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Divi's Laboratories · Research view

Divi's Laboratories Ltd.

NSE: DIVISLABBSE: 532488ISIN INE361B01024Face value ₹2standalone
₹9,294
−1.91% · 2026-10-01 · 52-wk ₹5,710–₹9,613
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext
WatchTalking point

Stock has run ahead of the business

Over 4 years the stock returned 35.1% a year while profit shrank 3.5% a year.

Net profit−3.5%/yrShare price35.1%/yr

Importance 64 / 95 · business vs stock

Context

Higher P/E than peers

Trades at 84.21× earnings — 132% above the pharmaceuticals median of 36.26×.

Importance 56 / 95 · valuation

Strength

Consistently free-cash-flow positive

Free cash flow has been positive in 5 of the last 5 years.

Importance 44 / 95 · cash quality

Section 03 · The company

Who is this company?

Classified by the exchange under Healthcare › Healthcare › Pharmaceuticals & Biotechnology › Pharmaceuticals.

Market cap
₹2.46 L cr
FY2026 revenue
₹10,388 cr
FY2026 net profit
₹2,607 cr
Net worth
₹16,711 cr
Total debt
₹0 crnet cash
EPS (basic)
₹98.19
Listed
NSE · BSE
Reporting
Ind-ASApr–Mar

Peer set used on this page: 12 pharmaceuticals.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY22 to FY26₹ crore · consolidated
₹'000 cr05101520023REVENUENET PROFIT9k2,949FY228k1,808FY238k1,576FY249k2,209FY2510k2,607FY26
RevenueNet profit
Strength

Net profit grew 17.2% year on year (FY2025 → FY2026).

Rule PROFIT_GREW_YOY

Revenue growth per year
+4.0%over 4 years
Revenue growth
+12.9%vs last year
Net profit growth
+18.0%vs last year
Change in net profit since FY22
−12%

Revenue has compounded at 4.2% a year over 4 years (₹8,960 → ₹10,560) — steady rather than rapid.

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 net profit was ₹902 cr, up 65.5% from ₹545 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q1 FY27 revenue was ₹3,080 cr, up 27.8% from ₹2,410 cr in Q1 FY26 a year earlier.

Rule QTR_REVENUE_GROWTH_YOY

Strength

Q1 FY27 EBIT was ₹1,186 cr, up 61.1% from ₹736 cr a year earlier.

Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated
₹'000 cr01234011REVENUENET PROFIT2k510Q2 '252k589Q3 '253k662Q4 '252k545Q1 '263k689Q2 '263k583Q3 '263k751Q4 '263k902Q1 '27
RevenueNet profit
QuarterRevenueYoYNet profitYoYNet margin
Q2 FY252,338—510—21.8%
Q3 FY252,319+25.0%589+64.5%25.4%
Q4 FY252,585+12.2%662+23.0%25.6%
Q1 FY262,410+13.8%545+26.7%22.6%
Q2 FY262,715+16.1%689+35.1%25.4%
Q3 FY262,604+12.3%583−1.0%22.4%
Q4 FY262,831+9.5%751+13.4%26.5%
Q1 FY273,080+27.8%902+65.5%29.3%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue
₹11,230 crTTM
EBITDA
₹4,419 crTTM
EBIT
₹3,935 crTTM
PBT
₹3,835 crTTM
Net profit
₹2,925 crTTM

C. Corporate actions

24 Jul 2026DividendFinal Dividend - Rs. - 30.0000 — ₹30.00/share
25 Jul 2025DividendFinal Dividend - Rs. - 30.0000 — ₹30.00/share
2 Aug 2024DividendFinal Dividend - Rs. - 30.0000 — ₹30.00/share
11 Aug 2023DividendFinal Dividend - Rs. - 30.0000 — ₹30.00/share
11 Aug 2022DividendDividend - Rs. - 30.0000 — ₹30.00/share
17 Aug 2021DividendFinal Dividend - Rs. - 20.0000 — ₹20.00/share
25 Feb 2020DividendInterim Dividend - Rs. - 16.0000 — ₹16.00/share
14 Aug 2019DividendFinal Dividend - Rs. - 16.0000 — ₹16.00/share
31 Aug 2018DividendDividend - Rs. - 10.0000 — ₹10.00/share
15 Sept 2017DividendDividend - Rs. - 10.0000 — ₹10.00/share
17 Mar 2016DividendInterim Dividend - Rs. - 10.0000 — ₹10.00/share
23 Sept 2015Bonus issueBonus issue 1:1 — 1:2
6 Aug 2015DividendDividend - Rs. - 20.0000 — ₹20.00/share
31 Jul 2014DividendDividend - Rs. - 20.0000 — ₹20.00/share
25 Jul 2013DividendDividend - Rs. - 15.0000 — ₹15.00/share
26 Jul 2012DividendDividend - Rs. - 13.0000 — ₹13.00/share
16 Jun 2011DividendDividend - Rs. - 10.0000 — ₹10.00/share
2 Jul 2010DividendDividend - Rs. - 6.0000 — ₹6.00/share
30 Jul 2009Bonus issueBonus issue 1:1 — 1:2
15 Jun 2009DividendDividend - Rs. - 6.0000 — ₹6.00/share
26 Jun 2008DividendDividend - Rs. - 4.0000 — ₹4.00/share
3 Aug 2007Otherother
Section 06 · Business performance

Is it becoming more profitable?

