4 Pharma CDMO Stocks with Strong Order Book

#2 Piramal Pharma Ltd

Piramal Pharma is a leading pharmaceutical and wellness company that offers a range of differentiated products and services.

The business operates through three main divisions: contract development and manufacturing organisation (CDMO), complex hospital generics, and consumer healthcare.

With 17 manufacturing facilities and a distribution network reaching over 100 countries, the company serves a diverse global market. The company's portfolio is spread across its three segments, with CDMO being the largest, contributing 55% of FY26 revenue.

The Complex Hospital Generics unit provides 30% of revenue and leads the market inhalation of anesthesia and intrathecal therapies.

The Consumer Healthcare segment contributes 14% of revenue and is driven by popular "Power Brands" such as Little's and Lacto Calamine. These segments together ensure a strong presence in regulated global markets.

It also manages a joint venture with AbbVie in the ophthalmology sector and maintains a strategic investment in Yapan Bio to support its expansion into biologics and vaccines.

Recent growth plans focus on expanding high-potential areas and capitalizing on a rebound in US biopharma funding seen in late 2025. The company is currently investing US$ 90 m to expand sterile injectable and payload-linker capacities at its Lexington and Riverview facilities.

Since October 2025, there has been a notable increase in order of inflows and RFP momentum from both large pharmaceutical companies and mid-size biotech firms.

Strategic acquisitions, such as Kenalog, are broadening the hospital generics portfolio, while the consumer division is leveraging rapid e-commerce growth and high-impact new product launches to drive future profitability.

Results for 9M FY26 showed a decline compared to FY25 due to specific business challenges and external factors. Revenue and operating margins were primarily hurt by inventory destocking of a large on-patent commercial molecule by a major customer.

Additionally, the first half of the year saw slower order inflows for early-stage development projects because biopharma funding was inconsistent during that period.

Despite these temporary setbacks, the company maintained its net debt levels and expects a return to growth in FY27 as order delivery schedules pick up, and the integration of new acquisitions begins to contribute revenue.

#3 Laurus Labs Ltd

Laurus Labs is a research-driven pharmaceutical and biotechnology company. It holds leadership positions in manufacturing Active Pharmaceutical Ingredients (APIs) and Finished Dosage Forms (FDF) in several areas - anti-retroviral, oncology, cardiovascular, and gastrointestinal therapeutics.

The company provides integrated Contract Development and Manufacturing Organisation (CDMO) services, supporting global partners from early clinical development to commercial-scale production.

Operating 15 approved facilities with over 8,000 employees, Laurus is currently expanding its scientific capabilities into advanced biotechnology fields like cell and gene therapy. The company's product portfolio is categorised into CDMO and Affordable Medicines (Generics) segments.

Laurus Labs is pursuing aggressive growth, maintaining a pipeline of over 110 active projects as of Q3 FY26. Major plans include developing a new 532-acre site in Vizag through a long-term investment exceeding US$ 600 m to enhance commercial scale.

The company is also expanding its biotechnology footprint, with a new fermentation facility expected to begin operations by late 2026.

Furthermore, process development labs for gene therapy and antibody-drug conjugates (ADC) were recently operationalised in Hyderabad.

A joint venture with KRKA is also constructing a formulation facility, with phase 1 completion scheduled for mid-2027.

Revenue from operations for the first nine months of FY26 reached Rs 50,010 m because of strong performance in the CDMO and generic divisions.

Profitability improved as operating margins rose from 20.1% to 26.1%, and net margins doubled compared to the previous full year.

These positive changes were primarily due to a better business mix with more high-margin CDMO work and the successful launch of new products in developed markets.

Increased capacity utilization across recently expanded facilities provided better operating leverage.

#4 Biocon Ltd

Biocon is a pioneering biopharmaceutical firm providing affordable medicines for chronic conditions.

The business focuses on key therapy areas such as oncology, immunology, and diabesity. It's currently integrating its biosimilar and generic operations to create a unified, globally scaled platform.

By leveraging innovation and global scale, Biocon serves over 21 m patients across 120 countries. The product portfolio is categorised into three segments: Biosimilars, Generics, and CRDMO services.

Biosimilars, including insulins and monoclonal antibodies, represent the largest share, contributing 61% of total revenue in FY25.

The generics segment covers active pharmaceutical ingredients (APIs) and generic GLP-1 peptides, accounting for 18% of revenue.

CRDMO services, branded as Syngene, provide end-to-end research and manufacturing solutions, making up 21% of total revenue.

Biocon's growth plans focus on leading metabolic segments like interchangeable insulins and generic GLP-1 peptides. Recent milestones include multiple global product launches, such as biosimilar Ustekinumab and Bevacizumab.

In Q3 FY26, revenue grew 9% YoY, because of market share gains and new launches.

While a traditional "order book" is not cited as a single figure, long-term stability is secured through extended partnerships, like the one with BMS running through 2035.

Significant tender wins in emerging markets further bolster the future pipeline. Major capacity investments are now largely complete, allowing for better operating leverage.

Financial performance has improved significantly due to increased scale and better product mixes. In 9M FY26, revenues and EBITDA grew 14% and 24% respectively on a like-for-like basis. This success was led by steady performance in biosimilars and generics.

However, operating margins in some segments faced pressure from the costs of commissioning new facilities.

The company reduced debt by retiring from structured instruments associated with past acquisitions.

Which Pharma CDMO Stock is the Best in India?

India's pharma CDMO sector offers strong long-term potential due to rising global outsourcing and robust order pipelines.

However, investors should carefully assess company-specific risks, including profitability pressures, execution challenges, and debt levels, as some players continue to report weak earnings.

Evaluating financial health, competitive positioning, and personal investment objectives is essential before making any financial decision.

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