Divis Laboratories Ltd

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Divis Laboratories Ltd

₹ 8,614 1.34%
25 Aug 12:02 p.m.
divislabs.com BSE: 532488 NSE: DIVISLAB F&O
About

Incorporated in 1990, Divis Laboratories Ltd manufactures and exports API's, Intermediates and Nutraceutical ingredients[1]

Key Points

Business Overview:[1]
The company manufactures Generic Active pharmaceuticals ingredients, Custom synthesis of APIs & Intermediates along with Nutraceuticals for Global Pharmaceutical & Nutraceutical industry. These are segmented as:
a) Generic APIs:[2]
Company manufactures 30 Large Volume Generic APIs in 10’s to 100’s/1000’s of Tons each year and exports them to 100+ countries. Co. is world’s largest API manufacturer for 10 generic APIs.[3]
b) Custom Synthesis:[4]
Company under Custom Synthesis of APIs and Intermediates for global companies with a portfolio of products across diverse therapeutic areas. 12 out of top 20 Big Pharma Companies across US, EU and Japan have been associated with Divi’s for 10+ years
c) Nutraceutical:[5][6]
Company's Vishakhapatnam unit produces active ingredient and finished forms of Carotenoids. It is currently supplying carotenoids to all major food, dietary supplement and feed manufacturers globally. Company also offers customized ingredient solutions in liquids, beadlets and powder forms

Website BSE NSE F&O
  • Market Cap ₹ 2,28,661 Cr.
  • Current Price ₹ 8,614
  • High / Low ₹ 8,674 / 5,636
  • Stock P/E 76.7
  • Book Value ₹ 631
  • Dividend Yield 0.35 %
  • ROCE 22.0 %
  • ROE 16.5 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 39.0%

Cons

  • Stock is trading at 13.7 times its book value
  • The company has delivered a poor sales growth of 8.67% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Healthcare Healthcare Pharmaceuticals & Biotechnology Pharmaceuticals

Part of BSE 500 BSE Healthcare BSE 100 BSE 200 BSE Dollex 200

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
1,778 1,909 1,855 2,303 2,118 2,338 2,319 2,585 2,410 2,715 2,604 2,831 3,080
1,274 1,430 1,366 1,572 1,496 1,622 1,576 1,699 1,681 1,827 1,714 1,897 1,825
Operating Profit 504 479 489 731 622 716 743 886 729 888 890 934 1,255
OPM % 28% 25% 26% 32% 29% 31% 32% 34% 30% 33% 34% 33% 41%
81 86 95 79 79 106 82 86 119 145 14 155 64
Interest 0 1 0 2 0 1 0 1 3 8 6 6 6
Depreciation 93 95 95 95 97 99 99 107 112 113 118 120 133
Profit before tax 492 469 489 713 604 722 726 864 733 912 780 963 1,180
Tax % 28% 26% 27% 25% 29% 29% 19% 23% 26% 24% 25% 22% 24%
356 348 358 538 430 510 589 662 545 689 583 751 902
EPS in Rs 13.41 13.11 13.49 20.27 16.20 19.21 22.19 24.94 20.53 25.95 21.96 28.29 33.98
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
3,115 3,776 4,064 3,891 4,946 5,394 6,969 8,960 7,768 7,845 9,360 10,560 11,230
1,942 2,354 2,615 2,622 3,072 3,568 4,102 5,075 5,397 5,635 6,387 7,118 7,263
Operating Profit 1,173 1,423 1,450 1,269 1,874 1,826 2,867 3,885 2,370 2,210 2,973 3,442 3,967
OPM % 38% 38% 36% 33% 38% 34% 41% 43% 31% 28% 32% 33% 35%
38 93 72 107 154 186 57 112 344 335 348 433 378
Interest 3 5 3 2 5 7 2 2 2 4 3 24 26
Depreciation 136 118 123 142 169 186 256 312 343 378 402 463 484
Profit before tax 1,072 1,393 1,395 1,231 1,855 1,819 2,666 3,684 2,369 2,163 2,916 3,388 3,835
Tax % 21% 19% 24% 29% 27% 24% 26% 20% 23% 26% 25% 24%
852 1,126 1,060 877 1,353 1,377 1,984 2,960 1,823 1,600 2,191 2,568 2,925
EPS in Rs 32.07 42.41 39.95 33.04 50.96 51.85 74.75 111.52 68.69 60.27 82.53 96.73 110.18
Dividend Payout % 31% 24% 25% 30% 31% 31% 27% 27% 44% 50% 36% 31%
Compounded Sales Growth
10 Years: 11%
5 Years: 9%
3 Years: 11%
TTM: 16%
Compounded Profit Growth
10 Years: 9%
5 Years: 6%
3 Years: 13%
TTM: 29%
Stock Price CAGR
10 Years: 20%
5 Years: 12%
3 Years: 33%
1 Year: 36%
Return on Equity
10 Years: 18%
5 Years: 17%
3 Years: 15%
Last Year: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 27 53 53 53 53 53 53 53 53 53 53 53
Reserves 3,469 4,240 5,304 5,872 6,904 7,257 9,242 11,675 12,714 13,518 14,916 16,708
27 42 36 63 106 39 5 4 3 3 4 7
883 562 762 797 973 1,183 1,471 1,628 1,654 1,886 1,948 3,251
Total Liabilities 4,405 4,898 6,155 6,785 8,036 8,531 10,771 13,360 14,425 15,460 16,921 20,019
1,309 1,439 1,559 1,996 2,088 2,782 3,704 4,325 4,723 4,739 5,442 6,528
CWIP 218 264 444 120 492 920 711 470 212 778 1,022 2,113
Investments 733 803 1,631 1,889 1,946 971 0 72 77 82 65 69
2,145 2,392 2,521 2,780 3,511 3,858 6,356 8,493 9,413 9,861 10,392 11,309
Total Assets 4,405 4,898 6,155 6,785 8,036 8,531 10,771 13,360 14,425 15,460 16,921 20,019

