Top Pharma Companies in India: an overview
This ranking orders India-headquartered listed pharmaceutical companies by consolidated revenue from operations for FY2026, the year ended 31 March 2026, taken from audited results filed with the stock exchanges between April and June 2026. Sun Pharmaceutical Industries is clearly ahead at about ₹58,462 crore. Dr. Reddy's Laboratories and Aurobindo Pharma sit close together near ₹33,700 crore, followed by Cipla, Lupin and Zydus Lifesciences, each between roughly ₹27,000 crore and ₹28,200 crore.
Growth rates in FY2026 diverged sharply. Lupin's revenue from operations rose about 23% and Glenmark's about 27%, the latter helped by recognition of out-licensing income for its ISB 2001 asset. Torrent grew about 21%, partly because JB Pharma was consolidated from 21 January 2026. Dr. Reddy's grew about 3% after a lenalidomide-related adjustment in the US, while Piramal Pharma and Natco reported lower revenue than in FY2025.
Headquarters are concentrated in a few cities: Mumbai (Sun, Cipla, Lupin, Glenmark, Alkem, Ipca, Piramal Pharma, Ajanta), Hyderabad (Dr. Reddy's, Aurobindo, Divi's, Laurus, Gland) and Ahmedabad (Zydus, Torrent). Business models range from branded formulations sold in India to US generics, contract manufacturing and APIs, and biosimilars, which brought Biocon about ₹10,431 crore in FY2026. The list excludes unlisted groups and the Indian subsidiaries of multinational drugmakers.