NSE: SAILIFE · BSE: 544306
SAI LIFE SCIENCES LIMITED
Operates two service lines for pharmaceutical clients: Contract Development and Manufacturing Organization (CDMO) and Contract Research Organization (CRO). The CDMO business generated ₹1,417 crore in FY26, up 33% year-on-year, while the CRO business generated ₹775 crore, up 24% year-on-year. Together they delivered ₹2,192.49 crore in revenue for FY26, a 29% rise over the prior year. EBITDA reached ₹661 crore at a 30.66% margin, with net profit of ₹348.91 crore. A front-loaded capex of ₹1,100-1,300 crore is planned for FY27 — versus ₹633 crore in FY26 — with 62% allocated to CDMO and 38% to CRO/capabilities, aimed at nearly doubling manufacturing capacity by FY27. The largest cost lines are employees at 31.2% of revenue and materials at 26.4%, followed by other operating expenses (14%) and depreciation (7.6%). Middle East geopolitical tensions have raised input and logistics costs, prompting customer discussions on cost revisions. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. CDMO (Contract Development and Manufacturing Organization), CRO (Contract Research Organization). Service-driven pharma outsourcing with high employee intensity and front-loaded capex
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,695 | 2,192 |
| EBITDA (ex other income) | 406 | 623 |
| margin % | 23.9 | 28.4 |
| Owners' profit | 170 | 349 |
| EPS, as reported (₹) | 8.83 | 16.63 |
| ROE % · ROCE % | 8.0 · 12.5 | 14.0 · 18.1 |
| Debt / equity (x) | 0.06 | 0.04 |
| Cash from operations | 314 | 509 |
| Capex | (369) | (593) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 440 | 580 | 496 | 537 | 556 | 602 | 554 |
| Profit before tax | 72 | 119 | 81 | 112 | 134 | 139 | 98 |
| Net profit | 54 | 88 | 60 | 84 | 100 | 104 | 73 |
| EPS (₹) | 2.89 | 4.24 | 2.90 | 4.01 | 4.77 | 4.93 | 3.46 |
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 | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 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) | 86.5 | 30.1 | 138 of 158 | 13% |
| P/B | 12.7 | 3.0 | 151 of 163 | 7% |
| ROCE | 16.7 | 10.8 | 50 of 183 | 73% |
| ROE | 14.1 | 9.8 | 50 of 166 | 70% |
| Debt / Equity | 0.0 | 0.2 | 58 of 166 | 66% |
| EBITDA margin | 27.3 | 17.5 | 43 of 165 | 74% |
| Revenue growth | 11.7 | 16.3 | 89 of 161 | 45% |
| Profit growth | 21.2 | 30.9 | 88 of 158 | 45% |
| Market cap | 31525 | 810 | 20 of 181 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Earnings call scheduled for Q2 FY27 results on Nov 6, 2026 | board shareholder meetings | low | — | — |
| 12 Oct 2026 · 54,500 equity shares allotted under ESOP 2008 | capital market events | low | — | — |
| 5 Oct 2026 · Routine compliance certificate on share dematerialization for Q2 FY2027 | compliance | minimal | — | — |
| 1 Oct 2026 · Board meeting on Nov 5, 2026 to consider Q2 and H1 FY27 unaudited results | results | low | — | — |
| 28 Sept 2026 · Trading window closed ahead of Q2 FY27 results announcement | compliance | minimal | — | — |
| 18 Sept 2026 · Allotment of 24,000 equity shares under ESOP 2008 plan | capital market events | low | — | — |
| 17 Sept 2026 · 27th AGM voting results: All resolutions passed with requisite majority | board shareholder meetings | low | — | — |
| 17 Sept 2026 · 27th AGM of Sai Life Sciences held on Sept 17, 2026 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Sai Life Sciences to attend Jefferies 5th India Forum on Sept 18 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Sai Life Sciences to attend Morgan Stanley Healthcare Conference on Sep 14 | board shareholder meetings | 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.