Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,760.00 last close on 12 Oct 2026 0.00%
Research updated
Laurus Labs Ltd.
NSE: LAURUSLABSHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹2,069.20
- Day change
- +₹32.60 (+1.60%)vs
- Market cap
- ₹1.12 lakh crIndian rupees
- Research updated
- 1 report
About Laurus Labs
Laurus Labs Ltd. is a prominent pharmaceutical company engaged in the manufacturing and commercialization of high-quality generic Active Pharmaceutical Ingredients (APIs), formulations, and specialty ingredients. The company's primary function is to provide affordable and effective pharmaceutical solutions to a diverse range of health conditions. Laurus Labs operates across multiple sectors including anti-retrovirals, hepatitis C, oncology, and cardiovascular medications, contributing significantly to the global healthcare industry. Based in India, Laurus Labs is known for its robust research and development capabilities, which are central to its innovation-driven approach and commitment to quality. The company's state-of-the-art manufacturing facilities are equipped to meet stringent global regulatory standards, ensuring compliance and safety in its product offerings. Laurus Labs plays a critical role in the pharmaceutical supply chain, impacting generic drug markets and enhancing access to essential medicines around the world. Its focus on sustainability and strategic partnerships underscores its market significance, positioning Laurus Labs as a key player in addressing global health challenges through reliable and cost-effective pharmaceutical products.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: LAURUSLABS
- Chief executive
- Dr. Satyanarayana Chava M.Sc., Ph.D.
- Employees
- 7,059
- Headquarters
- Hyderabad, India
- ISIN
- INE947Q01028
- Website
- lauruslabs.com
Public research · Report of
Business model & financial foundation
Laurus Labs (NSE: LAURUSLABS), Pharmaceuticals - APIs, generic formulations and small-molecule CDMO: revenue of ₹6,813 crore in FY26 (+22.7% on FY25), an EBITDA margin of 26.1%, net profit of ₹888.8 crore and net debt of ₹2,284 crore.
- Revenue, FY26 (₹ crore)
- 6,813
- consolidated
- Revenue growth, FY26
- +22.7%
- on FY25
- Net profit, FY26 (₹ crore)
- 888.8
- to owners
- Return on equity, FY26
- 18.2%
- on average equity
- Market capitalisation (₹ crore)
- 1,09,008
- at the close of 12 Oct 2026
Company profile
Laurus Labs is a Hyderabad-headquartered pharmaceutical manufacturer founded in 2005 by Dr Satyanarayana Chava. It began as an anti-retroviral (ARV) API maker and now runs three engines: generic APIs and formulations (ARVs for global tender markets, plus oncology and other APIs), a fast-growing small-molecule CDMO (custom synthesis for innovator pharma, about 31% of FY26 revenue), and Laurus Bio (fermentation-based CDMO). FY26 consolidated revenue was INR 6,813 crore.
| Item | Value |
|---|---|
| Legal name | Laurus Labs Limited |
| Exchange and ticker | NSE: LAURUSLABS; BSE: 540222 |
| ISIN | INE947Q01028 |
| CIN | L24239AP2005PLC047518 |
| Sector | Healthcare |
| Industry | Pharmaceuticals - APIs, generic formulations and small-molecule CDMO |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP |
| Market capitalisation | ₹1,09,008 crore (12 Oct 2026) |
| Shares outstanding | 53.99 crore (FY26) |
| Price | ₹2,037 (close, 12 Oct 2026) |
| 52-week range | ₹864.7 - ₹2,065 (to 12 Oct 2026) |
| Website | https://www.lauruslabs.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Laurus Synthesis Pvt Ltd | 100% | API/CDMO units in Visakhapatnam; merger into Laurus Labs (appointed date 1 Apr 2026) pending NCLT sanction |
| Sriam Labs Pvt Ltd | 100% | API unit, Hyderabad; receives demerged Laurus Synthesis Unit-1 |
| Laurus Bio Pvt Ltd (formerly Richcore Lifesciences) | 78.34% | Fermentation and recombinant protein CDMO, Bengaluru |
| Laurus Generics Inc (US) / Laurus Generics GmbH | 100% | Generics front-end subsidiaries |
| Laurus Generics SA (Pty) Ltd | 100% | South Africa generics |
| Immunoadoptive Cell Therapy Pvt Ltd (ImmunoACT) | 34.89% | Associate; CAR-T cell therapy, Mumbai |
| KRKA Pharma Pvt Ltd | 49% | Joint venture with KRKA (Slovenia); formulations plant, Hyderabad |
| Ethan Energy India / Kurnool Renewables | 26% | Associates; captive renewable power |
Laurus Holdings (UK) and Laurus Specialty Chemicals are 100% subsidiaries with no material operations.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 27.59% | 27.49% | 27.49% | 27.47% |
| Promoter holding pledged | 2.69% | 2.69% | 2.69% | 2.69% |
| Foreign institutions | 26.16% | 26.52% | 25.82% | 28.00% |
| Domestic institutions | 11.73% | 12.43% | 13.97% | 13.74% |
| of which mutual funds | 8.53% | 9.49% | 11.22% | 10.15% |
| Retail | 34.51% | 33.56% | 32.71% | 30.78% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Laurus Labs makes small-molecule chemistry. Its revenue comes from four streams:
- CDMO small molecules (Laurus Synthesis): custom synthesis for innovators, both clinical and commercial supply. Revenue was 922cr in FY24, 1,374cr in FY25 and 1,896cr in FY26. In Q1FY27 it was 835cr, 41% of revenue.
