NSE: NEULANDLAB · BSE: 524558
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. USA and North America (32%), Europe (30%), India (29%), Rest of the world (9%). Asset-heavy pharmaceutical CDMO with lumpy, project-driven revenue and ongoing capacity expansion
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 951 | 1,191 | 1,559 | 1,477 | 2,023 |
| EBITDA (ex other income) | 143 | 272 | 463 | 400 | 574 |
| margin % | 15.0 | 22.8 | 29.7 | 27.1 | 28.4 |
| Owners' profit | 64 | 164 | 0 | 0 | 364 |
| EPS, as reported (₹) | 49.74 | 127.45 | 233.89 | 202.74 | 283.71 |
| ROE % · ROCE % | 7.6 · 9.4 | 16.4 · 20.1 | 23.4 · 29.6 | 17.1 · 20.7 | 19.4 · 23.1 |
| Debt / equity (x) | 0.27 | 0.12 | 0.06 | 0.09 | 0.10 |
| Cash from operations | 59 | 237 | 261 | 317 | 347 |
| Capex | (96) | (66) | (141) | (206) | (390) |
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 | 311 | 398 | 328 | 293 | 514 | 440 | 776 | 642 |
| Profit before tax | 49 | 128 | 39 | 18 | 129 | 54 | 287 | 198 |
| Net profit | 33 | 102 | 28 | 14 | 97 | 41 | 213 | 148 |
| EPS (₹) | 25.60 | 79.18 | 21.67 | 10.83 | 75.49 | 31.62 | 165.76 | 115.10 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India | 92 | 20.8 |
| Europe | 122 | 27.7 |
| USA and North America | 192 | 43.6 |
| Rest of the world | 34 | 7.8 |
| Total, before eliminations | 440 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 51.5 | 30.8 | 119 of 158 | 25% |
| P/B | 13.8 | 3.1 | 153 of 163 | 6% |
| ROCE | 22.0 | 10.8 | 25 of 183 | 87% |
| ROE | 19.4 | 9.8 | 19 of 166 | 89% |
| Debt / Equity | 0.1 | 0.2 | 75 of 166 | 55% |
| EBITDA margin | 36.1 | 17.5 | 18 of 165 | 90% |
| Revenue growth | 119.2 | 16.3 | 7 of 161 | 96% |
| Profit growth | 962.4 | 30.9 | 7 of 158 | 96% |
| Market cap | 25768 | 806 | 25 of 181 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Neuland Labs schedules Q2 FY27 earnings call for November 3 | board shareholder meetings | low | — | — |
| 24 Oct 2026 · Special window for converting physical shares to electronic form | compliance | minimal | — | — |
| 22 Oct 2026 · Board to approve September quarter and half-year results | results | low | — | — |
| 14 Oct 2026 · US FDA closes Unit 3 inspection, issues EIR | regulatory legal | high | — | — |
| 5 Oct 2026 · Reg 74(5) Compliance Certificate for Q2 FY26 Submitted | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 16 Sept 2026 · Neuland Lab to attend Goldman Sachs Healthcare CDMO Day in Singapore, Sep 23-25 | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Neuland commissions first peptide manufacturing module; expansion ahead of schedule | capex operations | high | — | — |
| 9 Sept 2026 · Analyst and Investor Meeting Schedule on September 15 and 17, 2026 | general | low | — | — |
| 9 Sept 2026 · Analyst and investor meetings on Sept 15 and Sept 17 in Hyderabad | general | low | — | — |
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.