Laurus Labs
Laurus Labs
Healthcare F&OKey Fundamentals
MidcapPharmaceuticalsHealthcareTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 19.0%
Weaknesses
4- Stock is trading at 20.2 times its book value
- The company has delivered a poor sales growth of 7.19% over past five years.
- Company has a low return on equity of 10.1% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
Laurus Labs has a market capitalisation of about ₹1,07,577 crore and trades at a P/E of 100.4 and a P/B of 20.66. Growth has picked up recently: TTM sales are up 23% and TTM profit is up 115%, and the Board's report puts FY26 turnover at ₹6,813 crore with EBITDA of ₹1,826 crore, up 64%. Longer-term numbers are weaker, with 5-year sales CAGR at 7%, 5-year profit CAGR at -2% and 3-year average ROE at 10%.
- Earnings are recovering sharply. TTM compounded profit growth is 115%, and FY26 EBITDA rose 64% to ₹1,826 crore on turnover of ₹6,813 crore, according to the company's Board report.
- Margins have widened. FY26 EBITDA works out to about 26.8% of turnover (₹1,826 crore / ₹6,813 crore). Q2 FY26 EBITDA margin was about 26%, compared with the company's own FY25 aim of close to 20%.
- Top-line growth has sped up. TTM sales growth is 23%, against a 3-year sales CAGR of only 4%, and Q1 FY26 revenue rose 31% YoY to ₹1,570 crore.
- Return ratios are improving. Last-year ROE is 18%, compared with a 3-year average of 10%, which suggests profitability is moving back toward the 10-year average of 17%.
- Gross margin improved to 59.4% in Q1 FY26 from 55.1% in Q1 FY25, a gain of 4.3 percentage points. That points to a richer business mix, with more CDMO and specialty work.
- The long-term record is solid. 10-year compounded sales growth is 14% and 10-year compounded profit growth is 21%, which suggests the recent slowdown was a phase rather than a permanent decline.
- Shareholders have been rewarded. Stock CAGR is 141% over 1 year, 72% over 3 years and 27% over 5 years.
- The company keeps a dividend payout of about 19.0%, which shows some cash return to shareholders while it continues to spend on capex.
- The valuation is demanding. A P/E of 100.4 and a P/B of 20.66 assume sustained high growth, so a slowdown could lead to a sharp de-rating.
- Medium-term growth has been poor. The 5-year sales CAGR is only 7.19% and the 3-year sales CAGR is 4%, so the current recovery rests on a short track record.
- Medium-term profits have fallen. The 5-year compounded profit growth is -2% and the 3-year figure is 4%, which means the 115% TTM jump comes partly off a depressed base.
- The 3-year average ROE of 10.1% is low compared with a P/B of 20.66. Current prices depend on returns staying near or above the latest 18%.
- The company may be capitalising interest cost. That can flatter reported profit while large capex projects are under way.
- Much of the rerating has already happened. The stock is up 141% in 1 year, while 3-year profit growth is only 4%, so the price has moved well ahead of multi-year earnings growth.
- The dividend yield is only 0.1%. That gives almost no income cushion if the valuation compresses.
- Leverage and 52-week range data are missing from the dataset (debt-to-equity null, 52-week high/low shown as 0). That makes it harder to judge balance-sheet risk from these inputs alone.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q1FY27 profit jumps 126% Sep 18
Net profit rose 126% YoY to ₹368 crore and revenue grew 29% to ₹2,026 crore, led by strong CDMO growth. EBITDA margin expanded 700 bps to 31.8% on operating leverage.
- Analyst meet set for Sep 22 Sep 15
Laurus Labs has scheduled an analyst and investor meeting on September 22 as part of its regular investor relations activity. The article gave no agenda or guidance.
