Sun Pharmaceutical Industries Limited (SUNPHARMA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+166.9%

₹4,730.01

vs ₹1,772.50 price

Levered DCF

₹4,469.08

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

11.54

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	36.76×	37.24×	40.82×	27.83×	67.06×	49.4×	22.45×	43.1×
P/B	5.05×	5.64×	6.14×	4.21×	4.57×	3.09×	1.87×	2.77×
P/S	7.22×	7.74×	8.06×	5.37×	5.68×	4.28×	2.57×	3.95×
EV / EBITDA	22.63×	26.22×	29.43×	20.12×	21×	16.58×	12.45×	18.23×
Gross margin	55.7%	78.0%	76.4%	74.2%	71.9%	72.5%	70.5%	71.2%
Operating margin	23.2%	52.9%	50.4%	49.9%	47.3%	45.6%	45.2%	43.6%
Net margin	19.6%	20.8%	19.7%	19.3%	8.5%	8.7%	11.5%	9.2%
Current ratio	2.82×	2.89×	2.56×	2×	2.04×	1.89×	2.02×	1.79×
Debt / equity	0.06×	0.03×	0.05×	0.12×	0.03×	0.08×	0.18×	0.25×
Interest coverage	39.99×	169.28×	102.42×	148.94×	245.23×	108.25×	51.06×	24.12×
Dividend yield	0.9%	0.9%	0.7%	1.1%	1.0%	1.1%	2.0%	0.4%
Payout ratio	34.3%	33.1%	30.3%	29.7%	66.0%	53.7%	44.2%	18.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.7%	15.1%	15.0%	15.1%	6.8%	6.2%	8.3%	6.4%
Return on invested capital	11.5%	29.2%	29.7%	29.7%	26.0%	22.9%	21.1%	18.9%
Return on assets	10.6%	11.9%	11.2%	10.5%	4.7%	4.3%	5.5%	4.1%
Free cash flow yield	2.2%	2.9%	2.5%	1.2%	3.4%	3.5%	5.9%	-0.9%
Earnings yield	2.7%	2.7%	2.4%	3.6%	1.5%	2.0%	4.5%	2.3%
Enterprise value	₹4.2T	₹4T	₹3.8T	₹2.4T	₹2.2T	₹1.4T	₹871.7B	₹1.2T
Net debt / EBITDA	-0.38×	-0.59×	-0.46×	0.19×	-0.31×	-0.28×	0.38×	0.53×
Cash conversion cycle (days)	156	219	233	251	264	321	279	286