Financials Sun Pharmaceutical Industries Ltd.

Equities

SUNPHARMA

INE044A01036

Pharmaceuticals

Market Closed - NSE India S.E. Other stock markets 06:29:25 2025-07-08 EDT			5-day change	1st Jan Change
1,672.50 ^INR	-0.44%		+0.32%	-11.34%

06-26	Lilly to launch Mounjaro pen in India as Novo rivalry heats up in mega market	RE
06-25	Sun Pharmaceutical Industries Limited Appoints Richard Ascroft as CEO North America	CI

Projected Income Statement: Sun Pharmaceutical Industries Ltd.

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	328,375	334,981	386,545	438,857	484,968	525,784	571,996	629,627
Change	-	2.01%	15.39%	13.53%	10.51%	8.42%	8.79%	10.08%
EBITDA ¹	69,898	84,914	103,977	116,468	129,870	150,862	159,926	182,723
Change	-	21.48%	22.45%	12.01%	11.51%	16.16%	6.01%	14.25%
EBIT ¹	49,370	64,114	82,540	91,174	104,304	125,108	133,640	154,633
Change	-	29.87%	28.74%	10.46%	14.4%	19.95%	6.82%	15.71%
Interest Paid ¹	-3,027	-1,414	-1,274	-1,720	-2,385	-2,314	-1,722	-1,396
Earnings before Tax (EBT) ¹	50,096	27,994	44,813	94,084	110,879	137,521	152,687	177,055
Change	-	-44.12%	60.08%	109.95%	17.85%	24.03%	11.03%	15.96%
Net income ¹	37,649	29,038	32,727	84,736	95,764	109,290	123,301	142,457
Change	-	-22.87%	12.7%	158.91%	13.01%	14.12%	12.82%	15.54%
Announcement Date	5/27/20	5/27/21	5/30/22	5/26/23	5/22/24	5/22/25	-	-

¹INR in Million

Estimates

Fiscal Period: March	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	83,744	81,234	81,548	81,849	75,852	85,531	88,368	85,230	97,187	96,259	98,631	94,468	107,618	109,523	112,410	109,307	119,408	121,924	123,807	119,829	126,528	133,400	133,885	131,477	136,919	143,618	141,495	140,105
Change	-	-3%	0.39%	0.37%	-7.33%	12.76%	3.32%	-3.55%	14.03%	-0.95%	2.46%	-4.22%	13.92%	1.77%	2.64%	-2.76%	9.24%	2.11%	1.54%	-3.21%	5.59%	5.43%	0.36%	-1.8%	4.14%	4.89%	-1.48%	-0.98%
EBITDA ¹	19,956	17,897	18,414	13,630	18,435	21,933	24,061	20,484	28,211	26,299	26,063	23,404	28,844	29,566	30,037	28,021	33,318	32,135	33,523	30,915	36,076	37,569	37,338	36,092	37,895	-	-	-
Change	-	-10.32%	2.89%	-25.98%	35.25%	18.97%	9.71%	-14.87%	37.72%	-6.78%	-0.9%	-10.2%	23.25%	2.5%	1.6%	-6.71%	18.9%	-3.55%	4.32%	-7.78%	16.69%	4.14%	-0.61%	-3.34%	4.99%	-	-	-
EBIT ¹	15,385	13,165	12,944	7,876	13,476	16,947	18,742	14,950	23,179	20,996	20,526	17,839	22,964	23,466	23,438	21,306	26,804	25,806	27,301	24,412	29,525	29,418	30,145	27,862	30,540	33,391	32,190	30,473
Change	-	-14.43%	-1.67%	-39.15%	71.09%	25.76%	10.59%	-20.24%	55.05%	-9.42%	-2.23%	-13.09%	28.73%	2.19%	-0.12%	-9.1%	25.81%	-3.72%	5.79%	-10.58%	20.95%	-0.36%	2.47%	-7.57%	9.61%	9.34%	-3.6%	-5.34%
Charge d'intérêts ¹	-1,041	-839.3	-629.6	-517.8	-519.5	-332.8	-261	-301	-350.9	-359.5	-189.7	-373.4	-136.9	-193.9	-461.8	-927.4	-808.8	-492.9	-347.3	-735.7	-615.4	-600	-407	-307	-	-	-	-
Earnings before Tax (EBT) ¹	16,474	14,334	13,513	5,774	-21,839	19,172	21,630	9,030	18,042	22,865	24,662	-20,756	22,848	24,124	24,715	22,397	24,811	27,909	30,004	28,155	34,235	33,292	34,273	32,421	35,337	-	-	-
Change	-	-12.99%	-5.72%	-57.27%	-478.2%	187.79%	12.82%	-58.25%	99.79%	26.73%	7.86%	-184.16%	210.08%	5.58%	2.45%	-9.38%	10.78%	12.48%	7.51%	-6.16%	21.59%	-2.75%	2.95%	-5.4%	8.99%	-	-	-
Net income ¹	13,875	10,641	9,135	3,998	-16,556	18,128	18,525	8,942	14,442	20,470	20,588	-22,772	20,609	22,622	21,660	19,845	20,225	23,755	25,238	26,546	28,356	28,746	28,890	27,449	31,664	35,732	34,743	30,553
Change	-	-23.31%	-14.15%	-56.23%	-514.07%	209.49%	2.19%	-51.73%	61.51%	41.74%	0.58%	-210.61%	190.5%	9.77%	-4.25%	-8.38%	1.92%	17.45%	6.24%	5.18%	6.82%	1.38%	0.5%	-4.99%	15.36%	12.85%	-2.77%	-12.06%
Announcement Date	8/13/19	11/7/19	2/6/20	5/27/20	7/31/20	11/3/20	1/29/21	5/27/21	7/30/21	11/2/21	1/31/22	5/30/22	7/29/22	11/1/22	1/31/23	5/26/23	8/3/23	11/1/23	1/31/24	5/22/24	8/1/24	-	-	-	-	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: Sun Pharmaceutical Industries Ltd.

