Sai Life Sciences FY26 PAT jumps 109%, EBITDA at 30%

What Sai Life Sciences reported for FY26

Sai Life Sciences has announced its audited financial results for the quarter and full year ended March 31, 2026, showing sharp improvement in profitability and margins. For FY26, revenue increased 29% year-on-year to ₹2,192 crore compared with ₹1,695 crore in FY25. Profit after tax (PAT) rose 109% to ₹355 crore from ₹170 crore in the previous year. EBITDA grew 56% to ₹661 crore, and the EBITDA margin expanded to 30% from 25%. Profit before tax (PBT) for FY26 came in at ₹466 crore, up 104% from ₹228 crore in FY25. The company also reported a higher PAT margin of 16% versus 10% in FY25.

Q4FY26: modest revenue growth, stronger profit

For the January to March 2026 quarter (Q4FY26), revenue from operations was reported at ₹602 crore versus ₹580 crore in Q4FY25, translating into about 4% year-on-year growth. PAT for Q4FY26 increased 18% to ₹104 crore. EBITDA for the quarter rose 17% to ₹189 crore. On margins, the company reported an EBITDA margin of 31% in Q4FY26 compared with 28% in Q4FY25.

Separately, the quarterly disclosure also highlighted an operating margin (excluding other income) of 29.32% for Q4FY26, which was lower than 33.76% in the preceding quarter. The same dataset showed net sales of ₹602.14 crore, net profit of ₹104.24 crore, and a PAT margin of 17.31% in Q4FY26. It also noted employee costs at ₹186.65 crore for Q4FY26, interest cost at ₹7.83 crore, and depreciation at ₹45.31 crore. Interest coverage (operating profit to interest) was cited at 22.55 times.

Key numbers at a glance

What management highlighted: clients, mix and pipeline

The company said FY26 performance was supported by deeper engagement with global large pharma customers across its CRO and CDMO businesses. Management commentary during the earnings call referred to an increasing contribution from large pharma, noting that the revenue contribution from 19 pharma clients increased to 49% in FY26 from 28% in FY22. The call also stated the company works with 19 of the top 25 global pharma companies.

In terms of business mix, the CRDMO revenue split was stated as CDMO at 65% and CRO at 35%. Segment numbers were also disclosed: CDMO revenue of ₹1,417 crore (33% growth) and CRO revenue of ₹775 crore (24% rise). The company also said it received commercial supply qualification from two additional large pharma customers.

On the pipeline side, disclosures and analyst commentary referenced the addition of four commercial molecules and five Phase III or pre-registration molecules during the quarter. The earnings call also referred to a pipeline comprising 34 commercial molecules, 11 in Phase III or pre-registration, and 155 in earlier stages.

Capex: FY26 spend and FY27 guidance

Sai Life Sciences reported capex of ₹633 crore during FY26 to expand manufacturing and R&D capacity. For FY27, management guided capex of ₹1,100 crore to ₹1,300 crore, primarily towards CDMO expansion and capability enhancement. The company said the FY27 capex is expected to be split between CDMO (65%) and CRO (35%), and funded through a mix of internal accruals and debt.

Management also reiterated long-term guidance of 15% to 20% revenue CAGR with a 28% to 30% steady-state EBITDA margin over the next two to three years. It also indicated that it expects the second half of FY27 to be stronger than the first half.

Earnings call recording: SEBI (LODR) disclosure

The company’s Q4FY26 earnings call was held on May 15, 2026, and the recording has been made available on its website pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015.

Renewable power milestone at Bidar

Sai Life Sciences announced on May 11, 2026, that its Bidar campus, comprising its flagship API and animal health API manufacturing facilities, now runs entirely on renewable power. It also stated that its Bidar manufacturing sites (Unit IV and Unit VI) have become the first sites of an Indian CRDMO to operate on 100% renewable power.

Stock and peer context: what the market data showed

Market data points in the update showed the stock had bounced back 16% from a Friday low of ₹950.15. It hit a record high of ₹1,138.85 on May 11, 2026. On May 15, 2026, the stock traded at ₹1,089.30, down 2.14% from the previous close.

In the past one month, Laurus Labs and Sai Life shares were cited as up 18% and 15%, respectively. The reaction around the quarter also reflected commentary that Q4FY26 performance was marginally below estimates, with the miss attributed to a 5% year-on-year decline in CDMO business on a high base of Q4FY25. At the same time, full-year CDMO growth was described as robust at 33% year-on-year.

Analyst notes: capacity buildout and targets

JM Financial Institutional Securities said Sai Life Sciences remains on track to nearly double capacities over the next few years, with FY27 capex guided at ₹1,100 crore to ₹1,300 crore, backed by contractual visibility. The same note projected revenue, EBITDA, and adjusted PAT CAGR of 26%, 28%, and 25% over FY26 to FY28, respectively. It also cited a valuation approach of 28x FY28E EBITDA and a target price of ₹1,371.

Why the FY26 print matters for the CRDMO theme

The FY26 numbers underline a combination of faster profit growth than revenue growth, alongside reported expansion in EBITDA and PAT margins. The mix commentary, with CDMO at 65% and CRO at 35%, and the stated growth rates of 33% for CDMO and 24% for CRO, point to broad-based momentum rather than reliance on a single line of business.

At the same time, the quarter-level margin discussion shows how profitability can fluctuate across quarters, especially when growth is affected by base effects in CDMO. The company’s capex cadence, including ₹633 crore spent in FY26 and a higher ₹1,100 crore to ₹1,300 crore guide for FY27, is central to execution, since it directly influences capacity, timelines, and operating leverage.

Conclusion

Sai Life Sciences closed FY26 with revenue of ₹2,192 crore, EBITDA of ₹661 crore and PAT of ₹355 crore, alongside a reported EBITDA margin of 30%. Q4FY26 showed steady revenue growth but stronger profitability, while disclosures also highlighted quarter-to-quarter margin movement on certain measures. The next set of investor focus points is likely to be FY27 capex deployment within the ₹1,100 crore to ₹1,300 crore plan and the company’s progress against its 15% to 20% revenue CAGR and 28% to 30% margin guidance, as discussed on the May 15 earnings call.