The pharmaceutical sector has emerged as one of the best-performing segments on Dalal Street, demonstrating remarkable resilience amid broader market challenges. According to The Financial Express, the BSE Healthcare Index closed at 46,806 on Friday, gaining nearly 10% over the past year, while the Sensex closed at 74,775, losing nearly 8.4% during the same period. This outperformance is attributed to strong sales growth of pharma exporters despite Middle East crisis and US tariff policies, with Indian generic exporters expanding presence in Europe, Asia, and Africa while entering new product segments. In the local market, pharma sales grew 8.8% to ₹2.46 lakh crore during FY26, as reported by media sources.
A comprehensive study by The Financial Express identified five pharma companies with exceptional growth trajectories between FY23 and FY26. OneSource Speciality Pharma leads with 232.4% consolidated sales growth and 34.0% compounded annual growth rate, followed by Rubicon Research at 64.6% CAGR and 36.5% year-on-year growth in FY26. Viyash Scientific achieved 34.0% CAGR with 13.8% YoY growth in FY26, while AstraZeneca Pharma India recorded 31.4% CAGR and 32.6% YoY growth in FY26. Natco Pharma completed the list with 14.6% CAGR despite an 8.0% decline in FY26, though it showed 13.0 times EV/EBITDA valuation.
OneSource Speciality Pharma's remarkable growth is driven by Semaglutide, a diabetes medication that went off-patent in March 2026, with the company launching it in the Indian market during Q4 FY26. The company reported consolidated revenue of ₹1,421.5 crore in FY26 despite a 1.5% decline, while maintaining strong manufacturing capabilities across five facilities. Rubicon Research focuses on complex generics and specialty products, benefiting from pain management and CNS medications, with consolidated revenue of ₹1,753.9 crore in FY26. Viyash Scientific achieved net profit growth of 1,300% YoY to ₹224.6 crore in FY26, primarily through 19% growth in European formulation sales and partnerships for pet medications. AstraZeneca Pharma India recorded net profit growth of 62.6% YoY to ₹187.5 crore with strong performance in oncology and biopharmaceutical segments, while Natco Pharma launched Semaglutide injection in March 2026 despite facing pricing pressure in the US market.
The five companies show varying valuation metrics across different parameters. According to The Financial Express, Rubicon Research trades at 98.7 times P/E with 6.1 times EV/EBITDA, while Viyash Scientific is valued at 56.7 times P/E and 16.7 times EV/EBITDA. AstraZeneca Pharma India commands the highest valuation at 113 times P/E and 75.6 times EV/EBITDA, reflecting its established market position. Natco Pharma trades at 13.7 times P/E and 13.0 times EV/EBITDA, despite facing recent challenges. Market performance showed Rubicon Research gaining 4.6% to ₹1,009.9 on Friday, while Viyash Scientific rose 1.9% to ₹255 and AstraZeneca Pharma India remained broadly flat at ₹8,671.5. Natco Pharma declined 13.5% to ₹1,196 following investor disappointment over pharmaceutical sales decline, though it maintains strong fundamentals with 28% Return on Equity.
