Every listed Indian CDMO company covered here — Anthem, Blue Jet, Cohance, Divi's, Gland, Laurus, Neuland, Piramal Pharma, Sai Life, Syngene — against Shilpa, on the same numbers from the same filings. Click a column to rank by it. Tick up to three and press Compare for the full side-by-side.
| Company | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | ₹248.3k Cr | 96.7× | 12.8% | 32.6% | 21.5% | 0.9× | 0.0× | 53.5% | |
| 2 | ₹108.3k Cr | 121.9× | 22.7% | 26.2% | 18.0% | 2.1× | 0.5× | 122.0% | |
| 3 | ₹50.1k Cr | 84.6× | 15.2% | 39.3% | 29.6% | 0.9× | 0.0× | 7.3% | |
| 4 | ₹48.1k Cr | 46.8× | 14.5% | 25.3% | 14.9% | 1.2× | 0.0× | 44.8% | |
| 5 | ₹33.9k Cr | 97.2× | 29.4% | 28.8% | 19.2% | 1.8× | 0.1× | 83.1% | |
| 6 | ₹28.9k Cr | 79.3× | 37.0% | 28.7% | 26.6% | 1.0× | 0.2× | 47.3% | |
| 7 | ₹27.9k Cr | n/m | -3.1% | 10.4% | 1.2% | n/m | 0.7× | 3.7% | |
| vs | 8Shilpa | ₹20.2k Cr | 83.0× | 19.9% | 28.3% | 11.4% | 1.7× | 0.3× | 152.5% |
| 9 | ₹17.3k Cr | 96.6× | -13.0% | 18.8% | 5.8% | 1.4× | 0.1× | -49.8% | |
| 10 | ₹15.2k Cr | 48.0× | 2.6% | 24.6% | 8.7% | 2.4× | 0.1× | -42.4% | |
| 11 | ₹10.2k Cr | 41.1× | -8.0% | 31.0% | 26.5% | 0.9× | 0.0× | -12.2% |
Market cap, P/E and the 12-month return move with the market and are dated to the last close. Every other column is the last full financial year. n/m — loss-making, so the multiple means nothing. A dash means not recorded, which is not the same as nil.
| Metric | SHILPAMED | DIVISLAB |
|---|---|---|
| What you pay22 Sept 2026 | ||
| Share price | ₹1,033.15 | ₹9,352.00 |
| Market cap | ₹20,208 Cr | ₹2,48,296 Cr |
| P/E | 83.05× | 96.69× |
| P/B | 7.80× | 14.81× |
| P/S | 13.16× | 23.51× |
| 12-month return | 152.5% | 53.5% |
| SizeFY26 | ||
| Revenue | ₹1,535 Cr | ₹10,560 Cr |
| PAT | ₹243 Cr | ₹2,568 Cr |
| Net worth | ₹2,591 Cr | ₹16,761 Cr |
| Gross block | ₹1,593 Cr | ₹6,528 Cr |
| GrowthFY26 | ||
| Revenue growth | 19.9% | 12.8% |
| Revenue CAGR (3y) | 13.6% | 10.8% |
| PAT CAGR (3y) | — | 12.1% |
| What it keepsFY26 | ||
| EBITDA margin | 28.3% | 32.6% |
| PAT margin | 15.9% | 24.3% |
| ROCE | 11.4% | 21.5% |
| ROE | 9.4% | 15.3% |
| CFO / PAT (3y) | 1.73× | 0.89× |
| What it owesFY26 | ||
| Net debt | ₹615 Cr | ₹-3,407 Cr |
| Debt / equity | 0.25× | 0.00× |
| CWIP | ₹884 Cr | ₹2,113 Cr |
| Debtor days | 123 days | 103 days |
| Who owns itFY26 | ||
| Promoter holding | 40.1% | 51.9% |
| Institutional holding | 19.4% | 39.6% |
Every figure comes from the same filings the company pages are built from. A dash means the figure is not recorded, which is not the same as nil.
Shilpa sells cancer drugs under other people's labels, across three businesses — APIs at 47% of June-quarter revenue, finished formulations at 42% and biologics at 11%, with oncology 46% of API sales. It sells 58 APIs and 43 formulation products into more than 50 countries and has filed 283 drug master files. The cleanest measure of the last five years is the balance sheet: net debt 6.7 times EBITDA in FY23 and 1.3 times in the June quarter, with an upgrade from A+ to AA− in July 2026.
Divi's makes the active ingredients inside medicines. Half the business supplies generic drug makers at very large scale; the other half is custom synthesis, making patented molecules to order for the companies that invented them. Plants in Andhra Pradesh and Telangana, selling mostly to Europe and America, on half as much revenue again as its nearest listed rival.
Built, with small stakes bought on the side. Gross block went from ₹1,997 crore to ₹2,281 crore on ₹361 crore of net capex, funded mainly from what the business earns, with a new oncology block due during FY27 and a solid-phase peptide plant to follow. The buying is a different animal — minority stakes in small biotechs such as mAbTree, Alveolus Bio and Gate2Brain, each taken alongside a contract to be their manufacturing partner.
Gross fixed assets rose 20% last year, with three major capital programmes close to finishing and under regulatory validation, and a new site at Kakinada doing backward-integration work while it waits to be qualified for commercial supply. There are no acquisitions and two subsidiaries. Peptides are the main area of investment, with capacity being added in both solid-phase and liquid-phase synthesis.
A founding family in its second generation, running a group with a lot of parts. Vishnukant Bhutada, a founder in 1987, is managing director; Keshav Bhutada runs the material subsidiary and Madhav Bhutada runs Shilpa Biocare. Omprakash Inani, of the promoter group, is chairman — so the chair is not independent, and half the six-seat board must be, which it is. The founding families took ₹16.9 crore out of the group, up 31%, in a year profit tripled.
Founder Dr Murali K. Divi remains managing director, his son Dr Kiran S. Divi is chief executive and his daughter Nilima Prasad Divi is commercial director — the three senior operating roles held by one family, which owns 51.88% of the shares. Six independent directors sit alongside them. The family takes ₹224 crore of pay, about 9% of profit, and ₹347 crore of dividend on the stake it owns.
No significant new capital spending is needed for three years in biologics or albumin.
Q1 FY27
On the minority stakes taken in small biotechs alongside manufacturing contracts: management called it a unique strategy and declined to describe it further.
Q1 FY27
Custom synthesis rose sharply in the June quarter — before the three big expansion projects have contributed anything.
Q1 FY27 earnings call
Long-term contracts for iodine-based contrast media are being signed with two customers, one already in commercial supply.
Q1 FY27 earnings call
Closing prices to 22 Sept 2026, adjusted for bonuses and splits. Dividends are not counted. This is what happened, not what will.
A sector, read end to end, and the companies as they are published. Roughly monthly. Nothing else, and one click to stop.