TL;DR: Laurus Labs is doing well on fundamentals. Q1FY27 profit more than doubled to ₹368 crore on 29% revenue growth, and the 31.8% EBITDA margin shows the CDMO business is scaling profitably. The articles reported no headwinds, but the stock now depends heavily on CDMO, so client concentration and keeping margins near 32% are risks to watch. The trend is improving, and the September 22 investor meeting may give clues on the CDMO order pipeline and margin guidance.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,182 | 1,224 | 1,195 | 1,440 | 1,195 | 1,224 | 1,415 | 1,720 | 1,570 | 1,653 | 1,778 | 1,812 | 2,026 |
| Expenses | 1,015 | 1,037 | 1,014 | 1,198 | 1,024 | 1,045 | 1,130 | 1,300 | 1,187 | 1,250 | 1,298 | 1,299 | 1,388 |
| Operating Profit | 167 | 188 | 181 | 241 | 171 | 178 | 285 | 421 | 382 | 403 | 480 | 512 | 638 |
| OPM % | 14% | 15% | 15% | 17% | 14% | 15% | 20% | 24% | 24% | 24% | 27% | 28% | 32% |
| Other Income | 4 | 2 | 2 | 19 | 3 | 5 | 9 | 59 | 10 | 27 | 6 | 12 | 9 |
| Interest | 39 | 42 | 51 | 50 | 49 | 53 | 58 | 56 | 52 | 40 | 39 | 40 | 42 |
| Depreciation | 91 | 93 | 98 | 102 | 106 | 108 | 106 | 110 | 117 | 120 | 121 | 122 | 124 |
| PBT | 41 | 54 | 35 | 107 | 18 | 23 | 131 | 312 | 224 | 270 | 327 | 361 | 481 |
| Tax % | 30% | 27% | 27% | 30% | 34% | 22% | 31% | 25% | 28% | 28% | 22% | 22% | 25% |
| Net Profit | 27 | 37 | 23 | 75 | 13 | 20 | 93 | 233 | 162 | 194 | 252 | 282 | 362 |
| EPS in Rs | 0.46 | 0.69 | 0.43 | 1.4 | 0.23 | 0.37 | 1.71 | 4.33 | 3.02 | 3.61 | 4.66 | 5.17 | 6.8 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,327 | 1,778 | 1,905 | 2,056 | 2,292 | 2,832 | 4,814 | 4,936 | 6,041 | 5,041 | 5,554 | 6,813 | 7,270 |
| Expenses | 1,126 | 1,415 | 1,497 | 1,642 | 1,935 | 2,266 | 3,262 | 3,512 | 4,448 | 4,261 | 4,499 | 5,028 | 5,236 |
| Operating Profit | 200 | 362 | 408 | 414 | 357 | 565 | 1,552 | 1,424 | 1,592 | 779 | 1,055 | 1,785 | 2,034 |
| OPM % | 15% | 20% | 21% | 20% | 16% | 20% | 32% | 29% | 26% | 15% | 19% | 26% | 28% |
| Other Income | 34 | 4 | 32 | 29 | 15 | 5 | 23 | 14 | 6 | 24 | 75 | 47 | 54 |
| Interest | 106 | 111 | 100 | 80 | 88 | 90 | 68 | 102 | 165 | 183 | 216 | 171 | 161 |
| Depreciation | 62 | 86 | 106 | 125 | 164 | 187 | 205 | 251 | 324 | 385 | 430 | 480 | 487 |
| PBT | 67 | 169 | 234 | 237 | 120 | 294 | 1,301 | 1,084 | 1,109 | 236 | 484 | 1,182 | 1,439 |
| Tax % | -2% | 21% | 19% | 29% | 22% | 13% | 24% | 23% | 28% | 29% | 27% | 25% | — |
| Net Profit | 68 | 134 | 190 | 168 | 94 | 255 | 984 | 832 | 793 | 162 | 358 | 890 | 1,091 |
| EPS in Rs | 8.81 | 16.97 | 3.6 | 3.16 | 1.76 | 4.77 | 18.33 | 15.4 | 14.67 | 2.98 | 6.64 | 16.46 | 20.24 |
| Div. Payout % | 0% | 2% | 8% | 9% | 17% | 10% | 11% | 13% | 14% | 27% | 18% | 12% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 106 | 106 | 106 | 107 | 107 | 107 | 108 | 108 | 108 | 108 |
