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Divi’s Labs Q2 Review — Motilal Oswal Retains 'Neutral' Despite Strong Performance
Despite a 4%/10%/10% beat on revenue/Ebitda/PAT in Q2, Motilal Oswal has reiterated a Neutral stance, citing that the upside is already priced in.
10 Nov 2025, 06:35 AM IST 
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Divi reported Rs 15.5 billion capex in H1 FY26 and expects more than Rs 20 billion for FY26, indicating aggressive expansion and long-term growth planning.(Source: Unsplash)
Divi’s Laboratories delivered better-than-expected performance in Q2 with a 4%/10%/10% beat on revenue/Ebitda/PAT. While gross margin has been steady for the past eight quarters, Divi's Labs has delivered improved Ebitda margin YoY as well as QoQ, led by better operating leverage.
