India CRDMO Performance Review, the Mar-26 Results Season

Research evidence excerpt

India CRDMO Performance Review, the Mar-26 Results Season

Pharmaceuticals

Equity Research

June 8, 2026

Exhibit 6 - Mar-26 Qtr saw 3 in-line/3 Miss and 2 beats Sai Life and Divi's remain our top picks in

Company Beat/Miss Comments India CRDMO segment

All three division reporting sales decline,

thus company sales/EBITDA was down

Miss 26%/57% YoY and was significantly below

Cohance our est

20%+ growth in CDMO was offfset by 7%

In-line pharma Divi's sales decline in Gx API

Sales miss was offset by better mix

In-line

Laurus leading to operationally in-line Qtr Innovator Overall weak number (flat sales YoY,

with In-line EBITDA decline of 18% YoY) met the

Piramal modest expectation

High base and more uniformly spread working Miss CDMO sales trajectory during FY26 led to

Sai Life miss Firms

Results were modest (flat sales, 7% YoY

EBITDA decline) but came better than

Beat expectations as mgmt cut guidance post

Syngene 3Q

Customer order delay, lag of regulatory

with approvals, ME conflict impact led sharp Miss pharma Concord Biotech sales decline (YoY) and thus missed est. working Launch of Dalbavancin in US and FX

Beat impacts drives strong sales growth and a Generic Firms Gland beat

.

Source: Company data, Jefferies estimates

Exhibit 7 - Guidance commentary was neutral to bullish in our view Several CRDMOs do not provide concrete

Sentiment on

Company Guidance annual guidance

guidance

Firms working with innovator pharma

Cohance guided for sales and EBITDA growth

Cohance to come back only from 2HFY27, despite

very soft base of FY26

Divi's FY27 double digit growth to continue

Growth momentum to continue, EBITDA

Laurus

margin to reach close to ~30% in FY27

Low- to mid-teens FY27 sales growth and

Piramal

EBITDA & PAT growth > revenue.

Growth momentum to continue in FY27, 28-