Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Sai Life Sciences Ltd.
NSE: SAILIFEHealthcareDiagnostics & Research
- Last close
- ₹1,395.30
- Day change
- −₹0.60 (−0.04%)vs
- Market cap
- ₹30,428 crIndian rupees
- Research updated
- 1 report
Follow Sai Life Sciences
Create an account, then follow this company for weekday briefs. You will return to Sai Life Sciences after signing in.
About Sai Life Sciences
Sai Life Sciences Ltd. is a leading contract research and manufacturing organization (CRMO) that caters to the global pharmaceutical and biotechnology industries. Serving as an integral partner in drug discovery, development, and manufacturing, the company offers end-to-end solutions that cover every stage from initial molecule creation to full-scale commercial production. With expertise in chemistry, biology, and pharmaceutical sciences, Sai Life Sciences Ltd. plays a critical role in accelerating the development timelines for pharmaceutical companies, helping to bring innovative therapies to market more efficiently. The company impacts multiple therapeutic areas including oncology, infectious diseases, and neurology. Its commitment to quality, reliability, and compliance with global regulatory standards enhances its reputation as a trusted partner worldwide. Headquartered in Hyderabad, India, Sai Life Sciences Ltd. operates state-of-the-art facilities and maintains a robust presence in key international markets, significantly contributing to the global pharmaceutical supply chain.
- Sector
- Healthcare
- Industry
- Diagnostics & Research
- Listing
- NSE: SAILIFE
- Next results
- Chief executive
- Mr. Krishnam Raju Kanumuri
- Employees
- 5,224
- Headquarters
- Hyderabad, India
- ISIN
- INE570L01029
- Website
- sailife.com
Public research · Report of
Business model & financial foundation
Sai Life Sciences (NSE: SAILIFE), Integrated small-molecule CRDMO: revenue of ₹2,192 crore in FY26 (+29.4% on FY25), an EBITDA margin of 30.1%, net profit of ₹348.9 crore and net debt of ₹130.6 crore.
- Revenue, FY26 (₹ crore)
- 2,192
- consolidated
- Revenue growth, FY26
- +29.4%
- on FY25
- EBITDA margin, FY26
- 30.1%
- EBITDA including FX before exceptional items / revenue
- Net profit, FY26 (₹ crore)
- 348.9
- to owners
- Return on equity, FY26
- 15.1%
- on average equity
- Net debt, FY26 (₹ crore)
- 130.6
- Net debt using requested balance-sheet liquidity
- Market capitalisation (₹ crore)
- 32,690
- at the close of 15 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Sai Life Sciences Limited |
| Exchange and ticker | NSE: SAILIFE; BSE: 544306 |
| ISIN | INE570L01029 |
| CIN | L24110TG1999PLC030970 |
| Sector | Healthcare |
| Industry | Integrated small-molecule CRDMO |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since FY23) |
| Market capitalisation | ₹32,690 crore (15 Oct 2026) |
| Shares outstanding | 21.18 crore shares (FY26) |
| Price | ₹1,432 (close, 15 Oct 2026) |
| 52-week range | ₹783.8 - ₹1,697 (to 15 Oct 2026) |
| Website | https://www.sailife.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Sai Life Sciences Inc. | 100% | US research and marketing support |
| Sai Life Pharma Private Limited | 100% | India leasing and resource support |
| Sai Life Sciences GmbH | 100% | Germany marketing support |
Descriptions inferred from intercompany activities. Manchester facility legal branch classification not expressly identified.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 34.70% | 34.61% | 34.53% | 34.50% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 21.40% | 21.17% | 19.65% | 19.91% |
| Domestic institutions | 31.41% | 31.54% | 32.71% | 32.32% |
| of which mutual funds | 27.57% | 27.80% | 29.47% | 29.56% |
| Retail | 5.95% | 6.13% | 6.78% | 7.21% |
| Other | 6.54% | 6.56% | 6.33% | 6.05% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Sai Life Sciences (NSE: SAILIFE) is an integrated small-molecule CRDMO for innovator pharma and biotech. It reports one segment under Ind AS 108; management splits revenue into Discovery/CRO (FY26 775cr, 35%) and CMC/CDMO (1,417cr, 65%). CRO is FTE and project work for 300+ customers; CMC is process development plus commercial supply of 34 commercial and 11 Phase III molecules (Mar 2026). Large pharma is 49% of FY26 revenue, the top 10 customers 54% and the top one 12%. Manufacturing is at Bidar (700KL, 65% utilised in Q1 FY27), rising to 1,150KL by FY27-end. FY26 revenue was 2,192cr (+29%), EBITDA incl. FX 661cr (30.1%), PAT 349cr and diluted EPS Rs16.43.