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-47,360	-71,085	-117,366	-89,450	-162,609	-231,206	-296,594	-396,610
Change	-	-50.1%	-65.11%	23.79%	-81.79%	-42.19%	-36.3%	-33.72%
Announcement Date	5/27/20	5/27/21	5/30/22	5/26/23	5/22/24	5/22/25	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Sun Pharmaceutical Industries Ltd.

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	15,420	11,701	14,950	20,856	22,018	21,286	22,127	21,187
Change	-	-24.12%	27.77%	39.5%	5.57%	-3.33%	11.83%	-4.25%
Free Cash Flow (FCF) ¹	50,128	50,002	74,895	28,738	99,332	119,435	104,029	135,179
Change	-	-0.25%	49.78%	-61.63%	245.65%	20.24%	0.89%	29.94%
Announcement Date	5/27/20	5/27/21	5/30/22	5/26/23	5/22/24	5/22/25	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Sun Pharmaceutical Industries Ltd.

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	21.29%	25.35%	26.9%	26.54%	26.78%	28.69%	27.96%	29.02%
EBIT Margin (%)	15.03%	19.14%	21.35%	20.78%	21.51%	23.79%	23.36%	24.56%
EBT Margin (%)	15.26%	8.36%	11.59%	21.44%	22.86%	26.16%	26.69%	28.12%
Net margin (%)	11.47%	8.67%	8.47%	19.31%	19.75%	20.79%	21.56%	22.63%
FCF margin (%)	15.27%	14.93%	19.38%	6.55%	20.48%	22.72%	18.19%	21.47%
FCF / Net Income (%)	133.14%	172.2%	228.85%	33.91%	103.73%	109.28%	84.37%	94.89%
Profitability
ROA	5.66%	4.27%	11.41%	11.46%	11.52%	12.31%	11.92%	12.23%
ROE	8.69%	6.33%	16.6%	16.59%	16%	16.09%	16.11%	16.48%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4.7%	3.49%	3.87%	4.75%	4.54%	4.05%	3.87%	3.37%
CAPEX / EBITDA (%)	22.06%	13.78%	14.38%	17.91%	16.95%	14.11%	13.84%	11.6%
CAPEX / FCF (%)	30.76%	23.4%	19.96%	72.57%	22.17%	17.82%	21.27%	15.67%
Items per share
Cash flow per share ¹	27.32	25.71	37.34	20.66	50.58	58.65	47.12	58.07
Change	-	-5.88%	45.21%	-44.66%	144.82%	15.96%	7.67%	23.24%
Dividend per Share ¹	1	7.5	10	11.5	13.5	16	15.56	16.97
Change	-	650%	33.33%	15%	17.39%	18.52%	8.6%	9.08%
Book Value Per Share ¹	188.7	193.7	200.1	233.4	265.4	301	339.8	383.9
Change	-	2.65%	3.33%	16.63%	13.7%	13.43%	12.08%	12.98%
EPS ¹	15.69	12.1	13.6	35.3	39.9	45.6	51.41	59.36
Change	-	-22.88%	12.4%	159.56%	13.03%	14.29%	4.83%	15.46%
Nbr of stocks (in thousands)	2,399,335	2,399,335	2,399,276	2,399,276	2,399,335	2,399,335	2,399,335	2,399,335
Announcement Date	5/27/20	5/27/21	5/30/22	5/26/23	5/22/24	5/22/25	-	-