Archive · 2 Nov 2025
Top Indian Pharma Companies See Exceptional Growth in API Manufacturing
Imagine some companies that make special ingredients for medicines.
These companies in India have been doing a fantastic job, making a lot more money than other similar companies.
One company, Gujarat Themis, is special because it makes ingredients for a TB medicine using a special process.
Another company, Alivus Life Sciences, used to be part of a bigger company and makes many different medicine ingredients, investing a lot in new ideas.
The third company, Blue Jet Healthcare, is great at making ingredients that help doctors see inside your body with X-rays and scans.
They have very long contracts with their customers.
All three are growing well because they focus on making these important medicine parts, showing that India is becoming a leader in creating new medicine ingredients, not just copying old ones.
Three Indian pharmaceutical companies, Gujarat Themis Biosyn, Alivus Life Sciences, and Blue Jet Healthcare, have shown exceptional financial performance over the last five years.
These companies specialize in the manufacturing of Active Pharmaceutical Ingredients (APIs) and niche pharmaceutical intermediates.
Gujarat Themis Biosyn leads with a 53.4% ROCE, driven by its unique fermentation-based manufacturing and Rifamycin production.
Alivus Life Sciences, formerly Glenmark Life Sciences, focuses on high-value APIs for chronic conditions and has a robust R&D pipeline and expanding manufacturing capacity.
Blue Jet Healthcare excels in contrast media intermediates, holding a significant market share and benefiting from long-term contracts with major global players.
- Who
- Gujarat Themis Biosyn, Alivus Life Sciences (formerly Glenmark Life Sciences), and Blue Jet Healthcare
- What
- These companies have demonstrated exceptional financial returns, particularly in the manufacturing of Active Pharmaceutical Ingredients (APIs) and specialized intermediates.
- When
- Over the last five years, with specific financial data provided up to FY25.
- Where
- India
- Why
- Focus on niche product development, complex chemistry, investments in R&D, expansion of manufacturing capacities, and long-term client relationships.
- Gujarat Themis Biosyn ROCE (5-year avg)
- 53.4%
- Alivus Life Sciences ROCE (5-year avg)
- 44.4%
- Blue Jet Healthcare ROCE (5-year avg)
- 43.1%
- Industry Median ROCE
- 16.9%
- Gujarat Themis Sales FY25
- ₹151 crore
- Alivus Life Sciences Sales FY25
- ₹2,387 crore
- Blue Jet Healthcare Sales FY25
- ₹1,030 crore