| Reserves | 640 | 774 | 1,225 | 1,377 | 1,452 | 1,663 | 2,490 | 3,244 | 3,930 | 4,003 | 4,365 | 5,192 |
| Borrowings | 888 | 1,094 | 842 | 980 | 1,036 | 1,079 | 1,482 | 1,777 | 2,015 | 2,577 | 2,764 | 2,518 |
| Other Liabilities | 345 | 339 | 481 | 554 | 737 | 901 | 1,671 | 1,840 | 1,608 | 1,699 | 2,099 | 2,693 |
| Total Liabilities | 1,888 | 2,224 | 2,653 | 3,017 | 3,331 | 3,750 | 5,751 | 6,968 | 7,660 | 8,387 | 9,336 | 10,511 |
| Fixed Assets | 801 | 1,021 | 1,230 | 1,481 | 1,629 | 1,726 | 2,171 | 2,652 | 3,409 | 3,890 | 4,123 | 4,371 |
| CWIP | 110 | 70 | 143 | 163 | 110 | 67 | 362 | 813 | 551 | 423 | 458 | 773 |
| Investments | 7 | 7 | 3 | 3 | 3 | 3 | 3 | 31 | 50 | 124 | 233 | 309 |
| Other Assets | 970 | 1,126 | 1,277 | 1,369 | 1,589 | 1,953 | 3,214 | 3,472 | 3,651 | 3,950 | 4,521 | 5,058 |
| Total Assets | 1,888 | 2,224 | 2,653 | 3,017 | 3,331 | 3,750 | 5,751 | 6,968 | 7,660 | 8,387 | 9,336 | 10,511 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -65 | 182 | 332 | 342 | 298 | 347 | 733 | 911 | 994 | 666 | 602 | 1,624 |
| Investing | -397 | -312 | -289 | -384 | -253 | -221 | -941 | -914 | -997 | -822 | -680 | -1,086 |
| Financing | 486 | 103 | -54 | 42 | -45 | -128 | 255 | 30 | -27 | 250 | 39 | -525 |
| Net Cash Flow | 24 | -27 | -10 | 1 | 0 | -1 | 47 | 27 | -30 | 93 | -39 | 13 |
| Free Cash Flow | -447 | -144 | 55 | -49 | 44 | 125 | 49 | 34 | 6 | -10 | 61 | 560 |
| CFO/OP | -24 | 59 | 94 | 98 | 91 | 68 | 62 | 77 | 80 | 99 | 70 | 107 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 78 | 91 | 109 | 101 | 113 | 102 | 99 | 100 | 96 | 120 | 132 | 115 |
| Inventory Days | 210 | 176 | 186 | 201 | 201 | 234 | 266 | 293 | 222 | 277 | 285 | 317 |
| Days Payable | 102 | 90 | 96 | 107 | 144 | 159 | 199 | 146 | 94 | 158 | 141 | 170 |
| Cash Conversion Cycle | 186 | 178 | 199 | 195 | 170 | 177 | 166 | 247 | 224 | 240 | 276 | 263 |
| Working Capital Days | 0 | 19 | 3 | -11 | 6 | 15 | 43 | 43 | 59 | 42 | 43 | 58 |
| ROCE % | 14% | 16% | 16% | 14% | 8% | 14% | 40% | 26% | 23% | 7% | 9% | 18% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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70 extracted metrics + investor summaries across FY06–FY27.
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Company Information
Founded in 2005, Laurus Labs is a research-driven pharmaceutical and biotechnology company having a global leadership position in select Active Pharmaceutical Ingredients (APIs) including anti-retroviral, oncology drugs (including High Potent APIs), Cardiovascular, and Gastro therapeutics. They also offer integrated CMO and CDMO services to Global Innovators from Clinical phase drug development to commercial manufacturing. Laurus employs 6,500+ people, including around 1,050+ scientists, at more than 11 facilities approved by global agencies USFDA, WHO-Geneva, Japan-PDMA, UK-MHRA, EMA, TGA etc. [1]
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