| Peer | Why the dossier compares them |
|---|---|
| Syngene International (SYNGENE) | Integrated discovery and CDMO, most direct operating comparator |
| Divi's Laboratories (DIVISLAB) | Large-scale small-molecule custom synthesis, higher maturity |
| Neuland Laboratories (NEULANDLAB) | Small-molecule CMS and commercial molecule ramp |
| Piramal Pharma (PPLPHARMA) | Global CDMO; other businesses dilute comparability |
| Cohance Lifesciences (COHANCE) | CDMO and specialty chemistry; merger alters comparability |
| Anthem Biosciences (ANTHEM) | Integrated research/manufacturing, recent IPO |
| Laurus Labs (LAURUSLABS) | CDMO expansion plus generic API/formulations; mixed scope |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 869.1 | 1,197 | 1,465 | 1,695 | 2,192 |
| Cost of revenue (vendor classification) * | 293.2 | 461.5 | 445.7 | 1,015 | 1,294 |
| Other operating costs (vendor classification) * | 140.5 | 157.0 | 286.5 | 321.0 | 239.3 |
| EBITDA (vendor classification) * | 138.9 | 200.3 | 314.6 | 442.4 | 681.2 |
| EBIT (EBITDA less D&A) | 59.3 | 93.5 | 180.7 | 286.2 | 494.1 |
| Finance costs | 49.6 | 77.1 | 85.9 | 76.2 | 39.2 |
| Profit before tax | 9.70 | 16.4 | 109.2 | 227.7 | 466.2 |
| Current and deferred tax expense | 3.47 | 6.42 | 26.4 | 57.6 | 117.3 |
| Profit after tax | 6.23 | 9.99 | 82.8 | 170.1 | 348.9 |
| Diluted earnings per share (₹) | 0.30 | 0.48 | 4.53 | 8.61 | 16.43 |
| Materials consumed plus inventory change | 445.7 | 465.8 | 570.9 | ||
| Employee benefits expense | 494.9 | 549.1 | 683.1 | ||
| Other expenses excluding foreign exchange | 239.1 | 274.0 | 307.4 | ||
| Net FX loss (gain negative) | -14.6 | -19.1 | -29.8 | ||
| EBITDA including FX before exceptional items | 300.1 | 424.7 | 660.9 | ||
| Other income excluding FX | 14.5 | 17.7 | 19.3 | ||
| Depreciation and amortisation | 119.4 | 138.6 | 166.9 | ||
| Exceptional items (income positive) | 0.00 | 0.00 | -8.00 | ||
| Profit attributable to owners | 82.8 | 170.1 | 348.9 | ||
| Cost-stack EBITDA reconciliation residual | 0.00 | 0.00 | 0.00 | ||
| EBITDA-to-PBT reconciliation residual | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 878.6 | 888.1 | 975.1 | 2,128 | 2,484 |
| Borrowings excluding leases | 965.5 | 932.4 | 710.2 | 128.6 | 95.1 |
| Cash equivalents and other bank balances | 115.9 | 69.9 | 158.8 | 463.9 | 110.9 |
| Trade receivables net | 242.9 | 284.1 | 256.2 | 354.8 | 373.6 |
| Inventories | 126.9 | 139.5 | 87.4 | 118.9 | 151.0 |
| Total trade payables | 199.2 | 209.0 | 138.5 | 322.5 | 285.3 |
| Property plant and equipment net (excludes ROU) | 0.00 | 0.00 | 926.4 | 1,185 | 1,534 |
| Capital work in progress | 195.7 | 157.2 | 106.9 | 124.5 | 270.5 |
| Total assets | 2,164 | 2,187 | 2,275 | 3,160 | 3,626 |
| Current and non-current lease liabilities | 217.5 | 223.7 | 193.3 | ||
| Current investments / liquid funds | 0.00 | 0.00 | 47.0 | ||
