Archive · 27 Aug 2026
Jefferies Backs Five Indian CRDMO Stocks With Upside
Jefferies is a financial research firm that studied Indian companies making medicines and drug ingredients for other companies.
It believes five of these companies could perform well.
The five companies are Anthem Biosciences, Gland Pharma, Divi’s Laboratories, Piramal Pharma and Sai Life Sciences.
Anthem Biosciences has the biggest possible share-price gain in Jefferies’ estimates, at 20%.
Sai Life Sciences and Divi’s Laboratories are Jefferies’ favorite companies in the group.
The sector grew strongly during the June quarter, with sales rising faster than in recent quarters.
Many companies also reported strong orders and requests from large pharmaceutical companies.
These ratings are Jefferies’ opinions, not guarantees that investors will make money.
Jefferies rates Anthem Biosciences, Gland Pharma, Divi’s Laboratories, Piramal Pharma and Sai Life Sciences ‘Buy’.
Anthem Biosciences has the highest projected upside at 20%, followed by Gland Pharma at 19.6%.
Sai Life Sciences and Divi’s Laboratories remain Jefferies’ top picks in the CRDMO sector.
Companies covered by Jefferies recorded 19% year-on-year sector growth in the June quarter, the highest in seven quarters.
Jefferies upgraded Gland Pharma from ‘Hold’ to ‘Buy’ after stronger sales, margins and FY27 guidance.
- Who
- Jefferies and five Indian CRDMO companies: Anthem Biosciences, Gland Pharma, Divi’s Laboratories, Piramal Pharma and Sai Life Sciences.
- What
- Jefferies assigned ‘Buy’ ratings to all five stocks and published target prices with potential upside ranging from 10.7% to 20%.
- When
- The assessment followed the June quarter, referred to in the report as 1QFY27.
- Where
- India’s CRDMO sector.
- Why
- Jefferies cited strong sector growth, higher margins, positive management commentary, strong Big Pharma request-for-proposal inflows and healthy order-book visibility.
- Jefferies sector growth
- Companies covered by Jefferies recorded 19% year-on-year growth in the June quarter, the highest rate in seven quarters.
- Highest potential upside
- Anthem Biosciences: 20%, based on Jefferies’ target price of Rs 1,050.
- Top picks
- Sai Life Sciences and Divi’s Laboratories remained Jefferies’ top picks.
- Gland Pharma target
- Rs 3,350, implying 19.6% potential upside; its rating was upgraded from ‘Hold’ to ‘Buy’.
- Divi’s Laboratories target
- Rs 10,200, implying 17.5% potential upside.
- Sai Life Sciences target
- Rs 1,610, implying 10.7% potential upside.
- Order visibility
- Sai Life Sciences had more than 90% of targeted FY27 revenue covered by orders, while Anthem Biosciences had more than 80% of targeted FY27 CRDMO sales covered.