Sai Life Sciences (SAILIFE IN) – Initiating Coverage – Scalable Platform with Increasing Commercial Depth – BUY
Published on 21 Oct 2026
We initiate coverage on Sai Life Sciences Ltd (SAI) with ‘BUY’ rating and TP of INR1,620/share. SAI has built an integrated CRDMO platform spanning discovery, development and manufacturing, with a proven track record of supporting complex pharma and biotech programs. It is well placed to benefit from the shift toward outsourcing in small molecules, given its integrated capabilities across discovery, development and manufacturing and strong process chemistry expertise. We see large-pharma engagements as the key near-term growth driver, with the discovery platform providing a steady funnel of projects that can move into development and subsequently commercial manufacturing. The deep late-stage and commercial pipelines should further support growth. Planned capex of INR11-13bn for FY27E and rising wallet share from existing customers provide additional upside.
