Buy Sun Pharmaceutical Industries; target of Rs 965: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Sun Pharmaceutical Industries

Sun Pharma is world’s fourth largest specialty generic company with sales of US$3.8 billion & boasts of 43 manufacturing sites addressing segments like specialty products, branded generics, complex generics, pure generics and APIs. With a market share of 8.2%, Sun is ranked No. 1 in domestic formulations. It enjoys leadership position in 11 specialties based on prescription Revenue breakup: US formulation~ 30%, Indian branded~30%, Emerging markets~17%, RoW~14%, API & Others~6%

Outlook

We change our rating from HOLD to BUY due to more consistency on the specialty front and linear growth trajectory India formulations. We value Sun at Rs 965 i.e. 30x P/E on FY23E EPS

For all recommendations report, click here

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