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 press...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
33%Questions answered6Evaded / deflected12Questions audited
Declined
High priority
Volume linked to patent expiry for key CS project
Asked by Amey Chalke, JM Financial
Management explicitly refused to answer citing confidentiality.
confidentialityno number given
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Question
Is it possible for the management to guide us how much volume which we are currently supplying would be linked to these patent expiry in two regions?
Kiran S. Divi, Whole-Time Director and CEO
I'm sorry, I cannot comment on any specific product customer impact or volumes because I am bound by confidentiality.
Evasive
High priority
Revival timeline for generic API business
Asked by Amey Chalke, JM Financial
Management gave no specific timeline, only expressed hope.
no timeline givenvague hope
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Question
When can we see the revival happening in the generic side of the business, and is the pricing pressure still persist in the business at present?
Kiran S. Divi, Whole-Time Director and CEO
We are hopeful in the next few quarters it may stabilize and things may come back to normal.
Partial answer
High priority
CapEx guidance for FY26 and potential increase
Asked by Kunal Dhamesha, Macquarie
Confirmed higher CapEx but did not provide revised guidance figure.
no new number given
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Question
Is second half going to be more or less muted, or are we going to raise the CapEx guidance further for FY 2026?
Nilima Prasad Divi, Whole-Time Commercial Director
Yes, it would be higher in FY 2026.
Evasive
Medium priority
Gross margin stability and upside risk
Asked by Tushar Manudhane, Motilal Oswal Financial Services
Attributed margin to product mix without giving specifics.
no specific margin guidance
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Question
Does it mean that we are broadly at a similar gross margin across both the segments, or am I missing something here?
Nilima Prasad Divi, Whole-Time Commercial Director
This would completely vary on product mix.
Answered
Medium priority
Constant currency growth rate for half year
Asked by Tushar Manudhane, Motilal Oswal Financial Services
Provided specific constant currency growth figure.
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Question
If you could also share the constant currency growth for us on a year-on-year basis.
Nilima Prasad Divi, Whole-Time Commercial Director
Currently, the half year is about 10.79%, and we are assuming that for the rest of the year also, it would be around the similar number.
Partial answer
Medium priority
Margin upside limited despite mix shift to CS
Asked by Surya Narayan Patra, PhilipCapital India Private Limited
Explained mix effect but did not quantify margin potential.
no specific margin outlook
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Question
Is it fair to believe that the margin upside risk is nothing or limited?
Nilima Prasad Divi, Whole-Time Commercial Director
I would say it's mainly to do with the product mix... we will see a hit on the margins there, which you see like a normal gross margin level across the entire product portfolio.
Declined
Medium priority
Revenue share of contrast media
Asked by Surya Narayan Patra, PhilipCapital India Private Limited
Refused to provide segment-level revenue share.
no segment breakdown
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Question
Currently, what is the revenue share of the contrast media that we are having?
Kiran S. Divi, Whole-Time Director and CEO
We cannot individualize each segment. We look at it as a total whole and a product mix.
Evasive
Medium priority
Is CS interest driven by China shift?
Asked by Harshit Dhoot, Dymon Asia
Did not confirm or deny China shift as a driver.
no clear answer
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Question
Is it more a function of the shift of business from China, sir? Are innovators diversifying from China?
Kiran S. Divi, Whole-Time Director and CEO
For me, it is very difficult to say, is this something they brought from China, or is this an old molecule they brought in?
Partial answer
Medium priority
Volume vs pricing growth in generic business
Asked by Neha Manpuria, Bank of America
Confirmed revenue growth but did not quantify volume growth.
no volume growth number
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Question
Would it be fair to say that the volume growth is 7% broadly that, or because otherwise we would have degrown this business?
Nilima Prasad Divi, Whole-Time Commercial Director
I wouldn't say there's a degrowth in this business. 7% is the growth that we've seen on the revenue side.
Declined
High priority
Non-peptide GLP-1 projects in pipeline
Asked by Shyam Srinivasan, Goldman Sachs
Refused to disclose pipeline details citing confidentiality.
confidentiality
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Question
Do you also have non-peptide GLP-1s in any of your projects?
Kiran S. Divi, Whole-Time Director and CEO
We have several projects in the pipeline, but I'm not at the liberty to talk about what category, therapeutic category, and segment.
Answered
Medium priority
Investments in peptide purification capacity
Asked by Girish Bakhru, OrbiMed
Clearly stated they do not do API purification.
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Question
Can you also give some color on downstream? What have you invested in? What kind of capacities have you created for downstream?
Kiran S. Divi, Whole-Time Director and CEO
As of now, Divi's is only manufacturing MERs fragments. We are not in the purification of the API.
Partial answer
High priority
Timeline for three announced CS projects
Asked by Nitin Agarwal, DAM Capital
Gave a range but no firm timeline.
no specific date
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Question
Of the three projects that you've announced to the stock exchanges, what would be the timeline for commencement?
Kiran S. Divi, Whole-Time Director and CEO
All in all, we expect in the next one to two years, we will start seeing revenues into our books provided all regulatory approvals are in place.