3 Branded Formulations, Custom Synthesis and Research-Led CDMO Stocks With a Strong Future Roadmap: JB Chemicals and Pharmaceuticals, Divi’s Laboratories and Anthem Biosciences
- October 21, 2026
- Posted by: Neeraj Pandey
- Category: Best Stocks
JB Chemicals and Pharmaceuticals, Divi’s Laboratories and Anthem Biosciences: ROE of 15.3% to 19.4% and FY22 to FY26 revenue CAGR of 5.1% to 15.5%. Prices as of 20 Oct 2026.
Quick Answer
The three pharma manufacturing and research stocks to watch are JB Chemicals and Pharmaceuticals, Divi’s Laboratories and Anthem Biosciences. Their return on equity ranges from 15.3% to 19.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.1% to 15.5%. Anthem Biosciences leads on both return on equity at 19.4% and revenue growth at 15.5% a year. Prices are based on the 20 October 2026 close, and this article is educational, not investment advice.
Pharma manufacturing and research stocks give investors exposure to companies that develop and make medicines for others as well as for their own brands. JB Chemicals and Pharmaceuticals, Divi’s Laboratories and Anthem Biosciences combine branded formulations, custom synthesis and research-led contract manufacturing.
This list covers three pharma manufacturing and research stocks with complete current figures: JB Chemicals and Pharmaceuticals, Divi’s Laboratories and Anthem Biosciences. Every figure comes from the latest reported financials and the 20 October 2026 market close. Companies without complete current figures were left out.
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What Are Pharma Manufacturing and Research Stocks?
Pharma manufacturing and research stocks are listed companies that make active ingredients, intermediates and formulations, often for global drug developers. Their earnings depend on long-term customer programmes, plant capacity and the complexity of the molecules they handle.
Pharma Manufacturing and Research Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| JB Chemicals and Pharmaceuticals | 2,408.9 | 38,731 | 54.6 | 36.0 | 17.1 | 0.00 |
| Divi’s Laboratories | 9,087 | 241,311 | 82.5 | 36.0 | 15.3 | 0.00 |
| Anthem Biosciences | 808.5 | 45,546 | 79.1 | 36.0 | 19.4 | 0.02 |
On valuation, all three trade at a P/E above their industry P/E, which reflects the growth the market already expects from them. Readers comparing pharma manufacturing and research stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Pharma Manufacturing and Research Stocks Have a Strong Roadmap in India?
Pharma manufacturing and research stocks have a strong roadmap in India because global drug companies are moving more development and production work to partners with proven quality and scientific depth.
- Outsourcing trend. Global drug developers are sharing more work with Indian partners.
- Complex chemistry. Difficult molecules need skills that few suppliers can offer.
- Brand strength. Domestic prescription brands add steady, repeat demand.
Why JB Chemicals and Pharmaceuticals Features Among These Pharma Manufacturing and Research Stocks
Among the pharma manufacturing and research stocks on this list, JB Chemicals and Pharmaceuticals is a Mumbai-based pharmaceutical company that sells branded formulations in India in cardiac, gastro-intestinal and other therapies, exports to several markets and runs a contract development and manufacturing business.
Revenue rose from Rs 2,463 crore in FY22 to Rs 4,208 crore in FY26, a compound annual growth rate of 14.3%. Net profit grew from Rs 386 crore in FY22 to Rs 709 crore in FY26, which works out to a compound annual growth rate of 16.4%.
The company has a return on equity of 17.1%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 38,731 crore. The stock trades at a P/E of 54.6, above the industry P/E of 36.0.
Roadmap: The company is strengthening its domestic brands through field force expansion and acquisitions while building its contract manufacturing arm for global customers. A mix of chronic and acute brands supports steady prescription demand.
What to watch: Monitor the growth of key domestic brands and the order flow in contract manufacturing.
Why Divi’s Laboratories Features Among These Pharma Manufacturing and Research Stocks
Among the custom synthesis shares on this list, Divi’s Laboratories is a Hyderabad-based maker of active pharmaceutical ingredients, intermediates and custom synthesis products, serving large global pharma companies from large-scale manufacturing sites.
The company has a return on equity of 15.3%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 241,311 crore. The stock trades at a P/E of 82.5, above the industry P/E of 36.0.
Revenue rose from Rs 9,074 crore in FY22 to Rs 11,067 crore in FY26, a compound annual growth rate of 5.1%. Net profit grew from Rs 1,823 crore in FY23 to Rs 2,568 crore in FY26, which works out to a compound annual growth rate of 12.1%. In the June 2026 quarter, revenue grew 24.3% year on year to Rs 3,144 crore, while net profit rose 65.5% to Rs 902 crore.
Roadmap: The company is a key supplier of ingredients for several widely used generics and has long-standing contract manufacturing relationships with global innovators. Capacity additions at its sites and a growing custom synthesis pipeline support future volumes.
What to watch: Check the order flow in custom synthesis and the commissioning of new capacity.
Why Anthem Biosciences Features Among These Pharma Manufacturing and Research Stocks
Among the three companies on this list, Anthem Biosciences is a research-driven contract development and manufacturing organisation that serves global pharma and biotech customers with discovery, development and manufacturing services.
Revenue rose from Rs 1,280 crore in FY22 to Rs 2,280 crore in FY26, a compound annual growth rate of 15.5%. Net profit grew from Rs 406 crore in FY22 to Rs 592 crore in FY26, which works out to a compound annual growth rate of 9.9%.
The company has a return on equity of 19.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 45,546 crore. The stock trades at a P/E of 79.1, above the industry P/E of 36.0.
