SAILIFE · Healthcare · filed 5 Nov 2026
Sai Life Sciences Ltd. reported revenue of ₹659 cr for July to September 2026, +22.5% on the year and +18.8% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹2,371 cr, +15.5% on the four before.
Operating profit (EBITDA) was ₹186 cr, a margin of 28.3%, +117 bps on the year and +160 bps on the quarter. Over the last 8 quarters the margin has ranged from 24.4% to 33.8%, averaging 28.0%. Operating costs grew +20.6% against revenue growth of +22.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹98.3 cr, +17.3% on the year and +34.2% on the quarter, with earnings per share of ₹4.63. Profit before other income, one-offs and tax grew faster, at +31.6%; other income, one-offs or tax held the headline back. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹376 cr, +31.4% on the four before.
Of the 13 companies in Pharmaceuticals that have reported Q2 FY27 so far, Sai Life Sciences Ltd. ranks 5th on revenue growth; the sector median is +11.8%. Its margin moved +117 bps on the year against a sector median of −60 bps.
Pharma quarters swing with US generic launches and price erosion, while India formulations grow more steadily. Currency gains and other income can be material, so headline profit needs a check against operating profit.
On earnings per share of ₹17.76 over the last four quarters, the stock at ₹1,390.40 trades at 78.3 times trailing earnings.
No check fired. That is a statement about the checks below, not a verdict on the company.
Profit is backed by cash: operating cash flow exceeded profit.
Source: Cash flow statement
Filed late at night.
Source: Exchange filing
Could not run on this quarter: Exceptional items that recur, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹342 cr | ₹374 cr | ▼ 8.4% |
| Inventory | ₹242 cr | ₹151 cr | ▲ 60.3% |
| Cash | ₹30.9 cr | ₹81.9 cr | ▼ 62.3% |
| Bank balances | ₹28.6 cr | ₹29.0 cr | ▼ 1.4% |
| Long-term borrowings | ₹30.3 cr | ₹20.5 cr | ▲ 47.9% |
| Short-term borrowings | ₹418 cr | ₹74.6 cr | ▲ 460.1% |
| Trade payables | ₹273 cr | ₹285 cr | ▼ 4.4% |
| Net block | ₹1,741 cr | ₹1,534 cr | ▲ 13.4% |
| Capital work in progress | ₹560 cr | ₹270 cr | ▲ 106.9% |
| Equity | ₹2,688 cr | ₹2,484 cr | ▲ 8.2% |
| Total assets | ₹4,202 cr | ₹3,626 cr | ▲ 15.9% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹190 cr | ₹92.8 cr |
| Capital expenditure | −₹561 cr | −₹248 cr |
| Investing cash flow | −₹553 cr | −₹10.5 cr |
| Financing cash flow | ₹312 cr | ₹31.8 cr |
Operating cash flow was 1.11× profit. Receivables at 51 days of sales (−11 days against the last year end). Inventory at 36 days of sales (+11 days).
Other matter: “We did not review the interim financial information of 2 subsidiaries included in the unaudited consolidated financial results, whose interim financial information reflect total assets of Rs 1,592.02 million as at September 30, 2026, total revenues of Rs. 384.89 million… Read in full
We did not review the interim financial information of 2 subsidiaries included in the unaudited consolidated financial results, whose interim financial information reflect total assets of Rs 1,592.02 million as at September 30, 2026, total revenues of Rs. 384.89 million and Rs. 746.77 million for the quarter and six months ended September 30, 2026 respectively, total net profit after tax of Rs. 22.92 million and Rs. 41.80 million for the quarter and six months ended September 30, 2026 respectively, other comprehensive income of Rs. Nil for the quarter and six months ended September 30, 2026 respectively and net cash inflows of Rs. 42.32 million for the six months ended September 30, 2026, as considered in the Statement. These interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Filing p. consolidated limited review report p.1-2
₹0.0 cr still unused. “During Q2 FY27, company allotted 132,200 equity shares under ESOP schemes. IPO transaction costs of ₹0.18 crore (Rs 1.79 million) paid in H1 FY27. No deviation in utilization of issue proceeds reported.”
