Sun Pharma Is Well Poised To Sustain Growth In Focus Segments, Says Motilal Oswal Maintaining 'Buy'

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Motilal Oswal Report

Despite a large base (Rs 175 billion sales over 12 months ending Jun’25), Sun Pharmaceutical Industires Ltd. intends to grow better than the industry going forward as well.

Under the leadership of Mr. Kirti Ganorkar since CY19, Sun Pharma has implemented multiple strategic efforts to sustain superior growth in its DF business.

Sun Pharma has added workforce to increase penetration and enhance promotional efforts.

Accordingly, in addition to metro cities, Sun Pharma has established its presence in tier 2 cities in the past five years.

Subsequently, the engagement with doctors and onboarding more doctors have boosted growth in prescriptions as well.

Notably, FY25 YoY growth of 13.7% was led by volume, pricing and new launches. In fact, the new launches have been inherently part of its growth strategy in recent years. Sun Pharma launched about 45 products in FY25 and five in Q1 FY26.

Since oncology is largely an institutional business, Sun Pharma focuses less on this therapy in the DF market.

Management indicated that an in-licensing strategy for products closer to the loss of exclusivity would not make economic sense compared to launching its own branded generic products.

Overall, management intends to sustain consistent outperformance to the industry in the DF segment.

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