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Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/laurus-labs" target="_blank" data-smartkarma-citation="entities:23686:1" rel="noopener">Laurus Labs (LAURUS IN)</a> achieved a 122% YoY increase in PAT for FY25, driven by strong CDMO execution and higher margins.</li>
<li>The company is accelerating its transformation from an ARV-heavy model to a diversified CDMO/CMO business, with growing client base and strong pipeline visibility.</li>
<li>Laurus’ focus on small molecule and bio-CDMO segments, supported by strategic investments in new capacities, positions the company for continued growth, with improved asset turnover and higher operating leverage.</li>
</ul>



Laurus Labs (LAURUS IN) achieved a 122% YoY increase in PAT for FY25, driven by strong CDMO execution and higher margins.
The company is accelerating its transformation from an ARV-heavy model to a diversified CDMO/CMO business, with growing client base and strong pipeline visibility.
Laurus’ focus on small molecule and bio-CDMO segments, supported by strategic investments in new capacities, positions the company for continued growth, with improved asset turnover and higher operating leverage.


Laurus Labs Q4 FY25 Update: Diversification and Strategic R&D Drive Growth

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<li>The company is expected to see multiple capacity expansions coming online in FY26, with ramp-up occurring throughout FY26 and FY27 onwards.</li>
<li>Currently, execution challenges and unavoidable delays have impacted the company’s revenue and margin trajectory, resulting in depressed margins on a short-term basis.</li>
<li>As new projects come online and product ramp-ups occur, it expects revenue and margin expansion, ultimately reflecting in the bottom line due to the increased gross block &amp; new products.</li>
</ul>


The company is expected to see multiple capacity expansions coming online in FY26, with ramp-up occurring throughout FY26 and FY27 onwards.
Currently, execution challenges and unavoidable delays have impacted the company’s revenue and margin trajectory, resulting in depressed margins on a short-term basis.
As new projects come online and product ramp-ups occur, it expects revenue and margin expansion, ultimately reflecting in the bottom line due to the increased gross block &amp; new products.


External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Laurus Lab (LAURUS) significantly beat our earnings estimates in 3QFY25, led by a scale-up in the CDMO segment.</li><li>Commercial supplies (including launch quantities) led to strong 89% YoY growth in CDMO sales for the quarter.</li><li>Apart from chemical synthesis-based CDMO, LAURUS is enhancing its capacities/capabilities in bio-based CDMO activities through a JV with Eight Roads (investment of INR1.6b to start with).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Laurus Lab (LAURUS) significantly beat our earnings estimates in 3QFY25, led by a scale-up in the CDMO segment.Commercial supplies (including launch quantities) led to strong 89% YoY growth in CDMO sales for the quarter.Apart from chemical synthesis-based CDMO, LAURUS is enhancing its capacities/capabilities in bio-based CDMO activities through a JV with Eight Roads (investment of INR1.6b to start with).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Laurus Labs - Beat on Earnings; Green Shoots Visible

<ul><li>Laurus Lab (LAURUS) delivered largely in-line operational performance for 2QFY25.</li><li>It witnessed an improving traction in the CDMO business, with a 33%/44% YoY/QoQ jump in sales for 2QFY25.  However, this was offset by weak API segment.</li><li>The commercialization of CDMO contracts is expected to pick up in 2HFY25, driving sales as well as operating leverage.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Laurus Lab (LAURUS) delivered largely in-line operational performance for 2QFY25.It witnessed an improving traction in the CDMO business, with a 33%/44% YoY/QoQ jump in sales for 2QFY25.  However, this was offset by weak API segment.The commercialization of CDMO contracts is expected to pick up in 2HFY25, driving sales as well as operating leverage.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Laurus Labs - In-Line Quarter; CDMO Traction to Pick up in 2HFY25

