Sai Life Sciences
Sai Life Sciences
HealthcareKey Fundamentals
SmallcapPharmaceuticalsHealthcareTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has delivered good profit growth of 42.2% CAGR over last 5 years
Weaknesses
4- Stock is trading at 13.1 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 12.7% over last 3 years.
- Working capital days have increased from 49.2 days to 69.8 days
Growth Rate
AI Analysis — Bull vs Bear
Sai Life Sciences, a contract research, development and manufacturing organisation (CRDMO), has a market capitalisation of about Rs 34,371 crore. It trades at 93.6 times earnings and 13.64 times book value. Sales have compounded at 24% over 5 years and 18% on a TTM basis, while profit has compounded at 42% over 5 years and 51% TTM. Return on equity has been modest, at 13% over 3 years and 15% last year, and the company pays no dividend.
- Profit has compounded at 42.2% over the last 5 years, well ahead of 5-year sales growth of 24%. This points to operating leverage and margin expansion.
- TTM profit growth of 51% against TTM sales growth of 18% shows that earnings momentum continues and profitability is still widening.
- Sales have compounded at 22% over 3 years and 24% over 5 years, so revenue has grown steadily across multiple periods.
- 3-year profit CAGR of 227% shows a sharp turnaround from a low earnings base, which signals improving business economics.
- ROE has improved to 15% in the last year, up from a 5-year average of 9% and a 3-year average of 13%. Capital efficiency is trending up.
- The stock returned 85% over the last year, which shows strong market recognition of the company's growth path at a Rs 34,371 crore market cap.
- Retaining 100% of earnings (0% dividend yield) lets the company fund capacity expansion internally, which suits a growing CRDMO business with 18% TTM sales growth.
- A P/E of 93.6 is a very rich valuation. It leaves little room for error if the 51% TTM profit growth slows.
- Price-to-book of 13.64 times is steep compared with ROE of only 12.7% over 3 years. The market is paying heavily for each rupee of book value relative to the returns on it.
- 3-year average ROE of 12.7% and 5-year average of 9% are low for a stock valued at a premium multiple. Historical capital efficiency has been weak.
- Working capital days rose from 49.2 to 69.8 days, an increase of about 42%. This could point to slower collections or inventory build-up that ties up cash.
- The dividend yield is 0% even though the company reports repeated profits, so shareholders get no cash return.
- TTM sales growth of 18% is below the 5-year CAGR of 24% and the 3-year CAGR of 22%, which suggests top-line growth may be slowing.
- After an 85% one-year price gain, much of the growth may already be priced in. The limited listing history (no 3-year stock CAGR available) also gives little evidence of how the stock behaves through a full market cycle.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Rich valuation after 76% rally Sep 21
The stock is up 76% in 2026 against 26% for the Nifty Pharma Index. At ₹1,585 it trades at 48.3x EV/EBITDA, which leaves little room for execution slips even though it is below Laurus (52x) and Divi's (55x).
- CDMO growth lags CRO Sep 21
CDMO revenue grew just 6% YoY in Q1FY27 against 24% for CRO, even though CDMO makes up 60% of revenue. Slower growth in the larger segment held overall revenue growth to 12%.
- Large pharma deal not yet signed Sep 21
Contract terms with a large pharma client are expected to be signed before the end of Q2FY27, with revenue starting in Q3FY27. A delay would undercut the expected step-up in H2FY27 earnings.
- Heavy capex, underused capacity Sep 21
FY27 capex of ₹1,100-1,300 crore will add 450 KL of capacity, yet utilisation was only 65% in Q1FY27. That raises the risk of pressure on return ratios if volumes ramp slowly.
- Strong Q1FY27 margin expansion Sep 21
Revenue rose 12% YoY to ₹554 crore, EBITDA grew 18% to ₹148 crore and net profit rose 22% to ₹73 crore. EBITDA margin expanded 200 bps to 27%.
- 15-20% revenue CAGR guidance Sep 21
Management guides for 15-20% revenue CAGR over the next 3-5 years with EBITDA margins of 28-30%. The Indian CRDMO market is projected to grow at 15-16% CAGR through 2035.
