Neuland Laboratories Limited (NEULANDLAB)
Small CapPharma stocks · Small cap · NSE
Neuland Laboratories is an Indian API manufacturer and CDMO service provider with 40 years of experience. It offers generic APIs (GDS) and custom manufacturing solutions (CMS) for innovator customers, with expertise in complex molecules and peptides. Operates 3 cGMP facilities and serves over 80 countries, with 90% revenue from exports.
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.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
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 · 90/100Rev +119% YoY · PAT +957% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹642 Cr | +119.1% | -17.3% |
| EBITDA | ₹223 Cr | +555.9% | -27.4% |
| Operating margin | 35.0% | +2300 bps | -500 bps |
| PAT | ₹148 Cr | +957.1% | -30.5% |
| PAT margin | 23.1% | +1827 bps | -440 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
Q4FY26 Total Income surged 134.9% YoY to Rs. 788.7 Cr, with EBITDA up 448.6% YoY to Rs. 319.4 Cr, and PAT up 666.3% YoY to Rs. 212.5 Cr. FY26 Total Income grew 37.1% YoY to Rs. 2053.1 Cr, EBITDA up 76% YoY to Rs. 603.4 Cr, and PAT up 40% YoY to Rs. 363.1 Cr, driven by CMS commercial molecules.
Strong Q4 and FY26 performance, particularly in CMS, driven by commercial molecules. Management highlights good short-to-medium term visibility and strategic investments in peptide manufacturing and R&D, suggesting continued growth. Unit 3 utilization ramping up is a positive sign.
Commercial & Near-Commercial Molecules
Good business visibility in the short to medium term anchored by commercial and near-commercial molecules.
CMS Business Growth
CMS revenues driven by commercial molecules. Steady trend in molecules transitioning from clinical phases to commercialisation.
Peptide Manufacturing
Investments in Peptide Manufacturing are proceeding according to plan. Traction from Innovators with peptides molecules in pipeline.
Ezetimibe in Prime Segment
In Prime segment Ezetimibe and Mirtazapine were the key molecules. Ezetimibe likely to drive growth of the Prime segment.
New Peptide Facility
Groundbreaking of a new peptide facility (2025). Investments in Peptide Manufacturing are proceeding according to plan.
New R&D Centre
Investments in the new R&D Centre are proceeding according to plan. New state-of-the-art research and development center, spanning 140,000 sq ft, in Hyderabad’s Genome Valley.
Unit III Utilization Ramp-up
Unit 3 utilisation levels have recently started ramping up and momentum is expected to continue.
Global Peptide API Market Growth
Global peptide API market is poised to reach $14Bn by 2030, driven mainly by rich peptide pipeline and increasing demand for GLP-1.
Patent Cliff of Peptides
Patent cliff of peptides, broadening the availability of these drugs as volume increases expected to offset price declines.
Supply Chain De-risking
Neuland actively worked towards Supply chain de-risking before the COVID19 pandemic.
Customer Concentration (CMS)
CMS business caters to Innovator customers on an exclusive basis, hence is highly concentrated in terms of customers (Top 5 customers 68% of CMS revenue in Q4FY26).
Customer Concentration (Overall)
Overall Company Top 5 customers accounted for 48% of revenue in Q4FY26.
Product Concentration (Overall)
Overall Company Top 5 products accounted for 69% of revenue in Q4FY26.
Specialty Business Subdued
Specialty business subdued due to Paliperidone, revenue driven by Apixaban, Donepezil and Aripiprazole Sterile.
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.
Both YoY and QoQ comparisons are relevant. YoY provides a view of annual growth and the impact of commercialization cycles in CMS, while QoQ highlights sequential momentum, especially in EBITDA and PAT margins, and working capital improvements.
US/Export Revenue Share
90% revenue from exports (FY26).
New DMF Filings (FY26)
2 New DMF filed for FY26: Vonoprazan and Edoxaban. Total 3 new USDMFs filed in FY26.
USFDA Audit Status
Successfully cleared 18 USFDA inspections. US FDA audit of Unit-I with Zero 483 (2024).
EBITDA Margin (Q4FY26)
EBITDA Margin for Q4FY26 at 40.5% (increased by 2316 bps YoY).
Strong FY26 Performance & Visibility
We have ended FY26 on a strong note in line with our original expectations. Good business visibility in the short to medium term anchored by commercial and near-commercial molecules.
Focus on Execution & Customer Satisfaction
Our focus on execution discipline, customer satisfaction, and protection of business fundamentals is central to ensuring this phase of growth.
Laying Groundwork for Future Growth
We are laying the groundwork for growth beyond this horizon. Key elements are investments in Peptide Manufacturing and new R&D Centre.
BD Strategy Alignment
Our Business Development strategy is aligned to the investments and is focused on bringing in the right kind of projects that support high quality, sustainable growth.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| CMS Commercial Molecules Revenue | Rs. 1146 Cr in FY26 (from Rs. 511 Cr in FY25). | Continued growth and transition of pipeline molecules to commercial stage. |
| Peptide Manufacturing Progress | Investments proceeding according to plan; groundbreaking of new facility in 2025. | Commissioning timelines and revenue contribution from peptide molecules. |
| Unit 3 Utilization | Ramping up. | Sustained increase in utilization levels and its impact on margins. |
| Working Capital Days of Sale | 137 days in Q4FY26 (vs 145 days in Q3FY26). | Further improvements in working capital efficiency. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
63BullishSMA20 +19.5% / mo · MACD − · near 52W high · sector +2.2pp vs Nifty (3M)
Technical chart
NEULANDLABdaily · 1Y · AUTO+75.3%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 56. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~16.3% over last month) — short-term momentum positive.
- RSI(14) at 56 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 5% off 52W high · 97% 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 34.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +8.2%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 15/20 to the score.
- Growth contributes 17/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -29.8%.
- 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 83rd percentile of the scored universe and 76th percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 76th pctile, median 70 · Small: 86th pctile, median 66
87 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.
- ▸6 years of positive FCF.
- ▸ROCE is 26.5%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 28%.
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
- 58.40
- P/B
- 15.51
- EV/EBITDA
- 34.12
- Market Cap
- 29073.00Cr
Profitability
- ROE
- 21.20%
- ROCE
- 26.50%
- ROA
- 17.00%
- Dividend Y
- 0.15%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 39.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 30.00%
Balance Sheet
- Debt/Equity
- 0.16
- Interest Coverage
- 29.35×
- Altman Z
- 8.79
- Book Value
- 1461.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 347.00 Cr
- EPS TTM
- 387.97
Shareholding
- Promoter Hold
- 32.62%
- 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
Business-comparable names in Pharma, ranked by similarity
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.