Top 10 Pharma Companies in India by Market Cap [2024]

The Top 10 Pharma Companies in India represent the vanguard of their nation’s pharmaceutical industry, serving as critical pillars for its healthcare infrastructure. These leaders are a mix of global giants and local powerhouses who have etched themselves into key roles within international pharma landscapes, contributing significantly to worldwide health solutions through rapid expansion in the rapidly evolving medical sector globally.

India’s pharmaceutical business is fast expanding, with exports expected to reach $27.9 billion by 2023-24. Indian pharmaceutical companies mostly sell their products to the United States, the United Kingdom, and the Netherlands. These companies provide low-cost versions of popular drugs, allowing them to establish a significant global presence while also making healthcare more accessible around the world. 

Discover the top 10 Pharma companies in India listed on the NSE, sorted from highest to lowest by market cap.

Top 10 Pharma Companies in India

Rank	Company Name	Market Cap (Rs)	Headquarter
#1	Sun Pharma Limited	4.23 lakh crore	Mumbai, Maharashtra
#2	Divi’s Laboratories Limited	1.58 lakh crore	Hyderabad, Telangana
#3	Cipla Limited	1.17 lakh crore	Mumbai, Maharashtra
#4	Torrent Pharmaceuticals Limited	1.04 lakh crore	Ahmedabad, Gujarat
#5	Mankind Pharma Limited	1.01 lakh crore	Delhi
#6	Dr. Reddy’s Laboratories Limited	0.99 lakh crore	Hyderabad, Telangana
#7	Zydus Lifesciences Limited	0.94 lakh crore	Ahmedabad, Gujarat
#8	Lupin Limited	0.93 lakh crore	Mumbai, Maharashtra
#9	Aurobindo Pharma Limited	0.70 lakh crore	Hyderabad, Telangana
#10	Alkem Lab Limited	0.66 lakh crore	Mumbai, Maharashtra

1. Sun Pharmaceutical Industries Ltd

Managing Director: Dilip Shanghvi
Net Sales (Cr.): 20,275.17

Sun Pharmaceutical Industries Ltd., now headquartered in Mumbai, is one of the biggest pharma companies in India. It was founded by Dilip Shanghvi back in 1983 at Vapi, Gujarat. This company manufactures medicines that help treat various health problems such as mental disorders, kidney diseases, issues related to gastroenterology and orthopedics.

In addition to treating eye and heart health issues as well as other healthcare concerns, Sun Pharma’s diverse product range showcases their extensive expertise across numerous medical fields. This company made headlines with a significant acquisition in January 2024 when they bought the subsidiary Taro Pharmaceuticals for $347.73 million.

Sun Pharma’s Q2 FY25 statistics reveal significant growth, with net profit jumping by 28% to Rs. 30,402 million. Total sales amounted to Rs. 132,642 million, up 10.5%. US sales jumped 20.3% to $517 million, while India’s sales increased 11% to Rs. 42,652 million. The company maintains its position as one of top 10 pharma companies in India with around 38,000 employees under its wing, Sun Pharma boasts a remarkable market capitalization value of INR 423,350.66 crore in November 2024.

2. Divis Labs

CEO: Dr. Kiran Divi
Net Sales (Cr.): 7,665.00

Divi Labs, is one of top 10 pharma companies in India, headquartered in Hyderabad, They are a major global supplier of some key pharmaceutical ingredients, Currently holding 60-85% of the worldwide market share for generic versions of the drugs naproxen, dextromethorphan, and gabapentin.  

Also, for pregabalin and methylamine ingredients, they hold 20-30% of the global market. Divi’s controls the full production process for these active pharmaceutical ingredients (APIs) from start to finish.

They are a central player contributing significantly to the Indian pharmaceutical industry with current market capitalization of 158,070.61 Crore INR as per November 2024 records.

The company will hold an earnings conference call on November 9, 2024, to discuss its financial results for the quarter and half-year ended September 30, 2024. This meeting is part of their regular engagement with investors and analysts about the financial performance.

