Divi’s Laboratories (DIVI IN) – Q4FY26 Result Update – EBITDA miss; Peptide opportunities key for growth – ACCUMULATE
Published on 25 May 2026
Divi’s Laboratories (DIVI) Q4FY26 EBITDA missed our estimates due to lower gross margin. Revenues were largely aided by CS segment and currency tailwind. Mgmt indicated inventory levels may increase further in Q1FY27E to ensure uninterrupted operations. We expect stable margins in FY27 and expect revenue to accelerate from FY28 as commencement of some CDMO and contrast media contracts along with peptide revenue scale up. Our FY27E/FY28E EPS estimates stand cut by 2-4%. We expect 19% EBITDA and PAT CAGR over FY26-28E. At CMP, stock is trading at 52x FY28E EPS. We Maintain our ‘Accumulate’ rating with revised TP of INR 6,900/share.
