NEULANDLAB

Neuland Laboratories share price & financials

Price
₹18,434
Market cap
₹29.5k Cr
Sector
Healthcare
Calls analysed
7
Latest concall · Q1 FY27 · call held 05 Aug 2026

Neuland Laboratories Limited Q1 FY27

EBITDA ₹231.1 cr EBITDA Margin 35.5% PAT ₹147.4 cr +976%Gross Margin 61.2%

What went well

  • Total income grew to INR650.1 crores, a calculated 116.3% YoY increase from INR300.6 crores in Q1FY26.
  • EBITDA margin expanded to 35.5% (INR231.1 crores), driven by higher revenue base and favorable customer mix.
  • Profit after tax surged to INR147.4 crores from INR13.7 crores in Q1FY26, representing a 975.9% YoY growth.

What to watch

  • The transcript stated a 16.3% revenue growth, which significantly differs from the calculated 116.3% based on reported figures.
  • Management reiterated the inherent uneven nature and quarterly volatility of the business, advising assessment over longer periods.
Read the full call →

What Neuland Laboratories Limited does

Neuland Laboratories manufactures Active Pharmaceutical Ingredients (APIs) and provides contract development and manufacturing (CDMO) services to global pharmaceutical and biotech companies. It operates through two segments: Generic APIs (GDS), which supplies over 100 developed APIs across 10 therapeutic areas to a worldwide customer base, and CDMO Services (CMS), which undertakes process development, IND/NDA filing support and cGMP manufacturing of RSMs/KSMs, intermediates and APIs for innovator clients' clinical and commercial programs, including peptide-based molecules. Manufacturing is carried out at three US FDA and cGMP-compliant facilities in Hyderabad with a combined reactor volume of about 12,26,000 litres, backed by a dedicated chemical, analytical and peptide R&D centre. Exports form the bulk of the business, with customers spread across more than 80 countries.

Segments

  • Generic APIs (GDS)
  • CDMO Services (CMS)
Manufacturing facilities
3 US FDA & cGMP-compliant units in Hyderabad (Unit I, II, III)
Total reactor volume
12,26,000 litres
Countries served
80+
APIs developed
100+ APIs across 10 therapeutic areas
DMFs filed worldwide
1,007+
Active US DMFs
75
Founded 1984Headquarters Hyderabad, IndiaEmployees 2,188 (FY2026) Company website

Guidance record · Q1 FY27

what the last two calls moved 16 tracked 6 delivered 3 missed 7 open
  • Inventory Days delivered said Q3 FY26 Promised: ~90 days in next 3 quarters Q1 FY27: Working capital days improved significantly to 84 days, meeting the target of ~90 days within the specified timeframe.
  • Peptide DMF Filings went quiet said Q3 FY25 Promised: 2 DMFs (Tirzepatide, Difelikefalin) Q1 FY27: No specific mention of the Tirzepatide or Difelikefalin DMF filings, though management confirmed 'multiple projects lined up at various stages' for the new peptide facility.
  • Long-term EBITDA Margin revised down said Q3 FY26 Promised: ~30% Q1 FY27: Management revised the long-term target downwards to '25% plus', a dilution from the original aspiration of ~30%. 'in terms of our plans, in terms of our long term, 25% plus is what we would be coming for.'

All 16 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 119.1%, net profit up 950.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue311 398 328 293 514 +65%440 +11%776 +137%642 +119%
EBITDA61 86 51 34 155 +154%77 −10%307 +502%223 +556%
Net profit32 101 28 14 96 +200%40 −60%213 +661%147 +950%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +59.0% 1Y

₹15k₹20kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 7 Nov 2025Q3 FY26 — 9 Feb 2026Q4 FY26 — 12 May 2026Q1 FY27 — 5 Aug 2026

1Y: ₹14,803 on 10 Sept 2025 → ₹23,535. High ₹23,995 (8 Sept 2026), low ₹11,555 (23 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+3.5%
5 Aug
Q4 FY26
−3.7%
12 May
Q3 FY26
+6.6%
9 Feb
Q2 FY26
+1.6%
7 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 19.3% a year over 3 years, FY23 to FY26. Operating margin widened to 28.3%.

Year endingFY23FY24FY25FY26
Revenue₹1.2k Cr₹1.6k Cr₹1.5k Cr₹2.0k Cr
Operating profit₹272 Cr₹462 Cr₹322 Cr₹573 Cr
Operating margin22.8%29.6%21.8%28.3%
Interest₹13 Cr₹14 Cr₹8 Cr₹24 Cr
Depreciation₹52 Cr₹60 Cr₹65 Cr₹92 Cr
Net profit₹164 Cr₹300 Cr₹259 Cr₹363 Cr
Net margin13.8%19.2%17.5%17.9%
Cash from operations₹239 Cr₹260 Cr₹318 Cr₹348 Cr
Free cash flow₹174 Cr₹118 Cr₹112 Cr₹-49 Cr
ROCE21.0%33.0%19.0%27.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹13 Cr₹13 Cr₹13 Cr₹13 Cr₹13 Cr₹13 Cr
Reserves₹769 Cr₹823 Cr₹975 Cr₹1.3k Cr₹1.6k Cr₹1.9k Cr
Borrowings₹182 Cr₹241 Cr₹128 Cr₹95 Cr₹265 Cr₹301 Cr
Other liabilities₹359 Cr₹306 Cr₹463 Cr₹459 Cr₹649 Cr₹761 Cr
Total liabilities₹1.3k Cr₹1.4k Cr₹1.6k Cr₹1.8k Cr₹2.5k Cr₹2.9k Cr
Fixed assets₹716 Cr₹767 Cr₹758 Cr₹824 Cr₹1.1k Cr₹1.2k Cr
Capital work in progress₹17 Cr₹20 Cr₹41 Cr₹46 Cr₹140 Cr₹211 Cr
Investments₹7 Cr₹4 Cr₹1 Cr₹1 Cr₹114 Cr₹2 Cr
Other assets₹583 Cr₹590 Cr₹781 Cr₹960 Cr₹1.2k Cr₹1.5k Cr
Total assets₹1.3k Cr₹1.4k Cr₹1.6k Cr₹1.8k Cr₹2.5k Cr₹2.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +4.95 pp while the public trimmed −3.88 pp. The shareholder count grew 5% to 44,340.

