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₹57,039 CrP/E 102.9 vs 31.2ROCE 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%”
+1 more quote from the report
“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₹32,077 CrP/E 88.0 vs 31.2ROCE 16.7%
Sai Life Sciences' entire business is a small-molecule CRDMO providing discovery, development and manufacturing services to global pharma and biotech innovators, including ADCs, peptides and oligonucleotides.
“Sai Life Sciences is an innovator-focused, full-service Contract Research, Development and Manufacturing Organization (CRDMO) headquartered in Hyderabad, India.”
Cohance LifesciencesPharmaceuticalsCore business₹16,911 CrP/E 108.9 vs 31.2ROCE 4.1%
Cohance is a CRDMO providing development and manufacturing services for complex biologics modalities including antibody-drug conjugates (via NJ Bio bioconjugation) and oligonucleotide building blocks (via Sapala Organics), serving global pharma innovators and biotech customers.
“Cohance Lifesciences is a science-led contract development and manufacturing organisation serving global pharmaceutical innovators, biotechnology companies and generic pharmaceutical customers. Its operations span Pharma CDMO, API+ and Speciality Chemicals, supported by specialised capabilities in small molecules, antibody-drug conjugates and oligonucleotides.”
+1 more quote from the report
“Expanded customer base by adding 17 new customers to its ADC platform”
Vivo Bio TechBiotechnologyCore business₹32 CrP/E 3.4 vs 61.2ROCE 3.2%
Vivo Bio Tech is a preclinical CRO providing in vivo/in vitro toxicology, DMPK, bioanalytical and IND-enabling services to pharmaceutical, biotechnology, vaccine and biopharma clients — biotech CRO services are its principal business.
“Vivo Bio Tech Limited (BSE: 511509), incorporated on 12 February 1987, is a Hyderabad-headquartered, full-service preclinical Contract Research Organization operating from Pregnapur Village, Gajwel Mandal, Siddipet District, Telangana – 502311.”
+1 more quote from the report
“R&D costs continue to rise, and sponsors increasingly use external providers for specialised expertise and infrastructure. This dependency to outsource preclinical studies closely matches Vivo Bio Tech's core capabilities.”
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.”
Laurus LabsPharmaceuticalsGrowing₹1.08 L CrP/E 98.6 vs 31.2ROCE 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.”
+1 more quote from the report
“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.”
CiplaPharmaceuticalsGrowing₹1.06 L CrP/E 31.3 vs 31.2ROCE 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.”
Mankind PharmaPharmaceuticalsGrowing₹98,294 CrP/E 48.1 vs 31.2ROCE 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.”
Aurobindo PharmaPharmaceuticalsGrowing₹94,653 CrP/E 25.7 vs 31.2ROCE 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.”
+1 more quote from the report
“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”
LupinPharmaceuticalsGrowing₹88,565 CrP/E 16.0 vs 31.2ROCE 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.”
Alkem LaboratoriesPharmaceuticalsGrowing₹62,758 CrP/E 29.1 vs 31.2ROCE 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.”
+1 more quote from the report
“Enzene Biosciences, the biosimilar and contract development and manufacturing platform, is moving from build phase into commercial activation.”
Abbott IndiaPharmaceuticalsGrowing₹54,251 CrP/E 35.0 vs 31.2ROCE 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.”
Tube Invest of IndiaAuto Components & EquipmentsGrowing₹43,386 CrP/E 71.5 vs 26.7ROCE 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.”
WockhardtPharmaceuticalsGrowing₹32,805 CrP/E 80.4 vs 31.2ROCE 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.”
+1 more quote from the report
“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.”
PI IndustriesPesticides & AgrochemicalsGrowing₹31,920 CrP/E 27.3 vs 19.6ROCE 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.”
+2 more quotes from the report
“PIHS Hyderabad - CRO Facility”
“Capability building for Pharma CRDMO and Biologicals businesses”
Granules IndiaPharmaceuticalsGrowing₹20,125 CrP/E 30.0 vs 31.2ROCE 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.”
+1 more quote from the report
“Peptide CDMO platform Digital quality infrastructure”
Shilpa MedicarePharmaceuticalsGrowing₹20,102 CrP/E 67.3 vs 31.2ROCE 10.3%
Shilpa Biologicals (SBPL) is an integrated biopharmaceutical platform developing biosimilars (Adalimumab, Aflibercept, Nivolumab, Pembrolizumab), novel biological entities, antibody-drug conjugates, and recombinant human albumin (Srbumin in Phase III), and offers end-to-end biologics CDMO services from its Dharwad facility; growing ~100% YoY but smaller than the core Formulations segment.
“The Biologics segment delivered revenue of ₹149 Crores in FY26, growing at nearly 100% YoY.”
PfizerPharmaceuticalsGrowing₹17,179 CrP/E 18.5 vs 31.2ROCE 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.”
Jubilant PharmovaPharmaceuticalsGrowing₹14,930 CrP/E 42.2 vs 31.2ROCE 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₹14,087 CrP/E 35.0ROCE 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.”
Hikal provides CDMO services to biotech and Tier-2 innovator customers, including HPAPI, ADC, PDC and PROTAC development capabilities, but this is not yet a primary revenue driver.
“Diversified the customer portfolio through expansion into biotech companies and Tier-2 innovators, supported by advanced HPAPI capabilities and the Pune R&T Centre”
+1 more quote from the report
“The Company is actively investing in platforms for high-growth, innovation-led therapeutic segments, specifically High-Potency Active Pharmaceutical Ingredients (HPAPIs) and Antibody-Drug Conjugate (ADC) chemistries.”
