# Divi's Lab share price today (Divis Laboratories Ltd, NSE: DIVISLAB)

> Divi's Lab share price today: ₹10,037.50 at the NSE close on 4 November 2026, up 50.8% in a year. Divis Laboratories (NSE: DIVISLAB) is worth ₹2,66,464 crore, trades at a P/E of 89.4 and has closed between ₹5,856.50 and ₹10,037.50 over the past 52 weeks. > Divis Laboratories Ltd's share price has risen faster than its earnings: +50.8% in a year, against +17.2% for earnings per share. DIVISLAB · Pharma - API & CRAMS · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/divis-laboratories-ltd

Divi's Lab is one of the companies compared in a full read in the Sector Alpha newsletter: https://newsletter.sectoralpha.in/p/deep-dive-pharma-api-and-contract?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹10,037.50 (+50.8% in a year)
- P/E: 89.4× (higher than 99% of the last 11 years)
- Revenue (Jun 2026): ₹3,080 Cr (+27.8% on a year ago)
- Profit (Jun 2026): ₹902 Cr (+65.5% on a year ago)
- Operating margin: 41.0% (+11.0 points on a year ago)
- ROCE: 22%, FY26
- ROIC: 19.7%, against a 12.0% cost of capital: +7.7 points

The main question: the share price moved +50.8% in a year while yearly earnings per share moved +17.2%. The difference came from the market paying a higher multiple. ## What is the Divi's Lab share price today? Divis Laboratories Ltd's share price was ₹10,037.50 at the close on 4 November 2026. It has been rising for 24 weeks. That is 29.5% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹5,857 and ₹10,038, and at that close it was at the high of that range. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 18 weeks in a row. Over the last 11 years the share price moved +899% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Divi's Lab this quarter? 1. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹3,080 crore, +27.8% on a year earlier. Why: Revenue rose because custom synthesis work made up more of the business, helped by validation batches and customer programs. Next results: check whether commercial supply starts rather than more validation batches. From the earnings call on 1 Aug 2026. 2. Best operating margin in 15 quarters Operating margin was 41% in the June 2026 quarter, against 30% a year earlier. Why: Margins rose because more sales came from custom synthesis work and the company made more of its own starting materials, which helped costs. Next results: check whether the margin holds, because management said it depends on validation approvals and what work it sells, and would not assume the first quarter repeats. From the earnings call on 1 Aug 2026. ## What are Divi's Lab's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Divi's Lab reported revenue of ₹3,080 crore, up 27.8% from ₹2,410 crore a year earlier, and a profit of ₹902 crore, up 65.5% from ₹545 crore. ### Divi's Lab results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹3,080 crore | ₹2,410 crore | +27.8% |
| Profit | ₹902 crore | ₹545 crore | +65.5% |
| Earnings per share | ₹33.98 | ₹20.53 | +65.5% |
| Operating margin | 41.0% | 30.0% | +11.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Divi's Lab's management discussed these results on a call held on 1 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Divi's Lab share price history? Divi's Lab closed at ₹10,037.50 on 4 November 2026, up 50.8% from ₹6,656.50 a year earlier (7 November 2025) and up 92.7% over five years. Its highest weekly close since March 2016 was ₹10,037.50 on 4 November 2026. ### Divi's Lab share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹9,780.00 | +2.6% |
| 1 month ago · 1 Oct 2026 | ₹9,249.00 | +8.5% |
| 6 months ago · 8 May 2026 | ₹6,710.50 | +49.6% |
| 1 year ago · 7 Nov 2025 | ₹6,656.50 | +50.8% |
| 3 years ago · 3 Nov 2023 | ₹3,350.70 | +199.6% |
| 5 years ago · 4 Nov 2021 | ₹5,208.05 | +92.7% |
| 10 years ago · 4 Nov 2016 | ₹1,253.95 | +700.5% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹1,004.30 | +899.5% |
| Highest weekly close since March 2016, also the 52-week high · 4 Nov 2026 | ₹10,037.50 | 0.0% |
| Lowest weekly close since March 2016 · 26 May 2017 | ₹545.30 | +1,740.7% |
| 52-week low (weekly close) · 2 Apr 2026 | ₹5,856.50 | +71.4% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (564 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on Divi's Lab? 4 Nov 2026: Divi's Lab closed at ₹10,037.50, up 2.6% on the week and up 8.5% on the month. Our read, 22 Aug 2026: Divi's April to June 2026 print demonstrated strong operational inflection with consolidated revenue rising 27.8% on a year earlier to ₹3,080 crore and profit surging 65.5% on a year earlier to ₹902 crore as custom synthesis reached 60.0% of revenue mix. The platform transition is backed by ₹2,034 crore CWIP across Unit 3 Kakinada backward integration, three dedicated custom synthesis capital spending projects (70% capitalized), and large-scale 3,000-liter solid phase peptide synthesis setups. ### Earlier

