Sai Life Sciences
- Market cap
- ₹ 38,002 Cr.
- P/E
- 106.7x
- P/B
- 13.6x
- 52-week range
- 783.85 – 1,954.8
- ROE
- 15%
- ROCE
- 20%
- Dividend yield
- 0%
- Debt / equity
- 0.12
- Sector
- Pharmaceuticals & Biotechnology
- Industry
- Pharmaceuticals
- Listed on
- NSE, BSE
About
Sai Life Sciences Limited is an India-based company. The Company is a contract research, development, and manufacturing organization (CRDMO). It offers a range of tailor-made services for biotech firms or global pharma company requirements. Its services include integrated drug discovery services, drug metabolism and pharmacokinetics (DMPK), synthetic & medicinal chemistry, biology services, general toxicology, genotoxicity, and computational chemistry services. It also offers chemistry, manufacturing and controls (CMC) services which include route scouting, process familiarization, optimization & development, analytical method development & validation, process safety evaluation, stability studies, and early phase scale-up. Its discovery biology facility provides exploratory biology services to the expanding array of start-up and biotech companies in the Boston area and to companies in North America.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Pharmaceuticals: 222 companies →Sai Life Sciences against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)106.7 against a typical 33.1: pricier than most peers (1st = cheapest).196th of 221
- Sales growth+22.7% against a typical +17.4% from a year earlier.77th of 199
- Profit growth+16.7% against a typical +22.2% from a year earlier.89th of 162
- Share price, 3 months+32.9% against a typical +2.6%.20th of 204
- Size₹ 38,002.1 Cr. market value against a typical ₹ 484.8 Cr. (1st = largest).20th of 203
Latest announcements
Exchange filings and their impact on the company.
- Strong Q2 (+23%) with H2 guided stronger and Bidar expansion ready supports ~20% revenue growth amid heavy capex.
AIAI analysisPositive for shareholdersMedium impact Strong Q2 (+23%) with H2 guided stronger and Bidar expansion ready supports ~20% revenue growth amid heavy capex.
Sai Life Sciences held its Q2 FY27 earnings call after reporting 23% YoY revenue growth in Q2 and 17% in H1, with EBITDA margin at 28%. Management said H2 will be stronger, the new 220KL Bidar manufacturing block is ready for commercial batches, while the next 225KL block is delayed to early Q3 FY28. The company spent Rs 621 crore on capex in H1 of its Rs 1,100-1,300 crore full-year plan and converted a second large pharma relationship into an integrated discovery-to-manufacturing partnership.
Why it matters: Q2 FY27 revenue +23% YoY with 28% EBITDA margin, H1 +17% with H2 guided stronger; 220KL Bidar capacity ready and revenue-accretive, second 225KL pushed from Q4 FY27 to early Q3 FY28 with no FY28 commitment impact; 621cr capex in H1 of 1100-1300cr full-year plan and 2 integrated large-pharma engagements validate growth path.
For shareholders: Strong revenue momentum, integrated large-pharma wins and new capacity coming onstream outweigh capex-led debt rise and 6-month delay to second 225KL block.
Estimated effect over the next 12 months
Estimated effect over the next 12 months Metric Now Estimated change Confidence Revenue ₹ 2,192 Cr. FY26 (Mar 2026)▲ +18% to +25% · +₹ 395 Cr. to +₹ 548 Cr. Q2 FY27 +23% YoY (CDMO +20%, CRO +28%), H1 +17% YoY; H2 guided stronger plus 220KL Bidar ready and revenue-accretive in H2 and 2 integrated large-pharma engagements ramping70% Operating margin 29% FY26 OPM 29%▼ −1.5 pts to −0.5 pts H1 FY27 EBITDA margin 28% vs 29% FY26; modest solvent/chemical inflation from Middle East situation with customer recovery lagging65% Net profit ₹ 349 Cr. FY26 (Mar 2026)▲ +15% to +25% · +₹ 52 Cr. to +₹ 87 Cr. Revenue growth partly offset by higher depreciation and interest from 621cr H1 capex and new Bidar capacity60% EPS ₹ 16.48 FY26 (Mar 2026)▲ +15% to +25% · +₹ 2.5 to +₹ 4.1 Flows from net profit growth on ~21.2cr shares; no equity dilution disclosed60% Net debt ₹ 288 Cr. Mar 2026 borrowings▲ +121.5% to +191% · +₹ 350 Cr. to +₹ 550 Cr. Sep 2026 borrowings already 620 (+332 vs Mar 2026); balance of 1100-1300cr FY27 capex to be debt-funded with low starting leverage70% Capex ₹ 2,085 Cr. Mar 2026 fixed assets 1815 + CWIP 270▲ +38.4% to +50.4% · +₹ 800 Cr. to +₹ 1,050 Cr. 621cr spent in H1 (358cr in Q2), full-year plan 1100-1300cr; Bidar 220KL ready, peptide labs commissioning, Telangana greenfield design75% Net worth ₹ 2,484 Cr. Mar 2026 equity 21 + reserves 2463▲ +12.1% to +16.1% · +₹ 300 Cr. to +₹ 400 Cr. Retention of H1 profit 171cr (73cr Q1 + 98cr Q2) plus H2 profits with zero dividend65% Working capital 70 days FY26 working capital days0% · 0 No working capital commentary in call; cycle assumed broadly stable as growth is services-led50% Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions.