Qualitek LabsConsulting ServicesGrowing₹643 CrP/E 41.2 vs 8.9ROCE 8.5%
Through subsidiary ITCPL and a USFDA-approved pharma lab in Bengaluru, Qualitek provides pharmaceutical testing, drug discovery support, method validation and technology transfer — biotech CRO/CDMO-type services as one of several business segments.
“Its capabilities encompass Drugs & Pharmaceuticals, Nutraceuticals, Food, Water, Chemicals, Cosmetics, Herbal Products, Environment & Sustainability, Building Materials and Mechanical testing, among other areas. ITCPL also undertakes research and development activities, including drug discovery, method validation and technology transfer, supporting pharmaceutical and other life-science customers.”
The company's stated business includes manufacturing of Biotech Products alongside bulk drugs and intermediates, though its only reportable segment is Pharmaceutical Products (Bulk Drugs).
“Gennex Laboratories Limited is in the business of Manufacturing of Bulk Drugs, Intermediates and Biotech Products.”
Caplin Point LabPharmaceuticalsAnnounced₹19,296 CrP/E 29.0 vs 31.2ROCE 21.9%
Newly initiated segment to develop biosimilars, peptides and complex biologics for future regulated-market pipeline, with no current revenue.
“Caplin has begun a new segment for developing biosimilars, peptides, and complex biologics for future regulated-market pipeline from this year onwards.”
The company plans to establish sterile manufacturing capabilities for biologics at its Atlanta facility, but this is a future/announced capability with no current biologic drug manufacturing or revenue.
“With the planned completion of four manufacturing lines, we intend to establish sterile manufacturing capabilities for injectables and biologics, which will significantly broaden our product portfolio and strengthen our ability to address higher-value opportunities in regulated markets.”
Sai ParenteralsPharmaceuticalsAnnounced₹2,218 CrP/E 139.8 vs 31.2ROCE 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.”
Godavari runs a drug discovery program via its US subsidiary Sathgen Therapeutics targeting triple-negative breast cancer and other oncology indications; CDSCO trial approval filed with trials expected to commence Q3 FY27, but no revenue yet.
“Our work in drug discovery and cancer biology continues to progress. We have filed our application with the CDSCO for approval to commence trials to establish preliminary efficacy.”
Platinum IndustriesSpecialty ChemicalsAnnounced₹1,082 CrP/E 21.5 vs 24.3ROCE 14.3%
Platinum incorporated a wholly owned subsidiary, Rivadu Lifesciences, in March 2026 to enter pharmaceuticals/life sciences, with biologics explicitly listed among product categories; no revenue yet as it is newly formed.
“In March 2026, we incorporated Rivadu Lifesciences Private Limited as a wholly owned subsidiary, marking our entry into pharmaceuticals and life sciences. The subsidiary will engage in manufacturing, processing and trading of APIs, pharmaceutical intermediates, excipients and finished formulations across tablets, injectables, biologics and nutraceuticals.”
Company has signed an MOU with Dismutase Biotech Private Limited for a plasma-protein extraction project, but no revenue or operations are reported yet.
“The company has entered into an MOU with Dismutase Biotech Private Limited who have a Project to extract proteins from Blood Plasm”
The company has pivoted from textiles to pharmaceutical manufacturing (including APIs and nutraceuticals) and is acquiring pharma registrations and licenses; standalone pharma revenue is nil, with the subsidiary generating ~Rs 7.1 crore of consolidated revenue.
“To carry on the business of manufacturing, processing, formulating, compounding, producing, refining, preparing, importing, exporting, buying, selling, distributing, and dealing in all kinds of pharmaceutical products, medicines, drugs, tablets, capsules, syrups, ointments, injections, powders, bulk drugs, active pharmaceutical ingredients (APIs), intermediates, nutraceuticals”
Aarti PharmalabsPharmaceuticalsMention-only₹7,978 CrP/E 37.4 vs 31.2ROCE 8.8%
Company has initiated early-stage R&D investments in TIDES (peptides and oligonucleotides), positioning for biotech/biologic-adjacent modalities in the long term, with no current revenue from this area.
“As part of our long-term technology roadmap, we initiated investments in TIDES, covering peptides and oligonucleotides. While these capabilities are still in an early stage of development, they represent a natural extension of our scientific expertise.”
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”
The explanatory statement to the RPT resolution claims the company is renowned for vaccines (which fall under biotech per the theme definition), though the directors' report only describes manufacturing of oral contraceptive tablets and iron tablets as actual operations.
“our Company primarily operates in the generic drugs industry and is renowned for its cost-effective vaccines and medications.”
Objects clause lists pharma/biotech-adjacent activities (vaccines, diagnostic agents, bulk drug intermediates, APIs) among businesses the company is permitted to undertake.
“pharmaceuticals in all its branches, tonics, vitamins, Bulk drugs, vaccines, medical gases, diagnostic agents, surgical & non-surgical articles, A.P.I, Drugs Intermediates, medical, Pharmaceutical Chemicals”
Biopharma is mentioned only as an expanding investment avenue in outlook language, not as a GCM business line.
“Investment avenues in renewable energy, Artificial Intelligence (AI), the electric vehicle (EV) ecosystem, and biopharma are expanding as India aligns with global supply-chain realignments.”
Biotechnology is presented as a vertical of the company's platform, but p3 indicates the actual biotech operations sit in sister group companies (Lords Mark Biotech, Lords Mark Microbiotech) rather than the listed entity directly.
“Cutting-edge biotech solutions, molecular research, diagnostic innovations, and advanced life science solutions engineered for future-ready healthcare.”
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”.
MarketPing publishes facts, filings and measured history only — nothing on this page is investment advice, a recommendation or a rating.
