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
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”
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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