Pharma sector’s revenue growth to moderate to 7–9% in FY26, says Crisil

**Informist Media: The revenue growth of the [Indian pharmaceutical sector](https://informistmedia.com/EquityWire/36289/Revenue-Growth-View-Pharma-sector-s-revenue-growth-to-moderate-to-7-9-37-in-FY26-says-Crisil)** is expected to moderate to 7–9% in the ongoing fiscal year from 10% in 2024–25 (Apr-Mar), according to a report by global rating agency Crisil. The agency attributed this decline to a high base effect from advance purchases made in FY25, particularly in regulated markets like the US. Meanwhile, shipments to semi-regulated markets and sales at home are expected to remain steady, it said.

Aniket Dani, director of Crisil Intelligence, expects formulation exports to regulated markets to grow 9–11% in FY26, slower than the 14% growth seen in the past two years. This is largely on account of a high base, he said. Overall, launch of new products and drug shortage in the US will support exports. “For semi-regulated markets, sharp currency depreciation in some countries and recurring quality concerns remain key constraints, which will result in exports growing a relatively slow 5–7%,” Dani said.