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    PPLPHARMA — Piramal Pharma (Mumbai) News Story

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    Indian contract drug makers to gain global share, says HDFC Securities

    Picture of Piramal Pharma (Mumbai) logoPiramal Pharma (Mumbai)
    06/01/2026 09:32
    ** HDFC Securities starts coverage on Indian contract drug makers Divi's Laboratories DIVI.NS, Anthem Biosciences ANTH.NS, Sai Life Sciences SAIE.NS, Laurus Labs LAUL.NS and Piramal Pharma PIRM.NS

** Brokerage sees rising R&D outsourcing boosting Indian contract drug makers that have expanded capabilities to cover various stages of drug development

** India's share in global contract research, development, and manufacturing organisations (CRDMO) market to rise to 4.7% by 2029 from 3.8% in 2024, "making it an attractive sector" - HDFC

** adds, low labour costs advantage as companies reduce China dependence

** Expects revenue CAGR to accelerate to 15% in FY25-28 vs 9% in FY23-25; EBITDA CAGR seen at 22% vs 12%

** The table below lists HDFC's rating and PT on its CRDMO picks


    CompanyRatingPrice TargetDifference to last close (%)
    Divi's LabsBuy7,630 rupees19.9
    Anthem BiosciencesAdd740 rupees14.1
    Sai Life SciencesBuy1,160 rupees21.4
    Laurus LabsReduce1,040 rupees-5.7
    Piramal PharmaBuy230 rupees28.6
    

(Reporting by Nandan Mandayam in Bengaluru)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

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