Global Healthcare Analyst

Tina Banerjee

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<a href="https://www.smartkarma.com/entities/divi-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:4871:1" rel="noopener">Divi's Laboratories (DIVI IN)</a> ended FY25 on a strong note. Continued momentum in CS business, recovery in generic business, and significant margin improvement are the key highlights of Q4FY25 result.</li>
<li>Divi’s is witnessing sustained momentum in CS, with a healthy uptick in RFPs and regular site visits. Favorable product mix, stable raw material, and logistics prices will improve overall margin.</li>
<li>Moving ahead, the company is looking to maintain double-digit revenue growth. This compares favorably with less than 2% revenue CAGR over the last three years.</li>
</ul>



Divi's Laboratories (DIVI IN) ended FY25 on a strong note. Continued momentum in CS business, recovery in generic business, and significant margin improvement are the key highlights of Q4FY25 result.
Divi’s is witnessing sustained momentum in CS, with a healthy uptick in RFPs and regular site visits. Favorable product mix, stable raw material, and logistics prices will improve overall margin.
Moving ahead, the company is looking to maintain double-digit revenue growth. This compares favorably with less than 2% revenue CAGR over the last three years.


Divi's Laboratories (DIVI IN): Double-Digit Growth and Margin Improvement to Continue

India

Laurus Labs Limited researches, develops, manufactures, and sells active pharmaceutical ingredients (APIs) in India and internationally. It offers APIs for anti-retroviral and hepatitis C; and APIs in oncology and other therapeutic areas. .

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Laurus Labs (LAURUS IN)

Laurus Labs Q4 FY25 Update: Diversification and Strategic R&D Drive Growth

Laurus Labs sees 122% YoY increase in PAT for FY25, driven by CDMO success and margin growth, transforming into diversified CDMO/CMO business with...

Sudarshan Bhandari

The Beat Ideas: Laurus Labs

Company faces short-term challenges with revenue and margins due to delays, but expects expansion and improved bottom line in FY26 and beyond with...

Sudarshan Bhandari

Laurus Labs - Beat on Earnings; Green Shoots Visible

Laurus Lab (LAURUS) significantly beat our earnings estimates in 3QFY25, led by a scale-up in the CDMO segment.Commercial supplies (including...

Motilal Oswal

Laurus Labs - In-Line Quarter; CDMO Traction to Pick up in 2HFY25

Laurus Lab (LAURUS) delivered largely in-line operational performance for 2QFY25. It witnessed an improving traction in the CDMO business, with a...

Motilal Oswal

Divi's Laboratories (DIVI IN): Double-Digit Growth and Margin Improvement to Continue

Divi's Laboratories finished FY25 strong. Moving ahead, the company is looking to maintain double-digit revenue growth. This compares favorably...

Tina Banerjee

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Laurus Labs Q4 FY25 Update: Diversification and Strategic R&D Drive Growth

​Laurus Labs sees 122% YoY increase in PAT for FY25, driven by CDMO success and margin growth, transforming into diversified CDMO/CMO business with...

Sudarshan Bhandari

The Beat Ideas: Laurus Labs

​Company faces short-term challenges with revenue and margins due to delays, but expects expansion and improved bottom line in FY26 and beyond with...

Sudarshan Bhandari

Laurus Labs - Beat on Earnings; Green Shoots Visible

Laurus Lab (LAURUS) significantly beat our earnings estimates in 3QFY25, led by a scale-up in the CDMO segment.Commercial supplies (including...

Motilal Oswal

Laurus Labs - In-Line Quarter; CDMO Traction to Pick up in 2HFY25

Laurus Lab (LAURUS) delivered largely in-line operational performance for 2QFY25. It witnessed an improving traction in the CDMO business, with a...

Motilal Oswal

Divi's Laboratories (DIVI IN): Double-Digit Growth and Margin Improvement to Continue

​Divi's Laboratories finished FY25 strong. Moving ahead, the company is looking to maintain double-digit revenue growth. This compares favorably...

Tina Banerjee

Laurus Labs sees 122% YoY increase in PAT for FY25, driven by CDMO success and margin growth, transforming into diversified CDMO/CMO business with...

Company faces short-term challenges with revenue and margins due to delays, but expects expansion and improved bottom line in FY26 and beyond with...

Divi's Laboratories finished FY25 strong. Moving ahead, the company is looking to maintain double-digit revenue growth. This compares favorably...