Sun Pharmaceutical Industries (SUNPHARMA) Q3 25/26 earnings summary

Executive summary

• Q3 FY2026 sales reached INR 154,691 million, up 15.1% year-over-year, with milestone income of $55 million in Rest of World markets; ex-milestone, sales growth was 14.7%.

• Gross margin improved to 81% due to a better product mix; EBITDA rose 23.4% to INR 49,485 million, with margins at 31.9%.

• Reported net profit after tax was INR 33,688 million, up 16% year-over-year; adjusted net profit was INR 35,367 million, up 9.9%.

• Interim dividend of INR 11 per share declared for FY2026, with record date set for February 5, 2026.

Financial highlights

• Nine-month FY2026 sales were INR 436,604 million, up 11.3% year-over-year; gross margin at 80%.

• EBITDA for nine months was INR 137,772 million, up 19.2%, with a margin of 31.4%.

• Adjusted net profit for nine months was INR 96,508 million, up 6.1%.

• Net cash position at $3.2 billion consolidated.

• R&D investment for Q3 FY2026 was INR 8,928 million (5.8% of sales); 9M FY2026: INR 25,783 million (5.9% of sales).

Outlook and guidance

• Management highlighted well-rounded growth across all businesses, led by Branded businesses in India, Emerging Markets, and Global Innovative Medicines.

• Continued expansion of innovative product offerings, including new launches in the US and India.