Ahead of the results, the stock rallied 2.8% on July 31 to close at ₹8,056.65 on the BSE and ₹8,056 on the NSE, just shy of its 52-week highs of ₹8,087 and ₹8,090 respectively. Market capitalisation crossed ₹2 lakh crore. Volume on the NSE was 793,869 shares, well above the 20-day average.
Macquarie reiterated its Outperform rating and raised its price target 36% to ₹10,200 from ₹7,500, citing the peptide CDMO opportunity. The brokerage estimates the peptide market could grow from roughly $4 billion in 2025 to $20–25 billion by 2030, driven by GLP-1 and other peptide therapies. Divi's 20,000-litre solid-phase peptide synthesis capacity and planned 18,600-litre liquid-phase reactor position it to capture a revenue potential exceeding $550 million from solid-phase alone.
Investors will watch whether custom synthesis and the new Kakinada (Unit 3) capacity sustain margin momentum, alongside updates on the company's ₹2,000-crore-plus capex plan. A key overhang remains the phased U.S. tariff plan on generic drugs, which could pressure export economics for Indian API manufacturers.
With earnings momentum accelerating and capacity expansion underway, the question is whether Divi's can maintain 40%-plus EBITDA margins while absorbing incremental capex and navigating potential U.S. trade policy headwinds.
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