New Research Reports

A Transition towards High- Value Pharma Segments

The outlook remains positive, supported by Divi's strong positioning in custom synthesis and a diversified pipeline, with management highlighting active engagement with global innovator customers and multiple projects progressing through development and validation. Ongoing capacity additions along with a focus on disciplined execution and supply reliability are expected to support future growth, while the nutraceuticals business continues to provide healthy momentum and diversification. The company has also completed construction of a dedicated peptide facility, strengthening its capabilities in this fast-evolving segment, and...

ARBP is accelerating its growth momentum by leveraging its extensive generic portfolio and expanding into high-margin specialty and injectable segments. The company is focusing on the US market with a mix of complex generics and unique products, which is expected to result in a more balanced revenue mix. Additionally, the development of injectable and specialty products is expected to unlock new growth opportunities as they enter the commercialisation stage. The company's...

We initiate coverage of Granules with BUY and SOTP-based Mar-27 TP of Rs800 (implied target EV/EBITDA of ~12x; ~30% upside). Granules fits into our framework of backing companies with a smaller US base + a US portfolio construct with strong near-term growth visibility.

The company reiterated its $400mn revenue target for FY28, supported by over 60 pending low-competition U.S. launches, while management remains constructive on other regulated markets, where an expanding product portfolio and new customer additions are expected to drive stronger growth and eventually scale these markets to revenue levels comparable with the U.S. business....

Transformational Merger: Creation of a vertically integrated Human + Animal Health platform eliminates internal inefficiencies and builds full value-chain control from intermediates to formulations. Scale & Global Footprint Expansion: Post-merger entity operates 16 manufacturing facilities serving 150+ countries. Strong presence across regulated markets enhances credibility and growth visibility. API & CDMO Entry Boost: Viyash adds strong backend capabilities with USFDA plants and 200+ scientists. Positions the company to benefit from outsourcing...

Company is a diversified pharmaceutical formulations company with capabilities in research, development and manufacturing. Company is in the business of (i) Branded Generic Formulations and (ii) Contract Development and Manufacturing Organisation (CDMO) products and services for the domestic and international markets. Company's portfolio includes formulation products across various therapeutic areas like cardiovascular, neuropsychiatry, anti-diabetic, respiratory health, antibiotics,...

The company's historical financials and overall business model offer limited predictive value as the company is at an inflection point, transitioning into an export-oriented entity.

IPO NOTE

Under the Production-Linked Incentive (PLI) scheme, ARBP constructed the PENG and 6-APA plants within a record three-year period and ramped up production following the start of the PEN-G plant in Jul’25.

About the Company: Sai Parenteral's is a Hyderabad-based global formulations company engaged in developing and manufacturing of formulations across multiple therapeutic areas and dosage forms. The company owns installed capacities for injectables, tablets, capsules, liquid orals and ointments, with a total of 5 manufacturing facilities in...

Sai Parenteral's Ltd. (SPL) is a diversified pharmaceutical formulations company, engaged in the business of (a) Branded Generic Formulations, and (b) Contract Development and Manufacturing Organisation (CDMO) products & services for the domestic and international markets. The company's portfolio includes formulation products, covering both high-value and high-volume categories across therapeutic areas like cardiovascular, neuropsychiatry, anti-diabetic, etc., with offerings across...

Laurus is witnessing a strong scale-up in CDMO business from global innovator pharma, including rare formulation-level contracts for patented products (beyond API/intermediates).

We expect Natco Pharma to witness a moderation in revenue due to increased competition in Revlimid. However, the launch of generic Pomalyst and ROW opportunities are likely to partially offset this decline. Management remains focused on long-term growth, with domestic momentum expected to improve through partnerships for generic semaglutide. Additionally, the company is evaluating two potential acquisitions to further strengthen its base business. Accordingly, we...

IPCA is taking multiple initiatives for its domestic formulation (DF) segment, such as cardiology portfolio restructuring, Zerodol franchise strengthening, RA focus within pain management, and entry into high-end cosmo-dermatology, to boost its growth prospects.

We interacted with the management of IPCA Laboratories (IPCA) to assess its medium-term growth trajectory. The company is prioritizing disciplined execution over aggressive diversification, with a clear focus on strengthening its core businesses while building growth levers. Domestic formulations and branded generics which now contribute 45% of revenues and ~70% of EBITDA, continued to outperform market and grow at healthy levels. We expect IPCA to deliver revenue growth ex Unichem at +11% over FY26-28E with normalization in export generic and API business. This will aid operating...

Being one of the few backward-integrated peptide manufacturers, gives it cost edge over China competitors in GLP

Granules India Ltd. (Inc.) is a vertically integrated, high growth pharmaceutical company headquartered in Hyderabad, India. The company manufactures Active Pharmaceutical Ingredients (API), Pharmaceutical Formulation Intermediates...

We analyzed narration versus actual outcomes and financial performance across CDMO peers, highlighting an uneven recovery, with some companies facing guidance resets due to program delays, destocking, and slower commercial conversions.

The North American business faced challenges, with revenue declining due to decreased Lenalidomide sales and increased price erosion for certain key products. Additionally, the delayed launch of biosimilars limited revenue growth during the quarter. However, Q3FY26 witnessed strong performance in India, Emerging markets, and the newly acquired consumer healthcare unit, which is focused on nicotine replacement therapy. The company aims to boost core business growth, advance patented products such as Semaglutide and Abatacept, improve operational...