- 1 Aug 2026: Divi's Lab held its results call for April to June 2026. Management guided: FY27 revenue growth: double-digit, with no point estimate or range. - 24 Jul 2026: ex-date for a dividend of ₹30 a share. - Results for April to June 2026: Revenue up 27.8% and profit up 65.5% on a year earlier. ### Our read of the business

Divi's April to June 2026 print demonstrated strong operational inflection with consolidated revenue rising 27.8% on a year earlier to ₹3,080 crore and profit surging 65.5% on a year earlier to ₹902 crore as custom synthesis reached 60.0% of revenue mix. The platform transition is backed by ₹2,034 crore CWIP across Unit 3 Kakinada backward integration, three dedicated custom synthesis capital spending projects (70% capitalized), and large-scale 3,000-liter solid phase peptide synthesis setups. April to June 2026: Custom synthesis mix surges to 60.0%, lifting Q1 profit by 65.5% on a year earlier to ₹902 crore. (Our read after the April to June 2026 results, written 22 August 2026.)

## What dividend does Divi's Lab pay? Divi's Lab paid ₹30 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.30% at the ₹10,037.50 close on 4 November 2026. The last was a dividend of ₹30 a share, ex-date 24 July 2026. ### Divi's Lab dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 24 Jul 2026 | ₹30 | Dividend | same day |
| 25 Jul 2025 | ₹30 | Dividend | same day |
| 2 Aug 2024 | ₹30 | Dividend | same day |
| 11 Aug 2023 | ₹30 | Dividend | same day |
| 11 Aug 2022 | ₹30 | Dividend | 12 Aug 2022 |
| 17 Aug 2021 | ₹20 | Dividend | n/a |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Divis Laboratories Ltd paid out 31% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years. (From the NSE corporate-actions record, read 5 November 2026.)

## What did Divi's Lab management say on the latest results call? On the call for April to June 2026, held on 1 August 2026, Divi's Lab's management guided: FY27 revenue growth: double-digit, with no point estimate or range. > “We want to be the largest integrated player”
> Dr. Kiran S Divi, on the call for April to June 2026

### What management guided

- FY27 operating margin: broadly similar to last year, but dependent on validation approvals and mix. - Validated custom synthesis projects: commercial quantities begin after customer and regulatory qualifications; volumes and timing undisclosed. - Validated generic products: commercial volumes expected over the next 3-6 months. - Iodine-based contrast media: additional customer commercialisation expected in the next few months under a long-term contract. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/4462/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 1 August 2026.)

## What is the future of Divi's Lab? What is changing in the business? The changes showing up in Divi's Lab's own numbers are higher-value products and a better mix. It is too early to say whether they last. Higher-value products and a better mix too early to call

Gross margin (sales minus raw materials, as a share of sales) went from 60.33% to 67.99% and operating margin from 30.25% to 40.75% in the Jun 2026 quarter against a year earlier. Management credits the mix: 'custom synthesis mix supported Q1'. Why it may last: Custom synthesis products rotate: old products lose patent protection and must be replaced by new ones, and management refused to say new projects earn higher margins or that the 40% era will return. One more quarter of operating margin well above the year before, without the validation-batch help, would decide it. What could be flattering it: The custom synthesis share rose partly because generic sales shrank in value (prices down about 20%), and the Jun 2026 jump could be one lumpy quarter of high-margin validation batches rather than a lasting shift. Next check: Sep 2026 quarter gross margin stays above 62% and operating margin above 35% (vs 60.48% and 32.71% a year earlier) with custom synthesis at or above 56% of sales. Quarter by quarter, 4 quarters

July to September 2025

Custom synthesis share jumped to 56% from 45%. Gross margin 60.48% vs 58.55% a year earlier and operating margin 32.71% vs 30.62%, both higher. ✓ fact

From our notes of the call for July to September 2025: Custom synthesis revenue hit highest ever at 56% of product mix. October to December 2025

Custom synthesis 57% of sales. Gross margin 63.71% vs 60.24% and operating margin 34.18% vs 32.04% a year earlier, both higher, the widest gross-margin gain of the year so far. ✓ fact

From our notes of the call for October to December 2025: Gross margin improvement primarily product-mix driven with custom synthesis (57% revenue) outpacing generics (43%)

January to March 2026

Custom synthesis slipped to 55% of sales and both margins fell below the year before: gross 60.47% vs 62.05%, operating 32.99% vs 34.27%. Management would not say new projects earn more than the current average and gave no margin number for the year ahead. ✓ fact

From our notes of the call for January to March 2026: Management declined to confirm new projects carry higher margins than blended baseline. April to June 2026

Custom synthesis reached 60% of sales. Gross margin 67.99% vs 60.33% and operating margin 40.75% vs 30.25% a year earlier. The summary names no one-off: it says no inventory gain was booked, and price increases only passed on solvent costs. Management asked analysts not to extrapolate one quarter. ✓ fact

From our notes of the call for April to June 2026: Custom synthesis mix supported Q1, while solvents, raw materials and forex complicated comparability. We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Checked against results and calls up to April to June 2026, 10 October 2026.)

