Forbes India 15th Anniversary Special

Top 10 pharma companies in India by market cap

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

Published: Apr 29, 2024 05:35:33 PM IST
Updated: Apr 30, 2024 09:52:59 AM IST

Top 10 pharma companies in India by market cap

Pharmaceutical companies play a pivotal role in safeguarding public health and well-being. Their significance lies in their pursuit of groundbreaking research, innovation, and the development of life-saving medications. In this blog, we have compiled a list of the top pharma companies in India as listed on the NSE (National Stock Exchange of India).

Top 10 pharma companies in India by market cap

Below, we have sorted India’s top 10 pharma companies listed on the NSE according to their market caps, from highest to lowest.

Note: All market cap data below is sourced from NSE India as of April 24, 2024.

Also Read: Top 10 IT companies in India in 2024 by market capitalisation

Rank Company Name Market Cap (Rs. Cr) Headquarter
#1 Sun Pharma 3,65,178.78 Mumbai, Maharashtra
#2 Cipla 1,13,915.46 Mumbai, Maharashtra
#3 Divi’s Labs 1,05,921.96 Hyderabad, Telangana
#4 Dr Reddy’s Labs 1,04,611.73 Hyderabad, Telangana
#5 Zydus Life 96,497.84 Ahmedabad, Gujarat
#6 Mankind Pharma 95,139.75 Delhi
#7 Torrent Pharma 91,312.58 Ahmedabad, Gujarat
#8 Lupin 74,617.69 Mumbai, Maharashtra
#9 Aurobindo Pharma 67,441.53 Hyderabad, Telangana
#10 Alkem Lab 58,431.42 Mumbai, Maharashtra

Now, let’s delve deeper into India’s top 10 pharma companies:

Also Read: Top 10 FMCG companies in India by market cap

Note: Data on net sales on April 24, 2024, taken from Moneycontrol.

Sun Pharma

  • Managing Director: Dilip Shanghvi
  • Net Sales (Cr.): 20,812.14
Sun Pharmaceutical Industries Limited is the largest pharmaceutical company in India and the sixth-largest generic pharmaceutical manufacturer in the world. It produces and sells pharmaceutical formulations and active pharmaceutical ingredients to over 100 countries worldwide. Recently, Sun Pharmaceutical acquired 100 percent of Libra Merger Ltd, an Israeli company.


  • MD & CEO: Umang Vohra
  • Net Sales (Cr.): 15,790.60
Founded in 1935 by Khwaja Abdul Ahmeid, Cipla operates through two segments: Pharmaceuticals and New Ventures. Cipla Limited specialises in developing medications, primarily treating respiratory diseases, cardiovascular diseases, diabetes, depression, and other medical conditions.

Also Read: Top 10 companies in India by market valuation in 2024

Divi’s Labs

  • CEO: Dr. Kiran Divi
  • Net Sales (Cr.): 7,625.30
Divi’s Laboratories Limited specialises in producing active pharmaceutical ingredients and intermediates. The company is engaged in the manufacturing and custom synthesis of generic APIs and intermediates.

Dr Reddy’s Labs

  • Founder: K. Anji Reddy
  • Net Sales (Cr.): 16,962.50
Dr Reddy's Laboratories was established by Kallam Anji Reddy, who had prior experience at the mentor institute Indian Drugs and Pharmaceuticals Limited. The company is involved in the manufacturing and global marketing of a diverse range of pharmaceuticals both in India and internationally. Dr Reddy’s Labs recently acquired MenoLabs from Amyris Inc., a women’s health and dietary supplements portfolio.

Zydus Life

  • Managing Director: Sharvil P. Patel
  • Net Sales (Cr.): 8,731.60
Founded in 1952 by Ramanbhai B. Patel and A Modi, Zydus Lifesciences Limited was known as Cadila Healthcare Limited. Today, Zydus Life is predominantly involved in the production of generic drugs.

Mankind Pharma

  • CEO: Sheetal Arora
  • Net Sales (Cr.): 8,127.15
Incorporated in 1995, Mankind Pharma specialises in various therapeutic areas, offering products from antibiotics to gastrointestinal, cardiovascular, dermal, and erectile dysfunction medications. At the end of 2023, Mankind made an additional investment of £1 million in Actimed Therapeutics, showing a dedication to advancing treatments for cancer cachexia, amyotrophic lateral sclerosis, and multiple muscle wasting issues.  

Torrent Pharma

  • Chairman: Samir Mehta
  • Net Sales (Cr.): 7,695.20
The Torrent Group owns Torrent Pharmaceuticals Ltd. Initially promoted by UN Mehta as Trinity Laboratories Ltd., it was later renamed Torrent Pharmaceuticals Ltd. Through strategic acquisitions and diversifications, Torrent Pharma has joined the ranks of the top pharmaceutical companies in India.


  • CEO: Vinita D Gupta
  • Net Sales (Cr.): 11,258.83
Lupin Limited is globally recognised as one of the largest generic pharmaceutical companies and India’s fifth-largest pharmaceutical company by revenue. Lupin's key focus areas encompass paediatrics, cardiovascular, anti-infectives, diabetology, asthma, and anti-tuberculosis medications.

Aurobindo Pharma

  • CEO: Dr Sanjay Chaturvedi
  • Net Sales (Cr.): 12,792.28
Aurobindo Pharma Limited specialises in producing generic pharmaceuticals and active pharmaceutical ingredients. Founded by Penaka Venkata Ramprasad Reddy and Kambam Nithyananda Reddy in 1986, the company has established itself as one of India's top pharmaceutical companies. Notably, a subsidiary of the company recently received the USFDA’s (United States Food and Drug Administration) approval for the Posaconazole Injection to prevent severe fungal infections. 

Alkem Lab

  • CEO: Dr. Vikas Gupta
  • Net Sales (Cr.): 9,054.55
Alkem Laboratories Limited focuses on manufacturing and selling pharmaceutical generics, formulations, and nutraceuticals. It has a global presence in addition to its strong presence in the Indian market.


Which are the top 5 pharmaceutical companies in the world by market cap?

Going by market cap, here are the top 5 pharmaceutical companies in the world as of April 29, 2024:

  1. Eli Lilly: Market cap $697.39 billion
  2. Novo Nordisk: Market cap $568.92 billion
  3. Johnson & Johnson: Market cap $352.16 billion
  4. Merck: Market cap $332.33 billion
  5. AbbVie: Market cap $282.63 billion
What is the growth rate of the pharmaceutical industry in India?

The Indian Pharmaceutical industry is ranked third in pharmaceutical production by volume, having grown at a CAGR of 9.43 percent over the past nine years. According to IBEF, the industry is expected to grow to $65 billion by 2024 and $130 billion by 2030.