426.50M 203,153.50M
Total equity 383,141.10M 414,090.60M 452,644.50M 464,627.80M 480,112.20M
Operating cash flow 39,781.60M 24,425.10M 66,775.20M 62,354.80M 91,214.60M
 Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022
Revenue 4,097.58M 4,155.67M 4,631.13M 4,512.44M 5,187.85M
Gross Profit 1,691.58M 1,751.76M 1,987.67M 1,897.37M 2,271.74M
Operating income 637.51M 703.71M 738.94M 875.44M 1,116.84M
Income before tax 539.66M 544.76M 706.51M 377.09M 601.44M
Net income 325.08M 381.08M 530.97M 391.16M 439.23M
EBITDA 870.16M 954.38M 1,028.44M 1,155.62M 1,404.55M
Diluted EPS 0.13 0.15 0.22 0.16 0.18
Dividends Per Share 0.03 0.03 0.05 0.10 0.13
Total Assets 9,891.85M 9,338.69M 9,021.98M 9,413.06M 9,420.18M
Total liabilities 3,421.87M 2,882.88M 2,528.41M 2,645.55M 2,681.00M
Total equity 5,874.44M 5,977.48M 5,983.30M 6,354.86M 6,336.02M
Operating cash flow 617.09M 349.21M 941.74M 839.96M 1,224.19M

Valuation Measures

Mar 2022
Operating margin21.52%
Profit margin8.46%

Key executives

  • Managing Director & Executive Director: Dilip Shantilal Shanghvi
  • Executive Vice President-Global Operations: Davinder Singh
  • Chief Financial Officer: C. S. Muralidharan
  • Secretary & Compliance Officer: Anoop Deshpande
  • Compliance Officer & Senior GM-Secretarial: Ashok I. Bhuta


  • Shanghvi Finance Pvt Ltd. (41.9%)
  • Life Insurance Corporation of India (Investment Portfolio) (5.0%)
  • ICICI Prudential Asset Management Co. Ltd. (3.1%)
  • SBI Funds Management Pvt Ltd. (2.4%)
  • The Vanguard Group, Inc. (1.4%)
  • Lakshdeep Investments & Finance Pvt Ltd. (1.1%)
  • Norges Bank Investment Management (1.1%)
  • BlackRock Fund Advisors (1.0%)

Contact Details

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

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Last Updated on 20 Mar, 2023

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