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Revenue
₹2,715 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
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What the record says.
Divi's Laboratories reported a strong Q2 FY26 with PAT of ₹689 crore, up 35% YoY, driven by robust custom synthesis (56% of mix) and stable generic volumes despite pricing pressure. Revenue growth was supported by a 17% increase in total income to ₹2,860 crore, with constant currency growth of 10.79%. Management highlighted strong momentum in peptide synthesis, three major capex programs backed by long-term contracts, and a healthy pipeline of CS projects expected to commercialize in 1-2 years. Key risks include sustained generic pricing erosion and regulatory delays in new project validations.
Colored figures show movement against the previous available record.
Guidance to track
- Management indicated that capex spend in H1 was ₹1,550 crore and full-year capex will be higher than the earlier guidance of ₹2,000 crore.
- Three projects are at various stages (installation, qualification, validation) and expected to contribute revenue in 1-2 years, subject to regulatory approvals.
- Management expects constant currency growth for the full year to be similar to H1's 10.79%.
- Management does not foresee improvement in generic pricing for at least the next two quarters.
Risks flagged
- Generic API business faces ongoing pricing erosion, with no improvement expected in the next two quarters, potentially impacting margins.
- Commercialization of three major capex projects depends on regulatory approvals (EU, US), which could be delayed, pushing revenue contribution beyond 1-2 years.
- Analyst raised concern about increased competition in custom synthesis from Indian players; management acknowledged but emphasized long-term relationships and non-price factors.
- Management noted potential cost increases from US tariffs on Chinese suppliers and Russia sanctions, though mitigated by inventory and diversified sourcing.
Key quotes
- We have not lost a single customer or even a any loss in volume.
- DIS has strategically decided that we will not look at generic part of peptide synthesis. We are right now fully occupied with the amount of CS projects we have.
- I cannot put a label saying this is API or peptide or specific therapeutic category. All I can say is it belongs to a CS side of the business and we believe if all regulatory approvals and qualifications take place on time in the next one to two years you should see commercial benefit.
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