Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Sep - Newspaper Clippings - Special Window for transfer and dematerialisation of physical shares
Source: Bse
Divi's Laboratories Limited (DIVISLAB)
Large CapPharma stocks · Large cap · NSE
Divi's Laboratories is an Indian API and Custom Synthesis manufacturer. The company focuses on execution discipline, supply reliability, and long-term capacity and capability requirements. It operates in generics, custom synthesis, and peptides, with a significant portion of its revenue derived from exports.
₹9,087
-57.50 · -0.63%
Market cap ₹2,42,758 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result16 Aug, 12:33 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
74BullishSMA20 +2.0% / mo · MACD − · near 52W high · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 58
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
DIVISLABD candles · FIT view+42.8%Latest close ₹9087.00 on 2026-10-19
Bar
-1.1%
RSI
45
MACD hist
-70.32
52W pos
84%
2026-10-19O ₹9191.50H ₹9323.50L ₹9045.00C ₹9087.00Vol 4.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DIVISLABNifty PharmaNifty 500
- DIVISLAB
- +24.2%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +29.7 pp
Chart stats
19 Oct 2026- From 52W high
- -6.7%
- 52W range position
- 84%
- ATR (14)
- 2.5%
- Volume vs 20D
- 0.86x
- Avg traded value
- ₹475 Cr
- 20D price channel
- ₹8,937.5 - ₹9,740
₹9,740
₹5,647.5 - ₹9,740
₹226.8
Latest completed session
20-session average
24.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST43
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +27.8% · PAT +65.5% YoY
Technical
Bullish74
Price trend and sector-relative-strength timing.
Valuation
Legacy model-485.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence84
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +28% YoY · PAT +66% YoY · margin expansion · +9% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,080 Cr | +27.8% | +8.8% |
| EBITDA | ₹1,255 Cr | +72.2% | +34.4% |
| Operating margin | 41.0% | +1100 bps | +800 bps |
| PAT | ₹902 Cr | +65.5% | +20.1% |
| PAT margin | 29.3% | +668 bps | +276 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 81.50
- P/B
- 14.49
- EV/EBITDA
- 54.54
- Market Cap
- 242758.00Cr
Profitability
- ROE
- 16.50%
- ROCE
- 22.00%
- ROA
- 14.61%
- Dividend Y
- 0.33%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 6.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 13.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 152.58×
- Altman Z
- 8.68
- Book Value
- 631.00
Cash Flow
- FCF Yield
- 1.02%
- FCF Positive Y
- 8/5
- OCF
- 2738.00 Cr
- EPS TTM
- 110.18
Shareholding
- Promoter Hold
- 51.87%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 80%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 10.6k+12.8% vs prev
Net Profit
₹ CrLatest: 2,925+13.9% vs prev
Return on Equity
%Latest: 17.4+1.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 45. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~1.9% over last month) — short-term momentum positive.
- RSI(14) at 45 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 7% off 52W high · 61% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
94
RS percentile
Stage 2 UptrendEstablished S2
1M return
-3.1%
3M return
+24.2%
6M return
+44.6%
1Y return
+41.1%
RS 1D
+1
RS 20D
0
Sector rank
#1
Industry rank
#3
Stage evidence
- Price is 21.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.8%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
07 Jul 2026
S2 age
73 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 164.58+0.40%
RS vs Nifty 500165
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth9/25
Quality14/20
Balance Sheet10/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
43
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
43/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 14/20 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -485.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 9/25; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
81.5
PB
14.5
EV/EBITDA
54.5
ROE
16.5%
ROCE
22.0%
FCF Yield
1.0%
Debt/Equity
0.0
MoS
-485.3%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
43
Previous: 43
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-485.3%
Previous: -485.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
43
43
43
43
41
41
43
43
43
43
43
43
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,250.71
-626.5% MoS
Growth-justified P/E
14.1
Growth-justified Value
₹1,552.44
-485.3% MoS
PEG
9.26
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
AKUMS
Large
Akums Drugs and Pharmaceuticals Limited
Pharmaceuticals
match 162
42
37.8
8.4%
+15%
WATCHLIST
ANTHEM
Large
Anthem Biosciences Limited
Pharmaceuticals
match 159
51
78.1
22.3%
-75%
FAIR VALUE
AARTIPHARM
Micro
Aarti Pharmalabs Limited
Pharmaceuticals
match 155
31
37.3
8.6%
+21%
OVERVALUED
DCAL
Small
Dishman Carbogen Amcis Limited
Pharmaceuticals
match 152
41
131.0
1.6%
-215%
WATCHLIST
SYNGENE
Small
Syngene International Limited
Pharmaceuticals
match 151
29
52.7
7.8%
-1179%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T15:12:20.239Z
Management commentary snapshot
Divi's Labs reported Q4 FY26 consolidated total income of 2,986 crores, with PBT at 963 crores, up from 864 crores YoY. Full year FY26 consolidated total income grew to 11,067 crores from 9,712 crores YoY, with PBT at 3,388 crores (vs 2,916 crores YoY).
The company maintained stable operations and strengthened capabilities despite a complex global backdrop. Strong customer engagement in Custom Synthesis and stable generic volumes, supported by long-term contracts, underpin performance. Investments in capacity and technology continue, positioning for future growth, though margin expansion faces external cost pressures.
