Laurus Labs Ltd(LAURUSLABS)

NSE: LAURUSLABSBSE: 540222

₹ 2,060+4.36%refreshed 26 Oct, 03:57 pm ISTMarket cap: ₹ 1.11 L crNext results: 29 Oct 2026Website: www.lauruslabs.comUpdated: 24 Oct 2026

About

Laurus Labs is an Indian pharmaceutical company that makes active pharmaceutical ingredients (APIs) and finished-dose formulations (FDF), and offers contract development and manufacturing (CDMO) services across human health, animal health and crop science, plus a biotechnology division. In FY26 it reported revenue of Rs 6,812.9 Cr. CDMO grew to 31% of total revenue in FY26, up from 13% six years earlier. The company has India's largest Hi-Potent API capabilities and calls itself the world's leading third-party API supplier for antiretrovirals.^[1][2][3]

Business segments

The company has four portfolios: CDMO, Generics FDF, APIs and Biotechnology (FY25 annual report).^[3]
Small-molecule CDMO revenue was ₹2,080 Cr in FY26 (+36% YoY), about 31% of total revenue, up from 13% six years earlier.^[1]
CDMO made up about 43% of the divisional mix in Q1 FY27. Small-molecule CDMO revenue was ₹835 Cr (+69% YoY, +59% QoQ), its highest quarter on record.^[4]
Laurus Bio (fermentation and biologics) earned ₹184 Cr in FY26 (+15% YoY) and ₹35 Cr in Q1 FY27 (+21% YoY).^[1]
ARV revenue share fell from 67% to 45% over the five years to FY25.^[3]

Products and portfolio

ARV revenue in Q1 FY27 was ₹669 Cr (API ₹415 Cr + FDF ₹254 Cr), up about 3% YoY.^[4]
As of Q1 FY27, the company had filed 92 Drug Master Files in total and 96 developed-market FDF dossiers in total.^[4]
In FY26 the company filed 7 developed-market FDF dossiers and received 6 approvals.^[1]
CDMO had over 110 active programmes in FY25: more than 90 in human health and over 20 in animal health and crop sciences.^[3]
The biotech division had over 60 active R&D projects in FY25, and its client base grew 1.5x over FY24.^[3]
In Q1 FY27 the company in-licensed two ADC molecules for solid tumours from Aarvik Therapeutics for India markets. GLP toxicology is due to start in mid-2027.^[4]

Manufacturing operations

The company had 15 development and manufacturing sites, including the bio division, in FY25.^[3]
API reactor volume was 8,200 KL as of FY26, across Visakhapatnam and Hyderabad.^[1]
Oral solid FDF capacity rose 20% in FY26 to 12 billion units. A full commercial non-ARV line became operational in June 2026.^[1]
The Laurus Bio fermentation capacity in Bengaluru is sold out (Q1 FY27).^[4]
The US FDA completed an inspection in FY26 and issued an EIR with no critical findings. In FY25 the Unit 4 API facility in Visakhapatnam also received an EIR.^[1][3]

Key operating numbers

R&D spend was ₹118 Cr in Q1 FY27 (5.8% of revenue), compared with ₹282 Cr (4.1% of revenue) for FY26.^[4]
Commercial supply was 55% of small-molecule CDMO revenue in Q1 FY27, up from about 50% in FY26.^[4]
The company passed 24 quality audits in Q1 FY27, and 160 quality audits were recorded in the FY25 annual report.^[4][3]

Customers and distribution

The company serves more than 250 clients and is a key partner to 90% of the world's top pharma companies (FY25).^[3]
The top 10 customers contributed 45% of revenue in FY24.^[5]
Revenue from outside India was ₹3,799.92 Cr in FY25, against ₹1,754.04 Cr within India.^[3]
As of Q1 FY27, no single product or customer contributes significantly to CDMO revenue. A new big-pharma client was onboarded that quarter.^[4]
ARV API capacity ran at full utilisation in FY26, and ARV pricing was broadly constant.^[1]

Expansion and capex

FY27 capex guidance was raised to ₹2,000 Cr from ₹1,500 Cr. Cumulative capex for FY22 - 27 exceeds ₹4,700 Cr.^[4]
Unit 7 in Vizag: the first block is targeted for commercial validation by March 2027, and four more blocks in FY28 will add over 2,000 KL of reactor volume.^[1]
A 532-acre greenfield site at Atchutapuram, Vizag, has been allotted, with over $600 mn of investment proposed over 8 years from end-FY27.^[6]
Vizag Phase 1 fermentation facility (over 400 KL) is on track for Q3 FY27. Phase 2 will add a further 500,000 - 600,000 litres.^[4]
KRKA JV formulation facility in Hyderabad: about ₹800 Cr in total. The oncology phase is targeted for early CY2027 and the solid oral phase for H2 CY2027.^[4]
Gene therapy/ADC GMP facility in Hyderabad (over 65,000 sq ft, over ₹200 Cr): qualification has moved to end-2027.^[4]
A commercial-scale integrated peptide block was targeted to be ready for validation in Q2 FY27.^[1]

Stated targets

Management targets CDMO at 50% or more of total revenue by FY30, a target reaffirmed in Q1 FY27.^[4]
ARV revenue is guided at about ₹2,500 ±300 Cr going forward (Q4 FY26).^[1]
New modalities (biologics, gene therapy, ADC, crop sciences) are expected to make a material revenue contribution from FY30.^[4]

Market Cap

₹1,11,304 Cr

High / Low

₹2,087 / 902

Stock P/E

97.5

Price / Book

20.1

Book Value

₹98

EPS

₹16.5

No. of Shares

53.99 Cr

ROCE

17.7%

ROE

18.2%

OPM

19.7%

Debt / Equity

0.45

Sales

₹6,813 Cr

Net Profit

₹890 Cr

Promoter holding

27.5%

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