3 Oncology and Biologics, Formulation Outsourcing and Eye and Skin Care Brands Stocks With a Strong Future Roadmap: Shilpa Medicare, Innova Captab and Ajanta Pharma
- October 22, 2026
- Posted by: Lakshit Sharma
- Category: Best Stocks
Shilpa Medicare, Innova Captab and Ajanta Pharma: ROE of 9.4% to 23.3% and FY22 to FY26 revenue CAGR of 7.5% to 19.5%. Prices as of 21 Oct 2026.
Quick Answer
The three oncology and contract pharma stocks to watch are Shilpa Medicare, Innova Captab and Ajanta Pharma. Their return on equity ranges from 9.4% to 23.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.5% to 19.5%. Ajanta Pharma has the highest return on equity at 23.3%, while Innova Captab has the fastest revenue growth at 19.5% a year. Prices are based on the 21 October 2026 close, and this article is educational, not investment advice.
Oncology and contract pharma stocks let investors follow companies that make cancer medicines, manufacture for others and build niche brands. Shilpa Medicare, Innova Captab and Ajanta Pharma cover oncology and biologics, formulation outsourcing, and eye and skin care brands.
This list covers three oncology and contract pharma stocks with complete current figures: Shilpa Medicare, Innova Captab and Ajanta Pharma. Every figure comes from the latest reported financials and the 21 October 2026 market close. Companies without complete current figures were left out.
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What Are Oncology and Contract Pharma Stocks?
Oncology and contract pharma stocks are listed pharmaceutical companies that focus on cancer care, make formulations for other drug marketers or sell niche branded generics. Their earnings depend on approvals, customer contracts and brand strength.
Oncology and Contract Pharma Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Shilpa Medicare | 845.2 | 17,132 | 57.6 | 36.0 | 9.4 | 0.25 |
| Innova Captab | 980.2 | 5,736 | 37.2 | 36.0 | 12.9 | 0.32 |
| Ajanta Pharma | 3,260.2 | 41,241 | 36.3 | 36.0 | 23.3 | 0.06 |
On valuation, all three trade at a P/E above their industry P/E, which reflects the growth the market already expects from them. Readers comparing oncology and contract pharma stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain. With the Q2 FY27 results season close, investors in oncology and contract pharma stocks can use the coming numbers to test whether growth is holding.
Why Do Oncology and Contract Pharma Stocks Have a Strong Roadmap in India?
Oncology and contract pharma stocks have a strong roadmap in India because cancer care is a growing category, drug marketers are outsourcing production and niche brands build loyal prescription bases.
- Cancer care demand. More diagnosis and treatment lifts demand for oncology medicines.
- Outsourced production. Marketers use partners to make formulations at scale.
- Niche brands. Eye and skin care brands win repeat prescriptions.
Why Shilpa Medicare Features Among These Oncology and Contract Pharma Stocks
Among the oncology and contract pharma stocks on this list, Shilpa Medicare, headquartered in Raichur, Karnataka, is a pharmaceutical company with active ingredients, formulations, biologics and contract development and manufacturing under one roof, with a focus on oncology.
The company has a return on equity of 9.4%, a debt to equity ratio of 0.25 and a market capitalisation of Rs 17,132 crore. The stock trades at a P/E of 57.6, above the industry P/E of 36.0.
Revenue rose from Rs 1,160 crore in FY22 to Rs 1,549 crore in FY26, a compound annual growth rate of 7.5%. Net profit grew from Rs 60.6 crore in FY22 to Rs 243 crore in FY26, which works out to a compound annual growth rate of 41.6%. In the June 2026 quarter, revenue grew 43.0% year on year to Rs 469 crore, while net profit rose 115.1% to Rs 101 crore.
Roadmap: Its path forward combines a growing biologics and specialty injectables pipeline with contract manufacturing for global partners. Multiple business lines give it more than one route to scale as regulatory approvals arrive.
What to watch: Follow regulatory approvals and commercial launches, since these drive the timing of earnings.
Why Innova Captab Features Among These Oncology and Contract Pharma Stocks
Among the formulation outsourcing shares on this list, Innova Captab is a Himachal Pradesh-based pharmaceutical company that makes formulations for other pharma companies, manufactures its own branded generics and supplies active ingredients.