## What could change the Divi's Lab story? What are the risks? Customer inventory de-stocking or generic API price erosion accelerates faster than custom synthesis volume additions. ### Each change stops working if

- : Customer inventory de-stocking or generic API price erosion accelerates faster than custom synthesis volume additions. - : Customer clinical trial delays or regulatory agencies (US FDA / EMA) delay approvals past CY2027. - : Intermediate qualification by global regulators takes longer than the expected 1-2 year window. - : Innovator peptide programs face clinical trial failures or shift toward alternate enzymatic synthesis routes. ### The main risks

- : West Asia logistics congestion and solvent raw material inflation create cost and transit volatility. ✓ fact
- : Unhedged foreign exchange exposure on 90% export revenue creates quarter-to-quarter P&L volatility. ✓ fact

(Our read after the April to June 2026 results, written 22 August 2026.)

## What to watch in Divi's Lab's next results? When Divi's Lab reports July to September 2026, these are the 5 checks that show whether the story is still on course. First: Sep 2026 quarter gross margin stays above 62% and operating margin above 35% (vs 60.48% and 32.71% a year earlier) with custom synthesis at or above 56% of sales. | What to check | Why |
| --- | --- |
| Sep 2026 quarter gross margin stays above 62% and operating margin above 35% (vs 60.48% and 32.71% a year earlier) with custom synthesis at or above 56% of sales. | Higher-value products and a better mix |
| Customer and agency approvals for validated projects - check whether commercial supply starts rather than additional validation batches. | From the call |
| Generic product qualifications - check whether validated post-patent products begin commercial volumes within the stated window. | From the call |
| Solvent availability and cost - check whether rolling inventory buffers remain necessary and pass-through continues. | From the call |
| Gadolinium customer approvals - check for movement beyond the current slow clinical qualification stage. | From the call |

## Which stock lists is Divi's Lab on? Divi's Lab is on 4 of our India lists: Multibagger study list, Momentum stocks, 52 week high & low and Pharma stocks. - [Multibagger study list Study stage: late](https://www.sectoralpha.in/multibagger-stocks-india)
- [Momentum stocks Market cap cr: 266463.808793456](https://www.sectoralpha.in/momentum-stocks-india)
- [52 week high & low 52-week position: Near 52-week high](https://www.sectoralpha.in/52-week-high-stocks-india)
- [Pharma stocks Market value (₹ crore): 266463.808793456](https://www.sectoralpha.in/sectors/pharma-stocks-india)

