NSE: DIVISLAB · BSE: 532488
DIVI S LABORATORIES LTD
Manufactures active pharmaceutical ingredients (APIs) and intermediates, splitting revenue roughly 45% from generic APIs and 55% from custom synthesis (CS) for innovator drug companies. Exports account for 89% of sales across 80 countries, with Europe and the US together at 74% of revenue. Operates manufacturing units including Unit 3 at Kakinada, where a ₹1,500 crore expansion is underway with ₹600 crores already capitalized and CWIP standing at ₹2,113 crores as of March 31, 2026. Is scaling peptide manufacturing with several 3,000-litre SPPS reactors validated across multiple therapeutic categories, targeting global top-2 peptide scale. Has iodine-based contrast media in commercial stage and Gadolinium in Phase II/III qualification, alongside three dedicated CS projects awaiting customer regulatory approvals for commercialization. Raw materials are the largest input cost at 41.5% of revenue, with roughly 40% of raw materials imported, providing a natural hedge against export earnings. FY26 consolidated revenue was ₹10,560 crores and PAT ₹2,568 crores; Q1 FY27 total income reached ₹3,144 crores with PAT of ₹902 crores. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Generics (APIs) (45%), Custom Synthesis (CS/CDMO) (55%), Peptides, Contrast Media. Export-oriented, debt-free, asset-heavy pharmaceutical manufacturer with significant capex underway in custom synthesis and peptides.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8,960 | 7,768 | 7,845 | 9,360 | 10,560 |
| EBITDA (ex other income) | 3,882 | 2,368 | 2,205 | 2,968 | 3,367 |
| margin % | 43.3 | 30.5 | 28.1 | 31.7 | 31.9 |
| Owners' profit | 2,960 | 1,823 | 1,600 | 2,191 | 2,568 |
| EPS, as reported (₹) | 111.52 | 68.69 | 60.27 | 82.53 | 96.75 |
| ROE % · ROCE % | 25.2 · 30.3 | 14.3 · 17.8 | 11.8 · 15.3 | 14.6 · 18.9 | 15.3 · 19.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 1,912 | 2,460 | 1,261 | 1,653 | 2,738 |
| Capex | (713) | (473) | (1,003) | (1,438) | (2,520) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,338 | 2,319 | 2,585 | 2,410 | 2,715 | 2,604 | 2,831 | 3,080 |
| Profit before tax | 722 | 726 | 864 | 733 | 912 | 780 | 963 | 1,180 |
| Net profit | 510 | 589 | 662 | 545 | 689 | 583 | 751 | 902 |
| EPS (₹) | 19.20 | 22.20 | 24.93 | 20.49 | 25.97 | 21.98 | 28.31 | 33.95 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD ◆ | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 87.0 | 30.8 | 137 of 158 | 13% |
| P/B | 15.2 | 3.1 | 154 of 163 | 6% |
| ROCE | 18.8 | 10.8 | 41 of 183 | 78% |
| ROE | 15.3 | 9.8 | 47 of 166 | 72% |
| Debt / Equity | 0.0 | 0.2 | 1 of 166 | 79% |
| EBITDA margin | 42.8 | 17.5 | 7 of 165 | 96% |
| Revenue growth | 27.8 | 16.3 | 52 of 161 | 68% |
| Profit growth | 65.5 | 30.9 | 53 of 158 | 67% |
| Market cap | 253976 | 806 | 2 of 181 | 99% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board meeting on Nov 7 to consider Q2 FY27 results | results | low | — | — |
| 6 Oct 2026 · Routine quarterly compliance certificate for share dematerialization filed by Registrar | compliance | minimal | — | — |
| 30 Sept 2026 · Trading Window Closure Under SEBI Insider Trading Regulations | compliance | minimal | — | — |
| 12 Sept 2026 · Newspaper ad on special window for physical share demat | compliance | minimal | — | — |
| 10 Aug 2026 · Divi's Labs AGM 2026: 4 resolutions passed, Rs.30 dividend approved | board shareholder meetings | medium | — | — |
| 6 Aug 2026 · Q1 FY27 transcript: PAT up 65%, 10% constant currency growth | investor communications | medium | — | — |
| 3 Aug 2026 · Newspaper clippings of Q1 FY27 unaudited results filed | compliance | minimal | — | — |
| 1 Aug 2026 · Q1 FY27 earnings call audio recording uploaded | investor communications | low | — | — |
| 1 Aug 2026 · Divi's Labs Q1 PAT up 66%, appoints two senior management personnel | management changes | high | — | — |
| 1 Aug 2026 · Divi's Labs Q1 FY27: consolidated PAT up 65% YoY to Rs 902 cr | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.