Guidance ledger · Q3 FY26

Divi's Laboratories DIVISLAB

4 revisions on record · 1 lowered · 2 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

→ narrowed CS projects commercialization timing Q1 FY26 → Q3 FY26

~~12 to 24 months / 1 to 2 years~~ → Q3, Q4 of calendar 2027

“somewhere in Q3, Q4 of 2027 is when the commercial volumes will start moving”

↑ raised FY26 Capex (Q2 directional) Q1 FY26 → Q2 FY26

~~Rs. 2,000 crores~~ → Higher than Rs. 2,000 crores

“Yes, it would be higher in FY26”

↓ lowered Generic pricing pressure outlook Q1 FY26 → Q2 FY26

~~Hopeful stabilization in next few quarters~~ → No improvement foreseen in next 2 quarters

“I don't think I can foresee any, at least in the next 2 quarters, anything that is going to be in a better situation for generics than it is today”

↑ raised FY26 Capex Q4 FY25 → Q1 FY26

~~Rs. 1,400 crores plus maintenance~~ → Rs. 2,000 crores

“we anticipate our estimated total capital expenditure for the financial year to be in the range of ₹2,000 crores”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.