3. Cipla Ltd

MD & Global CEO: Umang Vohra
Net Sales (Cr.): 16,574.34

Cipla Ltd stands out as another one of top 10 pharma companies in India. Their primary business of Cipla consists of manufacturing active pharmaceutical ingredients to other manufacturers as well as other  pharma and personal care products.

They are famous for creating the world’s first  first oral iron chelator drug, in 1995, also known for their  reverse engineering feats by creating cheaper versions of live saving drugs,  like During the AIDS crisis, they created a $304/year affordable antiretroviral drug and during avian flu in 2006 they created  affordable drug with reverse engineering..

The company is not only a significant pharma player but also a major contributor recruiter, with over 21,891 employees strength.

Holding an impressive 117,838.74 Crore market cap by November 2024. Being the third largest drug producer in India.

On October 23, 2024, Cipla’s vice-chairman, MK Hamied, announced his resignation owing to age and health issues. His son, Kamil Hamied, will join the board, marking a significant transfer in leadership.

4. Torrent Pharma

Chairman: Samir Mehta
Net Sales (Cr.): 8,532.90

Torrent Pharma, with its headquarter in Ahmedabad, has a reputation for being skilled in specialty generics and biosimilars. This company plays an important role in forming the worldwide drug markets.

On June 5th of the year 2024, Torrent Pharmaceuticals shared news that they have made an agreement for non-exclusive patent licensing with Takeda. This is to help in selling Vonoprazan, which is a fresh gastrointestinal drug from Takeda’s range under its own brand name Kabvie in India. The purpose of this move aims at capturing opportunities within the acid reflux disease market valued around INR 8,064 crore and growing at Compound Annual Growth Rate (CAGR) of about 8% over these past four years.

Torrent Pharmaceuticals has more than 2,000 products that are registered worldwide in 40 countries. These cover different therapeutic areas including heart health, brain and nerve systems, stomach treatment, diabetes care along with confronting infections and managing pain.

Torrent Pharma, being one of top 10 pharma companies in India, holds 104,794.55 Crore INR in market cap as per November 2024.

On October 30, 2024, Torrent Pharmaceuticals announced the reappointment of Samir Mehta as Executive Chairman for a term of five years, effective from April 1, 2025. 

5. Mankind Pharma

CEO: Sheetal Arora
Net Sales (Cr.): 9,264.81

Mankind Pharma, which has its main office in Delhi, is ranked as the sixth biggest among top 10 pharmaceutical companies in India. They have many different product lines covering areas such as therapeutic treatments, antibiotics, gastrointestinal issues, heart-related medications, skin problems (dermal), and medicines for erectile dysfunction.

By 2023, Mankind Pharma ran 25 factories and had 6 research and development centers in India. The Indian market made up for 97% of their operating income. As per November 2024 its market capitalization is currently at 101,157.17 Crore INR.

On October 23, 2024, Mankind Pharma acquired a 100% stake in Bharat Serums and Vaccines Limited (BSV) for ₹13,768 crores, positioning itself as a market leader in India’s women’s health and fertility drug market, and enhancing its portfolio with BSV’s specialty R&D tech platforms and complex products.

6. Dr. Reddy’s Laboratories Ltd

Co-chairman & MD: GV Prasad
Net Sales (Cr.): 19,483.80

Another best pharma company in India on the list is Dr. Reddys Labs, which is situated in Hyderabad. It has a well-deserved reputation for its wide array of products that cover numerous treatments for different diseases and disorders. Dr. Reddy’s Laboratories makes and markets many types of pharmaceutical products in India and other nations too.

The business generates more than 190 types of medicines, 60 active components applied in drug production, diagnostic testing units, products for crucial medical care and biotechnology items.

Nestlé and Dr. Reddy’s Laboratories have come together in a joint venture to build their range of nutraceutical products across India. This partnership will join the knowledge of Nestlé in nutritional health solutions with Dr. Reddy’s commercial strength within the Indian market.

