SAI LIFE SCIENCES Development & Manufacturing

Strengths Strong FY26 growth: Revenue from operations increased 29% YoY to ₹2,192 Cr. Sharp profitability improvement: EBITDA increased 56% YoY, while net profit increased 109% YoY in FY26. Integrated CRDMO capabilities across drug discovery, development and commercial manufacturing. Global pharma customer relationships provide opportunities for repeat business and long-term programs. Strong momentum continued into FY26: 9M FY26 revenue grew 43%, EBITDA 79% and PAT 199% YoY. Weaknesses Business requires high investment in facilities, technology and scientific talent. CRDMO revenues can be affected by project timing, customer decisions and development cycles. Dependence on global pharmaceutical customers exposes the company to changes in outsourcing budgets. Expansion and capacity investments can create higher depreciation and fixed-cost pressure if utilization is slower than expected. Opportunities Increasing global pharma outsourcing can support long-term CRO/CDMO demand. Supply-chain diversification away from China creates opportunities for Indian CRDMOs. Expansion of integrated services can increase wallet share from existing customers. Greater participation in complex drug development and commercial manufacturing can improve customer stickiness. Management's focus on deepening relationships with large pharma customers provides a potential growth runway. Threats Global competition from established CRO/CDMO players. Regulatory and compliance risks across multiple international markets. Delays or cancellations in customers' drug-development programs. Pricing pressure from customers can affect margins. Currency movements and changes in global pharmaceutical spending can influence results.