Available company data, source links and archived checks for Divi's Laboratories Ltd.. Read each source and date: a past check is not a fresh review, and some earlier figures have incomplete source details.
Quarter ended 2026-06-30 · consolidated · Company filing
| Quarter | Revenue / income | YoY | Profit | YoY | Net margin | Source |
|---|---|---|---|---|---|---|
| Jun 2026 | Revenue: ₹3,080 cr | +27.8% | Net profit: ₹902 cr | +65.5% | 29.3% | Company filing source |
| Mar 2026 | Revenue: ₹2,831 cr | +9.5% | Net profit: ₹751 cr | +13.4% | 26.5% | Company filing source |
| Dec 2025 | Revenue: ₹2,604 cr | — | Net profit: ₹583 cr | — | 22.4% | Company filing source |
| Sep 2025 | Revenue: ₹2,715 cr | — | Net profit: ₹689 cr | — | 25.4% | Company filing source |
| Jun 2025 | Revenue: ₹2,410 cr | +13.8% | Net profit: ₹545 cr | +26.7% | 22.6% | Company filing source |
| Mar 2025 | Revenue: ₹2,585 cr | — | Net profit: ₹662 cr | — | 25.6% | Company filing source |
YoY means change from the same quarter a year earlier. — means no comparable figure is available. Older entries with incomplete source details have not been revalidated under the current checks.
'Divi's Laboratories Limited Q1 FY27 Earnings Conference Call' August 01, 2026
| Neha M: | Understood. And last question, there is no inventory gains that we have in this quarter, right? There's no inventory gain that is recorded in the gross margin line. |
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| Nilima Prasad Divi: | Can you repeat that question again? |
| Neha M: | Is there any inventory gain that we have recorded in this quarter? Would there be any inventory gains at all in the quarter? |
| Nilima Prasad Divi: | No, that's not the case. |
| Moderator: | Our next question comes from the line of Bino Pathiparampil with Elara Capital. |
| Bino Pathiparampil: | Just a follow-up question on margins. To an earlier question, you said that you look at margins on a year-on-year basis and not quarterly because of the lumpiness. So would you give some idea about how the full year margins can be compared to last year? Is it significantly better or so at the gross level and EBITDA level? |
| Nilima Prasad Divi: | At gross level, I would say it was approximately 60% all over the year. And frankly speaking, if I'm looking at EBITDA margin, it would be the similar as last year. But my -- as we normally say, we are -- the growth that we see will always be a double-digit growth, and it won't -- we would say like don't look at it at this quarter and say gross margin is so much. So this is what is going to be for the rest of the year. It's going to be close to 68% this quarter |
| Bino Pathiparampil: | approximately. But I would not look at that as something consistent throughout the year. I would say there would be lumpiness. Next quarter could be lower or higher is something that we need to wait and see. Understood. So if I got your answer correctly, this year's gross margin would be comparable or slightly better than last year. |
| Dr. Kiran S. Divi: | So to answer this question, right? Everything depends on once we finish the validation, how the validation is ongoing right now. If the approvals come faster, then things will change. The ratio will be higher in terms of CS because commercial volumes will start moving. So all this is subjected to all regulatory approvals. |
| Moderator: | So we would just like to stick to the double digits. And as and when things change quarter-on- quarter and the moment we know something is happening, we will definitely inform. Our next question comes from the line of Saurabh Banik with Divas Consultants. |
| Saurabh Banik: | I'd like to know a few things about the Contrast Media, like what is the status as on today, the Iodine and Gadolinium. And how we actually think this one for FY27? So if you just put a few colors on it, so that would be too much helpful. |
| Dr. Kiran S. Divi: | So on the Iodine-based contrast media, we are in the process of signing long-term contracts with 2 of the customers. And this will be for multiple years. And commercialization has for one of |
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them has already started. The second one, we will start in the next few months. And this will be substantial quantities going forward. Coming to Gadolinium, like I told you, we are still working on a clinical phase project. As and when we see the customer sees light with it, we will also start moving on that segment. Saurabh Banik: Okay. So sir, in our last con call, you have discussed that the Gadolinium is in pre-commercial and qualification stage. So as of today, I mean, in this quarter, can we say that pre-commercial is done and the qualification stage is completed? Or if you can give us any guidelines so when this will be totally completed? Dr. Kiran S. Divi: Just one second, please. See, what I've told you is the Gadolinium compounds, we are still at the qualification stage, which is in Phase II and Phase III. That's what I said last time. I didn't say that we did validations. So we are tagging along with the customer. And as and when they get approval for the next phase, we will again start seeing further. Right now, the project is on slow phase with them on the Gadolinium side. That's why still we are waiting for -- they're waiting for regulatory approvals, and we are waiting. Once they get their approval, then it will be clinical Phase III. Moderator: Our next question comes from the line of Tirumala Reddy, an individual investor. Tirumala Reddy: So will it be possible to give a split between phase-wise molecules in the Custom Synthesis? Nilima