Financials Sun Pharmaceutical Industries Ltd.

Equities

SUNPHARMA

INE044A01036

Pharmaceuticals

Market Closed - NSE India S.E. Other stock markets 07:43:49 2024-04-26 am EDT			5-day change	1st Jan Change
1,507 ^INR	-0.89%		-1.07%	+19.62%

Apr. 23	Indian Equities End Higher for Third Straight Day, Lifted by Real Estate, IT Stocks	MT
Apr. 17	Sun Pharmaceutical Industries Limited Company Receives an Order Passed by Deputy Commissioner of State Tax, Ropar, Punjab	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,148,922	845,286	1,434,322	2,194,737	2,358,729	3,614,718	-	-
Enterprise Value (EV) ¹	1,131,107	797,926	1,363,238	2,077,371	2,269,278	3,516,740	3,453,474	3,389,927
P/E ratio	43.1 x	22.5 x	49.4 x	67.3 x	27.8 x	38.5 x	32 x	27.9 x
Yield	0.57%	0.28%	1.25%	1.09%	1.17%	0.82%	0.95%	1.05%
Capitalization / Revenue	3.95 x	2.57 x	4.28 x	5.68 x	5.37 x	7.45 x	6.71 x	6.09 x
EV / Revenue	3.89 x	2.43 x	4.07 x	5.37 x	5.17 x	7.25 x	6.41 x	5.72 x
EV / EBITDA	17.9 x	11.4 x	16.1 x	20 x	19.5 x	27 x	22.9 x	19.9 x
EV / FCF	-111 x	15.9 x	27.3 x	27.7 x	79 x	38.3 x	32.9 x	27.4 x
FCF Yield	-0.9%	6.28%	3.67%	3.61%	1.27%	2.61%	3.04%	3.65%
Price to Book	2.77 x	1.87 x	3.09 x	4.57 x	4.21 x	5.74 x	5.1 x	4.51 x
Nbr of stocks (in thousands)	2,399,335	2,399,335	2,399,335	2,399,276	2,399,276	2,399,335	-	-
Reference price ²	478.8	352.3	597.8	914.8	983.1	1,507	1,507	1,507
Announcement Date	5/28/19	5/27/20	5/27/21	5/30/22	5/26/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	290,659	328,375	334,981	386,545	438,857	485,376	538,436	593,106
EBITDA ¹	63,076	69,898	84,914	103,977	116,468	130,488	150,584	170,076
EBIT ¹	45,543	49,370	64,114	82,540	91,174	105,609	124,494	143,136
Operating Margin	15.67%	15.03%	19.14%	21.35%	20.78%	21.76%	23.12%	24.13%
Earnings before Tax (EBT) ¹	38,102	50,096	27,994	44,813	94,084	111,522	132,525	152,917
Net income ¹	26,654	37,649	29,038	32,727	84,736	93,041	112,656	129,651
Net margin	9.17%	11.47%	8.67%	8.47%	19.31%	19.17%	20.92%	21.86%
EPS ²	11.11	15.69	12.10	13.60	35.30	39.08	47.04	54.08
Free Cash Flow ¹	-10,164	50,128	50,002	74,895	28,738	91,808	104,885	123,789
FCF margin	-3.5%	15.27%	14.93%	19.38%	6.55%	18.91%	19.48%	20.87%
FCF Conversion (EBITDA)	-	71.72%	58.89%	72.03%	24.67%	70.36%	69.65%	72.78%
FCF Conversion (Net income)	-	133.14%	172.2%	228.85%	33.91%	98.67%	93.1%	95.48%
Dividend per Share ²	2.750	1.000	7.500	10.00	11.50	12.37	14.35	15.86
Announcement Date	5/28/19	5/27/20	5/27/21	5/30/22	5/26/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	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
Net sales ¹	88,368	85,230	97,187	96,259	98,631	94,468	107,618	109,523	112,410	109,307	119,408	120,786	122,741	122,051	128,044
EBITDA ¹	24,061	20,484	28,211	26,299	26,063	23,404	28,844	29,566	30,037	28,021	33,318	32,390	33,096	31,971	-
EBIT ¹	18,742	14,950	23,179	20,996	20,526	17,839	22,964	23,466	23,438	21,306	26,804	23,673	27,405	24,698	27,293
Operating Margin	21.21%	17.54%	23.85%	21.81%	20.81%	18.88%	21.34%	21.43%	20.85%	19.49%	22.45%	19.6%	22.33%	20.24%	21.32%
Earnings before Tax (EBT) ¹	21,630	9,030	18,042	22,865	24,662	-20,756	22,848	24,124	24,715	22,397	24,811	26,568	27,807	28,313	-
Net income ¹	18,525	8,942	14,442	20,470	20,588	-22,772	20,609	22,622	21,660	19,845	20,225	23,123	24,062	23,668	-
Net margin	20.96%	10.49%	14.86%	21.27%	20.87%	-24.11%	19.15%	20.66%	19.27%	18.16%	16.94%	19.14%	19.6%	19.39%	-
EPS ²	7.720	3.700	6.000	-	8.600	-9.500	8.600	9.400	9.000	8.300	8.400	8.650	9.793	9.800	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	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	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	17,814	47,360	71,085	117,366	89,450	97,978	161,244	224,791
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-10,164	50,128	50,002	74,895	28,738	91,808	104,885	123,789
ROE (net income / shareholders' equity)	9.25%	8.69%	6.33%	16.6%	16.6%	15.5%	16.3%	16.8%
ROA (Net income/ Total Assets)	5.71%	5.66%	4.27%	11.4%	11.5%	11.1%	12.1%	12.5%
Assets ¹	466,880	664,736	679,574	286,936	739,147	839,649	930,327	1,040,930
Book Value Per Share ²	173.0	189.0	194.0	200.0	233.0	262.0	295.0	334.0
Cash Flow per Share ²	9.150	27.30	25.70	37.30	20.70	43.10	49.90	56.00
Capex ¹	32,128	15,420	11,701	14,950	20,856	17,219	18,258	18,633
Capex / Sales	11.05%	4.7%	3.49%	3.87%	4.75%	3.55%	3.39%	3.14%
Announcement Date	5/28/19	5/27/20	5/27/21	5/30/22	5/26/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Sun Pharmaceutical Industries Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,507 INR

Average target price

1,574 INR

Spread / Average Target

+4.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Generic Pharmaceuticals

	1st Jan change	Capi.
SUN PHARMACEUTICAL INDUSTRIES LTD.	+19.62%	43.34B
OTSUKA HOLDINGS CO., LTD.	+20.44%	21.96B
SANDOZ GROUP AG	+10.86%	14.09B
CIPLA LIMITED	+13.07%	13.64B
ZYDUS LIFESCIENCES LIMITED	+37.46%	11.43B
ONO PHARMACEUTICAL CO., LTD.	-8.59%	6.86B
THE MEDICINES COMPANY	-0.05%	6.79B
STADA ARZNEIMITTEL	-8.87%	5.73B
ASPEN PHARMACARE HOLDINGS LIMITED	+8.46%	5.22B
SHENZHEN SALUBRIS PHARMACEUTICALS CO., LTD.	-4.29%	4.71B

Generic Pharmaceuticals