One Level Deeper

CDMO ladder 3 of 4 · this quarter

What's going on in CDMO

Eight findings from the latest earnings calls of the CDMO companies covered here. Quarter to June 2026 · eight listed Indian CDMO companies. Each opens on its own page.

Nobody is replacing China

They’re copying it.

“China+1” / Biosecure, times said

Record sales. Not record profits.

Five earn less than they used to.

FY26 profit vs its own best year

Eleven paise in the rupee

A decade of profit. Almost none of it in cash.

Piramal−3,862

₹ crore of free cash, all years on file

Half the growth was the exchange rate

Only three of eight will tell you.

Reported growth · bright = disclosed the currency part

The peptide silence

The more they’ve spent, the less they’ll say.

“Peptide”, times said

Lets go shopping

Three own plant in the West. They earn the least.

Sai Life ◇28.8%

Gland ✦25.3%

Syngene ✦24.6%

Piramal ✦10.4%

✦ owns Western plant · ◇ Western labs only · FY26 margin

How big is the pipeline?

Eight companies. No two counting the same thing.

Sai Life com.33

Piramal, Syngene—

Each company’s own headline number

The GLP-1 queue

It came up on six calls. Nobody says they are selling yet.

“GLP-1” or semaglutide, times it came up on the call

ShareWhatsApp LinkedIn X Email

Up a levelThe map — who does what, and how big One level deeperOne company, five questions — pick one of the 10

Not advice. No target prices, no ratings. Every figure is from a filing or a call transcript, and each finding names the companies it is about.