## Is Divi's Lab profitable? Divis Laboratories Ltd earned ₹902 Cr of net profit in the Jun 2026 quarter, +65.5% on the same quarter a year earlier. That is the 2nd quarter in a row of profit growth. Full-year FY26 profit was ₹2,568 Cr. Over 10 years profit has grown 8.6% a year on average. That is 29.3% of the quarter's revenue. The same quarter a year earlier earned ₹545 Cr. For the full year, FY26 profit was ₹2,568 Cr (+17.2% on the year before). Why profit moved: revenue changed +27.8% on a year earlier and the margin moved +11.0 percentage points. Most of the change came from keeping more of each sale. On average over the last four quarters, profit changed +28.3% and revenue +16.4%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does Divi's Lab make, and is it growing? Divis Laboratories Ltd reported ₹3,080 Cr of revenue in the Jun 2026 quarter, +27.8% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 10.8% a year on average. The last full year, FY26, came in at ₹10,560 Cr. The last four reported quarters add to ₹11,230 Cr. FY26 revenue was ₹10,560 Cr, +12.8% on the year before. Recent pace: the last four quarters grew +16.4% on average, against 10.8% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +16.3%, against +17.1% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +26.8%, against +32.2% a year (rolling over). ## How much of every ₹100 of sales does Divi's Lab keep? Divis Laboratories Ltd's operating margin was 41.0% in the Jun 2026 quarter, 11.0 percentage points higher than the same quarter a year ago. Across 13 years it has been between 28.0% and 43.0%. The latest quarter is within that range. Why this happened. Custom synthesis mix expanded from 45% in FY25 to 56% in Q2 FY26 and 60.0% in Q1 FY27 (see C010). Because custom synthesis carries structurally higher gross margins and lower raw material consumption (31.2% in Q1 FY27 per C014), the product mix shift drives continuous EBITDA margin expansion. Why the margin moved: operating margin changed +10.5 percentage points on the year while gross margin changed +7.7 points. So the gain came mostly from the gross margin, which means input costs and prices charged. ## Is Divi's Lab's profit turning into cash? Over the last 3 years, 89% of Divis Laboratories Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹2,738 Cr of operating cash against ₹2,568 Cr of profit. After ₹2,640 Cr of spending on assets, ₹98.0 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 89% of profit came in as cash: the cash cycle got 43 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. What to look at next: the bigger use of cash is spending on new assets, at 4.0× depreciation over three years. The next section checks what that spending is building. ## Where does Divi's Lab's cash go? Divis Laboratories Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 343 days in FY26, up from 300 days in FY21. It spent ₹4,949 Cr on assets over the last 3 years. Customers take 103 days to pay, and stock sits for 346 days on average. Why this happened. Three dedicated capex projects representing ~Rs 2,000 Cr outlay are nearing completion with ~70% capitalized (see C012). Physical facilities and SPPS setups are completed, with commercial shipments guided for Q3-Q4 CY2027 pending customer regulatory filings (see C018). At FY26 sales of ₹10,560 Cr, each day of that cycle ties up about ₹28.9 Cr, so roughly ₹9,924 Cr is tied up in the business at any time. FY26: customers took 103 days to pay and stock sat for 346 days, about 11.4 months of sales sitting as stock, for a full cycle of 343 days, longer than FY21's 300. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 346 days. Customers pay about 103 days after that. Suppliers are paid at 106 days. Together that makes the 343-day cycle. Spending on assets: ₹4,949 Cr over the last 3 years, against ₹1,243 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹2,113 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Divi's Lab's P/E ratio, and how does it compare with its own history? Divis Laboratories Ltd's P/E is 89.4×, about the highest it has ever been. Its usual P/E (the middle reading) is 49.1×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹110.18. Why the multiple is where it is: over the past year earnings per share moved +17.2% while the price moved +50.8%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +14.0% a year; about +7.8% a year came from earnings growth and about +6.2 percentage points from the multiple (the market paying more); over 10 years the price moved +23.1% a year; about +10.2% a year came from earnings growth and about +12.9 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Divi's Lab business getting better or worse? Divis Laboratories Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 23.1%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the Divi's Lab story, and has it been checked? Divis Laboratories Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: FULLY EXPANDED. Our read, 22 August 2026. What is proven. What is not proven yet. A further delay in the commercial volume timeline for the three dedicated custom synthesis projects beyond Q4 CY2027, or two consecutive quarters of custom synthesis revenue mix declining below 50% alongside OPM falling below 30%. What would change our mind. A further delay in the commercial volume timeline for the three dedicated custom synthesis projects beyond Q4 CY2027, or two consecutive quarters of custom synthesis revenue mix declining below 50% alongside OPM falling below 30%. The test written in advance. A further delay in the commercial volume timeline for the three dedicated custom synthesis projects beyond Q4 CY2027, or two consecutive quarters of custom synthesis revenue mix declining below 50% alongside OPM falling below 30%. Measured by: the thesis as written as stated by the next result. What the surface reading misses. The surface reading is: Jun 2026 posted Rs 3080 crore revenue, Rs 902 crore net profit, Rs 1255 crore operating profit, 41% OPM and Rs 33.98 EPS. The research reads it further: The quarter combines higher revenue with a 41% operating margin, indicating that profitability expanded faster than the top line in the reported period. What the surface reading misses. Sources: our stock research file (22 August 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Divi's Lab management deliver what it promised? What Divis Laboratories Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Iodine Contrast Media Commercialization Status · 1 August 2026. In May 2026, management said iodine-based contrast media was already commercialized and being supplied to customers, with some customers increasing volumes. In August 2026, management said commercialization had started for only one of two customers and that the second would begin in the next few months, without clarifying whether these were new programs or the same projects, creating an apparent reversal in commercialization status. Constant Currency Growth Outlook Shift · 23 May 2026. In the Nov 2025 call, management projected constant currency revenue growth to remain around 10.79% for the full year. However, in the May 2026 call, after constant currency growth arrived at 6.82% for the year, management shifted their stance, declaring they would look at regular revenue growth instead because constant currency does not show the real picture of the business due to currency fluctuations. Kakinada Phase 2 Capex Expansion Shift · 23 May 2026. In the Feb 2026 call, management stated they were actively considering and evaluating a Phase 2 expansion plan at Kakinada containing four production blocks. However, in the May 2026 call, management pivoted to a passive capital expenditure stance, stating that unless a major custom synthesis project materializes, expenditures will remain constant with no active expansion plans mentioned. Capex Guidance Reversal · 11 February 2026. In the November 2025 call, management explicitly confirmed that FY26 capital expenditure would exceed ₹2,000 crores due to new project spending. However, in the February 2026 call, management contradicted this by claiming they had intimated a lower guidance of ₹1,900 crores, despite previously affirming the higher spend run-rate. Earlier call (Nov 2025): “Yes, it would be higher in FY26... It would be higher than 2,000 crores.” Later call (Feb 2026): “We intimated a capex of 1,900 crores and we are going through designs for Unit 1 and Unit 3 expansion.”

