Divi's Laboratories (DIVI) Q1FY26 EBITDA was 4% below our estimates led by lower margins despite higher CS revenues. We expect margins to improve, led by better product mix and stable raw material prices. Mgmt. suggested that moderation of raw material prices, increasing RFP's and commencement of some CDMO and contrast media contracts, will continue to aid revenues and margins. Our FY26E/FY27E EPS estimates stand marginally reduced by 3-4%. We expect 20% EBITDA CAGR and 12% PAT CAGR over FY25-27E. At CMP,...