Sai Life Sciences held its Q2 FY27 earnings call after reporting 23% YoY revenue growth in Q2 and 17% in H1, with EBITDA margin at 28%. Management said H2 will be stronger, the new 220KL Bidar manufacturing block is ready for commercial batches, while the next 225KL block is delayed to early Q3 FY28. The company spent Rs 621 crore on capex in H1 of its Rs 1,100-1,300 crore full-year plan and converted a second large pharma relationship into an integrated discovery-to-manufacturing partnership.
- Strong Q2 with 22% revenue growth and margin expansion, funded by heavy debt-backed capex.
AIAI analysisPositive for shareholdersHigh impact Strong Q2 with 22% revenue growth and margin expansion, funded by heavy debt-backed capex.
Sai Life Sciences reported Q2 FY27 consolidated revenue of Rs 658.6 crore, up 22.5% from last year, and net profit of Rs 98.3 crore, up 17.3%. For the first half, revenue was Rs 1212.9 crore and profit Rs 171.6 crore with improved margins. The growth came with heavy investment, with Rs 553 crore spent on new plants in six months, funded by over Rs 350 crore of new borrowings. The board also named three senior managers and allotted 108,005 shares on ESOP exercise.
Why it matters: Q2 FY27 revenue up 22.5% YoY and H1 up 17.3% with ~170bps H1 margin expansion and 18.9% PAT growth, while Rs 553 cr H1 capex lifted total debt by ~Rs 331 cr to Rs 620 cr to fund CWIP doubling to Rs 560 cr that should drive next-12-month sales.
For shareholders: Double-digit revenue and profit growth with margin expansion outweighs near-term rise in debt from expansion capex.
Estimated effect over the next 12 months
Estimated effect over the next 12 months Metric Now Estimated change Confidence Revenue ₹ 2,192 Cr. FY26 ended Mar 2026▲ +16% to +21% · +₹ 350 Cr. to +₹ 460 Cr. H1 FY27 consolidated revenue Rs 1212.87 cr up 17.3% YoY and Q2 Rs 658.59 cr up 22.5% YoY on FY26 revenue Rs 2192 cr implies ~Rs 350-460 cr incremental revenue in next 12 months80% Operating margin 29% FY26▲ +1 pts to +1.5 pts Q2 EBITDA ~Rs 186.4 cr margin 28.3% vs 27.1% prior year and H1 margin 27.6% vs 25.8% prior year supports 1.0-1.5pp margin lift on operating leverage70% Net profit ₹ 348.91 Cr. FY26 ended Mar 2026▲ +18% to +22% · +₹ 63 Cr. to +₹ 77 Cr. H1 PAT Rs 171.6 cr up 18.9% YoY and Q2 Rs 98.32 cr up 17.3% YoY on FY26 PAT Rs 348.91 cr implies 18-22% growth in next 12 months78% EPS ₹ 16.63 FY26 basic▲ +17% to +22% · +₹ 2.8 to +₹ 3.7 Net profit growth 18-22% with only 108005 new ESOP shares on 212.58m shares (~0.05% dilution) so EPS tracks profit78% Net debt ₹ 288 Cr. Mar 2026 total debt incl leases▲ +87% to +121% · +₹ 250 Cr. to +₹ 350 Cr. Total debt Sep 2026 Rs 619.6 cr (borrowings Rs 448.2 cr + leases Rs 171.3 cr) vs Rs 288.5 cr in Mar 2026 after H1 borrowings +Rs 353 cr for capex; debt stays elevated next 12 months70% Market cap ₹ 33,205.55 Cr. Nov 2026▲ +8% to +15% · +₹ 2,656 Cr. to +₹ 4,981 Cr. 22.5% Q2 revenue growth with margin expansion and ~19% H1 profit growth justifies 8-15% market cap uplift on Rs 33205 cr base despite high PE55% Working capital 78 days FY26 working capital days▲ +12.8% to +25.6% · +10 to +20 Inventories Rs 242.05 