Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
Sun Pharma delivered a strong Q3 FY26 with consolidated revenue of INR 15,469 crore (+15.1% YoY) and EBITDA of INR 4,949 crore (+23.4% YoY), driven by broad-based growth in India (+16.2%) and emerging markets (+21.6%), partially offset by flat US sales.
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Fortis Healthcare delivered a strong Q3 FY26 with consolidated revenue of ₹2,265 crore (+17.5% YoY) and EBITDA margin expansion of 290 bps to 22.3%, driven by hospital business growth of 19.4% and diagnostics margin recovery to 23.1%.
Read Fortis Healthcare analysis →Sun Pharma delivered a strong Q3 FY26 with consolidated revenue of INR 15,469 crore (+15.1% YoY) and EBITDA of INR 4,949 crore (+23.4% YoY), driven by broad-based growth in India (+16.2%) and emerging markets (+21.6%), partially offset by flat US sales. EBITDA margin expanded to 31.9% on better product mix, while PAT grew 16% to INR 3,369 crore despite a higher tax rate. Management highlighted the upcoming launch of generic semaglutide in India as a key growth catalyst, with approvals received for both diabetes and weight management. However, US generic sales remain under pressure from competition and manufacturing compliance issues, and the company faces uncertainty from proposed US pricing reforms. The strong balance sheet (net cash $3.2B) provides M&A flexibility, though management remains disciplined.
Fortis Healthcare delivered a strong Q3 FY26 with consolidated revenue of ₹2,265 crore (+17.5% YoY) and EBITDA margin expansion of 290 bps to 22.3%, driven by hospital business growth of 19.4% and diagnostics margin recovery to 23.1%. PAT declined to ₹197 crore due to a one-off expense of ₹55 crore for new labor codes. Hospital occupancy remained steady at 67%, while ARPOB grew 4.5% to ₹2.56 lakh, supported by a 52% surge in robotic surgeries. The diagnostics business saw 8.3% revenue growth and a 870 bps margin improvement. Management guided for continued growth trajectory with brownfield expansion of ~400 beds in FY27, led by the fMRI facility. The People Tree acquisition in Bengaluru adds 125 beds with expansion potential to 300. Risks include integration challenges at Glenagles and potential dilution from IHH's planned equity infusion.
India formulation sales grew 16.2% YoY to INR 49,986 million, driven by volume growth of 6.3% vs IPM volume growth of 1.2%.
Global innovative medicine sales grew 14.3% YoY to $423 million, including $55 million milestone income; ex-milestone growth was 13.2%.
US sales were marginally up 0.6% to $477 million, with growth in innovative medicines offset by lower generic sales due to competition.
Sun Pharma's market share in the Indian pharmaceutical market improved to 8.4% from 8.1% a year ago, maintaining the #1 position.
Occupancy steady despite 14% increase in occupied beds to 3,189.
Growth driven by case mix shift to complex procedures, including 52% rise in robotic surgeries.
Volume growth supported by network expansion of 175 touch points in Q3.
Includes People Tree acquisition (125 beds) and brownfield expansions at Manesar, Noida, Faridabad.
Sun Pharma plans to launch generic semaglutide in India on day one of patent expiry for both chronic weight management and type 2 diabetes, under brands NovelTreat and SemaTrinity.
Management guidance growthManagement indicated they will provide R&D spend guidance for the next fiscal year in the next quarter's call.
Management guidance otherThe phase 2b study for GL0034 in type 2 diabetes has started and is expected to complete within 12-18 months.
Management guidance other
Major contribution from fMRI expansion (200+ beds) to be commissioned in phases starting April 2026.
Management guidance expansionDriven by ~2.5% price increase and balance from case mix improvement, especially in oncology.
Management guidance growthSupported by brownfield expansions in high-margin facilities like fMRI and operational leverage.
Management guidance marginsPreferential allotment likely after cooling period ends in May 2026, to strengthen balance sheet for growth.
Management guidance otherUS generic sales declined due to additional competition on certain products, and recovery depends on resolving manufacturing compliance issues at several sites.
high · management_commentaryCMS proposed pricing models could impact US revenues; management declined to share mitigation strategies, citing commercial sensitivity.
medium · analyst_questionEffective tax rate rose to ~25% from ~15% last year, dampening PAT growth relative to EBITDA growth; expected to remain in that range.
medium · data_observationManagement noted that milestone income of $55 million in Q3 may not recur in future quarters, potentially impacting revenue comparability.
low · management_commentary
Revenue declined 4% in 9M FY26 due to management changes and operational issues; turnaround expected only from next fiscal.
high · analyst_questionManagement expressed caution about Hyderabad due to competitive intensity, though it remains a focus cluster.
medium · management_commentaryAcquired hospital is suboptimal and requires investment; expansion to 300 beds may take 30 months due to Bangalore approval delays.
medium · management_commentaryNew circulars have implementation ambiguities; full benefit may be delayed until clarity on super-specialty rates and drug pricing.
low · management_commentaryOur focus is on finding a way to grow our business organically at a rate, so that we continue to be an attractive investment opportunity for shareholders. We would look at an acquisition only if we think that it can help us in terms of strengthening our long-term strategic capability.
What it really offers is balance between efficacy and tolerability. So Enloxit works three ways: It restores adaptive immunity, which is by binding to the PD-L1. It engages the innate immune system based on its active Fc domain that activates natural killer cells, and unlike the existing products, it preserves PD-L2 signaling.
Our business performance in Q3 has been good considering the seasonal impact of festivals in some of our key geographies.
We feel there is still scope for margin improvement especially with the brownfield expansion.
