Hold Divi's Laboratories; target of Rs 600: Axis Direct

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26 Aug, 2025 12:21

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Axis Direct's research report on Divi's Laboratories

Q4 revenue declined 3% YoY in line with our estimate, while EBITDA adjusted for Rs 290 mn of forex loss at Rs 3.9 bn was 9% below our estimate. Adj. PAT declined 10% YoY at Rs 2.88 bn, 12% below our estimate.

Outlook

Despite attractive valuations, we remain cautious as growth could be impacted by reactions of its customers (both innovators/generic companies across regions) given USFDA import alert on its Unit 2 plant. We maintain our FY18/19E EPS and HOLD rating with a revised TP of Rs 600 (16x FY19E EPS) vs. Rs 680 earlier (18x FY19E EPS).

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