India’s Contract Research, Development, and Manufacturing Organization (CRDMO) sector is poised for a transformative leap, with projections indicating an expansion from its current valuation of $3–3.5 billion to a robust $22–25 billion by 2035.
This growth trajectory is detailed in the Unleashing the Tiger: Indian CRDMO Sector 2025, published by Boston Consulting Group (BCG) in collaboration with the Innovative Pharmaceutical Services Organisation (IPSO).
The Indian CRDMO industry has demonstrated a compound annual growth rate (CAGR) of 15% from 2019 to 2024, surpassing the global average of 7–8%. This momentum is further fueled by global supply chain realignments, with Western pharmaceutical companies seeking alternatives to traditional hubs like China. Such shifts present India with a significant opportunity to become a preferred outsourcing destination, unlocking an estimated $10–15 billion in potential value.
However, to fully capitalize on these opportunities, the sector must address several critical challenges. Key among them is the need to scale the workforce by 6–7 times by 2035, ensuring a steady supply of skilled talent. Additionally, streamlining regulatory processes to reduce approval timelines, enhancing domestic production of essential raw materials, and fostering a robust Tier-1 supplier ecosystem are imperative steps.
The report also emphasizes the importance of advancing in biologics and new modalities, such as gene therapies and RNA-based treatments, to maintain competitiveness. Here are the CRDMO stocks to keep on your radar.
In late September 2025, the U.S. introduced a 100 percent tariff on branded and patented drug imports, creating short-term uncertainties for Indian pharmaceutical exporters, especially those focusing on complex generics and biologics.
While this poses challenges, it may also accelerate the adoption of more cost-effective alternatives, offering a potential boost to India’s generics and CRDMO (Contract Research, Development, and Manufacturing Organization) sectors in the near term.
According to the BCG-IPSO report, India’s CRDMOs benefit from a significant cost advantage, with workforce expenses 70–80 percent lower and infrastructure setup costs roughly 85% cheaper than in Western countries. Faster project startup times and stronger intellectual property protections further enhance India’s appeal as a preferred outsourcing destination.
Additionally, companies that are establishing manufacturing facilities in the U.S. are exempt from the tariff, providing a clear pathway to mitigate potential risks. Many Indian CRDMOs are already expanding their presence in the U.S., U.K., and Europe, positioning themselves as reliable global partners and capitalizing on opportunities in the international pharmaceutical market.
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1. Divis Laboratories Ltd
Divis Laboratories Limited is a Hyderabad-based pharmaceutical company engaged in the manufacture and sale of generic active pharmaceutical ingredients (APIs), intermediates, and nutraceuticals across India, North America, Europe, Asia, and other international markets.
The company also provides custom synthesis contract manufacturing of APIs and intermediates, and produces carotenoids such as beta carotene, astaxanthin, lycopene, canthaxanthin, lutein, and vitamins for the food, beverage, dietary supplement, pet food, and feed industries. Incorporated in 1990 and renamed Divi’s Laboratories Limited in 1994, it continues to expand its global footprint. The company has a market cap of Rs. 1,74,885.39 crore and a current market price of Rs. 6,587.80.
2. Syngene International Ltd
Syngene International Ltd is an integrated research, development, and manufacturing services company serving the pharmaceutical, biotechnology, nutrition, animal health, consumer goods, and specialty chemicals sectors.
With over 5,600 scientists and more than 2.5 million square feet of specialized discovery, development, and manufacturing facilities, the company collaborates with around 400 global clients, including multinationals like BMS, GSK, Zoetis, and Merck KGaA. Syngene focuses on accelerating innovation while ensuring data security and high-quality output. The company has a market cap of Rs. 26,610.12 crore and a current market price of Rs. 660.40.
3. Laurus Labs Ltd
Laurus Labs is a research-driven pharmaceutical and biotechnology company specializing in the development and manufacture of select APIs and finished dosage forms across anti-retroviral, oncology, cardiovascular, and gastrointestinal therapies.
The company provides end-to-end CDMO services and is known for its strong backward integration, high-quality standards, and sustainable “Smart and Green” chemistry approach. Employing over 7,000 professionals, including more than 2,600 scientists, Laurus operates 15 global regulatory-approved facilities. Its market cap stands at Rs. 49,947.30 crore and its current market price is Rs. 925.25.
4. Piramal Pharma Ltd
Piramal Pharma Limited offers a diversified portfolio through its global development and manufacturing network, spanning 17 facilities across 100+ countries. The company operates Piramal Pharma Solutions (CDMO services), Piramal Critical Care (complex hospital generics), and Piramal Consumer Healthcare (OTC wellness products), along with strategic partnerships such as Abbvie Therapeutics India Private Limited. It also invests in biologics and vaccines through Yapan Bio Private Limited. Piramal Pharma has a market cap of Rs. 26,884.04 crore and a current market price of Rs. 202.25.
5. Suven Life Sciences Ltd
Suven Life Sciences Limited is focused on the discovery and clinical development of innovative therapies targeting central nervous system (CNS) disorders. The company has advanced clinical candidates for Alzheimer’s disease, sleep disorders, major depressive disorder, Parkinson’s disease, schizophrenia, pain disorders, and gastrointestinal disorders, while maintaining seven additional projects in its research pipeline. Suven owns intellectual property rights for all its assets globally. The company has a market cap of Rs. 4,539.25 crore and a current market price of Rs. 199.55.
6. Jubilant Pharmova Ltd
Jubilant Pharmova Limited operates across Radiopharma, Allergy Immunotherapy, CDMO Sterile Injectables, CRDMO, generics, and proprietary novel drugs. With a global presence, the company manufactures and supplies radiopharmaceuticals in the US, allergy products across multiple markets, and sterile injectable formulations.
Its CRDMO services include drug discovery, API manufacturing, and proprietary drug development, supported by 5,500 employees worldwide. Jubilant Pharmova has a market cap of Rs. 17,810.82 crore and a current market price of Rs. 1,118.20.
7. Cohance Lifesciences Ltd
Cohance Lifesciences, formerly Suven Pharmaceuticals, is a global CRDMO delivering integrated solutions from early development to commercial supply for leading pharma companies. With state-of-the-art facilities in India and the US, Cohance leverages its platform to provide innovative services for global clients. In FY25, the company generated revenues of Rs. 26 billion (USD 313 million) with an adjusted EBITDA margin of 33.6 percent. The company has a market cap of Rs. 33,560.70 crore and a current market price of Rs. 877.25.
8. Senores Pharma Ltd
Senores Pharmaceuticals is a research-driven pharmaceutical company engaged in developing and manufacturing a wide range of products for the US, Canada, and other regulated and emerging markets. Its portfolio includes 70 ANDA and 27 CMO/CDMO products for the US, along with critical care injectables and APIs.
The company operates manufacturing facilities in India (Chhatral and Naroda) and the US (Atlanta), with approvals from multiple global regulators. Senores Pharma has a market cap of Rs. 3,535.07 crore and a current market price of Rs. 767.60.
9. Sai Life Sciences Ltd
Sai Life Sciences is a leading integrated CRDMO working with over 300 global innovator pharma and biotech companies to accelerate discovery, development, and manufacturing of complex small molecules. The company operates state-of-the-art facilities in India, the UK, and the US, with a strong emphasis on sustainability and efficiency, enabling faster delivery of new medicines. Sai Life Sciences has a market cap of Rs. 18,807.97 crore and a current market price of Rs. 896.35.
Written by – Manan Gangwar
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