Growth drivers
Next-Generation Technologies — The Long Game
• ADCs (Antibody–Drug Conjugates): Significant pharma interest; moving from discovery-side capability to evaluating clinical conjugation and fill-finish. Class 6 containment upgrade underway.
• Peptides: Development capability pilot-scale manufacturing coming online this year. Capex started in FY26.
• HTE (High-Throughput Experimentation): Platform established at Hyderabad R&D campus — enabling more integrated, faster discovery programs.
• Organoids & Cell-Based Assays: Positioned ahead of FDA's push toward newer testing methodologies (NAMs), reducing reliance on animal testing over time.
AI & Digital — More Serious Than Most Peers
Management's AI framing goes beyond a buzzword. Key points:
Building an "AI canvas" internally — a unified data/automation platform for scientists and leadership.
Integrating with large pharma's own systems for data transmission.
AI-enabled retrosynthesis and route design tools already in use.
Proof-of-concept outcomes expected in CY2026.
CEO was explicit: it's not one tool — it's a complete operational transformation.
Biotech Funding Recovery — A Tailwind in Waiting
YTD biotech funding was up 52% year-over-year, with April 2026 alone at $10.6 billion. IPO activity has strengthened. Management expects biotech to "come back in the next 24 months" and restore the 50/50 pharma-biotech balance in their CRO business. When it does, it adds incremental volume on top of the pharma-led growth that's already running.