Accumulate Supriya Lifescience; target of Rs 850: Deven Choksey

Accumulate

Deven Choksey report on Supriya Lifescience

Consolidated revenue grew 37.7% QoQ / 20.3% YoY to INR 1,998 Mn, coming 5.4% above our estimates and marking a clear recovery after a muted Q1. The improvement was driven by the normalization of earlier operational bottlenecks and the ramp-up of the Module E facility, which boosted utilization. Growth was broadbased across anesthetics, anti-diabetics, anti-anxiety, vitamins, and ADHD treatments, while exports remained the key growth driver, contributing 81% of quarterly revenues.

Outlook

We have rolled forward our valuation to Sept’27 estimates. We value Supriya Lifescience at 24.0x Sept’27 EPS, implying a target price of INR 850. We downgrade our rating from “BUY” to “ACCUMULATE” on the stock.

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Supriya Lifescience - 18112025 - deven