Revenue rose from Rs 803 crore in FY22 to Rs 1,637 crore in FY26, a compound annual growth rate of 19.5%. Net profit grew from Rs 64.0 crore in FY22 to Rs 141 crore in FY26, which works out to a compound annual growth rate of 21.8%.
In the June 2026 quarter, revenue grew 32.8% year on year to Rs 473 crore, while net profit rose 42.3% to Rs 44.1 crore. The company has a return on equity of 12.9%, a debt to equity ratio of 0.32 and a market capitalisation of Rs 5,736 crore. The stock trades at a P/E of 37.2, above the industry P/E of 36.0.
Roadmap: The company combines contract manufacturing with its own branded generics business, which lets it capture more of the value chain. It has also been expanding capacity and widening its customer base.
What to watch: Watch the growth in the branded business and the utilisation of expanded capacity.
Why Ajanta Pharma Features Among These Oncology and Contract Pharma Stocks
Among the three companies on this list, Ajanta Pharma is a specialty pharmaceutical company that sells branded generics in India and in emerging markets across Asia and Africa, with a focus on ophthalmology, dermatology, cardiology and pain management, and also sells generics in the United States.
In the June 2026 quarter, revenue grew 27.7% year on year to Rs 1,697 crore, while net profit rose 30.9% to Rs 334 crore. Revenue rose from Rs 3,457 crore in FY22 to Rs 5,625 crore in FY26, a compound annual growth rate of 12.9%.
Net profit grew from Rs 713 crore in FY22 to Rs 1,056 crore in FY26, which works out to a compound annual growth rate of 10.3%. The company has a return on equity of 23.3%, a debt to equity ratio of 0.06 and a market capitalisation of Rs 41,241 crore. The stock trades at a P/E of 36.3, above the industry P/E of 36.0.
Roadmap: The company concentrates on niche therapies where it holds leading positions and has a wide field force in India and Africa. A steady flow of new launches and a debt-free balance sheet support expansion in branded markets.
What to watch: Monitor the pace of new launches in branded markets and the recovery trends in the United States generics business.
Shilpa Medicare vs Innova Captab vs Ajanta Pharma on Key Financials
The table below sets the three oncology and contract pharma stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| Shilpa Medicare | 1,160 | 1,549 | 7.5% | 243 | 15.7% |
| Innova Captab | 803 | 1,637 | 19.5% | 141 | 8.6% |
| Ajanta Pharma | 3,457 | 5,625 | 12.9% | 1,056 | 18.8% |
Ajanta Pharma posts the highest return on equity in this group at 23.3%. Ajanta Pharma has the largest FY26 revenue at Rs 5,625 crore, and Innova Captab shows the fastest revenue growth with a 19.5% compound annual rate. A useful habit with oncology and contract pharma stocks is to check each new quarterly result against the capacity plans the company described earlier.
The June 2026 quarter, the latest reported, gives a fresh read on momentum:
| Company | Q1 FY26 Revenue (Rs Cr) | Q1 FY27 Revenue (Rs Cr) | Year-on-Year Growth |
|---|---|---|---|
| Shilpa Medicare | 328 | 469 | 43.0% |
| Innova Captab | 356 | 473 | 32.8% |
| Ajanta Pharma | 1,329 | 1,697 | 27.7% |
Key Risks to Check Before Investing in Oncology and Contract Pharma Stocks
Every theme carries risks that deserve a check before any decision. For these oncology and contract pharma stocks, the main points are: Long-term formulation outsourcing shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Customer concentration. A few large customers can shape contract revenue.
- Approval timelines. Launches depend on regulatory decisions that can shift.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter oncology and contract pharma stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Oncology and Contract Pharma Stocks
Oncology and contract pharma stocks reward investors who follow approvals, customer contracts and brand growth together. Shilpa Medicare, Innova Captab and Ajanta Pharma each target a distinct niche. Based on the 21 October 2026 close, Shilpa Medicare trades at Rs 845.2, Innova Captab at Rs 980.2 and Ajanta Pharma at Rs 3,260.2. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these oncology and contract pharma stocks to a watchlist.
