Overview

• Jefferies projects an 18% CAGR for Indian CRDMOs in FY25–FY30 after roughly 14% over the past five years, with current revenue near $3 billion and market cap at $40–50 billion.
• The brokerage sizes the China+1 opportunity at about $700 million annually in the base case, rising to $1.4 billion in a bull case, while warning that continued China in‑licensing by Big Pharma could curb gains.
• Intermediates tied to next‑generation weight‑loss and type‑2 diabetes drugs are estimated to form a ~$1.2 billion market by 2030, including programs such as Tirzepatide and Orforglipron.
• The ADC CRDMO market is pegged at ~$1.4 billion today and is forecast to reach about $4 billion by 2029 at ~23% CAGR, with Cohance and Piramal highlighted as preferred exposure to the theme.
• Stock actions feature Sai Life Sciences as top pick with FY25–FY28 CAGRs of 15% for revenue and 24% for EBITDA, an initiation on Cohance at Buy, an upgrade on Divi’s to Buy, and Piramal retained as a value play with double‑digit upside targets.