Every quote above is taken word for word from the company’s own earnings calls. ## What is Divi's Lab management's track record? These are not a proven lie or unowned huge miss: the approval window is still ahead, and the FY28 and late-calendar-2027 periods overlap. ### Regulatory and governance record

Historical CFO-linked insider-trading allegations are serious context, but the later settlement report closes the cited matter. 0% Promoter shares pledged

Sources:

- [sharekhan.com](https://www.sharekhan.com/MediaGalary/StockIdea/DivisLab-3R-May19_2023.pdf)
- [economictimes.indiatimes.com](https://economictimes.indiatimes.com/markets/stocks/news/8-entities-pay-rs-3-cr-to-sebi-to-settle-alleged-insider-trading-case-in-divis-laboratories-scrip/articleshow/78812607.cms)
- [trendlyne.com](https://trendlyne.com/equity/share-holding/336/DIVISLAB/latest/divi-s-laboratories-ltd)

(Checked 14 October 2026.)

## How much does Divi's Lab earn on its capital? Divis Laboratories Ltd earned a ROCE of 22% in FY26. That is up from a low of 16% in FY24. Its return on capital used (ROIC) is 7.7 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 24.3% net margin and 0.53× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 24.3% net margin × 0.53× asset turnover × 1.19× leverage (assets divided by equity) ≈ 15.3% on equity. The margin does most of the work; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 19.7% − 12.0% = +7.7 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. The 19.7% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 18.1%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Divi's Lab have too much debt? Divis Laboratories Ltd has total debt of ₹7.0 Cr against shareholder equity of ₹16,761 Cr as of Jun 2026, so its debt is 0.00× its equity, which is very little. Year by year, that ratio went from 0.00 in FY22 to 0.00 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Divi's Lab shareholding pattern? Foreign institutions raised their stake in Divis Laboratories Ltd by 3.1 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 20.4% of the company. Domestic institutions moved −1.9 points over the same period, to 19.1%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: +3.1 points over 8 quarters, to 20.4%; Domestic institutions: −1.9 points over 8 quarters, to 19.1%; Promoters: +0.0 points over 8 quarters, to 51.9%. Why the owners changed: foreign institutions moved +3.1 points and domestic institutions −1.9 points over 8 quarters, while promoters stayed about the same. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Divi's Lab from balance-sheet trouble? For Divis Laboratories Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Divi's Lab rank in its industry? 61.4 out of 100, rank 8 of 24 in Pharma - API & CRAMS, with 96% of the evidence available. Divis Laboratories Ltd scores 61.4 out of 100 against the 24 companies it is compared with in Pharma - API & CRAMS, ranking 8. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 24.7 + 18.6 + 2.6 + 15.5 = 61.4. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Divi's Lab compared with? Divi's Lab ranks 8 of 24 Pharma - API & CRAMS companies on the 4-Factor Sector Score, with 61.4 out of 100. 1. [Neuland Laboratories Ltd](https://www.sectoralpha.in/stocks/neuland-laboratories-ltd) NEULANDLAB · leader · Most evidence points up · 96% evidence 76.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.3/35 · Revenue 78.3% · Profit 100% · Operating margin change 23 points · 88% evidence Capital efficiency 22.9/25 · ROCE 26.5% · Operating margin 35% · 100% evidence Valuation 14.1/20 · P/E 50.8× · PEG 1.04 · 100% evidence Relative strength 6.7/20 · Lead over its industry -7.8% · Lead over NIFTY 500 20.3% · 1 year 19.6% · 100% evidence · 12 of 12 weeks ahead Exact sum: 32.3 + 22.9 + 14.1 + 6.7 = 76 · What this means: Earnings are strong; relative strength in its sector is -7.8% and the one-year return is 19.6%. 2. [Acutaas Chemicals Ltd](https://www.sectoralpha.in/stocks/acutaas-chemicals-ltd) ACUTAAS · turning · Most evidence points up · 67% evidence 73.