Zydus Lifesciences and Glenmark Pharma recorded the highest growth among Nomura's coverage universe in August 2026, while semaglutide generics sales rose 2% month-on-month, the brokerage said in its September 8 note. The India pharmaceuticals market (IPM) grew 10.7% year-on-year in August, driven by price increases of 6.1%, new product launches of 3.5% and volume growth of 1.1%.
"After a lull in CY24 and CY25, IPM growth has picked up in CY26 and has been trending in double-digits in CY26, to date," Nomura said. It attributed the recovery to "the low volume in the base, a pick-up in new launch contribution like GLP-1 (~60bp), a pick-up in chronic therapies such as cardiac and oncology, and strong growth in VMNs (Vitamins, Minerals and Nutrients) and gynaecology".
In terms of value, Zydus and Glenmark recorded the highest growth among Nomura's coverage universe. For MAT August 2026, Glenmark grew 14.9% y-o-y, followed by Torrent Pharma at 14.8% and Zydus at 14.1%.
Among large therapies, VMNs grew the fastest in August, followed by cardiac and anti-diabetes. While VMN and cardiac growth was largely driven by price, anti-diabetes growth was largely driven by new product launches, with GLP-1 contributing around 53% to the segment's growth.
"Overall price increase has remained steady at 5-6%," Nomura said. It added that while the cyclical growth recovery is positive, "the structural threat to market growth from trade generics and private-label medicines remains".