Five earn less than they used to.
Seven of the eight sold more in FY26 than in any year of their history. Only three earned more.
Divi’s profit is 13% below its FY22 peak on 18% more revenue. Gland is 15% below FY22 on 46% more. Laurus earns less today than it did in FY21 — after ₹4,700 crore of capital spending — and its shares are up 108% in a year at 111 times earnings. Syngene is 38% below FY24. Piramal lost money.
Five years of work has added 61% to the sector’s sales and 3% to its profit.
The profit line peaked in the COVID window and has only just clawed back to where it started. That gap is why the two highest ratings here belong to companies earning less than they did four and five years ago.
A sector, read end to end, and the companies as they are published. Roughly monthly. Nothing else, and one click to stop.
Not advice. Quotes are from the companies’ own earnings calls; figures from their filings.