Laurus Labs Limited (LAURUSLABS)
Mid CapPharma stocks · Mid cap · NSE
Laurus Labs is a research-driven pharma & biotech company, a leader in APIs & FDFs across ARV, oncology, cardiovascular, gastro. Offers CDMO services from early-stage to commercial production. Operates 15 global-regulator-approved facilities. Expanding into biologics, cell, and gene therapies.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +29% YoY · PAT +123% YoY · margin expansion · +12% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,026 Cr | +29.0% | +11.8% |
| EBITDA | ₹638 Cr | +67.0% | +24.6% |
| Operating margin | 32.0% | +800 bps | +400 bps |
| PAT | ₹362 Cr | +123.5% | +28.4% |
| PAT margin | 17.9% | +755 bps | +231 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Laurus Labs reports strong FY26 performance with 23% revenue growth and 148% net profit increase, driven by robust CDMO execution and Affordable Medicines. Q4FY26 saw highest revenue and operating profits, with CDMO up 20% YoY.
The company delivered robust FY26 results, marked by strong revenue growth and significant margin expansion, driven by its diversified CDMO and Affordable Medicines segments. Strategic investments in new capacities and advanced biologics platforms are progressing, supporting future growth despite some ARV de-risking.
FY26 Revenue by Division
Latest issuer-disclosed distribution across 2 reported categories.
CDMO - Small Molecules
Strong growth in FY26 (+38% YoY) from late-stage pipeline and commercial NCE API supplies. Active projects increased to 125 in FY26.
CDMO - Bio
Healthy growth in FY26 (+15% YoY) with continued pipeline progress on larger global accounts and acceleration in product development.
Affordable Medicines (Generics)
Strong full year performance (+18% YoY) led by both FDF (+26% YoY) and API (+13% YoY), with sustained volume-led ARV leadership.
Advanced Biologics (Gene Therapy/ADC)
Process development lab started Dec 2025. cGMP facility in Hyderabad under construction, expected commissioning mid-2027.
API Reactor Volume
Crossed 8,200 kL of reactor volumes in FY26. Continuing CAPEX in large-scale API & fermentation capacity at Vizag site.
New Vizag Site
New 532-acre Vizag site to significantly enhance global commercial scale, with Capex beginning towards end-FY27 as part of >$600mn investment.
Gene Therapy/ADC cGMP Facility
Broke ground for >65,000 sq.ft site in Q1. Investment expected >₹200 Cr. Facility commissioning and qualification by mid-2027.
New CAR-T GMP Facility, Nerul
Commissioned in March 2026, adding +2,500 annual treatment capacity (3x increase).
Strong CDMO Demand
Strong demand and operational execution in CDMO Small Molecules, with sustained clinical and commercial contracting.
ARV Market Stability
Overall stable market environment for ARV, supported by adequate funding by multi-lateral agencies.
Improving Product Mix
Improving mix of higher value products and customers within CDMO, contributing to gross margin expansion.
ARV Demand Rebalancing
TLD demand rebalancing is noted, though the company maintains focus on optimal capacity and operational excellence.
Global Supply Chain Challenges
Maintained consistent deliveries despite global supply chain challenges.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
YoY comparison is crucial for assessing annual growth and margin trends, especially for a business with potential seasonality. QoQ comparison is important for tracking sequential momentum in CDMO projects, utilization rates, and the impact of new capacity commissioning.
Domestic Formulations Growth
Affordable Medicines (Generics) FDF revenues increased 26% YoY in FY26.
US/Export Growth
Maximized US/EU opportunity on select molecules within Affordable Medicines.
Launch Pipeline & Approvals
7 FDF dossiers filed and 6 approvals received in FY26. Cumulatively, 94 products filed to date.
USFDA Observations
Successful regulatory audits, with EIR status for all key facilities.
Strategic Capex Deployment
Strategically deployed Free cash to high yielding business. ₹3000 Cr Capex for ongoing growth projects.
Expanding Manufacturing Capabilities
Building end-to-end capability to synthesize peptides from lab to commercial scale. Expanding multi-site manufacturing capacity.
Focus on New Modalities
Continued focus on new modalities with key partners, including Gene Therapy/ADC investments and building cGMP facility.
ARV Maintenance Capex
Focus entirely on maintenance capex for ARV, indicating a shift in investment priorities for this segment.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Debt-to-EBITDA | 1.3x (FY26) | Sustained reduction in net debt leverage as new capacities ramp up and generate cash flows. |
| CDMO Revenue Share | 31% (FY26) | Continued increase in CDMO revenue share, indicating successful diversification away from ARVs. |
| ROCE | 17.7% (FY26) | Improvement in ROCE as significant growth CAPEX projects become operational and contribute to profitability. |
| Gene Therapy/ADC Facility Commissioning | Mid-2027 target | Timely commissioning and qualification of the Hyderabad cGMP facility for advanced biologics. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
63BullishSMA20 +9.9% / mo · MACD − · near 52W high · sector +2.2pp vs Nifty (3M)
Technical chart
LAURUSLABSdaily · 1Y · AUTO+75.9%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 54. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~9.0% over last month) — short-term momentum positive.
- RSI(14) at 54 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 6% off 52W high · 124% 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.
Relative Strength & Trend Stage
- Price is 36.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +9.0%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 33 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 33 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 14/20 to the score.
- Balance sheet contributes 6/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -1340.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 88th percentile of the scored universe and 83rd percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: OPM spread across recent quarters is 17%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 83rd pctile, median 70 · Mid: 68th pctile, median 76
161 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸4 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸OPM spread across recent quarters is 17%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 90.90
- P/B
- 18.74
- EV/EBITDA
- 44.87
- Market Cap
- 99417.00Cr
Profitability
- ROE
- 18.30%
- ROCE
- 17.80%
- ROA
- 10.38%
- Dividend Y
- 0.11%
Growth (CAGR)
- Revenue 5Y
- 7.00%
- EPS 5Y
- -2.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 4.00%
Balance Sheet
- Debt/Equity
- 0.48
- Interest Coverage
- 11.09×
- Altman Z
- 8.13
- Book Value
- 98.20
Cash Flow
- FCF Yield
- 0.54%
- FCF Positive Y
- 4/5
- OCF
- 1624.00 Cr
- EPS TTM
- 20.24
Shareholding
- Promoter Hold
- 27.47%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 90%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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