Biotech exposure from discovery to contract manufacturing, tiered by what stage the business is actually at.
Core — the theme IS a principal business todayGrowing — real operations, not yet the main businessAnnounced — committed plans or orders, little revenue yetMention-only — appears only as outlook language
Biocon Limited.PharmaceuticalsCore business₹67,361 CrP/E 111.1 vs 28.5ROCE 0.9%
Biocon is a biopharmaceutical company whose core business is biosimilars, biologics and complex generics — biosimilars alone contributed 60% of FY26 business revenue.
“Biosimilars: D 104,312 million, (USD 1.18 billion) Growth 16%”
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“we have invested significantly to build end-to-end capabilities across R&D, manufacturing and commercial execution, with biosimilars as our core growth engine, alongside selective investments in generics where we have differentiated capabilities.”
Sai Life SciencesPharmaceuticalsCore business₹30,856 CrP/E 75.1 vs 28.5ROCE 16.7%
Sai Life Sciences is a fully integrated CRDMO whose entire business is providing discovery, development, and manufacturing services to global pharmaceutical and biotechnology innovator clients (300+ including 18 of the top 25 big pharma).
“We serve global pharmaceutical and biotechnology companies with customized solutions that accelerate the journey of molecules from discovery to the market for a healthier tomorrow.”
Cohance LifesciencesPharmaceuticalsCore business₹17,690 CrP/E 157.3 vs 28.5ROCE 4.1%
Cohance is a fully integrated global CDMO providing development and manufacturing services for biologics modalities including oligonucleotides, bioconjugation, and complex APIs/ADCs, representing its principal business.
“Cohance Lifesciences is a fully integrated global CDMO, partnering with leading innovators across the entire product lifecycle- from route scouting and early development to commercial manufacturing. With advanced capabilities in oligonucleotides, bioconjugation and complex small molecules, we address some of the most challenging chemistries in the industry.”
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“Cohance is well-positioned in high-growth verticals such as ADCs, oligonucleotides and specialty APIs, aligned with global innovation trends.”
Torrent Pharma has expanded strategic focus into biologics (particularly oncology), supported by in-house API capabilities and a Bioequivalence Centre, though biologics is not a main revenue driver.
“We also expanded our strategic focus into biologics, particularly oncology, while our in-house API capabilities and Bioequivalence Centre continue to support speed, quality, and execution.”
CiplaPharmaceuticalsGrowing₹1.16 L CrP/E 47.0 vs 28.5ROCE 14.7%
Cipla is investing in next-generation biotech modalities such as biosimilars and oligonucleotides, alongside commercial biosimilar and complex oncology injectable launches in North America.
“We are advancing next-generation modalities, including oligonucleotides and biosimilars, supported by focused R&D investments and strategic collaborations.”
LupinPharmaceuticalsGrowing₹1.01 L CrP/E 19.1 vs 28.5ROCE 26.7%
Biosimilars are part of Lupin's current diversified pharmaceutical portfolio alongside generics, complex generics and specialty medicines.
“Our diversified portfolio spans generics, complex generics, specialty medicines, and biosimilars, enabling us to address evolving healthcare needs and deliver high-quality, accessible solutions at scale.”
Mankind PharmaPharmaceuticalsGrowing₹98,412 CrP/E 52.3 vs 28.5ROCE 10.8%
Through BSV (Bharat Serums and Vaccines) and its in-house R&D, Mankind develops and manufactures biologics, vaccines, recombinant/biosimilar products (e.g., Insulin Aspart, recombinant FSH, immunoglobulins) and is setting up a biologics drug substance facility in Vadodara.
“Complex R&D platform across recombinant tech, niche biologics, immunoglobulins and complex delivery systems.”
Laurus LabsPharmaceuticalsGrowing₹97,281 CrP/E 91.6 vs 28.5ROCE 17.2%
Laurus operates a dedicated Bio division (3% of FY25-26 revenue) built on fermentation-led biomanufacturing, is establishing gene therapy and ADC process development labs in Hyderabad, and serves biotech customers through its CDMO platform.
“Beyond small molecules, we are strengthening our presence in biotechnology, large molecules, cell and gene therapies, while broadening our offerings across human and animal health, crop science and specialty ingredients.”
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“Our Bio CDMO business is built on large-scale microbial fermentation and downstream processing capabilities, supporting global customers across development and manufacturing of bio-based products, specialty ingredients and industrial biotechnology applications.”
Aurobindo PharmaPharmaceuticalsGrowing₹94,165 CrP/E 25.7 vs 28.5ROCE 12.6%
Through CuraTeQ Biologics and TheraNym Biologics, Aurobindo develops and manufactures biosimilars (Dazublys, Dyrupeg, Zefylti, Bevqolva commercialized in EU/UK/Canada) and operates a biologics CMO with MSD as anchor customer; a real revenue stream but secondary to its core generic formulations/API business.
