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Divi's Laboratories — Q2 FY26
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.
bullish
high
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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.
डिवीज लैबोरेटरीज ने दूसरी तिमाही में शुद्ध लाभ ₹689 करोड़ दर्ज किया, जो पिछले साल से 35% अधिक है। यह मुनाफा कस्टम सिंथेसिस (दवा बनाने का विशेष काम) और जेनेरिक दवाओं की स्थिर बिक्री से आया। कुल आय 17% बढ़कर ₹2,860 करोड़ हुई। कंपनी पेप्टाइड सिंथेसिस (एक खास तकनीक) पर जोर दे रही है और तीन बड़े कारखानों का विस्तार कर रही है, जिनके लिए लंबे समय के ऑर्डर मिले हैं। आने वाले 1-2 सालों में कई नए प्रोजेक्ट शुरू होंगे। जोखिम: जेनेरिक दवाओं की कीमतें गिर सकती हैं और नए प्रोजेक्टों की मंजूरी में देरी हो सकती है।
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Sustained generic pricing pressure
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Custom Synthesis Revenue Mix
56%
+16pp YoY
Custom synthesis contributed 56% of total revenue in Q2, up from ~40% in prior year, reflecting strong demand.
Exports to US & Europe
74%
flat YoY
Combined exports to US and Europe remained at 74% of total sales, indicating stable geographic mix.
Neutraceutical Revenue
₹242 crore
+18% YoY
Neutraceutical segment contributed ₹242 crore in Q2, growing as a key growth driver.
Capex Capitalized (H1)
₹463 crore
+50% YoY
Capitalized assets of ₹463 crore in H1, reflecting accelerated investment in new projects.
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Guidance and risk preview
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.
Generic API business faces ongoing pricing erosion, with no improvement expected in the next two quarters, potentially impacting margins.
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