Prasad Divi: The Custom Synthesis, we are bound by the confidentiality agreement. So we cannot talk about the quantities or the volumes or the values in the call. Tirumala Reddy: No, no. I'm not asking about any quantities or volumes. It is just a number of projects in each phase, like Phase II, Phase III, commercial. So -- what's the breakup between... Dr. Kiran S. Divi: We have done -- right now, we have several projects in the pipeline. That's all I can answer. And also close to about 18 to 20 projects are actually commercialized or being commercialized as we speak. So we have a healthy pipeline along with projects which are already in the portfolio. Tirumala Reddy: And then my next question is about competitive landscape. So in India, there are a lot of companies are starting CDMO segment and they are consolidating into CDMO. But do you see any margin pressure in CDMO segment going forward? Or is there any indication from customers who are negotiating hard on pricing? Dr. Kiran S. Divi: See, I cannot answer about why other -- how others are joining in. But what I can say, Divi's has a track record. I mean we are close to, I would say, 30-year-old company who has been in CDMO. We are one of the first CDMOs in India. And we come with a lot of reputation. Customers trust us over a period of several deliverables we have given, okay? And where we have been in the critical process where we have handheld them, we have supported them. So customers value us for who we are, and we come with a history. So we have a lot of -- it's not about pricing. It's not the only thing innovators look at. They look at sustainability, they look at Moderator:
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Divi's Laboratories Limited
August 01, 2026
safety issues. They look at your EHS capabilities, your effluent management system, your employee health care system. They look at all the aspects if they ever want to work with a particular customer. And Divi's always meets all their requirements. That's why most of them come to us, they give us opportunities and they work with us.
'Divi's Laboratories Limited Q1 FY27 Earnings Conference Call' August 01, 2026
| amounting to ₹ 451 crores, while capital work in progress stood at ₹ 2,034 crores as of June 30, 2026, reflecting the continuous progress of our ongoing expansion projects. | |
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| As of the end of the quarter, cash and cash equivalents stood at ₹ 3,611 crores, trade receivables were ₹ 3,056 crores and inventory stood at ₹ 4,413 crores. Thank you. | |
| M. Satish Choudhury: | Thank you, Madam. With this, we would request the moderator to open the lines for Q&A. |
| Moderator: | Thank you, sir. Ladies and gentlemen, we will now begin with the question-and- answer session . First question comes from the line of Kunal Dhamesha with Macquarie. |
| Kunal Dhamesh: | Congratulations on a very good set of numbers. The first one on the significant uptick in the custom synthesis business. I believe that the initial commentary alluded that it still doesn't have a component coming from the dedicated capex project. Is that the correct understanding? |
| Dr. Kiran S. Divi: | It is hard to define that because like I said, we are undergoing validation of some of the capex projects. So a certain amount of product has also been shipped to the customer. And there are multiple projects on the line at this point, yes. |
| Kunal Dhamesh: | Okay. So then just from an understanding perspective, sir, between the -- let's say validation quantity to the capex that we have done. What's the usual ramp-up in terms of the quantities we can see? |
| Dr. Kiran S. Divi: | So once the validations are done, we will have to send the material to our customers, where they have to do their own further qualifications, get it into their formulations and then the agencies, different agencies have to approve. Only after that, we would then start commercial quantities. It's difficult for us to mention the quantities or the amounts because we are bound by CDAs at this point. |
| Kunal Dhamesh: | But sir, anything from history, let's say, can you share that from whatever validation quantity and commercial quantities are generally in this range? |
| Dr. Kiran S. Divi: | Can you repeat the first question again, please? . |
| Kunal Dhamesh: | From the history, can you share some broader range as to, let's say, if you sent x quantity for validation, then the commercial quantity when the project ramps up, are in the range of, let's say, 5 x to 10x or 5x to 15, just your historical experience? . |
| Dr. Kiran S. Divi: | Okay. So to answer that, right? It depends on the product that we are manufacturing. Some products, the annual demand is not more than 1,000 kgs. Some products we manufacture are 5,000 to 6,000 tonnes. |
| So very difficult for me to answer this question. It totally depends on the product. Some products go at microgram dosing for the customer -- for the end patient population. So it's a very broad statement you've asked. I cannot generalize this statement. |
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| Kunal Dhamesh: | But sir, we have dedicated capex, right? So we would know like what's the total quantity we can produce to that extent now. |
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| Nilima Prasad Divi: | Can you repeat that again, please? |
| Kunal Dhamesh: | For dedicated capex projects, we know what capacities we have put up, right? So then is it not fairly -- can you not provide some range as to what's the maximum capacity you can reach within those dedicated projects from what you supplied to, let's say, validation stages? |