“CuraTeQ Biologics, a wholly-owned subsidiary of Aurobindo Pharma, is developing a portfolio of biosimilars aimed at widening patient access to complex, high-cost biologic therapies.”
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“We are enhancing presence in complex, niche, and specialty segments, such as oral solids, sterile injectables, biosimilars, semi-synthetic, and peptide-based products. 58% of our FY26 R&D spending was in these areas”
Alkem LaboratoriesPharmaceuticalsGrowing₹64,557 CrP/E 37.0 vs 28.5ROCE 17.8%
Alkem operates a biotech platform through Enzene Biosciences covering biosimilars and a Bio-CDMO initiative in New Jersey, with regulatory filings (USFDA, EMA, CEP) and European commercialisation imminent.
“We are building capabilities in next-generation biologics and complex molecules through Enzene Biosciences, strengthening our presence across the biotechnology value chain.”
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“Enzene Biosciences, the biosimilar and contract development and manufacturing platform, is moving from build phase into commercial activation.”
Tube Invest OF IndiaAuto Components & EquipmentsGrowing₹55,869 CrP/E 111.1 vs 26.9ROCE 12.4%
Subsidiary 3xper Innoventure provides biotech CDMO services from lab-scale to commercial-scale manufacturing for global clinical customers.
“The venture into Contract Development and Manufacturing Operations (CDMO) through 3xper Innoventure Limited is showing significant promise. 3xper now offers a comprehensive suite of services, ranging from small-scale lab material generation to full commercial-scale manufacturing.”
Abbott IndiaPharmaceuticalsGrowing₹55,781 CrP/E 35.9 vs 28.5ROCE 41.4%
Abbott India operates a stated 'Vaccines' key business area marketing biologics such as Influvac (influenza), Pneumoshield 14 (pneumococcal) and Havshield (hepatitis A), but it is one of several therapeutic segments rather than the principal business.
“The Vaccines business advanced a prevention-focused agenda across pediatric and adult immunization, helping protect individuals and communities against vaccine-preventable diseases, including influenza, pneumococcal disease, hepatitis A, typhoid, and Japanese encephalitis.”
PI IndustriesPesticides & AgrochemicalsGrowing₹37,951 CrP/E 37.0 vs 25.0ROCE 14.5%
PI Health Sciences operates a pharmaceutical CRDMO platform with sites in Jaipur, Hyderabad and Lodi (Italy), one of two stated strategic business platforms, though still being scaled versus the dominant AgChem business.
“PIHS is an integrated pharmaceutical Contract Research, Development and Manufacturing Organization (CRDMO) platform. Investments in discovery capabilities, digital tools and global manufacturing infrastructure positions PI as a credible partner for biotech and mid & large sized pharmaceutical innovators.”
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“PIHS Hyderabad - CRO Facility”
“Capability building for Pharma CRDMO and Biologicals businesses”
Emcure develops and sells biosimilars (Tenecteplase, Pegaspargase, recombinant Asparaginase, Bevacizumab) and operates biotech subsidiary Gennova Biopharmaceuticals (mRNA vaccines, biologics), with biologics/biosimilars as a stated key growth and differentiation vertical alongside its main small-molecule generics business.
“During the year, we saw strong demand for our biosimilars, particularly Tenecteplase and Pegaspargase, as well as sustained traction across our complex product portfolio.”
WockhardtPharmaceuticalsGrowing₹30,586 CrP/E 68.2 vs 28.5ROCE 3.4%
Wockhardt self-identifies as an antibiotics-research-based global pharmaceutical and biotech company, with proprietary novel antibiotic drug discovery (e.g., Zaynich, the first NCE antibiotic discovered and developed by an Indian company to receive US FDA approval), biosimilars and insulin analogue development, and USFDA QIDP status for 6 anti-bacterial discovery programmes.
“Wockhardt is an Antibiotics research based Global Pharmaceutical and Biotech Company employing over 3200 people from 27 nationalities with presence in USA, UK, Ireland, Switzerland, Mexico, Russia and many other Countries.”
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“Second one is the Drug Discovery of Novel Antibiotics within the AMR space which Wockhardt has been actively pursuing for past 25 years. Wockhardt has 6 QIDP grants from the USFDA for each of its clinical-stage pipeline products.”
PfizerPharmaceuticalsGrowing₹22,738 CrP/E 33.3 vs 28.5ROCE 22.7%
Pfizer India runs substantive vaccine medical affairs (including the 20-valent pneumococcal conjugate vaccine) and advanced-therapy discussions in atopic dermatitis, but these sit alongside multiple other therapy areas rather than being the sole or principal business.