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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
What are oncology and contract pharma stocks?
Ans. Oncology and contract pharma stocks are listed pharmaceutical companies that focus on cancer care, make formulations for other drug marketers or sell niche branded generics. Their earnings depend on approvals, customer contracts and brand strength. This list looks at three of them, Shilpa Medicare, Innova Captab and Ajanta Pharma, using reported FY22 to FY26 financials and the 21 October 2026 closing prices.
Which oncology and contract pharma stocks are covered in this list?
Ans. This list covers Shilpa Medicare, Innova Captab and Ajanta Pharma. Based on the 21 October 2026 close, Shilpa Medicare traded at Rs 845.2, Innova Captab at Rs 980.2 and Ajanta Pharma at Rs 3,260.2. Their return on equity ranges from 9.4% to 23.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.5% to 19.5%.
Why do oncology and contract pharma stocks have a strong future roadmap in India?
Ans. Oncology and contract pharma stocks have a strong roadmap in India because cancer care is a growing category, drug marketers are outsourcing production and niche brands build loyal prescription bases. The main drivers are as follows. Cancer care demand. More diagnosis and treatment lifts demand for oncology medicines. Outsourced production. Marketers use partners to make formulations at scale. Niche brands. Eye and skin care brands win repeat prescriptions. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Shilpa Medicare performed financially?
Ans. Revenue rose from Rs 1,160 crore in FY22 to Rs 1,549 crore in FY26, a compound annual growth rate of 7.5%. Net profit grew from Rs 60.6 crore in FY22 to Rs 243 crore in FY26, which works out to a compound annual growth rate of 41.6%. In the June 2026 quarter, revenue grew 43.0% year on year to Rs 469 crore, while net profit rose 115.1% to Rs 101 crore. The company has a return on equity of 9.4%, a debt to equity ratio of 0.25 and a market capitalisation of Rs 17,132 crore. The stock trades at a P/E of 57.6, above the industry P/E of 36.0. Looking ahead, its path forward combines a growing biologics and specialty injectables pipeline with contract manufacturing for global partners. Multiple business lines give it more than one route to scale as regulatory approvals arrive.
How has Innova Captab performed financially?
Ans. Revenue rose from Rs 803 crore in FY22 to Rs 1,637 crore in FY26, a compound annual growth rate of 19.5%. Net profit grew from Rs 64.0 crore in FY22 to Rs 141 crore in FY26, which works out to a compound annual growth rate of 21.8%. In the June 2026 quarter, revenue grew 32.8% year on year to Rs 473 crore, while net profit rose 42.3% to Rs 44.1 crore. The company has a return on equity of 12.9%, a debt to equity ratio of 0.32 and a market capitalisation of Rs 5,736 crore. The stock trades at a P/E of 37.2, above the industry P/E of 36.0. Looking ahead, the company combines contract manufacturing with its own branded generics business, which lets it capture more of the value chain. It has also been expanding capacity and widening its customer base.
How has Ajanta Pharma performed financially?
Ans. Revenue rose from Rs 3,457 crore in FY22 to Rs 5,625 crore in FY26, a compound annual growth rate of 12.9%. Net profit grew from Rs 713 crore in FY22 to Rs 1,056 crore in FY26, which works out to a compound annual growth rate of 10.3%. In the June 2026 quarter, revenue grew 27.7% year on year to Rs 1,697 crore, while net profit rose 30.9% to Rs 334 crore. The company has a return on equity of 23.3%, a debt to equity ratio of 0.06 and a market capitalisation of Rs 41,241 crore. The stock trades at a P/E of 36.3, above the industry P/E of 36.0. Looking ahead, the company concentrates on niche therapies where it holds leading positions and has a wide field force in India and Africa. A steady flow of new launches and a debt-free balance sheet support expansion in branded markets.
What risks should investors check before buying oncology and contract pharma stocks?
Ans. Investors should check a few risks before buying oncology and contract pharma stocks. Customer concentration. A few large customers can shape contract revenue. Approval timelines. Launches depend on regulatory decisions that can shift. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of oncology and contract pharma stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 21 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.