Stocks · Apollo Hospitals vs Sun Pharma
Apollo Hospitals vs Sun Pharma: comparing India's healthcare and pharma sector leaders
Hospital infrastructure and healthcare services platform versus a diversified global pharmaceutical company. A factual, signed comparison, informational and not a recommendation to buy or sell either stock.
The verdict
Apollo Hospitals is India's largest hospital chain by revenue, operating a multi-format healthcare delivery platform with hospitals, pharmacies, and digital health, while Sun Pharmaceutical Industries is India's largest drug company by market cap with a global generics and specialty pharmaceutical business. As of 2026-06-19, the systematic read scores Apollo Hospitals Enterprise Limited 90 and Sun Pharmaceutical Industries Limited 41 on the BazaarBaazi Crack Score, an Edge Score of 99 out of 100 to Apollo Hospitals Enterprise Limited.
BazaarBaaziSource & method
The matchup, at a glanceAPOLLOHOSP 90 · SUNPHARMA 41
The Edge Score is a BazaarBaazi number for this matchup: 50 plus the gap between the two Crack Scores, capped at 100. 50 is a dead heat; the further above 50, the more decisively the systematic read favours the leader.
The case for eachStructural, not a tip
What each stock has going for it, factually. The Crack Score is the live systematic read; the edges are durable structural points, not forecasts.
The case for
Apollo Hospitals Enterprise Limited
Crack Score
90 / 100Bullish
Structural edges
- India's medical tourism is a significant revenue driver for Apollo Hospitals, with international patients from South Asia, Africa, and the Middle East generating premium revenues for specialised procedures.
- Hospital sector has high barriers to entry (capital, talent, regulatory approvals, brand trust) that protect Apollo's incumbency in established markets.
- Apollo Pharmacy is India's largest pharmacy retail chain, creating a recurring consumer touchpoint that extends the healthcare relationship beyond hospital stays.
The case for
Sun Pharmaceutical Industries Limited
Crack Score
41 / 100Mixed
Structural edges
- Sun Pharma's specialty dermatology and ophthalmology branded drugs in the US (Absorica, Ilumya, Cequa) represent higher-margin, more defensible revenue than commodity generics.
- India's largest branded generics business gives Sun Pharma durable chronic-therapy market share that compounds with prescription depth and physician relationships.
- Emerging market presence in Taro (Israel and Canada operations) and international branded generics provides geographic diversification absent from hospital sector investments.
The live ratios, side by sideQ4 FY26 results · live spot
Valuation and quality ratios computed from each company's latest filed results times its live spot, the same engine as the fundamentals calculator. The price-derived ratios (P/E, P/B, yield) move with the market; the rest hold until the next results.
| Apollo Hospitals Enterprise Limited | Sun Pharmaceutical Industries Limited | |
|---|---|---|
| Return on equity | 20.5% | 13.8% |
| Net profit margin | 7.7% | 19.6% |
| EPS growth (YoY) | +34.4% | +4.8% |
| Debt to equity | 0.90 | 0.06 |
Stored from each company's filed results, as of 2026-06-19 and currency-checked; anything we could not verify is shown as n/a rather than guessed. Move the price and watch them react in the calculator.
The comparison, side by sideFactual
Sector, indicative market cap, the live Crack Score and stance, then the structural read on each business. The live valuation and quality ratios are in the table above; read any ratio against the sector and the company's own history.
| Apollo Hospitals Enterprise Limited | Sun Pharmaceutical Industries Limited | |
|---|---|---|
| Sector | Hospitals | Pharmaceuticals |
| Market capIndicative band, refreshed monthly. Read the live figure from the latest screen. | ~1.2 lakh cr | ~4.2 lakh cr |
| Crack Score | 90 / 100 | 41 / 100 |
| Systematic stance | Bullish | Mixed |
| Business type | A healthcare services company: operates hospitals (Apollo Hospitals brand), pharmacies (Apollo Pharmacy), digital health platform (Apollo 24/7), and Apollo ProHealth (preventive health). Revenue is patient-volume and occupancy driven. | A pharmaceutical manufacturer: develops, manufactures, and sells generic and specialty branded drugs in India, the US, and emerging markets. Revenue is driven by product approvals, market share, and pricing dynamics. |
| Revenue model | Revenue per occupied bed (ARPOB), occupancy rate, outpatient volumes, and pharmacy retail turnover. A high fixed-cost model: each incremental occupied bed has a very high incremental margin. | Revenue by geography: India branded generics, US specialty/generics, emerging market branded generics. Earnings are affected by US FDA approvals, pricing in the US generics market, and branded generic volumes in India. |
| Regulatory exposure | Clinical regulatory compliance (hospital licensing, medical council norms, insurance empanelment). Less exposed to USFDA risk than pharma companies. | Significant USFDA exposure: warning letters, inspection outcomes, and import alerts for US-destined products can materially impact revenues from the US business. |
| Growth drivers | Hospital capacity expansion (new beds added in existing and new cities), increasing ARPOB through complex procedure mix enrichment, pharmacy same-store-sales growth, and digital health monetisation. | US specialty pharma pipeline (branded generics, dermatology, ophthalmology), India chronic therapy market share, emerging market branded generics growth, and biosimilar pipeline. |
| Best suited to | The investor who wants a domestic healthcare delivery play, insulated from USFDA risk and global pharma pricing dynamics, benefiting from India's rising health expenditure and medical tourism. | The investor who wants a global pharmaceutical exposure with an Indian large-cap profile, participating in the US generics and specialty market alongside India's branded formulations growth. |
Compute the live valuation and quality ratios for either stock, or read the full signed verdict on APOLLOHOSP and SUNPHARMA.
FAQ2 reader questions · AEO-eligible
The Apollo Hospitals vs Sun Pharma call, distilled and schema-marked for AI Overview, Perplexity, and reader search.
What is ARPOB and why is it a key hospital metric?
ARPOB (Average Revenue Per Occupied Bed) measures the total revenue generated per hospital bed per day that is occupied by a patient. It reflects both the volume of services provided to each patient and the complexity and pricing of those services. Rising ARPOB signals improving procedure mix (more complex, higher-value procedures), better utilisation of ancillary revenue (diagnostics, pharmacy), and pricing power. For Apollo Hospitals, consistent ARPOB growth is the primary indicator of healthcare delivery quality improvement.
How is Sun Pharma different from other Indian pharma companies?
Sun Pharma is differentiated by its specialty pharmaceutical strategy in the US: while most Indian generics companies rely on commoditised ANDA (Abbreviated New Drug Application) generics, Sun has invested in branded specialty drugs in dermatology, ophthalmology, and oncology that carry higher margins, longer product life cycles, and lower competition. This specialty focus, combined with its dominant India branded generics business, makes Sun Pharma's business model higher quality and more defensible than pure generics peers.
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