India Ratings and Research (Ind-Ra) expects the Indian pharmaceutical market (IPM) to sustain 7%–8% yoy sales growth in FY26, underpinned by chronic therapies and steady volume recovery. January 2026’s 10.2% yoy sector growth was driven by a mix of price hikes, volumes, and product launches. “Cardiac, respiratory, anti‑diabetic, and central nervous system (CNS) therapies should continue to outgrow IPM given structural tailwinds”, says Nishith Sanghvi, Director, Ind-Ra.

Intas Pharmaceuticals Limited, Sun Pharmaceuticals Limited, Glenmark Pharmaceuticals Limited (debt rated at IND AA/Positive), Torrent Pharmaceuticals Limited (debt rated at IND AA+/Stable) were the major outperformers of IPM.

Chronic Therapies to Continue Outperforming: Ind-Ra expects chronic therapies to outpace IPM as compliance improves and lifestyle diseases rise. The trend continued in MAT January 2026 with cardiac value growing 13.2% yoy, anti‑diabetic 9.9% yoy, CNS 9.4% yoy, and respiratory 10.3% yoy, all above IPM’s value trend.

Ind-Ra expects companies with strong presence in chronic therapies should outperform IPM. In MAT January 2026, Intas showed growth of 12.5% yoy, Sun Pharma 12.4% yoy, Glenmark 12.4% yoy, Torrent 11.3% yoy, outperforming the IPM. Scale and speciality depth also reflect in market share (e.g., Sun - 8.4%, Abbott - 5.9%), suggesting continued market share gains as pipelines/brand updates and improved field productivity. While pricing caps and competitive intensity remain a concern, demand favours chronic‑led portfolios.