Half the growth was the exchange rate

The rupee fell about a tenth against the dollar this year. These companies sell abroad and report at home, so part of the growth on every screen is the exchange rate, not the business.

Three of the eight said how big that part was. Piramal: “9% to 10%” against 17% reported. Gland: 20% reported, 15% constant currency. Divi’s: 22.7% standalone, 10% constant currency.

Neuland volunteered only that exchange rates had been “favourable”, unquantified, in a quarter revenue more than doubled.

Laurus, whose 29% growth carries the sector’s highest rating, was asked for the constant-currency figure three times by two analysts. Its finance director said 2%, then said that was a different comparison, then:

“That’s what. Vivek will offline tell you.” V. V. Ravi Kumar, CFO · Laurus Labs · 24 July 2026

Syngene guides for a decline “in rupee terms” — worse in dollars.