cr Sep 2026 vs Rs 150.97 cr Mar 2026 (+60%) with lower payables indicates 10-20 days rise in working capital days60% Capex ₹ 2,085 Cr. Mar 2026 fixed assets plus CWIP▲ +24% to +34% · +₹ 500 Cr. to +₹ 700 Cr. H1 investing outflow Rs 553.1 cr, CWIP Rs 559.6 cr vs Rs 270.5 cr in Mar and PPE Rs 1740.6 cr vs Rs 1534.4 cr implies Rs 500-700 cr net asset addition after depreciation75% Net worth ₹ 2,484 Cr. Mar 2026 equity plus reserves▲ +14% to +18% · +₹ 350 Cr. to +₹ 450 Cr. Equity Sep 2026 Rs 2688.06 cr vs Rs 2483.69 cr Mar (+Rs 204 cr in 6 months from retained profit) implies Rs 350-450 cr addition from next 12 months profits80% Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions.
Sai Life Sciences reported Q2 FY27 consolidated revenue of Rs 658.6 crore, up 22.5% from last year, and net profit of Rs 98.3 crore, up 17.3%. For the first half, revenue was Rs 1212.9 crore and profit Rs 171.6 crore with improved margins. The growth came with heavy investment, with Rs 553 crore spent on new plants in six months, funded by over Rs 350 crore of new borrowings. The board also named three senior managers and allotted 108,005 shares on ESOP exercise.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
High safety
Rated AA by 2 agencies- All agencies agree and none has raised a warning.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| India Ratings | IND AA; IND A1+ | Stable | 13 Nov 2026 |
| ICRA | [ICRA]AA | Stable | 26 Feb 2026 |
| Rating | Details | |||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 13 Nov 2026 | ▲ Upgrade1 notch | IND AA- → IND AA | Medium | India Ratings | ₹ 769 Cr. | |||||||||||||||||||||||||||||||||
Rating details
India Ratings upgraded Sai Life to AA Stable on strong growth and margins despite Rs 1100-1300 cr capex. India Ratings upgraded Sai Life Sciences long-term bank loans of Rs 769 cr to IND AA with Stable outlook from IND AA-, and affirmed short-term at IND A1+. FY26 revenue grew 29% to Rs 2192.5 cr with EBITDA margin of 28.8%, and 1HFY27 grew 17% with 27.6% margin. The agency expects 15-20% growth and 28-30% margins to sustain, while the Rs 1100-1300 cr FY27 capex will raise debt but keep leverage comfortable. Why it matters: Upgrade to IND AA Stable confirms 29% FY26 revenue growth to Rs 2192.5 cr and 28.8% EBITDA margin with 15-20% growth guided, while Rs 1100-1300 cr FY27 capex will lift debt and constrain free cash flow but keep net leverage below 1.5x. For shareholders: Upgrade validates sustained revenue growth and 28-30% margins with leverage staying comfortable despite heavy capex. Estimated effect over the next 12 months
Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions. | ||||||||||||||||||||||||||||||||||||||
| 26 Feb 2026 | Reaffirmed | [ICRA]AA | — | ICRA | ₹ 768.6 Cr. | |||||||||||||||||||||||||||||||||
Rating details
No AI analysis yet for this rating. The agency's rationale has the full reasoning. | ||||||||||||||||||||||||||||||||||||||
| 14 Aug 2025 | Rating action | IND AA- | — | India Ratings | ₹ 769 Cr. | |||||||||||||||||||||||||||||||||
Rating details
No AI analysis yet for this rating. The agency's rationale has the full reasoning. | ||||||||||||||||||||||||||||||||||||||
