Financials Sun Pharmaceutical Industries Ltd. Bombay S.E.

Equities

SUNPHARMA

INE044A01036

Pharmaceuticals

Market Closed - Bombay S.E. Other stock markets 06:00:54 2024-07-12 am EDT			5-day change	1st Jan Change
1,578 ^INR	-0.32%		+1.30%	+25.26%

Jul. 05	Bain-backed Emcure Pharma's $234 million India IPO draws $11 billion in bids	RE
Jul. 02	US DOJ drops Viatris unit Mylan from industry-wide antitrust probe	RE

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	845,286	1,434,322	2,194,737	2,358,729	3,888,242	3,784,471	-	-
Enterprise Value (EV) ¹	797,926	1,363,238	2,077,371	2,269,278	3,725,634	3,623,272	3,558,306	3,525,731
P/E ratio	22.5 x	49.4 x	67.3 x	27.8 x	40.6 x	34.4 x	29.6 x	26.4 x
Yield	0.28%	1.25%	1.09%	1.17%	0.83%	0.89%	0.98%	1.05%
Capitalization / Revenue	2.57 x	4.28 x	5.68 x	5.37 x	8.02 x	7.12 x	6.42 x	6.03 x
EV / Revenue	2.43 x	4.07 x	5.37 x	5.17 x	7.68 x	6.82 x	6.04 x	5.62 x
EV / EBITDA	11.4 x	16.1 x	20 x	19.5 x	29.7 x	25.4 x	21.6 x	19.8 x
EV / FCF	15.9 x	27.3 x	27.7 x	79 x	37.5 x	40.8 x	31.8 x	27.4 x
FCF Yield	6.28%	3.67%	3.61%	1.27%	2.67%	2.45%	3.15%	3.65%
Price to Book	1.87 x	3.09 x	4.57 x	4.21 x	6.11 x	5.26 x	4.64 x	4.33 x
Nbr of stocks (in thousands)	2,399,335	2,399,335	2,399,276	2,399,276	2,399,335	2,399,335	-	-
Reference price ²	352.3	597.8	914.8	983.1	1,621	1,577	1,577	1,577
Announcement Date	5/27/20	5/27/21	5/30/22	5/26/23	5/22/24	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	328,375	334,981	386,545	438,857	484,968	531,639	589,279	627,732
EBITDA ¹	69,898	84,914	103,977	116,468	125,288	142,762	165,103	178,486
EBIT ¹	49,370	64,114	82,540	91,174	99,722	118,137	138,590	149,877
Operating Margin	15.03%	19.14%	21.35%	20.78%	20.56%	22.22%	23.52%	23.88%
Earnings before Tax (EBT) ¹	50,096	27,994	44,813	94,084	110,879	128,455	151,076	171,489
Net income ¹	37,649	29,038	32,727	84,736	95,764	110,076	127,620	143,813
Net margin	11.47%	8.67%	8.47%	19.31%	19.75%	20.7%	21.66%	22.91%
EPS ²	15.69	12.10	13.60	35.30	39.90	45.80	53.27	59.66
Free Cash Flow ¹	50,128	50,002	74,895	28,738	99,332	88,705	111,954	128,635
FCF margin	15.27%	14.93%	19.38%	6.55%	20.48%	16.69%	19%	20.49%
FCF Conversion (EBITDA)	71.72%	58.89%	72.03%	24.67%	79.28%	62.13%	67.81%	72.07%
FCF Conversion (Net income)	133.14%	172.2%	228.85%	33.91%	103.73%	80.59%	87.72%	89.45%
Dividend per Share ²	1.000	7.500	10.00	11.50	13.50	14.03	15.52	16.49
Announcement Date	5/27/20	5/27/21	5/30/22	5/26/23	5/22/24	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	98,631	94,468	107,618	109,523	112,410	109,307	119,408	121,924	123,807	119,829	128,321	135,177	134,018	130,573
EBITDA ¹	26,063	23,404	28,844	29,566	30,037	28,021	33,318	32,135	33,523	29,335	33,777	36,741	36,444	33,654
EBIT ¹	20,526	17,839	22,964	23,466	23,438	21,306	26,804	25,806	27,301	22,832	26,771	29,159	29,243	27,649
Operating Margin	20.81%	18.88%	21.34%	21.43%	20.85%	19.49%	22.45%	21.17%	22.05%	19.05%	20.86%	21.57%	21.82%	21.18%
Earnings before Tax (EBT) ¹	24,662	-20,756	22,848	24,124	24,715	22,397	24,811	27,909	30,004	28,155	30,888	32,400	34,800	32,800
Net income ¹	20,588	-22,772	20,609	22,622	21,660	19,845	20,225	23,755	25,238	26,546	24,867	28,098	27,720	25,608
Net margin	20.87%	-24.11%	19.15%	20.66%	19.27%	18.16%	16.94%	19.48%	20.38%	22.15%	19.38%	20.79%	20.68%	19.61%
EPS ²	8.600	-9.500	8.600	9.400	9.000	8.300	8.400	9.900	10.50	11.10	10.35	11.40	10.40	8.900
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	1/31/22	5/30/22	7/29/22	11/1/22	1/31/23	5/26/23	8/3/23	11/1/23	1/31/24	5/22/24	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	47,360	71,085	117,366	89,450	162,609	161,199	226,165	258,740
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	50,128	50,002	74,895	28,738	99,332	88,705	111,954	128,635
ROE (net income / shareholders' equity)	8.69%	6.33%	16.6%	16.6%	16%	15.9%	16.5%	16.6%
ROA (Net income/ Total Assets)	5.66%	4.27%	11.4%	11.5%	11.5%	11.6%	11.9%	12.9%
Assets ¹	664,736	679,574	286,936	739,147	831,283	952,079	1,072,905	1,118,436
Book Value Per Share ²	189.0	194.0	200.0	233.0	265.0	300.0	340.0	365.0
Cash Flow per Share ²	27.30	25.70	37.30	20.70	50.60	43.20	52.00	61.90
Capex ¹	15,420	11,701	14,950	20,856	22,018	20,265	19,933	19,291
Capex / Sales	4.7%	3.49%	3.87%	4.75%	4.54%	3.81%	3.38%	3.07%
Announcement Date	5/27/20	5/27/21	5/30/22	5/26/23	5/22/24	-	-	-

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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,577 INR

Average target price

1,620 INR

Spread / Average Target

+2.73%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Generic Pharmaceuticals

	1st Jan change	Capi.
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SANDOZ GROUP AG	+29.56%	16.9B
CIPLA LIMITED	+21.32%	14.57B
ZYDUS LIFESCIENCES LIMITED	+70.51%	14.02B
THE MEDICINES COMPANY	-0.05%	6.79B
ONO PHARMACEUTICAL CO., LTD.	-10.06%	6.61B
ASPEN PHARMACARE HOLDINGS LIMITED	+15.26%	5.79B
STADA ARZNEIMITTEL	-8.87%	5.73B
GEDEON RICHTER	+10.29%	4.87B

Generic Pharmaceuticals