Current business mix
Revenue by Product Mix (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Generics45.0%
Custom Synthesis55.0%
Growth engines
Custom Synthesis Pipeline
Project pipeline remains active with molecules progressing through development to near commercialization.
Peptide Business Expansion
Deepening capabilities and strategic investment in synthesis, with validated fragments and strong customer engagement across therapeutic categories.
Existing Generic Portfolio
Volumes across key generic products have maintained and remained stable through the quarter and full year, with steady demand.
New Generic Product Launches
New products are expected to add to volume growth from FY27 as they come off patent.
Capacity and execution
Unit 3 Operations
Operations at Unit 3 have been steadily progressing, supporting backward integration and freeing up GMP space at Unit 1 and Unit 2.
Capitalized Assets (FY26)
The company capitalized assets worth 1,544 crores during FY26, with approximately 800 crores capitalized in Q4.
Capital Work in Progress
Capital work in progress as of March 31, 2026, stood at 2,113 crores.
Kakinada Expansion
A 1,500 crores expansion plan at Kakinada was mentioned, of which 600 crores has been capitalized.
Tailwinds
Strengthened Sourcing Ecosystem
Broadened supplier base and increased depth of domestic procurement network are helping navigate volatility more effectively.
Long-Term Generic Contracts
Most generic APIs are backed by long-term contracts with variability clauses, protecting against raw material price increases.
INR Depreciation Benefit
As a heavily export-oriented company, INR depreciation against major currencies like USD and Euro is expected to benefit.
Headwinds
Geopolitical Tensions
Escalation of geopolitical tensions in West Asia created disruptions across global trade routes and logistics corridors.
Increased Freight Rates
Freight rates across both ocean and air transportation started increasing considerably towards the end of Q4.
Raw Material Price Increases
The company is not immune to rising raw material prices, which are factored into planning.
Competitive Pricing Environment
The pricing environment for generic products remains competitive, leading to some pricing pressure.
Risk radar
Geopolitical Volatility
External environment remains dynamic, with continued monitoring of geopolitical developments, logistics, and supply chain dynamics.
Customer Regulatory Approvals
Commercialization timelines for dedicated CS projects are dependent on customers obtaining regulatory approvals, which can take 6 months to 3 years.
Market Competition for CS Projects
Unforeseen challenges include new molecules being developed by competitors, impacting the timeline and success of CS projects.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both full year (FY26 vs FY25) and Q4 (FY26 vs FY25) results are provided, offering a comprehensive view of the company's annual performance and recent sequential trends, including the impact of geopolitical events towards the quarter end.
Sector KPIs management disclosed
Exports Contribution
Exports contributed nearly 89% of the total sales revenue for FY26.
Europe & US Export Share
Europe and United States together accounted for approximately 74% of the export revenue.
Material Consumption % of Sales
Material consumption during FY26 stood at approximately 38.8% of sales revenue compared to 39.8% in the previous year.
Constant Currency Growth
Constant currency growth for the year was 6.82%.
Management forward view
Revenue Growth Outlook
Management historically looks for a double-digit growth in revenues and maintains this outlook.
Margin Outlook
Margins are difficult to project given changing scenarios, but management expects them to remain stable.
Supply Chain Preparedness
Proactively securing material on a quarter-on-quarter basis to ensure continuous production and meet customer commitments.
Long-Term Investment Focus
Underlying focus remains on being reliable, responsive, and investing ahead of future demand, with long-term investments kept on track.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Dedicated CS Project Commercialization | Validation phases complete, supplied to customers. | Customer regulatory approvals and commencement of commercial production, expected by 2027 or earlier/later. |
| Inventory Levels | 3,954 crores as of March 31, 2026. | Potential increase in Q1 FY27 due to proactive securing of materials to ensure production continuity. |
| Capex Utilization and Revenue Accrual | 2,113 crores in Capital Work in Progress. | Conversion of CWIP to capitalized assets and subsequent revenue generation from new capacities, typically within a 2-year range. |
| Peptide Business Scale | Several 3,000-liter SPPS facilities. | Progress towards becoming one of the largest global players in the peptide segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
84Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 95th percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
43 docs text-extracted · 34 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
97th percentile
overall median 67 · Pharma: 95th pctile, median 70 · Large: 90th pctile, median 73
Evidence depth
Financial-only
43 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
79
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Divi's Laboratories Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Annual reportAug 2026
Aug 2026 · Reg. 34 (1) Annual Report. 15 Jul - 36th AGM on August 10, 2026; FY2025-26 annual report and e-voting schedule released.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Dividend Updates 23 May - Board approved FY26 audited results, recommended ₹30 dividend, AGM on Aug 10, 2026; record date July 24.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Jul - Newspaper Clippings - Notice of 36th AGM, e-voting & other information
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Jul - Notice regarding 36th Annual General Meeting, Record Date for dividend and other information
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Aug - Newspaper clippings regarding unaudited financial results of the Company for the quarter ended June 30, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Jun - Copies of Newspaper Publication - Notice to the shareholders regarding transfer of unclaimed dividends and equity shares to IEPF
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.