Approved appointment of Mr. Sidhartha Das as SVP & Head - HR, Mr. Vijay Kumar Suthari as VP - Head Quality & Regulatory Affairs, and Mr. Sriram Gopalakrishnan as SVP - Corporate Communications as Senior Management Personnel w.e.f. November 05, 2026. (p. outcome letter p.1, Annexure-A)
Tax: Consolidated tax expense of ₹32.96 crore (current tax ₹26.53 crore, deferred tax ₹6.43 crore) on Profit before tax of ₹131.28 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Gross margin | 73.44% | 73.68% | 73.93% |
| CDMO Revenue Share | 64% | — | 62% |
| CRO Revenue Share | 36% | — | 38% |
| Manufacturing Capacity Utilization | 67% | — | — |
Worked out from filed numbers. Material Margin: Material Margin = (Revenue ₹658.59 crore - Cost of materials & inventory changes ₹174.69 crore) / ₹658.59 crore * 100 = 73.44% (reported as 73% in presentation slide 3)
100% successful track record of regulatory inspections across R&D and manufacturing facilities by USFDA, PMDA, and CDSCO; Bidar Unit 4 and Hyderabad Unit 2 operate with active USFDA approval status.
Clean USFDA inspection record across all key R&D and commercial manufacturing units.
not disclosed
As a specialized innovator CRDMO focused on custom synthesis and patented NCE molecules, generic drug price erosion is not applicable.
Diversified CRDMO portfolio across 300+ global innovator clients, 34 active commercial NCE molecules, and 14 Phase III/pre-registration molecules across multiple therapeutic areas.
Broad customer and pipeline diversification mitigates single-molecule risk, with 19 of the top 25 global pharma companies as active clients.
Read using the Pharmaceuticals framework (named in the filing read). Primary valuation lens: P/E excluding one-time exclusivity gains.
Read more closely in this sector: Status of each US-filed plant · Price erosion stated · One-product dependence.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| FY27 Full Year Capex Range Guidance | 1100–1300 ₹ crore | FY2026-27 | unchanged or first given |
| H2 FY27 Performance Guidance | Stronger second half supported by pipeline progression and capacity ramp-up | H2 FY2026-27 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Contract Research, Development and Manufacturing Services (CRDMO) | ₹659 cr | ▲ 22.5% | ₹131 cr | ▲ 17.2% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹384 cr | ₹439 cr | ₹280 cr | ₹396 cr | ₹440 cr | ₹580 cr | ₹496 cr | ₹537 cr | ₹556 cr | ₹602 cr | ₹554 cr | ₹659 cr |
| YoY | — | — | — | — | +15% | +32% | +77% | +36% | +26% | +4% | +12% | +23% |
| EBITDA margin | 25.0% | 28.5% | 9.3% | 25.8% | 27.3% | 27.2% | 24.4% | 27.1% | 33.8% | 29.4% | 26.7% | 28.3% |
| Other income, % of PBT | 21% | 4% | — | 18% | 13% | 8% | 12% | 14% | 0% | 12% | 4% | 3% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 26% | — | 25% | 25% | 26% | 25% | 25% | 25% | 25% | 25% | 25% |
| Net profit | ₹40.0 cr | ₹56.0 cr | −₹14.0 cr | ₹42.0 cr | ₹54.0 cr | ₹88.0 cr | ₹60.0 cr | ₹83.8 cr | ₹100 cr | ₹104 cr | ₹73.3 cr | ₹98.3 cr |
| YoY | — | — | — | — | +35% | +57% | — | +100% | +85% | +18% | +22% | +17% |
| Core profit YoY | — | — | — | — | +50% | +49% | — | +115% | +113% | +13% | +33% | +32% |
| EPS | — | — | — | — | ₹2.59 | ₹4.24 | ₹2.90 | ₹4.01 | ₹4.75 | ₹4.92 | ₹3.46 | ₹4.63 |
| Flags | · | · | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Sai Life Sciences Ltd. reported revenue of ₹659 cr (+22.5% on the year) and net profit of ₹98.3 cr (+17.3% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +31.6% on the year, against +17.3% for reported profit.
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