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 31.3/35 · Revenue 45.4% · Profit 95.5% · Operating margin change 9 points · 95% evidence Capital efficiency 20.3/25 · ROCE 31.6% · Operating margin 40% · 76% evidence Valuation 10.2/20 · P/E 74.6× · PEG n/a · 50% evidence Relative strength 12.1/20 · Lead over its industry n/a · Lead over NIFTY 500 59.6% · 1 year 131.7% · 25% evidence · 2 of 9 weeks ahead Exact sum: 31.3 + 20.3 + 10.2 + 12.1 = 73.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [Laurus Labs Ltd](https://www.sectoralpha.in/stocks/laurus-labs-ltd) LAURUSLABS · leader · Most evidence points up · 93% evidence 71.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.9/35 · Revenue 23% · Profit 95.3% · Operating margin change 10 points · 100% evidence Capital efficiency 17.3/25 · ROCE 17.8% · Operating margin 34% · 100% evidence Valuation 5.8/20 · P/E 97× · PEG 2.98 · 65% evidence Relative strength 17.0/20 · Lead over its industry 42.3% · Lead over NIFTY 500 82.8% · 1 year 152.2% · 100% evidence · 12 of 12 weeks ahead Exact sum: 30.9 + 17.3 + 5.8 + 17 = 71 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 4. [Gland Pharma Ltd](https://www.sectoralpha.in/stocks/gland-pharma-ltd) GLAND · leader · Most evidence points up · 96% evidence 69.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.0/35 · Revenue 17.6% · Profit 46.4% · Operating margin change 3 points · 88% evidence Capital efficiency 16.0/25 · ROCE 15.1% · Operating margin 27% · 100% evidence Valuation 12.1/20 · P/E 44.6× · PEG 1.45 · 100% evidence Relative strength 16.8/20 · Lead over its industry 15.1% · Lead over NIFTY 500 49.3% · 1 year 60.5% · 100% evidence · 12 of 12 weeks ahead Exact sum: 25 + 16 + 12.1 + 16.8 = 69.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [IOL Chemicals & Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/iol-chemicals-pharmaceuticals-ltd) IOLCP · leader · Most evidence points up · 100% evidence 69.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.1/35 · Revenue 26.7% · Profit 75% · Operating margin change 4 points · 100% evidence Capital efficiency 12.8/25 · ROCE 11.3% · Operating margin 14% · 100% evidence Valuation 13.9/20 · P/E 24.6× · PEG 0.66 · 100% evidence Relative strength 13.9/20 · Lead over its industry 21.6% · Lead over NIFTY 500 53.8% · 1 year 92.1% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29.1 + 12.8 + 13.9 + 13.9 = 69.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Shilpa Medicare Ltd](https://www.sectoralpha.in/stocks/shilpa-medicare-ltd) SHILPAMED · leader · Most evidence points up · 89% evidence 67.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.4/35 · Revenue 28% · Profit 100% · Operating margin change 1 points · 88% evidence Capital efficiency 10.8/25 · ROCE 10.9% · Operating margin 29% · 100% evidence Valuation 9.9/20 · P/E 65.7× · PEG 1.73 · 65% evidence Relative strength 19.9/20 · Lead over its industry 47.2% · Lead over NIFTY 500 84.2% · 1 year 170.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 26.4 + 10.8 + 9.9 + 19.9 = 67 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Morepen Laboratories Ltd](https://www.sectoralpha.in/stocks/morepen-laboratories-ltd) MOREPENLAB · leader · Evidence leans up · 85% evidence 62.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 31.8/35 · Revenue 30.1% · Profit 90.9% · Operating margin change 9 points · 100% evidence Capital efficiency 9.3/25 · ROCE 8.1% · Operating margin 16% · 100% evidence Valuation 8.5/20 · P/E 32.9× · PEG 2.14 · 100% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 94.5% · 1 year 139% · 25% evidence · 12 of 12 weeks ahead Exact sum: 31.8 + 9.3 + 8.5 + 12.5 = 62.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. Divis Laboratories Ltd this page DIVISLAB · leader · Evidence leans up · 96% evidence 61.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.7/35 · Revenue 16.4% · Profit 26.8% · Operating margin change 11 points · 88% evidence Capital efficiency 18.6/25 · ROCE 22% · Operating margin 41% · 100% evidence Valuation 2.6/20 · P/E 87.1× · PEG 3.45 · 100% evidence Relative strength 15.5/20 · Lead over its industry 9.2% · Lead over NIFTY 500 43.1% · 1 year 45.1% · 100% evidence · 12 of 12 weeks ahead Exact sum: 24.7 + 18.6 + 2.6 + 15.5 = 61.4 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 9. [Granules India Ltd](https://www.sectoralpha.in/stocks/granules-india-ltd) GRANULES · turning · Evidence leans up · 96% evidence 57.