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 5 Nov 2026 | Financial Results | To consider and approve the financial results for the period ended September 30, 2026 |
| 6 Aug 2026 | Financial Results | To consider and approve the Un Audited financial results for the period ended Jun 30, 2026 |
| 14 May 2026 | Financial Results | To consider and approve the Audited Financial Results (Standalone & Consolidated) for the fourth quarter and year ended March 31, 2026 |
| 5 Feb 2026 | Financial Results | To consider and approve the Un-audited Financial Results for the third quarter and nine months ended December 31, 2025. |
| 6 Nov 2025 | Financial Results | To consider and approve the Un-audited financial results (Standalone and Consolidated) for the period ended September 30, 2025 |
| 7 Aug 2025 | Financial Results | To consider and approve the Unaudited Financial Results (Standalone and Consolidated) for the quarter ended Jun 30, 2025 |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 384 | 439 | 280 | 396 | 440 | 580 | 496 | 537 | 556 | 602 | 554 | 659 |
| Expenses | 287 | 315 | 254 | 293 | 320 | 422 | 375 | 392 | 369 | 426 | 406 | 472 |
| Operating Profit | 96 | 125 | 26 | 102 | 120 | 158 | 121 | 146 | 188 | 177 | 148 | 186 |
| OPM % | 25% | 28% | 9% | 26% | 27% | 27% | 24% | 27% | 34% | 29% | 27% | 28% |
| Other Income | 11 | 3 | 8 | 10 | 9 | 10 | 10 | 15 | 0 | 16 | 4 | 4 |
| Interest | 23 | 21 | 21 | 21 | 23 | 11 | 12 | 9 | 10 | 8 | 8 | 11 |
| Depreciation | 31 | 31 | 31 | 36 | 34 | 37 | 38 | 40 | 44 | 45 | 46 | 48 |
| Profit before tax | 53 | 76 | −18 | 55 | 72 | 119 | 81 | 112 | 134 | 139 | 98 | 131 |
| Tax % | 25% | 26% | −25% | 25% | 25% | 26% | 25% | 25% | 25% | 25% | 25% | 25% |
| Net Profit | 40 | 56 | −14 | 42 | 54 | 88 | 60 | 84 | 100 | 104 | 73 | 98 |
| EPS in Rs | — | — | — | — | 2.59 | 4.24 | 2.9 | 4 | 4.75 | 4.92 | 3.45 | 4.63 |
| YoY Sales growth | — | — | — | — | 15 | 32 | 77 | 36 | 27 | 4 | 12 | 23 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- —
- 5 Years
- 24%
- 3 Years
- 22%
- TTM
- 16%
- 10 Years
- —
- 5 Years
- 42%
- 3 Years
- 227%
- TTM
- 33%
- 10 Years
- —
- 5 Years
- —
- 3 Years
- —
- TTM
- —
- 10 Years
- —
- 5 Years
- 9%
- 3 Years
- 13%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Sai Life Sciences | ₹ 1,927.60 | ₹ 38,002 Cr. | 106.7x | 13.6x | 15% | — |
| Sun Pharmaceutical Industries | ₹ 1,860.00 | ₹ 4,46,266 Cr. | 38.4x | 5.6x | 14.2% | 19.1% |
| Divi's Laboratories | ₹ 10,320.50 | ₹ 2,73,977 Cr. | 73.4x | 11.5x | 16.2% | 24.3% |
| Torrent Pharmaceuticals | ₹ 4,741.00 | ₹ 1,80,326 Cr. | 72.7x | 19.2x | 27.1% | 15.3% |
| Cipla | ₹ 1,411.00 | ₹ 1,13,989 Cr. | 27.6x | 3.3x | 11.8% | 13.7% |
| Zydus Lifesciences | ₹ 1,197.90 | ₹ 0 Cr. | 21.2x | 4.3x | 19.7% | 18.5% |
Management
- Kanumuri Ranga Raju
- Executive Chairman of the Board
- Krishnam Raju Kanumuri
- Chief Executive Officer, Managing Director
- Sivaramakrishnan Chittor
- Additional Whole-Time Director and Chief Financial Officer
- Runa Karan
- Chief Compliance Officer, Company Secretary
Prices are delayed and for information only. Nothing on this page is investment advice.