It stands as the fifth largest pharma company in India by Market cap with a current value of 99,583.82 Crore INR.

In Q2 FY25, Dr. Reddy’s achieved its highest-ever operating revenue of ₹8,016.1 crore, a 16.5% year-over-year increase. However, the consolidated PAT fell 9.5% to ₹1,341.9 crore due to one-time adjustments and tax changes related to the Haleon plc NRT portfolio acquisition. 

7. Zydus Life

Managing Director: Sharvil P. Patel
Net Sales (Cr.): 10,818.70

Among the list of pharma companies in India, Zydus Life has made its position in the top 5. It is based in Ahmedabad and is known for their skills in generic drugs and biosimilars. They have a global importance because they deal with these specialties. The pharma industry of India needs Zydus Life’s help to provide important meds and healthcare services in the country.

The company found its place in the 2020 Fortune India 500 list, also being ranked as 100th. Zydus Life is the sixth-largest pharma company of India when we talk about market value which stands at 94,752.02 Crore INR.

8. Lupin

CEO: Vinita D Gupta
Net Sales (Cr.): 14,666.50

Lupin which is a multinational pharma company based in Mumbai, It is one of the biggest companies in the world that makes and sells generic (non-branded) medicines. The company focuses mainly on making medicines for children, heart conditions, infections, diabetes, asthma, and tuberculosis.

Lupin ranks eighth amongst leading pharma companies in India, with a valuation of around 93,084.29 Crore INR, as of November 2024.

Lupin reported a revenue growth of 12% year-on-year for Q2 FY25, driven by strong sales in its US and India operations. However, net profits showed a decline due to increased operational costs.

9. Aurobindo Pharma

Executive Chairman: P.V. Ramprasad Reddy
Net Sales (Cr.): 10,645.64

Aurobindo Pharma headquartered in  HITECH City, Hyderabad. Known for their specialty generics, biosimilars, and significant contributions to the global pharmaceutical industry.  

The company’s product line consists of six major  therapeutic areas which consist of antibiotics, antiretrovirals, cardiovascular products, central nervous system products, gastroenterological, and anti-allergics. Also including major generics and pharma ingredients.

Being one of top 10 pharma companies in India, its market  is valued at around 70,814.24 Crore INR as of November 2024.

On September 18, 2024, Aurobindo Pharma announced plans to acquire a 49% stake in GLS Pharma for ₹22.5 crore. This acquisition aims to strengthen Aurobindo’s market position and expand its product offerings.

10. Alkem Laboratories

CEO: Dr. Vikas Gupta
Net Sales (Cr.): 9,747.72

Alkem Laboratories is  known for their innovative products that significantly impact healthcare sector growth and development within our country. Being a crucial player in the Indian pharma industry landscape, Alkem Labs ensures millions get essential medicines and health care solutions daily by contributing towards overall well-being through diverse service provisions targeted at improving public welfare and medical needs across India.

Alkem Labs stands as the tenth biggest pharma company in India, valued at around 66,719.66 Crore INR according to the latest market in November 2024.

On October 17, 2024, Alkem Laboratories appointed Charu Arya to a senior management position. This move is part of Alkem’s strategy to strengthen its leadership team as it navigates growth opportunities

Conclusion

The top 10 pharma companies in India, from Sun Pharma to Dr. Reddy’s Labs, all the major players contribute an important role in the healthcare system. They make many different medicines for treating various diseases in India and other countries.

In 2024, these big Indian pharma companies are working to make cheaper versions of the popular weight loss drug Wegovy. Sun Pharma, Cipla, Dr. Reddy’s, and Lupin are developing their own alternatives. They want to meet the high global demand for weight loss treatments at lower costs after Wegovy’s patent ends.

Their advanced medicines are exported globally, driving major growth in the industry. India’s pharma exports reached $27.9 billion in 2023-24, despite a small overall export decline. Major markets like the USA, UK, and Netherlands are key for India’s dynamic pharma sector, which keeps evolving with new opportunities and rising worldwide demand.