Margins — FY22 to FY26% of revenue · consolidated
0%5%10%15%20%25%30%35%40%45%38.4%23.9%FY22FY23FY24FY25FY26
EBITDA marginNet margin
Strength

EBITDA margin improved from 35.5% to 37.4% of revenue.

Rule MARGIN_EXPANDED_YOY

EBITDA margin now
38.4%
5-year range
32.8–44.9%
ROE FY2026
16.5%
ROCE FY2026
22.4%

EBITDA margin has ranged from 32.4% to 44.6% over 4 years and sits at 37.4% now.

Section 07 · Financial health

Is financial health improving?

Net worth — FY22 to FY26₹ crore · consolidated
₹'000 crtotal debt ≈ ₹0 across the history07132012kFY2213kFY2313kFY2415kFY2517kFY26
Net worth (shareholders' funds)
Strength

Free cash flow has been positive in 5 of the last 5 years.

Rule FCF_CONSISTENTLY_POSITIVE

Operating cash flow vs net profit₹ crore · FY22–FY26
0k1k2k3k2k3kFY222k2kFY231k2kFY242k2kFY253k3kFY26
Operating cash flowNet profit
Total debt
₹0 crnet cash
Operating cash flow ÷ net profit
1.04×FY2026
Free cash flow
₹195 cr
Current ratio
5.47×
Section 08 · Relative position

How does it compare with peers?

Ranked against 12 pharmaceuticals (FY2026, consolidated).

Revenue growth

DIVISLAB · 7th of 12 · set median 14.8%

GLENMARK27.5%LUPIN23.1%LAURUSLABS22.7%TORNTPHARM21.4%MANKIND17.0%ZYDUSLIFE16.8%DIVISLAB12.8%SUNPHARMA11.2%BIOCON10.9%AUROPHARMA6.1%DRREDDY3.2%CIPLA2.2%

EBITDA margin

DIVISLAB · 1st of 12 · set median 28.7%

DIVISLAB37.4%SUNPHARMA33.7%ZYDUSLIFE33.1%LUPIN33.1%TORNTPHARM31.9%GLENMARK29.6%MANKIND27.8%LAURUSLABS26.9%CIPLA24.0%DRREDDY23.2%BIOCON22.4%AUROPHARMA21.8%

Return on equity

DIVISLAB · 5th of 12 · set median 14.4%

LUPIN26.9%ZYDUSLIFE18.3%LAURUSLABS17.7%TORNTPHARM17.0%DIVISLAB16.2%SUNPHARMA14.7%GLENMARK14.1%MANKIND12.5%CIPLA11.7%DRREDDY11.5%AUROPHARMA9.9%BIOCON1.1%

P/E ratio

DIVISLAB · 10th of 12 · set median 36.3×

LUPIN16.7×ZYDUSLIFE25.1×AUROPHARMA26.2×DRREDDY31.5×CIPLA32.4×SUNPHARMA35.8×GLENMARK36.7×MANKIND50.5×TORNTPHARM74.8×DIVISLAB84.2×LAURUSLABS98.5×BIOCON144.4×
Context

Trades at 84.21× earnings — 132% above the pharmaceuticals median of 36.26×.

Rule PE_ABOVE_PEERS

P / E
84.2×TTM to Jun 26
P / B
14.7×latest book
P / S
21.9×TTM sales
Earnings yield
1.2%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 95.9× · P/S 22.3× · ROE 16.2%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted
0k4k8k₹9,2942020202120222023202420252026
Watch

Over 4 years the stock returned 35.1% a year while profit shrank 3.5% a year.

Rule STOCK_RAN_AHEAD

Business vs stock — 5-year compound annual rate
Net profit-3.5%/yrShare price35.1%/yr
1-year return
+62.8%
3-year return
+146.9%
5-year return
+92.3%
From 52-wk high
−3.3%
Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg
Above₹8,697
vs 200-day avg
Above₹6,996
RSI (14)
54.2neutral
MACD histogram
-55.4
From 52-wk high
−3.3%
From 52-wk low
+62.8%
30-day volatility
24.5%ann.
6-month return
+54.2%
RSI (14) · 0–10054.2 — neutral
0305070100OVERSOLDOVERBOUGHT54.2
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Watch
    Stock has run ahead of the business
    Over 4 years the stock returned 35.1% a year while profit shrank 3.5% a year.
    STOCK_RAN_AHEAD · conviction 64
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
MetricFY22FY23FY24FY25FY26
Revenue8,8807,6257,6659,19810,388
Total income8,9917,9748,0029,55010,894
EBITDA3,9882,6972,5113,3313,994
Profit before tax3,6772,3542,1322,9293,436
Net profit2,9491,8081,5762,2092,607
EPS (₹)111.168.159.483.298.2
Net worth11,69112,70513,48414,89516,711
Total debt00020
Operating cash flow1,9102,4481,2661,6502,711
Free cash flow1,1961,976264213195
Key ratios — consolidated
RatioFY22FY23FY24FY25FY26
Growth
Revenue growth YoY—-14.10.520.012.9
Profit growth YoY—-38.7-12.840.218.0
Profitability
EBITDA margin %44.935.432.836.238.4
Net margin %32.822.719.723.123.9
Return on equity %25.214.812.015.616.5
Return on capital %31.519.316.320.622.4
Leverage & cash
Debt to equity0.000.000.000.000.00
Cash flow ÷ profit0.651.350.800.751.04
Current ratio7.108.567.607.035.47
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.