Contract research, development and manufacturing (CRO/CDMO/CRDMO) for global innovators and biotechs - from discovery chemistry to commercial-scale APIs and biologics.
Note: Demerged from Piramal Enterprises and listed Oct 2022
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
Runs discovery chemistry and biology, process development and GMP manufacturing on contract for global pharma and biotech, from preclinical grams to commercial tonnes, getting paid per project (FTE or fee-for-service) and then per kilo once a molecule is commercial.
Why it matters
The BIOSECURE Act (signed Dec 2025 in the FY26 NDAA) and wider China+1 sourcing are moving Western outsourcing away from Chinese CRDMOs, and India is the main alternative with compliant capacity. Jefferies estimates the shift could be worth ~US$700m a year to Indian CRDMOs; Divi's custom synthesis grew 45% in Q1 FY27 on new dedicated projects.
Where the value pool sits
High-quality CDMOs earn 25-40% EBITDA margins and multi-year supply contracts once a molecule is commercial, but revenue is lumpy (validation batches, customer inventory cycles) and depends on a few large customers. Valuations already price in a lot of growth.
Key drivers
BIOSECURE / China+1 vendor diversification
GLP-1 and peptide demand
Recovery in US biotech funding
Innovator patent cliffs moving to new modalities (ADCs, oligos)
Potential bottlenecks
Scientific talent and senior process-chemistry depth
Customer qualification and audit cycles of 1-3 years
Capacity in peptides, oligonucleotides, ADCs and biologics
Investor metrics to watch
Order book / RFP inflow and number of commercial molecules
Top-customer share of revenue
EBITDA margin and asset turns on new capex
Revenue mix: discovery vs development vs commercial