Sai Life Sciences Q3 FY26 — ₹556 Cr Revenue, 34% OPM, 52.9× P/E: Science Is Booming, Valuations Are Sweating

1. At a Glance

Sai Life Sciences just walked into Q3 FY26 wearing a lab coat, holding a beaker full of profits, and casually told the market: “Relax, we’ve got this.”
Revenue for the quarter came in at ₹556 Cr, up 26.5% YoY, while PAT jumped 97.9% YoY to ₹100 Cr. Operating margins expanded to a juicy 34%, which is not normal behavior for a company that also spends aggressively on R&D and capacity expansion.

Market cap stands at ₹17,943 Cr, CMP around ₹850, and the stock is still down ~3% over three months — meaning the market is politely ignoring the numbers while obsessing over valuation multiples.
At 52.9× P/E, Sai Life is clearly not asking to be judged like a boring API company. It wants to sit at the CRDMO high table with the global science nerds.

Debt is under control at ₹418 Cr, debt-to-equity a chill 0.18, ROCE 14%, ROE 11%, and EBITDA margin already flirting with management’s long-term guidance of 28–30%.

Question for you: If margins are already here, what exactly are we paying 53× earnings for — growth, moat, or vibes?

2. Introduction

Sai Life Sciences is what happens when Indian pharma graduates stop dreaming of generic paracetamol and start chasing global drug discovery wallets. Founded in 1999, the company has quietly morphed into a full-stack CRDMO — from early drug discovery to commercial manufacturing.

Unlike plain-vanilla CDMO players who wait for someone else’s molecule to mature, Sai inserts itself right at the discovery stage. Translation: longer client relationships, higher switching costs, and recurring revenue streams that don’t vanish after one clinical failure.

The IPO in December 2024 raised ₹3,042.6 Cr, which wasn’t charity — it was growth capital. Since then, the company has been on a mission: expand capacity, deepen advanced modalities, deleverage the balance sheet, and convince investors it deserves a premium multiple.

So