| Net debt using requested balance-sheet liquidity | 768.9 | -111.5 | 130.6 | ||
| Equity shares outstanding at year end | 1.77 | 20.84 | 21.18 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -34.4 | 106.2 | 263.1 | 314.0 | 509.1 |
| Free cash flow (vendor definition) * | -102.1 | 106.3 | 81.4 | -55.2 | -83.8 |
| Cash purchase of PPE and intangibles | -108.4 | -71.2 | -181.7 | -369.3 | -593.0 |
| Dividends paid | 0.00 | 0.00 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Other income excluding net FX gain for PBT bridge | 14.5 | 17.7 | 19.3 | ||
| MD&A capex incurred (not cash-flow capex) | 633.0 | ||||
| Unprovided capital commitments net of advances | 49.1 | 102.8 | 353.6 | ||
| Borrowing costs capitalised in PPE/CWIP | 1.30 | 0.00 | |||
| CWIP projects in progress less than one year | 124.5 | 249.9 | |||
| CWIP projects in progress one to two years | 0.00 | 20.6 | |||
| Gross non-current borrowing principal repaid | 66.7 | 389.9 | 0.00 | ||
| Current borrowing proceeds less repayments | 24.9 | -234.0 | -58.9 | ||
| Reported other income including FX | 29.1 | 36.8 | 49.1 | ||
| Diluted weighted average shares, split adjusted | 18.29 | 19.76 | 21.24 | ||
| Prior conservative net debt: borrowings+leases-cash/bank-liquid investments | 768.9 | -111.5 | 130.6 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 395.6 | 439.8 | 579.5 | 496.4 | 537.5 | 556.5 | 602.1 | 554.3 |
| Cost of revenue (vendor classification) * | 257.3 | 253.8 | 318.8 | 301.7 | 300.9 | 348.4 | 324.8 | |
| Other operating costs (vendor classification) * | 15.6 | 66.3 | 103.1 | 73.8 | 67.7 | 77.2 | 81.5 | |
| EBITDA (vendor classification) * | 112.2 | 128.9 | 167.2 | 130.8 | 196.2 | 192.1 | 151.6 | |
| EBIT including FX, excluding non-FX other income | 73.1 | 90.4 | 123.5 | 87.3 | 116.3 | 146.9 | 143.7 | 102.1 |
| Finance costs | 20.9 | 23.1 | 10.9 | 12.4 | 9.35 | 9.70 | 7.83 | 7.64 |
| Profit before tax | 55.3 | 71.6 | 118.8 | 80.7 | 112.1 | 134.2 | 139.2 | 98.0 |
| Total tax expense | 13.8 | 17.8 | 30.5 | 20.3 | 28.2 | 33.8 | 35.0 | 24.7 |
| Profit after tax | 41.5 | 53.9 | 88.3 | 60.5 | 83.8 | 100.4 | 104.2 | 73.3 |
| Diluted earnings per share (₹) | 2.21 | 2.84 | 4.14 | 2.83 | 3.93 | 4.71 | 4.87 | 3.42 |
| Materials consumed and changes in inventories | 104.1 | 120.8 | 167.7 | 141.1 | 140.1 | 128.0 | 161.7 | 144.9 |
| Employee benefits expense | 134.7 | 132.9 | 151.1 | 160.6 | 162.8 | 173.0 | 186.7 | 179.9 |
| Other expenses excluding forex | 54.5 | 66.3 | 103.1 | 73.8 | 88.7 | 67.7 | 77.2 | 80.0 |
| Forex loss / (gain) | -6.00 | -5.00 | -3.00 | -4.00 | -10.0 | -3.00 | -12.0 | 1.00 |
| EBITDA including forex, excluding other income | 109.0 | 124.5 | 161.0 | 125.0 | 156.0 | 191.0 | 189.0 | 148.0 |
| Other income excluding FX, rounded deck | 4.00 | 4.00 | 6.00 | 6.00 | 5.00 | 5.00 | 3.00 | 4.00 |
| Depreciation and amortisation | 35.9 | 34.1 | 37.5 | 37.7 | 39.7 | 44.1 | 45.3 | 45.9 |
