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Leading Indian contract manufacturer of active pharmaceutical ingredients (APIs) for global generic and innovator drugmakers.
Leading Indian contract manufacturer of active pharmaceutical ingredients (APIs) for global generic and innovator drugmakers.
Sells active ingredients, the chemical that makes a drug work, to generic makers, and manufactures custom molecules for innovator drugmakers under long-term confidential supply arrangements. Most of its sales are exports. The founder, Murali Divi, and his family remain the controlling shareholders.
In one line: India's Lonza / Catalent for API/CDMO manufacturing.
Moat: narrow (process know-how, regulatory licence, scale). US FDA/EU-approved manufacturing scale and complex-chemistry expertise create high qualification barriers.
Headquarters: Hyderabad, India · Founded: 1990 · Employees: 19,292
Size Divi's Laboratories (DIVISLAB.NS) is an India Health Care company (Pharmaceuticals: Major) with a market value of $29.0B, the 33rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹10,320 on 6 Nov 2026.
Performance Over six months the shares gained 54.0%, against +7.9% for the median peer and 0.0% for the India market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 16.4% over the last twelve months (peer median +15.9%); the operating margin is 31.0% (peer median 17.5%).
Valuation It trades at 82.0× forward earnings against a peer median of 20.4× (most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 51% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +42 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.8 points above its cost of capital (12.8% WACC).
Next results Next results expected around 7 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹112B | ₹105B | ₹93.6B | ₹78.3B | ₹77.5B |
| Revenue growth | — | +13% | +19% | +1% | — |
| Gross profit | ₹51.1B | ₹36.5B | ₹31.9B | ₹24.1B | ₹25.5B |
| EBITDA | ₹39.7B | ₹34.8B | ₹30.4B | ₹23.3B | ₹24.1B |
| Net income | ₹29.2B | ₹25.7B | ₹21.9B | ₹16.0B | ₹18.2B |
| Free cash flow | n/a | ₹4.97B | ₹5.08B | ₹5.56B | ₹21.9B |
| Capital expenditure | n/a | ₹25.2B | ₹14.4B | ₹10.0B | ₹4.73B |
| Total debt | n/a | ₹70.0M | ₹40.0M | ₹30.0M | ₹32.6M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Divi's Laboratories DIVISLAB.NS | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% |
| Lonza LONN.SW | $55.4B | +39% | -11% | 25% | 36.1× | 15.0% |
| Laurus Labs LAURUSLABS.NS | $13.3B | +94% | +23% | 24% | 77.0× | 50.9% |
| Syngene International SYNGENE.NS | $1.78B | -11% | -6% | 13% | 67.8× | 35.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DIVISLAB.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.6% | +8.1% | 11th highest of 21 |
| 6-month return | +54.0% | +7.9% | highest of 21 |
| Distance from 52-week high | 0.0% | -10.0% | highest of 21 |
| Revenue growth (TTM) | +16.4% | +15.9% | 11th highest of 21 |
| Operating margin | 31.0% | 17.5% | 4th highest of 21 |
| Forward P/E | 82.0× | 20.4× | most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 50.9% | 9.1% | most demanding of 19 |
| Growth delivered (Del g) | +8.9% | +11.5% | 7th lowest of 19 |
| Hurdle (Req g minus delivered) | +42.0 pp | -0.9 pp | most demanding of 19 |
| ROIC minus cost of capital | +2.8 pp | +4.9 pp | 9th lowest of 21 |
| EV / EBITDA | 69.1× | 20.6× | most expensive of 19 |
| Net debt / EBITDA | -0.9× | 0.7× | 6th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Divi's Laboratories DIVISLAB.NS | India | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% | +8.9% |
| Astellas Pharma 4503.T | Japan | $28.2B | +11% | +19% | 23% | 11.6× | -11.0% | +11.4% |
| Roivant Sciences ROIV | United States | $28.1B | +36% | -68% | -18,146% | n/a | n/a | n/a |
| Hansoh Pharma 3692.HK | Hong Kong | $26.9B | -7% | +25% | 38% | 27.5× | 8.9% | +10.8% |
| Daiichi Sankyo 4568.T | Japan | $31.9B | +7% | +17% | 13% | 18.6× | 7.2% | +17.1% |
| Zoetis ZTS | United States | $32.8B | -4% | +1% | 38% | 12.8× | -4.3% | +7.2% |
| Insmed INSM | United States | $25.1B | -16% | +240% | -42% | n/a | n/a | n/a |
| Incyte INCY | United States | $24.4B | +21% | +25% | 12% | 15.4× | 14.2% | +14.0% |
| Biogen BIIB | United States | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% | -5.1% |
| Viatris VTRS | United States | $22.9B | +17% | +5% | 10% | 7.5× | 12.5% | +3.7% |
| Sigma Healthcare SIG.AX | Australia | $22.4B | -1% | +209% | 9% | 37.1× | 28.2% | +26.1% |
| Otsuka Hldgs 4578.T | Japan | $38.6B | +2% | +11% | 18% | 16.3× | 0.4% | +11.7% |
| Royalty Pharma RPRX | United States | $38.8B | +33% | +11% | 66% | 11.3× | 9.9% | +2.3% |
| Haleon HLN.L | United Kingdom | $40.1B | +1% | +1% | 23% | 16.3× | 4.6% | +2.2% |
| Alnylam Pharmaceuticals ALNY | United States | $20.9B | -47% | +56% | 20% | 22.2× | 0.9% | +49.8% |
| Innovent Biologics 1801.HK | Hong Kong | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% | +26.8% |
| Torrent Pharmaceuticals TORNTPHARM.NS | India | $19.1B | +9% | +42% | 22% | 72.2× | 37.9% | +11.3% |
| Sandoz SDZ.SW | Switzerland | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% | +0.4% |
| BeOne Medicines 688235.SS | China | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% | +79.3% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | India | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% | +11.7% |
| Swedish Orphan Biovitrum SOBI.ST | Sweden | $17.6B | +13% | +15% | 30% | 25.5× | -1.1% | +13.1% |