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
826 1,038 1,150 776 954 1,216 1,947 1,912 2,460 1,261 1,653 2,738
-521 -406 -1,140 -478 -685 -83 75 -2,195 -2,708 -269 -804 -2,219
-303 -631 2 -314 -246 -1,091 -35 -532 -797 -799 -799 -804
Net Cash Flow 3 0 13 -17 23 41 1,987 -816 -1,045 193 50 -285
Free Cash Flow 519 642 774 502 221 33 1,037 1,199 1,987 258 215 221
CFO/OP 88% 91% 100% 82% 77% 91% 90% 66% 124% 74% 83% 105%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 87 85 81 95 86 96 88 99 84 100 106 103
Inventory Days 350 293 307 314 347 316 329 341 352 364 311 346
Days Payable 68 56 104 96 96 100 117 96 89 94 88 106
Cash Conversion Cycle 368 322 284 313 336 312 300 344 347 370 330 343
Working Capital Days 140 158 147 176 169 180 152 177 188 206 192 195
ROCE % 33% 36% 29% 22% 29% 25% 32% 35% 19% 16% 20% 22%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Exports as % of Total Sales
% of total sales

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Europe Revenue Share
% of sales
North America Revenue Share
% of sales
Top 5 Customers Concentration
% of revenue
Top 5 Products Concentration
% of revenue
US FDA Drug Master Files (DMFs) Filed
count
Total Products in Portfolio
count
Generics as % of Revenue (Product Mix)
% of revenue
R&D Expenditure (Percentage of Turnover)
% ・Standalone data

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Shareholding Pattern

Numbers in percentages

7 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
51.93% 51.92% 51.92% 51.89% 51.89% 51.89% 51.89% 51.88% 51.88% 51.88% 51.88% 51.88%
14.60% 14.85% 14.68% 16.16% 17.25% 17.98% 18.01% 19.74% 19.39% 20.08% 20.29% 20.19%
21.65% 21.78% 22.10% 21.66% 20.98% 20.44% 20.63% 18.96% 19.68% 19.18% 19.13% 19.29%
0.10% 0.10% 0.10% 0.10% 0.09% 0.09% 0.09% 0.09% 0.09% 0.09% 0.09% 0.09%
11.72% 11.33% 11.19% 10.17% 9.79% 9.58% 9.39% 9.32% 8.96% 8.75% 8.61% 8.53%
No. of Shareholders 3,73,8603,54,4823,47,6292,98,3102,78,8992,80,6012,67,7552,59,8252,49,6342,33,8442,28,0062,26,324

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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