- Capacity to reach 1,150 KL Sep 21
Adding 450 KL in FY27 takes total capacity to 1,150 KL, and the first 225 KL block should go live in H2FY27. Oral solid formulation capability for clinical supply is targeted for Q4FY27.
- Sticky top-tier client base Sep 21
The company works with 19 of the top 25 global pharma companies, and over 90% of revenue comes from repeat clients with average relationships above 11 years. The FTE model sourced 5 of the 6 late-phase molecules added in the last 15 months.
- Improving return ratios Sep 21
ROE rose to 14% in FY26 from 8% in FY25. ROCE improved to 18.2% from 12.2%.
- Peptide platform, China-plus-one tailwind Sep 21
The company is building an end-to-end peptide platform, with a greenfield peptide API plant due in 2028. Its pipeline of 33-34 commercial and 14 late-phase molecules positions it to benefit from the supply-chain shift away from China.
- Q2FY27 trading window closed Sep 28
The trading window closed from October 1, 2026 ahead of Q2FY27 results. Insiders cannot trade until 48 hours after the announcement.
- Investor meets: Morgan Stanley, Jefferies Sep 4
Management will meet investors at the Morgan Stanley Global Healthcare Conference in New York on September 14, 2026, and the Jefferies 5th India Forum in Gurugram on September 18, 2026. Only publicly available information will be discussed.
- AGM adopts FY26 accounts Sep 17
Shareholders adopted the FY26 financial statements at the 27th AGM on September 17, 2026. Krishnam Raju Kanumuri was re-appointed as director.
TL;DR: Sai Life Sciences is growing well, with Q1FY27 profit up 22%, margins up 200 bps to 27%, better return ratios and a sticky big-pharma client base backing its 15-20% revenue CAGR guidance. The main risks are a stretched valuation of 48.3x EV/EBITDA after a 76% YTD rally, CDMO growth of only 6%, and heavy capex while utilisation is 65%. The trend is improving, and Q2FY27 results plus signing the large pharma contract will be the key test of whether H2FY27 delivers the expected earnings acceleration.
Quarterly Results
| Particulars | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 384 | 439 | 280 | 396 | 440 | 580 | 496 | 537 | 556 | 602 | 554 |
| Expenses | 287 | 315 | 254 | 293 | 320 | 422 | 375 | 392 | 369 | 426 | 406 |
| Operating Profit | 96 | 125 | 26 | 102 | 120 | 158 | 121 | 146 | 188 | 177 | 148 |
| OPM % | 25% | 28% | 9% | 26% | 27% | 27% | 24% | 27% | 34% | 29% | 27% |
| Other Income | 11 | 3 | 8 | 10 | 9 | 10 | 10 | 15 | 0 | 16 | 4 |
| Interest | 23 | 21 | 21 | 21 | 23 | 11 | 12 | 9 | 10 | 8 | 8 |
| Depreciation | 31 | 31 | 31 | 36 | 34 | 37 | 38 | 40 | 44 | 45 | 46 |
| PBT | 53 | 76 | -18 | 55 | 72 | 119 | 81 | 112 | 134 | 139 | 98 |
| Tax % | 25% | 26% | -25% | 25% | 25% | 26% | 25% | 25% | 25% | 25% | 25% |
| Net Profit | 40 | 56 | -14 | 42 | 54 | 88 | 60 | 84 | 100 | 104 | 73 |
| EPS in Rs | — | — | — | — | 2.59 | 4.24 | 2.9 | 4 | 4.75 | 4.92 | 3.45 |
Profit & Loss
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 695 | 726 | 760 | 870 | 1,217 | 1,465 | 1,695 | 2,192 | 2,250 |
| Expenses | 520 | 558 | 593 | 743 | 1,048 | 1,178 | 1,285 | 1,559 | 1,592 |
| Operating Profit | 176 | 168 | 167 | 126 | 169 | 287 | 410 | 634 | 658 |