Roadmap: The company offers an integrated platform from discovery to commercial manufacturing, which makes it a partner for innovator clients. Its biologics, peptides and small-molecule services give it several routes to growth.
What to watch: Monitor the order pipeline from global customers and the ramp-up of newer manufacturing capacity.
JB Chemicals and Pharmaceuticals vs Divi’s Laboratories vs Anthem Biosciences on Key Financials
The table below sets the three pharma manufacturing and research stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| JB Chemicals and Pharmaceuticals | 2,463 | 4,208 | 14.3% | 709 | 16.9% |
| Divi’s Laboratories | 9,074 | 11,067 | 5.1% | 2,568 | 23.2% |
| Anthem Biosciences | 1,280 | 2,280 | 15.5% | 592 | 26.0% |
Anthem Biosciences posts the highest return on equity in this group at 19.4%. Divi’s Laboratories has the largest FY26 revenue at Rs 11,067 crore, and Anthem Biosciences shows the fastest revenue growth with a 15.5% compound annual rate. A useful habit with pharma manufacturing and research stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Pharma Manufacturing and Research Stocks
Every theme carries risks that deserve a check before any decision. For these pharma manufacturing and research stocks, the main points are:
- Customer concentration. A few large programmes can shape quarterly revenue.
- Regulatory inspections. Plants must keep meeting quality standards of global regulators.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter pharma manufacturing and research stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Pharma Manufacturing and Research Stocks
Pharma manufacturing and research stocks reward investors who track customer programmes, capacity and product mix. JB Chemicals and Pharmaceuticals, Divi’s Laboratories and Anthem Biosciences each offer a different route into this theme. Based on the 20 October 2026 close, JB Chemicals and Pharmaceuticals trades at Rs 2,408.9, Divi’s Laboratories at Rs 9,087 and Anthem Biosciences at Rs 808.5.
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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
What are pharma manufacturing and research stocks?
Ans. Pharma manufacturing and research stocks are listed companies that make active ingredients, intermediates and formulations, often for global drug developers. Their earnings depend on long-term customer programmes, plant capacity and the complexity of the molecules they handle. This list looks at three of them, JB Chemicals and Pharmaceuticals, Divi’s Laboratories and Anthem Biosciences, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.
Which pharma manufacturing and research stocks are covered in this list?
Ans. This list covers JB Chemicals and Pharmaceuticals, Divi’s Laboratories and Anthem Biosciences. Based on the 20 October 2026 close, JB Chemicals and Pharmaceuticals traded at Rs 2,408.9, Divi’s Laboratories at Rs 9,087 and Anthem Biosciences at Rs 808.5. Their return on equity ranges from 15.3% to 19.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.1% to 15.5%.
Why do pharma manufacturing and research stocks have a strong future roadmap in India?
Ans. Pharma manufacturing and research stocks have a strong roadmap in India because global drug companies are moving more development and production work to partners with proven quality and scientific depth. The main drivers are as follows. Outsourcing trend. Global drug developers are sharing more work with Indian partners. Complex chemistry. Difficult molecules need skills that few suppliers can offer. Brand strength. Domestic prescription brands add steady, repeat demand. Together these factors give the companies on this list a visible path for growth over the coming years.
How has JB Chemicals and Pharmaceuticals performed financially?
Ans. Revenue rose from Rs 2,463 crore in FY22 to Rs 4,208 crore in FY26, a compound annual growth rate of 14.3%. Net profit grew from Rs 386 crore in FY22 to Rs 709 crore in FY26, which works out to a compound annual growth rate of 16.4%. The company has a return on equity of 17.1%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 38,731 crore. The stock trades at a P/E of 54.6, above the industry P/E of 36.0. Looking ahead, the company is strengthening its domestic brands through field force expansion and acquisitions while building its contract manufacturing arm for global customers. A mix of chronic and acute brands supports steady prescription demand.
How has Divi’s Laboratories performed financially?
Ans. Revenue rose from Rs 9,074 crore in FY22 to Rs 11,067 crore in FY26, a compound annual growth rate of 5.1%. Net profit grew from Rs 1,823 crore in FY23 to Rs 2,568 crore in FY26, which works out to a compound annual growth rate of 12.1%. In the June 2026 quarter, revenue grew 24.3% year on year to Rs 3,144 crore, while net profit rose 65.5% to Rs 902 crore. The company has a return on equity of 15.3%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 241,311 crore. The stock trades at a P/E of 82.5, above the industry P/E of 36.0. Looking ahead, the company is a key supplier of ingredients for several widely used generics and has long-standing contract manufacturing relationships with global innovators. Capacity additions at its sites and a growing custom synthesis pipeline support future volumes.
How has Anthem Biosciences performed financially?
Ans. Revenue rose from Rs 1,280 crore in FY22 to Rs 2,280 crore in FY26, a compound annual growth rate of 15.5%. Net profit grew from Rs 406 crore in FY22 to Rs 592 crore in FY26, which works out to a compound annual growth rate of 9.9%. The company has a return on equity of 19.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 45,546 crore. The stock trades at a P/E of 79.1, above the industry P/E of 36.0. Looking ahead, the company offers an integrated platform from discovery to commercial manufacturing, which makes it a partner for innovator clients. Its biologics, peptides and small-molecule services give it several routes to growth.
What risks should investors check before buying pharma manufacturing and research stocks?
Ans. Investors should check a few risks before buying pharma manufacturing and research stocks. Customer concentration. A few large programmes can shape quarterly revenue. Regulatory inspections. Plants must keep meeting quality standards of global regulators. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of pharma manufacturing and research stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 20 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.