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.3/35 · Revenue 24.8% · Profit 38.1% · Operating margin change 3 points · 88% evidence Capital efficiency 16.2/25 · ROCE 15.5% · Operating margin 23% · 100% evidence Valuation 10.2/20 · P/E 35.2× · PEG 1.29 · 100% evidence Relative strength 6.7/20 · Lead over its industry -5.2% · Lead over NIFTY 500 24.2% · 1 year 48.5% · 100% evidence · 7 of 12 weeks ahead Exact sum: 24.3 + 16.2 + 10.2 + 6.7 = 57.4 · What this means: Earnings are strong; relative strength in its sector is -5.2% and the one-year return is 48.5%. 10. [Sai Life Sciences Ltd](https://www.sectoralpha.in/stocks/sai-life-sciences-ltd) SAILIFE · leader · Evidence leans up · 89% evidence 57.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.7/35 · Revenue 17.6% · Profit 48% · Operating margin change 3 points · 88% evidence Capital efficiency 17.0/25 · ROCE 19.6% · Operating margin 27% · 100% evidence Valuation 4.8/20 · P/E 90× · PEG 3.63 · 65% evidence Relative strength 13.8/20 · Lead over its industry 9.9% · Lead over NIFTY 500 42.9% · 1 year 69.6% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21.7 + 17 + 4.8 + 13.8 = 57.3 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 11. [SMS Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/sms-pharmaceuticals-ltd) SMSPHARMA · breaking out · Evidence leans up · 96% evidence 55.8 out of 100 Growth Capital Valuation Relative
12. [Blue Jet Healthcare Ltd](https://www.sectoralpha.in/stocks/blue-jet-healthcare-ltd) BLUEJET · quiet · Evidence leans up · 81% evidence 52.7 out of 100 Growth Capital Valuation Relative
13. [Solara Active Pharma Sciences Ltd](https://www.sectoralpha.in/stocks/solara-active-pharma-sciences-ltd) SOLARA · breaking out · Evidence leans down · 74% evidence 49.5 out of 100 Growth Capital Valuation Relative
14. [Windlas Biotech Ltd](https://www.sectoralpha.in/stocks/windlas-biotech-ltd) WINDLAS · leader · Evidence leans down · 81% evidence 47.6 out of 100 Growth Capital Valuation Relative
15. [Anthem Biosciences Ltd](https://www.sectoralpha.in/stocks/anthem-biosciences-ltd) ANTHEM · leader · Evidence leans down · 89% evidence 46.7 out of 100 Growth Capital Valuation Relative
16. [Piramal Pharma Ltd](https://www.sectoralpha.in/stocks/piramal-pharma-ltd) PPLPHARMA · leader · Evidence leans down · 71% evidence 44.6 out of 100 Growth Capital Valuation Relative
17. [Supriya Lifescience Ltd](https://www.sectoralpha.in/stocks/supriya-lifescience-ltd) SUPRIYA · breaking out · Evidence leans down · 96% evidence 43.7 out of 100 Growth Capital Valuation Relative
18. [Concord Biotech Ltd](https://www.sectoralpha.in/stocks/concord-biotech-ltd) CONCORDBIO · quiet · Evidence leans down · 85% evidence 40.8 out of 100 Growth Capital Valuation Relative
19. [Jubilant Pharmova Ltd](https://www.sectoralpha.in/stocks/jubilant-pharmova-ltd) JUBLPHARMA · turning · Most evidence points down · 86% evidence 30.3 out of 100 Growth Capital Valuation Relative
20. [Hikal Ltd](https://www.sectoralpha.in/stocks/hikal-ltd) HIKAL · turning · Most evidence points down · 78% evidence 29.7 out of 100 Growth Capital Valuation Relative
21. [OneSource Specialty Pharma Ltd](https://www.sectoralpha.in/stocks/onesource-specialty-pharma-ltd) ONESOURCE · turning · Most evidence points down · 83% evidence 29.2 out of 100 Growth Capital Valuation Relative
22. [Syngene International Ltd](https://www.sectoralpha.in/stocks/syngene-international-ltd) SYNGENE · turning · Most evidence points down · 100% evidence 27.8 out of 100 Growth Capital Valuation Relative
23. [Cohance Lifesciences Ltd](https://www.sectoralpha.in/stocks/cohance-lifesciences-ltd) COHANCE · breaking out · Most evidence points down · 78% evidence 27.1 out of 100 Growth Capital Valuation Relative
24. [Dishman Carbogen Amcis Ltd](https://www.sectoralpha.in/stocks/dishman-carbogen-amcis-ltd) DCAL · basing · Most evidence points down · 64% evidence 27.0 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Pharma - API & CRAMS](https://www.sectoralpha.in/sectors/pharma-api-crams), all 24 compared on one page. ## Which companies are close to Divi's Lab in size? Divi's Lab is the largest of 24 Pharma - API & CRAMS companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Laurus Labs, Gland Pharma, Anthem Biosciences, Sai Life Sciences, Acutaas Chemicals and Piramal Pharma. ### Pharma - API & CRAMS companies close in size

