Operating Deleverage Period Extended
With INR 1,000 crore annual CapEx and new greenfield investments, EBITDA margins may face pressure for another 2 years until capacities are fully utilized and return ratios improve to 25%.
LAURUSLABS / Q2-FY26 / risks
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Material risks this quarter
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HIV PrEP Market Disruption
A new $40 injectable for HIV prevention (PrEP) launching in 2027 may impact ARV demand in medium term; currently ARVs are for treatment not prevention.
CDMO Return on Investment Lag
Investor questioned competitive positioning noting Laurus is not getting ROI as quickly as other CDMO players; management attributed this to longer validation cycles (18-24 months) and early-stage capacity building.
Working Capital Extension in CDMO
Complex synthesis CDMO molecules require longer working capital cycles; management deflected specific quantification of working capital impact.