LAURUS LABS LIMITED

Operates as an R&D-driven pharmaceutical platform with two principal divisions. The CDMO (Contract Development and Manufacturing Organization) division supplies small-molecule active ingredients and finished dosage forms to global innovator customers from late-stage clinical through commercial supply, and earned ₹835 crores in Q1 FY27 (+69% YoY) with 55% of the mix from commercial supplies. The division is also investing in newer modalities — peptides, antibody-drug conjugates (ADCs), gene therapy and precision fermentation — with a 400+ KL fermentation Phase-1 capacity targeted to be live by end-CY2026. The Affordable Medicines division makes generic APIs and formulations for HIV (antiretrovirals, or ARVs), oncology and other therapeutic categories, recording ₹1,156 crores in Q1 FY27 (+10% YoY), with ARVs at roughly one-third of division revenue and a cumulative filing base of 92 Drug Master Files and 96 formulation dossiers. R&D spending ran at 5.8% of revenue in Q1 FY27 and the company held 24 quality audits in the quarter with no critical findings. Direct export intensity is stated at 55–60%, and FY27 capex guidance was raised to ₹2,000 crores (from ₹1,500 crores) to fund customer-led capacity, with cumulative FY22-27 capex exceeding ₹4,700 crores. Costs are dominated by materials (41% of FY26 revenue), with employee cost at 13.1% and depreciation at 7.0%; capital expenditure itself is reported at 15.7% of FY26 revenue. AR · MarketPing reader · 2026-08-02

Revenue streams, as the annual report describes them. CDMO (Small Molecule and New Modalities), Affordable Medicines (Generics API and Formulations). Asset-heavy, capex-intensive pharmaceutical manufacturer scaling its CDMO (innovator outsourcing) franchise alongside a high-volume generics business.

Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)