Waya initiates coverage on Sai Life Sciences Ltd. with a BUY recommendation. Waya expects an upside of 39% in 1 year and sets a target price of ₹1,222.

Sai Life Sciences is one of India’s fastest-growing CRDMOs, offering end-to-end services from drug discovery to commercial manufacturing for global pharma and biotech clients. The company works with 280+ customers across the US, Europe and Japan, making it one of India’s most globally diversified pharma service providers.

Sai has delivered strong financial results, with FY25 revenue at ₹1,695 crore and PAT rising sharply to ₹170 crore. H1 FY26 performance was even stronger with 53% revenue growth and EBITDA margin expanding to 27%. The company is almost debt-free after repaying ₹720 crore and continues to invest heavily in new capacity and high-margin capabilities like peptides, ADCs and veterinary APIs.

Waya believes Sai Life Sciences is well-positioned for long-term growth, with revenue expected to scale from ₹1,695 crore in FY25 to over ₹3,100 crore by FY28E, driven by rising CDMO demand, strong global client additions and expansion of premium chemistry capabilities.