CDMO Revenue Share
~67%
+42pp YoY
CDMO contributed over two-thirds of Q4 revenue, up from ~25% in Q4 FY25.
NEULANDLABORATORIES
Other
15 May 2026
Neuland Laboratories Limited — Q4 FY26
Neuland Laboratories delivered a record Q4 FY26 with revenue of ₹788.7 crore (up 134.9% YoY), driven by commercial CDMO shipments and favorable exchange rates.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Neuland Laboratories delivered a record Q4 FY26 with revenue of ₹788.7 crore (up 134.9% YoY), driven by commercial CDMO shipments and favorable exchange rates. EBITDA margin surged to 40.5%, partly due to lumpy revenue timing. PAT jumped to ₹212.5 crore from ₹27.7 crore last year. Full-year revenue grew 37% to ₹2,053 crore, with EBITDA margin expanding to 29.4%. Management reiterated that quarterly lumpiness will persist but long-term growth visibility remains strong, anchored by commercial molecules and peptide investments. The peptide facility is on track for July commissioning. Key risks include demand variability, customer ordering patterns, and geopolitical supply chain disruptions. The company maintains a disciplined capex approach and expects working capital to normalize in FY27.
Key Numbers
Gross Margin
62.1%
+580bps YoY
Gross margin improved to 62.1% from 56.3% last year, driven by favorable business mix.
Capacity Utilization (Unit 1 & 2)
85-90%
flat
Two of three manufacturing units are operating at 85-90% utilization; third unit at 65%.
Working Capital Days
137 days
+30 days YoY
Working capital days increased to 137 from 107 last year due to higher inventories and receivables.
Management Guidance
Revenue CAGR of 18-20% aspirational over 5 years
Management reiterated the aspirational 18-20% CAGR target over a five-year horizon, though not linearly.
Management guidance growthPeptide facility operational by July 2026
The large-scale peptide commercial facility is on track for commissioning in July 2026 with project visibility.
Management guidance expansionWorking capital normalization expected in FY27
Management expects working capital days to normalize in FY27 from the elevated 137 days in Q4.
Management guidance otherKey Risks
Customer M&A could disrupt supply agreements
A major customer (Denver/Archimemet) is being acquired; management acknowledged change of ownership could pose risks but expects continuity.
medium · analyst_questionGeopolitical supply chain volatility
Management flagged higher freight costs due to Middle East conflict and is monitoring raw material price volatility.
medium · management_commentaryLumpy quarterly performance may persist
Management cautioned that volatility from high-value new molecules will continue, making quarterly predictions unreliable.
low · management_commentaryTranscript manipulation allegation
An investor alleged that a previous call transcript was altered; management promised to check but did not provide immediate clarity.
low · analyst_questionNotable Quotes
The same lumpiness that resulted in a record-breaking Q4, if you recall, also made the previous quarter, which is Q3, a relatively muted quarter.
I think the 18 to 20% CAGR is a fair assumption. Not necessarily linearly.
Our goal is simple: to just be on the forefront from our part of the world and make investments, be ready, and create opportunities.
Frequently Asked Questions
What was Neuland Laboratories's revenue in Q4 FY26?
Neuland Laboratories reported revenue of ₹776 Cr in Q4 FY26, representing a +134.9% change compared to the same quarter last year.
What guidance did Neuland Laboratories management give for FY27?
Revenue CAGR of 18-20% aspirational over 5 years: Management reiterated the aspirational 18-20% CAGR target over a five-year horizon, though not linearly. Peptide facility operational by July 2026: The large-scale peptide commercial facility is on track for commissioning in July 2026 with project visibility. Working capital normalization expected in FY27: Management expects working capital days to normalize in FY27 from the elevated 137 days in Q4.
What are the key risks for Neuland Laboratories in FY27?
Key risks include Customer M&A could disrupt supply agreements — A major customer (Denver/Archimemet) is being acquired; management acknowledged change of ownership could pose risks but expects continuity.; Geopolitical supply chain volatility — Management flagged higher freight costs due to Middle East conflict and is monitoring raw material price volatility.; Lumpy quarterly performance may persist — Management cautioned that volatility from high-value new molecules will continue, making quarterly predictions unreliable.; Transcript manipulation allegation — An investor alleged that a previous call transcript was altered; management promised to check but did not provide immediate clarity..
Did Neuland Laboratories meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Neuland Laboratories Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.