Hi Mohan,
As far as I know, you need to have a five years degree if you graduated after 2003. So, in your case you can do the 5th year from Nirma University and upgrade your B.Pharm.(4 yrs degree) to Pharm.D. (5 Years). I do not know anything about Nirma University though; You have to make sure about it.
But M.Pharm. won't help because it is a separate 2 years degree.
Hope it gives you some idea.