- Laurus Bio: fermentation CDMO, flat at 160-184cr a year.
- Generics API: ARV, oncology and other APIs. Revenue was 2,746cr in FY26.
- Generics FDF: formulations for ARV tenders, plus contract manufacturing (CMO) for a European partner. Revenue was 1,987cr in FY26.
ARV revenue across API and FDF was about 2,800cr in FY26, roughly a third of the total.
Laurus controls its process chemistry and its Vizag reactor base (8,200 m3). It does not control innovators' clinical outcomes or campaign timing, and it does not control donor funding for ARV procurement. The economics are mostly fixed cost: gross margin rose from 51.7% in FY24 to 60.4% in FY26 and 62.7% in Q1FY27 as CDMO mix increased.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Generics - FDF (formulations) | 1,987 | 29.2% |
| Generics - API | 2,746 | 40.3% |
| CDMO - small molecules (Laurus Synthesis) | 1,896 | 27.8% |
| CDMO - Bio (Laurus Bio) | 184.0 | 2.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Divi's Laboratories (DIVISLAB) | |
| Neuland Laboratories (NEULANDLAB) | API plus custom manufacturing solutions for innovators, mid-cap CDMO growth peer |
| Syngene International (SYNGENE) | Indian CRDMO serving innovators |
| Piramal Pharma (PPLPHARMA) | Global CDMO plus complex generics |
| Cohance Lifesciences (COHANCE) | Small-molecule CDMO (ex-Suven Pharma) |
| Granules India (GRANULES) | API-plus-formulations generics model, similar cost structure |
| Aurobindo Pharma (AUROPHARMA) | Large Indian generics/ARV formulation peer |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 4,889 | 6,014 | 5,041 | 5,554 | 6,813 |
| Cost of revenue (vendor classification) * | 2,248 | 2,841 | 2,499 | 2,539 | 2,764 |
| Other operating costs (vendor classification) * | 759.8 | 999.6 | 1,120 | 1,236 | 1,364 |
| EBITDA (vendor classification) * | 1,411 | 1,556 | 777.6 | 1,064 | 1,830 |
| EBIT * | 1,160 | 1,232 | 408.1 | 690.9 | 1,343 |
| Finance costs | 75.8 | 122.9 | 182.9 | 216.0 | 170.7 |
| Profit before tax | 1,084 | 1,109 | 236.4 | 484.3 | 1,182 |
| Tax expense (current + deferred) | 251.4 | 312.3 | 68.2 | 129.9 | 292.0 |
| Profit for the year (after associates/JV) | 832.2 | 793.4 | 162.3 | 358.3 | 890.1 |
| Diluted EPS (INR) | 15.35 | 14.64 | 2.97 | 6.64 | 16.45 |
| Materials consumed + traded goods + inventory change | 2,432 | 2,478 | 2,695 | ||
| Employee benefits expense | 639.9 | 719.5 | 895.5 | ||
| Other expenses | 1,191 | 1,301 | 1,444 | ||
| EBITDA (revenue less operating costs, excl. other income) | 777.5 | 1,055 | 1,778 | ||
| Other income + finance income | 26.3 | 75.1 | 55.0 | ||
| Depreciation and amortisation | 384.6 | 430.1 | 480.1 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Share of profit/(loss) of associates and JV | -5.94 | 3.93 | 0.29 | ||
| Profit attributable to non-controlling interests | 1.72 | 0.02 | 1.35 | ||
| Profit attributable to owners of the parent | 160.6 | 358.3 | 888.8 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners of the parent | 3,359 | 4,049 | 4,111 | 4,473 | 5,300 |
| Borrowings (non-current + current, incl. current maturities; excl. leases) | 1,777 | 2,015 | 2,507 | 2,693 | 2,397 |
| Cash and bank balances (no current investments held) | 75.6 | 45.7 | 141.7 | 144.2 | 113.7 |
| Trade receivables | 1,354 | 1,580 | 1,663 | 2,007 | 2,155 |
| Inventories | 1,760 | 1,685 | 1,845 | 1,937 | 2,342 |
| Trade payables (MSME + others) | 876.4 | 710.7 | 1,051 | 958.5 | 1,252 |
| Property, plant and equipment (net) | 138.1 | 133.4 | 3,446 | 3,668 | 3,873 |
| Capital work-in-progress | 813.2 | 550.8 | 422.8 | 458.4 | 773.3 |
| Total assets | 6,968 | 7,660 | 8,387 | 9,336 | 10,511 |
| Net debt (borrowings less cash and bank balances) | 2,365 | 2,549 | 2,284 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 1,135 | 1,111 | 665.7 | 601.7 | 1,624 |