| OPM % | 25% | 23% | 22% | 15% | 14% | 20% | 24% | 29% | 29% |
| Other Income | 6 | 18 | 27 | 28 | 27 | 29 | 35 | 40 | 35 |
| Interest | 24 | 22 | 33 | 54 | 81 | 88 | 78 | 41 | 35 |
| Depreciation | 44 | 55 | 80 | 90 | 99 | 119 | 139 | 167 | 175 |
| PBT | 113 | 109 | 82 | 10 | 16 | 109 | 228 | 466 | 483 |
| Tax % | 35% | 30% | 25% | 36% | 39% | 24% | 25% | 25% | — |
| Net Profit | 73 | 76 | 61 | 6 | 10 | 83 | 170 | 349 | 362 |
| EPS in Rs | — | — | — | — | — | — | 8.16 | 16.48 | 17.12 |
| Div. Payout % | 0% | 0% | 0% | 1117% | 676% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 17 | 18 | 18 | 18 | 21 | 21 |
| Reserves | 703 | 778 | 845 | 861 | 870 | 957 | 2,108 | 2,463 |
| Borrowings | 249 | 304 | 637 | 752 | 933 | 928 | 352 | 288 |
| Other Liabilities | 247 | 312 | 318 | 527 | 358 | 359 | 665 | 841 |
| Total Liabilities | 1,215 | 1,410 | 1,817 | 2,157 | 2,179 | 2,262 | 3,146 | 3,613 |
| Fixed Assets | 373 | 641 | 701 | 751 | 1,037 | 1,180 | 1,488 | 1,815 |
| CWIP | 116 | 91 | 246 | 410 | 151 | 107 | 124 | 270 |
| Investments | 0 | 0 | 0 | 0 | 2 | 2 | 2 | 50 |
| Other Assets | 726 | 679 | 870 | 997 | 989 | 973 | 1,531 | 1,477 |
| Total Assets | 1,215 | 1,410 | 1,817 | 2,157 | 2,179 | 2,262 | 3,146 | 3,613 |
Cash Flow
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating | 129 | 116 | -36 | 105 | 219 | 263 | 314 | 509 |
| Investing | -158 | -262 | -260 | -102 | -99 | -191 | -536 | -395 |
| Financing | 268 | -4 | 296 | 72 | -201 | -95 | 301 | -124 |
| Net Cash Flow | 239 | -150 | -1 | 75 | -80 | -24 | 79 | -9 |
| Free Cash Flow | -28 | -157 | -298 | -102 | 148 | 82 | -55 | -83 |
| CFO/OP | 90 | 81 | -13 | 90 | 132 | 96 | 82 | 86 |
Ratios
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 123 | 136 | 99 | 102 | 85 | 64 | 76 | 62 |
| Inventory Days | 86 | 79 | 127 | 179 | 121 | 72 | 93 | 97 |
| Days Payable | 207 | 258 | 230 | 279 | 180 | 113 | 253 | 182 |
| Cash Conversion Cycle | 1 | -43 | -4 | 2 | 25 | 22 | -83 | -24 |
| Working Capital Days | 55 | 24 | 62 | 42 | 36 | 12 | 66 | 70 |
| ROCE % | — | 13% | 9% | 3% | 6% | 11% | 14% | 20% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Sai Life Sciences insights
63 extracted metrics + investor summaries across FY19–FY27.
Documents
Frequently Asked Questions about Sai Life Sciences
What does Sai Life Sciences Ltd do?
Where is Sai Life Sciences Ltd (SAILIFE) listed?
Which sector does Sai Life Sciences Ltd belong to?
What is the market capitalisation of Sai Life Sciences Ltd?
What is the PE ratio of Sai Life Sciences Ltd?
What is the 52-week high and low of Sai Life Sciences Ltd?
What is the Return on Equity (ROE) of Sai Life Sciences Ltd?
Company Information
Incorporated in 1999, Sai Life Sciences Ltd carries out contract research and manufacturing activities for customers engaged in pharmaceutical and bio technology industries[1]
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/SAILIFE.md for Sai Life Sciences Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.
Append .md to any Tapetide URL for the
same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live,
structured queries instead of documents, use our MCP server.