“The introduction of the 20-valent pneumococcal conjugate vaccine for adults during FY 2026 represented an advancement in disease prevention.”
Granules IndiaPharmaceuticalsGrowing₹21,311 CrP/E 29.8 vs 28.5ROCE 13.9%
Granules acquired Senn Chemicals AG (Switzerland) to enter peptide CDMO services; Peptide CDMO emerged as a distinct fourth revenue pillar contributing 3% of revenue in FY26.
“We entered the peptide therapeutics and CDMO space through the acquisition of Senn Chemicals based in Switzerland and subsequent ongoing build out in India.”
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“Peptide CDMO platform Digital quality infrastructure”
Eris LifesciencesPharmaceuticalsGrowing₹18,450 CrP/E 23.9 vs 28.5ROCE 12.1%
Eris has a vertically integrated biologics operation including the Levim Lifetech investment and a Bhopal biosimilars facility, with an active pipeline of Insulins, Insulin Analogs, GLP-1s and combinations targeting launches through FY28; Insulins already contribute ~9% of revenue.
“Through our vertically integrated Biologics footprint spanning Levim Lifetech and our Biosimilar facility in Bhopal, we have built an exciting pipeline of Insulin Analogs, GLP-1 and combinations for launch over FY26-FY28.”
Jubilant PharmovaPharmaceuticalsGrowing₹13,857 CrP/E 39.5 vs 28.5ROCE 4.7%
Jubilant Pharmova operates biotech CRO/CDMO services spanning biologics fill-finish (CDMO Sterile Injectables, ~15% of revenue), biologics/ADC development (CRDMO, ~9% of revenue), and a clinical-stage Proprietary Novel Drugs pipeline (JBI-802, JBI-778) in oncology and autoimmune disorders.
“The strategic partnership with Pierre Fabre, France, has expanded our footprint in Europe in biologics (mAbs) and Antibody-Drug Conjugates (ADCs)”
IndegeneHealthcare Research Analytics & TechnologyGrowing₹13,658 CrP/E 37.3 vs 28.8ROCE 14.9%
Indegene provides biotech CRO services including patient identification/recruitment, rare-disease recruitment, AI-enabled clinical operations and data management, and patient engagement for biopharma clinical trials.
“Enterprise Clinical Solutions is where we are most actively investing to build our next growth platform - bringing together data, AI, clinical operations and patient engagement into a single execution model for biopharma sponsors.”
Natco PharmaPharmaceuticalsAnnounced₹15,799 CrP/E 18.8 vs 28.5ROCE 15.9%
NATCO has committed strategic equity investments (e.g., US$ 8M in eGenesis for xenotransplantation, US$ 2M in Cellogen Therapeutics for CAR-T cell and gene therapies, US$ 1M each in Eyestem for cell therapy and Stero Therapeutics for rare diseases) and states an ambition to pursue cell and gene therapies, but this is not yet a revenue-generating business line for the company.
“We are strengthening our innovation pipeline through making strategic investments in New Chemical Entities, CAR-T cell therapies, gene-editing technologies and regenerative solutions, specifically targeting oncology, rare diseases, organ failure and retinal degeneration.”
Sai ParenteralsPharmaceuticalsAnnounced₹2,386 CrP/E 150.0 vs 28.5ROCE 1.4%
The company has been allotted land by the Government of Telangana for a future facility dedicated to oncology biosimilars and monoclonal antibodies, but no biologics manufacturing revenue exists yet.
“Beyond the current network, land has been allotted to us by the Government of Telangana for a future facility dedicated to oncology biosimilars and monoclonal antibodies, broadening the scope of our manufacturing capabilities for specialised therapies.”
Company describes an aspirational plan to build a CRDMO serving Biopharma (along with Pharma, medical devices, etc.) as part of an ongoing business transition; no specific biotech CRO/CDMO revenue or committed capex/JV is stated.
“In order to align our business with best global opportunities, we are working on a comprehensive plan to build a world class Contract Research, Development and Manufacturing Organization (CRDMO), which will eventually offer end-to-end research, development, manufacturing and allied services to our customers in Pharma, Biopharma, Agro-Chemicals, Medical Devices, Speciality Chemicals and similar industries”
How this list is built
Definition used: Discovers, develops or manufactures biologic drugs, vaccines, biosimilars, cell/gene therapies, or provides biotech CRO/CDMO services.Membership is extracted from each company’s newest annual report; every quote is validated against the report page before publishing, and core/growing tiers are confirmed by a second independent read (marked ). Companies whose reports our corpus hasn’t read yet simply aren’t listed — absence means unread, not “no exposure”.
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