Neuland Laboratories Limited has informed the Exchange about Transcript
NEULANDLAB · price
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Neuland Labs reported Q3FY26 total income of INR 447.8 crores, up 11.4% year-on-year, with commercial CMS projects contributing over 50% of revenue. EBITDA came in at INR 85 crores at a 19% margin (would have been INR 95 crores / 21% excluding a one-time INR 10 crore impact from new labor codes). Gross margin slipped to 52.1% from 53.2% YoY because one high-margin CMS product and Paliperidone (specialty GDS) did not ship this quarter, though 9MFY26 gross margin was steady at 56%. The company remains in a net cash position with net debt of negative INR 202.6 crores, while working capital days rose to 145. Capex of INR 254 crores was deployed in 9MFY26, with Unit-3 capacity expansion completed and ramp-up underway. Management said the newly commercialized CMS molecule has started shipping, 5–6 innovator peptide projects are in early development, and the new large-scale peptide facility is on track for July commissioning.
Q3 was a soft print on margins and EPS, so the stock may face some near-term pressure. However, management explicitly called the quarter an outlier and reiterated that FY24's ~30% EBITDA margin reflects the business's true earning power, with growth for the next 2–3 years effectively already in place from current products and expanded capacity.