Neuland Laboratories Limited (NEULANDLAB) Financial Results — Revenue ₹2,053.1 Cr

Investor Takeaways

Revenue grew 37.1% YoY to ₹2,053.1 crores in FY26

PAT reached ₹363.1 crores for the fiscal year

EBITDA margin expanded to 29.4%

Working capital days increased to 137 from 107

Free cash flow was negative at -₹49.4 crores

Capex was ₹397.1 crores

Strategic focus on scaling peptide manufacturing and R&D capabilities

Long-term growth target of 18-20% CAGR over 5 years

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹2,053.1 Cr	37.1%
Net Profit	₹363.1 Cr	N/A
EBITDA	N/A	N/A
EPS	N/A	N/A
OPM	29.4%	N/A

What Changed

Neuland Laboratories reported FY26 revenue of ₹2,053.1 crores, up 37.1% YoY, with EBITDA margin expanding to 29.4% and PAT reaching ₹363.1 crores. The company highlighted strong CMS project execution, favorable exchange rates, and lumpiness in quarterly results, while emphasizing capex discipline and working capital optimization. Strategic focus areas include scaling peptide manufacturing, advancing R&D capabilities, and leveraging synthetic chemistry advantages. Risks such as supply chain volatility and project delays were acknowledged, but long-term growth prospects remain confident. The company reported working capital days increased to 137 from 107, free cash flow was negative at -₹49.4 crores, and capex was ₹397.1 crores. Forward guidance targets 18-20% CAGR over 5 years, with the peptide facility expected to be ready by July 2026. Capital allocation is shifting from tactical to long-term strategic planning, with AI pilots underway for R&D and manufacturing data analysis.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Neuland Laboratories Limited	75.59	N/A	N/A	22,665.28
Sun Pharmaceutical Industries Limited	40.61	15.11%	20.34%	4,43,373.11
Divi's Laboratories Limited	71.87	16.56%	22.09%	1,78,142.69
Torrent Pharmaceuticals Limited	79.61	N/A	N/A	1,48,266.18

Neuland's valuation multiples are significantly higher than Sun Pharma and comparable to Divi's Laboratories, reflecting market expectations around its specialty peptide focus and growth trajectory.

Risks & Concerns

Supply chain volatility

Project delays

High capital intensity

Negative free cash flow of -₹49.4 crores

Elevated working capital days of 137

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	398.03	101.59	21.76
Q2FY25	310.84	32.84	20.02
Q1FY25	439.6	97.87	28.06
Q4FY24	385.01	67.56	27.77

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About Neuland Laboratories Limited (NEULANDLAB)

Healthcare · Pharmaceuticals & Biotechnology · Listed on NSE

Market Cap: ₹21,284.79 Cr P/E: 71.0

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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