| Free cash flow (vendor definition) * | 34.3 | 3.74 | -12.6 | -39.4 | 553.6 |
| Dividends paid | -85.9 | -107.5 | -86.2 | -43.1 | -86.3 |
| Purchase of PPE and intangibles incl. CWIP/capital advances/creditors movement | -876.7 | -987.5 | -678.3 | -641.0 | -1,070 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding (crore, FV INR 2) | 53.68 | 53.77 | 53.90 | 53.93 | 53.99 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,224 | 1,415 | 1,720 | 1,570 | 1,653 | 1,778 | 1,812 | 2,026 |
| Cost of revenue (vendor classification) * | 548.3 | 610.2 | 782.7 | 637.4 | 694.6 | 700.1 | 756.0 | |
| Other operating costs (vendor classification) * | 318.4 | 330.6 | 339.3 | 335.3 | 374.3 | 363.5 | 373.3 | |
| EBITDA (vendor classification) * | 182.9 | 294.6 | 479.2 | 392.6 | 486.0 | 523.9 | 647.5 | |
| EBIT * | 75.4 | 188.5 | 368.7 | 275.7 | 365.4 | 401.8 | 523.6 | |
| Finance costs | 52.6 | 57.8 | 56.4 | 51.5 | 40.0 | 38.8 | 40.4 | 42.2 |
| Profit before tax | 22.8 | 130.7 | 312.3 | 224.2 | 269.7 | 326.6 | 361.4 | 481.4 |
| Total tax expense | 5.09 | 40.1 | 78.5 | 63.1 | 76.0 | 73.5 | 79.5 | 119.4 |
| Net profit after tax and share of associates/JV | 20.0 | 92.9 | 232.8 | 161.7 | 194.5 | 251.9 | 282.1 | 362.1 |
| Diluted EPS (INR) | 0.37 | 1.71 | 4.33 | 3.02 | 3.61 | 4.65 | 5.17 | 6.80 |
| Cost of materials consumed + purchase of traded goods + change in inventories | 548.3 | 610.2 | 782.7 | 637.4 | 663.4 | 694.6 | 700.1 | 756.0 |
| Employee benefits expense | 178.7 | 189.1 | 177.7 | 214.8 | 215.6 | 229.2 | 235.9 | 258.7 |
| Other expenses | 318.4 | 330.6 | 339.3 | 335.3 | 371.2 | 374.3 | 363.5 | 373.3 |
| Other income | 4.60 | 9.42 | 58.6 | 10.4 | 27.0 | 5.76 | 11.8 | 9.18 |
| Depreciation and amortisation expense | 107.5 | 106.1 | 110.4 | 116.8 | 120.5 | 120.6 | 122.1 | 123.9 |
| Profit attributable to non-controlling interests | 0.11 | 0.64 | -0.90 | -1.34 | -0.48 | 0.22 | 2.95 | -5.53 |
| Profit attributable to equity holders of the company | 19.8 | 92.3 | 233.7 | 163.0 | 195.0 | 251.7 | 279.1 | 367.6 |
| EBITDA (revenue less cogs, employee and other expenses; excl. other income) | 178.3 | 285.2 | 420.6 | 382.1 | 403.3 | 480.2 | 512.1 | 638.3 |
| Exceptional items | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Share of profit/(loss) of associates and JV | 2.23 | 2.33 | -1.10 | 0.60 | 0.74 | -1.23 | 0.18 | 0.08 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 3.5% | 23.0% | -16.2% | 10.2% | 22.7% |
| EBITDA margin | 15.4% | 19.0% | 26.1% | ||
| Net margin | 3.2% | 6.5% | 13.0% | ||
| Return on equity | 3.9% | 8.3% | 18.2% | ||
| Return on capital employed | 25.2% | 22.0% | 6.4% | 10.0% | 18.1% |
| Return on assets | 2.0% | 4.0% | 9.0% | ||
| Net debt (₹ crore) | 2,365 | 2,549 | 2,284 | ||
| Net debt / EBITDA | 3.04x | 2.42x | 1.28x | ||
| Interest cover | 15.3x | 10.0x | 2.23x | 3.20x | 7.87x |
| Asset turnover | 0.77x | 0.82x | 0.63x | 0.63x | 0.69x |
| Receivable days | 101 | 96 | 120 | 132 | 115 |
| Inventory days (on revenue) | 131 | 102 | 134 | 127 | 125 |
| Payable days (on revenue) | 65 | 43 | 76 | 63 | 67 |
| Cash conversion | 4.15x | 1.68x | 1.83x | ||
| Capex intensity | 17.9% | 16.4% | 13.5% | 11.5% | 15.7% |
| Free cash flow (₹ crore) | 257.8 | 123.5 | -12.6 | -39.4 | 553.6 |
| Dividend payout | 53.7% | 12.0% | 9.7% | ||
| EPS, diluted (₹) | 15.35 | 14.64 | 2.97 | 6.64 | 16.45 |
| Book value per share (₹) | 62,57,38,151 | 75,29,15,491 | 76,27,47,758 | 82,93,99,970 | 98,17,53,335 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less operating costs, excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings less cash and bank balances); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less operating costs, excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Laurus Labs
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