Sun Pharma India formulations sales rise 17.3%, share 8.6%

Sun Pharmaceutical Industries Limited, referred to as Sun Pharma, reported India formulations sales of Rs 5,552.28 crore in the second quarter of FY27 (Q2FY27), up 17.3% year on year. India accounted for 34.5% of consolidated quarterly sales, while Sun Pharma’s market share rose 0.3 percentage points to 8.6% in the Pharmarack moving annual total for September 2026.

How fast did Sun Pharma’s India formulations business grow?

Sun Pharma’s India formulations revenue rose 17.3% year on year to Rs 5,552.28 crore in Q2FY27, from Rs 4,734.79 crore in Q2FY26. The Rs 817.49 crore increase came in the quarter ended September 30, 2026, and exceeded the growth rates reported in the company’s other major formulations markets.

The first-half trend was also higher than the group’s consolidated sales growth. India formulations sales reached Rs 11,027.17 crore in the first half of FY27 (H1FY27), up 16.6% from Rs 9,455.89 crore in H1FY26, while total consolidated sales rose 11.0% to Rs 31,283.56 crore.

Q2FY27 India sales were Rs 77.39 crore above the Rs 5,474.89 crore reported in the preceding quarter ended June 30, 2026. The sequential increase was smaller than the year-on-year change, but it took first-half India formulations revenue above Rs 11,000 crore.

What did India contribute to Sun Pharma’s quarterly sales?

India formulations contributed 34.5% of Sun Pharma’s consolidated Q2FY27 sales of Rs 16,100.01 crore. The domestic business was the largest reported formulations contributor by share and generated Rs 5,552.28 crore, ahead of US formulations sales of Rs 4,347.10 crore in the company’s quarterly segment data.

The company’s total formulations sales increased 11.5% to Rs 15,543.63 crore in Q2FY27 from Rs 13,941.76 crore a year earlier. India’s 17.3% growth was therefore 5.8 percentage points above total formulations growth, indicating that the domestic business increased its contribution within the formulations portfolio.

External active pharmaceutical ingredients, or API, sales rose 13.7% to Rs 488.86 crore in Q2FY27 from Rs 429.87 crore a year earlier. API growth was below the India formulations rate, and the API sales base was Rs 5,063.42 crore lower than India formulations revenue during the quarter.

For H1FY27, India formulations sales of Rs 11,027.17 crore were above US formulations sales of Rs 8,389.01 crore, emerging markets sales of Rs 6,285.88 crore and rest-of-world sales of Rs 4,372.58 crore. These figures are the company’s reported rupee values for each formulations segment.

How did India compare with Sun Pharma’s other markets?

India was Sun Pharma’s fastest-growing reported major formulations market in Q2FY27, growing 17.3%, compared with 7.6% in emerging markets and 3.1% in rest-of-world markets. US formulations sales declined 8.2% during the same quarter, according to the company’s results announcement.

The half-year comparison also showed India expanding faster than the other disclosed international formulations growth rates. India rose 16.6% in H1FY27, while emerging markets grew 6.0% and rest-of-world sales increased 1.5%; the company reported US formulations sales of Rs 8,389.01 crore for H1FY27 against Rs 8,374.00 crore in H1FY26.

Sun Pharma said in its presentation that the Q2FY27 US decline reflected lenalidomide erosion and that US sales were slightly higher excluding lenalidomide. India’s reported growth, by contrast, was stated for the full domestic formulations business, with no comparable product-specific adjustment disclosed.

The group’s global innovative medicines sales grew 6.9% in Q2FY27 and represented 21.1% of consolidated sales. That growth rate was below India formulations growth, although Sun Pharma reports innovative medicines separately and does not disclose India innovative medicines revenue as a standalone segment.

What supported Sun Pharma’s India market share gain?

Sun Pharma said its India market share increased to 8.6% from 8.3%, a 0.3-percentage-point gain, based on the Pharmarack moving annual total for September 2026. The company described itself as India’s number-one pharmaceutical company under that market-share measure.

The company launched 14 products in India during Q2FY27 and reported 19 launches for FY27 to date. The difference indicates that five products had been launched before the September quarter, though Sun Pharma did not provide product names, therapeutic categories, launch dates or sales contributions.

Sun Pharma also reported that it ranked number one by prescriptions in 12 doctor categories in the July-to-September 2026 SMSRC report. The announcement does not quantify how much the prescription ranking or the 14 quarterly launches contributed to the market-share increase from 8.3% to 8.6%.

India’s sales increase of Rs 817.49 crore represented almost half of the Rs 1,694.79 crore year-on-year rise in consolidated Q2FY27 sales. Sun Pharma did not split the India increase between volumes, pricing, product mix and new product launches.

What should be measured in Sun Pharma’s India business next?

Sun Pharma’s next India comparison will show whether its 16.6% H1FY27 growth can continue after first-half formulations sales reached Rs 11,027.17 crore. The company has not disclosed a full-year India revenue target, market-share target or product-launch target for FY27.

The company reported 19 India product launches by the end of Q2FY27, making subsequent launch disclosures and the Pharmarack share measure relevant indicators. Its next reported India sales figures will also show whether the Q2FY27 sequential increase of Rs 77.39 crore continues into the second half.

Sun Pharma’s broader research and development expenditure was Rs 778.42 crore in Q2FY27, equal to 4.8% of total sales, and Rs 1,604.77 crore in H1FY27. The company disclosed five novel entities in clinical development, but it did not identify these programmes as direct drivers of India formulations revenue.

Conclusion

Sun Pharma combined faster India formulations growth with a higher reported domestic market share in Q2FY27. India sales rose 17.3% to Rs 5,552.28 crore, outpacing emerging markets and rest-of-world formulations growth while US formulations declined, and the business accounted for 34.5% of consolidated quarterly sales.

What to watch next is whether the 14 Q2FY27 launches, and 19 launches reported for FY27 to date, are followed by further gains in sales and the 8.6% market-share measure. Sun Pharma has not published a full-year India target, leaving later quarterly results, product-launch updates and market-share data as the disclosed indicators.