Q3 FY26 Earnings & Stock Movements in Pharma Sector

The December quarter gave investors plenty to track in the pharma space. Some companies delivered steady growth. A few surprised on margins. Others faced pressure from exports and pricing. As numbers came out, stocks reacted fast. The quarter showed one thing clearly — strong execution still wins in this sector.

Here’s how key pharma companies performed in Q3 FY26.

Sun Pharmaceutical Industries Ltd

Sun Pharma reported a solid quarter. Net profit rose about 16 percent year on year to INR 3,369 crore. Revenue grew in the low-teens to around INR 15,500 crore. Margins improved, helped by strong performance in India and steady demand in global markets. The company also announced an interim dividend. The stock saw positive movement after the results as investors welcomed stable growth and healthy cash flows.

Sun Pharma’s Managing Director, Kirti Ganorkar, said the Q3 results showed “well-rounded growth across all businesses,” led by branded prescriptions in India, emerging markets, and global innovative medicines. He also highlighted new product launches in key markets during the quarter.

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Glenmark Pharmaceuticals Ltd

Glenmark posted double-digit growth in both revenue and profit. Revenue increased roughly 15 percent to around INR 3,900 crore. Profit also moved higher, supported by improved operating performance. India and North America were key drivers. Better margins added comfort for investors. The results signaled operational discipline and a stronger product mix compared to last year.

Glenn Saldanha, Chairman & Managing Director of Glenmark, said the company delivered “strong double-digit revenue growth” across geographies. He pointed to disciplined execution, consistent performance in India, and expansion of its innovative portfolio as factors driving momentum.

Emcure Pharmaceuticals Ltd

Emcure delivered one of the stronger quarters among mid-caps. Revenue rose close to 20 percent to about INR 2,363 crore. Net profit jumped sharply year on year. Domestic and overseas markets both supported growth. Some one-time costs impacted sequential numbers, but the broader trend stayed positive. The market response was upbeat as earnings reflected steady expansion.

JB Chemicals & Pharmaceuticals Ltd

JB Pharma continued its consistent run. Revenue grew around 11 percent to nearly INR 1,065 crore. Net profit climbed more than 20 percent. Chronic therapy brands performed well in India. Export markets also added to the topline. Stable raw material costs supported margins. Investors viewed the quarter as steady and dependable rather than flashy.

Nikhil Chopra, CEO & Wholetime Director, said the domestic formulations business “outperformed market growth” and that the company was focused on strengthening flagship chronic therapy brands while driving profitable growth from its broad portfolio.

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Torrent Pharmaceuticals Ltd

Torrent Pharma reported strong growth in revenue and profit. Revenue rose in the high-teens to over INR 3,300 crore. Net profit increased by more than 25 percent year on year. India and select global markets contributed well. The company declared an interim dividend, signaling confidence in cash flows. Shares moved higher following the results announcement.

Piramal Pharma Ltd

Piramal Pharma had a difficult quarter. Revenue was slightly lower compared to last year. The company reported a net loss, reflecting pressure in parts of its contract development business. Margins narrowed due to weaker operating ratio. Management pointed to early signs of recovery, but the numbers clearly showed stress for now. The stock remained cautious after the update.

Nandini Piramal, Chairperson, acknowledged that FY26 had been “muted” due to inventory destocking and slower early-stage order inflows in the CDMO business, but she said the company was seeing “early signs of recovery” in order inflows and remained confident in long-term growth prospects.

Natco Pharma Ltd

Natco’s quarter was mixed. Revenue stood near INR 700 crore, with moderate growth. Profit improved compared to last year, supported by product launches and specialty focus. However, performance remained uneven across segments. Investors are watching future launches closely, as specialty drugs remain key to sustained growth.

The Bigger Picture

Q3 FY26 was not a uniform story for pharma. Large players with diversified portfolios held firm. Mid-caps showed selective strength. Companies exposed to export volatility or contract manufacturing felt pressure.

For investors, the message is simple. Growth is still there. But it is not equal across the board. Stock moves are now closely tied to execution, margins, and visibility for the next few quarters.