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CDMO ladder2 of 4 · the map

CDMO stocks in India, side by side

Eleven companies. Where each one works along the journey of a drug, and how much of it there is. Every figure from a filing; every description drawn from what the company says about itself on its own page here.

The journey of a molecule — five stages, left to right
ResearchDiscovery and development work before there is a drug
IntermediatesThe chemistry that comes before the active ingredient
APIThe active ingredient, made in bulk
DoseAPI turned into a pill, a vial, an injection
Own productsSold under its own name — not contract work, but some CDMOs do both
Who works where — taller means more FY26 revenue
ResearchR&DIntermediatesInterm.APIAPIDoseDoseOwn productsOwn
₹ cr, FY26
Divi's
10,560Half generic APIs at scale, half custom synthesis for the inventorPiramal Pharma
8,869Drugs to order, 55% of revenue · Hospital drugs, 30% · Consumer brands, 15%Laurus
6,813Began in HIV APIs · Medicines to order, the faster-growing halfGland
6,431Sterile injectables — vials, ampoules, bagsSyngene
3,739Research services, 78% of revenue · Manufacturing, 22% — small molecules and biologicsCohance Lifesciences
2,269Niche APIs and a formulations plant, 48% of revenue · Molecules made to order for innovators, 39% · Speciality chemicals, mostly agrochemical work to order, 13%Sai Life
2,192Research, 40% of revenue · Manufacturing, 60%Anthem
2,124Early research through to commercial supply, 81.5% of revenue · Speciality ingredients on its own accountNeuland
2,023Own generic APIs, plus molecules made exclusively for innovators (45%)Shilpa
1,535Oncology APIs, 47% of revenue · Finished formulations 42%, biologics 11%Blue Jet
947Contrast-media intermediates 40%, pharma intermediates and APIs 41%, high-intensity sweeteners the rest

Tap or click a row for the company. Bar height follows the square root of revenue, so the smallest company stays visible next to one many times its size; the exact figures are on the right. Stages come from what each company says it does in its own filings; a company can be big in one stage and absent from the rest. A company with own-brand or hospital businesses carries that revenue too, and it is not contract work.

The same 11, in numbers
Co.Rev ₹crEBITDA margin5-yr growthP/ECash per ₹ profit
Divi's10,56033%9%97×₹0.89
Piramal Pharma8,86910%7%—¹—¹
Laurus6,81326%7%122×₹2.05
Gland6,43125%13%47×₹1.18
Syngene3,73925%11%48×₹2.36
Cohance Lifesciences2,26919%18%97×₹1.45
Sai Life2,19229%24%97×₹1.80
Anthem2,12439%14%85×₹0.89
Neuland2,02329%17%79×₹1.00
Shilpa1,53528%11%83×₹1.73
Blue Jet94731%14%41×₹0.87

¹ Blank where the company made a loss in FY26, so the ratio has no meaning, or where the history is too short. Growth is the five-year revenue CAGR to FY26. Cash per ₹ of profit is three years of operating cash flow over three years of profit.

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A sector, read end to end, and the companies as they are published. Roughly monthly. Nothing else, and one click to stop.

Not advice. No target prices, no ratings. Revenue, margins and multiples are FY26 figures from the annual accounts and the exchange’s price file; they move when results are loaded.