F1Q27: In-line Earnings

Research evidence excerpt

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M

Update

August 6, 2026 05:33 PM GMT

Morgan Stanley India Company Private Limited+

Sai Life Sciences Ltd | Asia Pacific

Binay Singh

Equity Analyst

F1Q27: In-line Earnings

Dhara P Shah

Research Associate

Alka Katiyar

AlphaSignals Earnings Reaction

Equity Analyst

Unchanged

In-line

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

F1Q27 revenue increased 12% YoY to Rs5.5bn, in line with MSe and consensus.

Sai Life Sciences Ltd (SAIE.NS, SAILIFE IN)

EBITDA came in at Rs 1.4bn, up 22% YoY and 4% above MSe and 2% above

India Healthcare | India

aided by commercial project ramp-ups, late-stage pipeline conversion and improving

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 6, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

asset utilization.

Fiscal Year Ending

03/25 03/26e 03/27e 03/28e

EPS (Rs)**

Prior EPS (Rs)**

Revenue, net (Rs mn)

EBITDA (Rs mn)

ModelWare net inc (Rs

mn)

P/E

P/BV

RNOA (%)

ROE (%)

EV/EBITDA

Div yld (%)

FCF yld ratio (%)**

Leverage (EOP) (%)

8.18 16.47 17.76 23.60

16,946 21,925 25,214 31,397

4,057

6,312

7,514

9,576

1,701

3,569

3,762

4,998

consensus.

Net income was Rs0.7bn, 6% below MSe and in line with consensus, up 72% YoY.

Remain OW: F1Q27 EBITDA margin expanded 234bps YoY and 71bps QoQ to 26.7%,

highlighting strong execution. Management expects 2HFY27 to be stronger than 1H,

The company has a conference call scheduled for Aug 7, 2026.

92.9

7.4

12.1

17.4

38.4

0.0

0.2

(17.1)

Overweight

Attractive

Rs1,274.00

(10)

Rs1,413.50

Rs1,449.80-778.50

208

Rs293,994

Rs291,655

Rs767

57.5

8.3

18.3

16.8

32.3

0.0

(0.7)

(7.2)

79.6

10.5

17.5

15.1

39.8

0.0

(1.6)

14.0

59.9

8.9

16.1

17.5

31.2

0.0

0.4

11.4

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

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