Divi‘s Laboratories: Strong CS-led beat; Validation print signals more ahead

研报英文原文证据摘录

Divi‘s Laboratories: Strong CS-led beat; Validation print signals more ahead

J P M O R G A N Asia Pacific Equity Research

03 August 2026

Divi's Laboratories Overweight

DIVI.NS, DIVI IN

Strong CS-led beat; Validation print signals more Price (31 Jul 26):Rs8,056.00

ahead ▲Price Target (Sep-27):Rs9,100.00 Prior (Mar-27):Rs7,400.00

Divi’s reported a solid beat in 1QFY27 (Rev/EBITDA/PAT grew 28%/72%/75%

YoY) led by strong growth in the custom synthesis (CS) business, supported by Pharmaceuticals & Healthcare

Servicesvalidation batches shipped during the quarter. While quarterly outcomes can be

lumpy, we see this quarter as a useful indicator of the earnings potential as the large Bansi Desai, CFA AC

custom synthesis programs move from validation into commercial supply (Rs20bn (91 22) 6157 3581

bansi.desai@jpmorgan.com

capex), which should drive a more meaningful step-up as approvals/qualifications

come through. Separately, progress in peptides remains a key pillar of our positive Amlan Jyoti Das

(91 22) 6157 3574

thesis, with the company highlighting a differentiated backward-integrated model amlan.das@jpmchase.com

and continued capacity additions (including multiple 3,000L SPPS reactors), J.P. Morgan India Private Limited, J.P. Morgan

which keeps us constructive on the overall medium-term opportunity. We size the Tower, Santacruz(E), Mumbai - 400098, SEBI Registration: INH000001873, (91-22) 6157-3000.

peptides + contrast media opportunity at $300–600mn over the next 3–4 years (25–

50% of FY26 revenues), assuming Divi’s supplies tirzepatide-related volumes;

orforglipron is incremental. We upgrade FY27/28 estimates by 11-12% and revise Key Changes (FYE Mar)

PT to Rs9,100 as we roll forward to Sep’28. Reiterate OW. Prev Cur Δ

Adj. EBITDA - 27E (Rs mn) 38,056 42,513 11.7%