| Exceptional items, signed addition | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -8.29 | 0.29 | 0.00 |
| Profit attributable to owners | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. |
| Reported EBITDA minus cost-stack arithmetic | 0.78 | -0.25 | 0.43 | 0.07 | 0.18 | 0.15 | 0.45 | -0.48 |
| Reported PBT minus EBITDA-to-PBT arithmetic | -0.83 | 0.37 | 0.17 | -0.16 | 0.15 | 0.23 | 0.07 | -0.45 |
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 | 37.7% | 22.4% | 15.7% | 29.4% | |
| EBITDA margin | 20.5% | 25.1% | 30.1% | ||
| Net margin | 5.7% | 10.0% | 15.9% | ||
| Return on equity | 8.9% | 11.0% | 15.1% | ||
| Return on capital employed | 3.2% | 5.1% | 10.3% | 14.5% | 20.4% |
| Return on assets | 3.7% | 6.3% | 10.3% | ||
| Net debt (₹ crore) | 768.9 | -111.5 | 130.6 | ||
| Net debt / EBITDA | 2.56x | -0.26x | 0.20x | ||
| Interest cover | 1.20x | 1.21x | 2.10x | 3.76x | 12.6x |
| Asset turnover | 0.40x | 0.55x | 0.66x | 0.62x | 0.65x |
| Receivable days | 102 | 87 | 64 | 76 | 62 |
| Inventory days (on revenue) | 53 | 43 | 22 | 26 | 25 |
| Payable days (on revenue) | 84 | 64 | 34 | 69 | 48 |
| Cash conversion | 3.18x | 1.85x | 1.46x | ||
| Capex intensity | 12.5% | 5.9% | 12.4% | 21.8% | 27.0% |
| Free cash flow (₹ crore) | -142.8 | 35.0 | 81.4 | -55.2 | -83.8 |
| Dividend payout | 0.0% | 0.0% | 0.0% | ||
| EPS, diluted (₹) | 0.30 | 0.48 | 4.53 | 8.61 | 16.43 |
| Book value per share (₹) | 552.1 | 102.1 | 117.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA including FX before exceptional items / 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 using requested balance-sheet liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA including FX before exceptional items.
- 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 earnings per share).
- 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 15 Oct 2026); market data at the close of 15 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.
With Individual or above
What the full research on Sai Life Sciences includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Sai Life Sciences
- Research reportLatest
Same sector
More research in Healthcare
Divi's Laboratories Ltd.
NSE: DIVISLAB
Healthcare · Drug Manufacturers - Specialty & Generic
₹8,950.00 last close on 23 Oct 2026 −2.31%Research updated
Torrent Pharmaceuticals Ltd.
NSE: TORNTPHARM
Healthcare · Drug Manufacturers - Specialty & Generic
₹4,524.40 last close on 23 Oct 2026 −1.97%Research updated
Apollo Hospitals Enterprise Ltd.
NSE: APOLLOHOSP
Healthcare · Medical Care Facilities
₹7,730.00 last close on 23 Oct 2026 +1.65%Research updated
Lenskart Solutions Limited
NSE: LENSKART
Healthcare · Medical Instruments & Supplies
₹626.45 last close on 23 Oct 2026 −1.23%Research updated
Zydus Lifesciences Ltd.
NSE: ZYDUSLIFE
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,129.40 last close on 23 Oct 2026 −0.49%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.