Guidance ledger · Q4 FY26

Laurus Labs Ltd LAURUSLABS

5 revisions on record · 0 lowered · 4 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↑ raised ARV annual quantum (full year FY26 actual and forward) Q1 FY26 → Q4 FY26

~~INR2,500 crores +/- INR200 crores~~ → INR2,800 crores (stable quantum going forward)

“Quantum wise, we did INR2,800 crores ARV. That will remain constant. It will be around that number. But percentages, it will go down.”

→ narrowed CDMO 50% revenue share target Q1 FY26 → Q4 FY26

~~Potential to touch 50%, no year attached~~ → 50% of total sales by FY30, explicitly confirmed

“By FY30, we expect CDMO revenues in general will be 50% of our overall sales.”

↑ raised FY27+FY28 annual capex Q2 FY26 → Q4 FY26

~~~INR1,000 crores annually~~ → INR3,000 crores over 2 years (~INR1,500 crores annually)

“we expect to spend around INR3,000 crores in the next 2 years”

↑ raised ARV run-rate upgrade Q3 Q1 FY26 → Q3 FY26

~~INR2,500 crores +/- INR200 crores~~ → INR2,600 crores +/- INR200 crores

“currently we are at 2 ,600 plus or minus 200”

↑ raised Gross margin run-rate Q1 FY26 → Q1 FY26

~~~52%, then guided 55%~~ → 55% to 60% range going forward

“as the contribution from CDMO business increases, we expect the gross margins will remain between 55% to 60%. That's what we expect in the coming quarters.”

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.