| Dr. Kiran S. Divi: | Like I said in my first statement, right? We are going by CDAs on the quantities and how much we'll be supplying, the product name and everything. I wish to share more, but I'm bound by CDAs not to share. All I can say is the validations have been completed, and we would be going commercial as and when the qualifications with the agencies are completed. The quantities, how much we have order book value, other topics, I'm not at the liberty to discuss. |
| Kunal Dhamesh: | Sure, sir. Second question is on the peptide modality. And you also talked in your initial remark. So when you consider your backward integration into peptide building blocks and amino acids, the years of experience and the capacities that you have put up till now. If you consider all these factors and then look at the overall global peptide landscape and then the number of players that are there which most of us are aware. Where -- how many global CDMOs do you think can actually compete with all the advantages you have, like you in terms of cost and supply reliability for the next 3 to 4 years? |
| Dr. Kiran S. Divi: | See, I cannot talk about other manufacturers, right? It's not right. But what I can talk about is Divi's is in a unique situation because I think we are the only ones who start from basic raw materials, build our own peptide building blocks, okay. Then we have protected amino acid. We do dipeptide, tripeptides. We have gone into fragments, okay. So we have a complete chain of backward integration, which gives us a much more better opportunity compared to others. So I can only talk about why Divi's is different. It's not fair of me to talk about how I will be more competitive than others. I mean we have seen amazing opportunities in the fragment segment and several opportunities. |
| Moderator: | So I mean, a lot of them are in pipeline. Some of them are in clinical phases. Some are going through validations right now. So as we speak, there are good opportunities in this line. That's why we're even -- in my speech, I mentioned, we're again expanding our capacity by acquiring a few more 3,000-liter SPPS. I'm sorry to interrupt you, Kunal, you may please rejoin for more questions. We have a lot of participants. Thank you. Next question comes from the line of Surya Narayan Patra with Phillip Capital. |
| Surya Narayan Patra: | Congrats for great set of numbers. My first question is about the dedicated project again. So before we start commercial supply of this any time in the later part of the current financial year, so what are the key milestones that we should be seeing, sir, whether any regulatory approval |
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Asked how many end-market molecules validation products supplied in Q1 belonged to, Dr. Kiran S. Divi said validations were done for a few projects that have gone into customers' filings as part of their CMC.
Because last year, this number was around ₹ 300 crores odd. So yes, if you can just help in terms of that so that it becomes easier for us to model in terms of what the sustainable margins are for the company? Nilima Prasad Divi: It's a very difficult question to answer considering the -- what's happening in Middle East currently. I mean tomorrow, everyone decides, okay, we are in the cease and we are not going to have a war at all. Things would be again back to normal. The cost would go down and the inventory -- cost of inventory itself will go down. And our cost of our intermediates and work in progress would go down. Would our volumes go down? Yes, they would because we wouldn't be stocking so much as well. So it all depends on the macroeconomic factors on which we don't have any control on. Moderator: Ladies and gentlemen, due to the time constraint, that was the last question for today. I now hand the conference over to Mr. Satish Choudhury for closing comments. Thank you, and over to you, sir. M. Satish Choudhury: Thank you all for joining us today for the earnings call of Divi's Laboratories Limited. In case you need any further clarification, please reach out to our Investor Relations.
Before reviewing the financial performance of the quarter, I would like to provide an update on the operating environment and measures we have taken to maintain supply continuity, execution discipline and operational reliability across our business. As discussed during our previous earnings call, the external operating environment remained challenging during the quarter, particularly across global trade routes and sourcing channels linked to West Asia. Raw material availability remained largely stable, although input cost trends continue to vary across categories. While prices of certain raw materials moderated during the quarter, solvent costs remain elevated for a significant part of the period. We continue to engage closely with the customers to evaluate commercially appropriate mechanisms to mitigate these costs wherever feasible. At the same time, the evolving geopolitical situation in West Asia has introduced additional uncertainty into global supply chain. Accordingly, we continue to monitor development closely and calibrate our procurement strategies, sourcing plans and inventory positioning in line with changing market conditions. Maintaining supply continuity remains one of our key operational priorities. During the quarter, we continued to maintain strategic inventory buffer where appropriate to improve material availability and mitigate the risk of supply disruption.
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