The Indian Pharmaceutical Industry is a US dollar 33 billion industry in 2017 and recognised as growth driver. The industry is the back bone behind maintaining the healthcare system of our country. The term performance can be judged from different angles according to the viewpoint of the different users of the same. When a financial analyst explains performance then that will be from profitability and growth perspective. But an economist will contradict the financial analyst by judging the performance from the viewpoint of maximum utilisation of resources with equal distribution of wealth and gains. The study tried to investigate financial strengths and weaknesses of the companies. Generally, the relationship between different items of profit and loss account and balance sheet are scrutinised to detect the financial health of the companies. Ratio Analysis is used in the study for performance analysis. The study scrutinised their financial performances taking into account unit level disaggregation. The analysis results are useful for the industry analysis and will facilitate industry predictors as well as academia