Promoters
32.6%
FIIs
21.1%
DIIs
16.5%
Public
29.8%

Since Jun 2025

  • DIIs +4.95 pp
  • Public −3.88 pp
  • FIIs −0.61 pp

How it drifted, 12 quarters

Over this window DIIs went from 7.0% to 16.5% — +9.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 36.0%, FIIs 21.6%, DIIs 7.0%, Government 0.4%, Public 35.1%.Dec '23: Promoters 32.8%, FIIs 22.7%, DIIs 6.0%, Government 0.4%, Public 38.1%.Mar '24: Promoters 32.7%, FIIs 24.4%, DIIs 6.5%, Government 0.4%, Public 35.9%.Jun '24: Promoters 32.7%, FIIs 25.7%, DIIs 6.4%, Government 0.4%, Public 34.8%.Sep '24: Promoters 32.6%, FIIs 26.5%, DIIs 6.4%, Government 0.4%, Public 34.1%.Dec '24: Promoters 32.7%, FIIs 23.9%, DIIs 9.1%, Government 0.4%, Public 34.0%.Mar '25: Promoters 32.7%, FIIs 22.1%, DIIs 11.0%, Government 0.4%, Public 33.9%.Jun '25: Promoters 32.7%, FIIs 21.7%, DIIs 11.6%, Government 0.4%, Public 33.7%.Sep '25: Promoters 32.6%, FIIs 20.6%, DIIs 13.6%, Government 0.4%, Public 32.8%.Dec '25: Promoters 32.6%, FIIs 20.9%, DIIs 14.7%, Public 31.8%.Mar '26: Promoters 32.6%, FIIs 20.5%, DIIs 15.8%, Public 31.1%.Jun '26: Promoters 32.6%, FIIs 21.1%, DIIs 16.5%, Public 29.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Neuland Laboratories Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Davuluri Ownership Trust (Dr. Davuluri Ramamohan Rao, Mr. Davuluri Sucheth Rao and Mr. Davuluri Saharsh Rao - Trustees) 25.98%unchanged
Malabar India Fund Limited FPI fund5.42%−0.23 pp
Mukul Mahavir Agrawal 3.12%unchanged
ICICI Prudential Balanced Advantage Fund Mutual fund2.19%newly disclosed
Davuluri Sucheth Rao 2.01%unchanged
Mahindra Manulife ELSS Tax Saver Fund Mutual fund1.93%+0.49 pp
Siddharth Iyer 1.67%unchanged
Ramamohan Rao Davuluri 1.63%unchanged
HSBC Mutual Fund - HSBC Small Cap Fund Mutual fund1.55%−0.27 pp
Davuluri Saharsh Rao 1.52%unchanged
Bajaj Finserv Flexi Cap Fund Mutual fund1.28%unchanged
HDFC Mutual Fund - HDFC BSE 500 ETF Mutual fund1.28%newly disclosed

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in NEULANDLAB

Filings to Aug 2026

0 new, 6 added, 1 trimmed, 0 sold out — net +0.73 L shares (+44.5%).

Held by funds
₹459 Cr
8 schemes
Biggest holder
HDFC Flexi Cap Fund
₹295 Cr · 0.3% of that fund
SchemeHoldingLast month
HDFC Flexi Cap Fund HDFC Mutual Fund₹295 Cr+0.60 L
HDFC Pharma and Healthcare Fund HDFC Mutual Fund₹100 Cr+0.11 L
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹32 Cr+0.00 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹16 Cr+0.00 L
HDFC MNC Fund HDFC Mutual Fund₹14 Cr+0.01 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Crheld
SBI Nifty 500 Index Fund SBI Mutual Fund₹1 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

6 added, 1 trimmed — net +72,831 shares (+44.5%)

Funds are sitting on
+9%
vs est. average cost
Held by funds
₹459 Cr
8 schemes · ≈ 1.5% of the company
Biggest holder
HDFC Flexi Cap Fund
₹295 Cr · 0.3% of that fund
Longest holder
Nippon India Nifty Smallcap 250 Index Fund
1y 6m · since Mar '25

Shares held by these funds +1342%

Mar '25 2.36 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹23535, this stock must grow earnings at 35% every year for 7 years. Our analysis caps realistic growth at ~30%. At that growth it is worth ₹18990 — downside of 19%.

Growth the price implies
34.9% a year
for 7 years, fading to 4%
It has actually compounded at
30.3% a year
net profit, FY23–FY26 · EPS 30.5%
The gap
0.0 pp
-19% downside if it only repeats history
Price today ₹23,535 Value at the reference growth ₹18,990.38

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Neuland Laboratories Limited

Guides on how to read this kind of business and the numbers that matter.