1. Divis Laboratories Ltd ₹2,59,628 crore
2. [Laurus Labs Ltd](https://www.sectoralpha.in/stocks/laurus-labs-ltd) ₹1,29,972 crore
3. [Gland Pharma Ltd](https://www.sectoralpha.in/stocks/gland-pharma-ltd) ₹51,086 crore
4. [Anthem Biosciences Ltd](https://www.sectoralpha.in/stocks/anthem-biosciences-ltd) ₹46,689 crore
5. [Sai Life Sciences Ltd](https://www.sectoralpha.in/stocks/sai-life-sciences-ltd) ₹33,093 crore
6. [Acutaas Chemicals Ltd](https://www.sectoralpha.in/stocks/acutaas-chemicals-ltd) ₹32,778 crore
7. [Piramal Pharma Ltd](https://www.sectoralpha.in/stocks/piramal-pharma-ltd) ₹31,807 crore

[All 24 Pharma - API & CRAMS companies, largest first](https://www.sectoralpha.in/sectors/pharma-api-crams#all-companies)

### Companies close in size in other industries

1. [Bharat Electronics Ltd](https://www.sectoralpha.in/stocks/bharat-electronics-ltd) ₹2,70,389 crore · Aerospace & Defence - Equipments
2. [Bajaj Finserv Ltd](https://www.sectoralpha.in/stocks/bajaj-finserv-ltd) ₹2,67,160 crore · Finance - Holding Company
3. Divis Laboratories Ltd ₹2,59,628 crore
4. [Power Grid Corporation of India Ltd](https://www.sectoralpha.in/stocks/power-grid-corporation-of-india-ltd) ₹2,46,466 crore · Power - Transmission/Equipment
5. [Coal India Ltd](https://www.sectoralpha.in/stocks/coal-india-ltd) ₹2,39,730 crore · Mining/Minerals

## What else do people ask about Divi's Lab? ### What is Divi's Lab's share price today? Divis Laboratories Ltd's share price is ₹10,037.50, +50.8% over the past year. The whole company is worth ₹2,66,464 Cr on the market. It is at its highest price of the past 52 weeks (range ₹5,857 to ₹10,038), 29.5% above its 200-day average. The price has been rising for 24 weeks (as of 4 November 2026). ### What were Divi's Lab's latest quarterly results? Divis Laboratories Ltd reported revenue of ₹3,080 Cr and net profit of ₹902 Cr for the Jun 2026 quarter. Revenue rose 27.8% and profit rose 65.5% compared with a year earlier. Earnings per share were ₹33.98. The operating margin was 41.0%, 11.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is Divi's Lab's market cap? Divis Laboratories Ltd's market capitalisation is ₹2,66,464 Cr at a share price of ₹10,037.50. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Divi's Lab performing? Divis Laboratories Ltd's share price has been rising for 24 weeks. In its latest quarter, revenue rose 27.8% and profit rose 65.5% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 18 weeks running (as of 4 November 2026). ### Will Divi's Lab's share price go up? This page does not forecast Divis Laboratories Ltd's share price. What it shows instead: the share price is ₹10,037.50, and it has been rising for 24 weeks. Its P/E of 89.4× is higher than 99% of its own last 11 years (as of 4 November 2026). ### Where is Divi's Lab in its business cycle? Divis Laboratories Ltd's FY26 operating margin was 33.0%, against a 13-year range of 28.0% to 43.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 41.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Divi's Lab story? The main question: the share price moved +50.8% in a year while yearly earnings per share moved +17.2%. The difference came from the market paying a higher multiple. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Divi's Lab a stock worth studying right now? What the numbers show: Divis Laboratories Ltd's share price has risen faster than its earnings: +50.8% in a year, against +17.2% for earnings per share. The main open question: whether earnings grow into a price that has already moved. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Divi's Lab share price forecast for 2026? What management itself guided: FY27 revenue growth: double-digit, with no point estimate or range. The changes showing up in Divi's Lab's own numbers are higher-value products and a better mix. It is too early to say whether they last. What would change the story: Customer inventory de-stocking or generic API price erosion accelerates faster than custom synthesis volume additions. ### Where does this page get Divi's Lab's management information? From Divi's Lab's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india
- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- 52 week high & low: https://www.sectoralpha.in/52-week-high-stocks-india
- Pharma stocks: https://www.sectoralpha.in/sectors/pharma-stocks-india

This is research, not advice. We’re not SEBI-registered.