NEULAND LAB LTD.

Manufactures active pharmaceutical ingredients (APIs) and intermediates, offering contract development and manufacturing services (CDMO) to global generic and innovator drug companies. Q4 FY26 was a record quarter at INR 788.7 crores, driven by commercial contract manufacturing (CMS) projects which contributed over two-thirds of that quarter's revenue. FY26 revenue was INR 2,022.99 crores (or INR 2,053.1 crores per the earnings call, +37.1% YoY), with EBITDA margin at 29.4%. The company is building a peptide CDMO facility due for July 2026 completion, targeting an estimated $5-6 billion peptide CDMO market opportunity, with 8-10 early-stage peptide programmes in pipeline and a focus on GLP-1 therapeutics. Manufacturing runs across two Telangana sites — Unit 1 at Bonthapally and Unit 3 at Gaddapotharam — where expanded capacities recently commenced commercial production. Exports account for about 76% of revenue, with USA/North America, Europe and India each contributing roughly a third of FY26 YTD segment revenue. The biggest cost is materials at 40.5% of revenue, followed by employees at 16.9% and other operating expenses at 17.4%, with capex at 19.3% of revenue reflecting the ongoing capacity expansion.