Analysis of Capital Expenditure in India's CDMO and Refrigerant Chemical Sectors
1. Executive Summary:
The Indian Contract Development and Manufacturing Organization (CDMO) and Refrigerant Chemical sectors are currently witnessing significant capital expenditure (capex), reflecting a strong growth trajectory and an optimistic outlook on future demand. In the CDMO sector, the primary drivers for this investment include the increasing trend of pharmaceutical outsourcing globally and specific geopolitical factors such as the China+1 strategy, which encourages companies to diversify their supply chains beyond China. This has led to substantial investments in expanding manufacturing capacities, particularly in sterile injectables, biologics, and research and development facilities. Companies are strategically focusing on backward integration and entering higher-margin segments to enhance profitability and market share. The Refrigerant Chemical sector's capex is largely motivated by evolving environmental regulations mandating the phase-out of ozone-depleting substances and a growing demand for eco-friendly refrigerants with lower global warming potential. Additionally, the burgeoning electric vehicle (EV) and energy storage system (ESS) markets are driving considerable investment in battery materials. This report analyzes the recent and proposed capex of publicly listed companies in these sectors in India, focusing on investments made or planned from 2024 onwards, the anticipated increases in production capacity, and the overall impact of these expenditures on the companies. The analysis reveals a concerted effort by Indian companies to capitalize on both global and domestic opportunities, with expected positive impacts on revenue growth, market positioning, and long-term profitability.
2. Introduction to the Indian CDMO and Refrigerant Chemical Sectors:
India holds a prominent position in the global pharmaceutical industry, known for its high-quality generic drugs and active pharmaceutical ingredients (APIs) 1. The Contract Development and Manufacturing Organization (CDMO) sector in India has become increasingly vital, offering services ranging from drug development to large-scale manufacturing for both domestic and international pharmaceutical companies 2. The rising complexity of drug development, coupled with the need for cost efficiency and specialized expertise, has fueled the growth of CDMOs. This trend is further amplified by global events prompting pharmaceutical companies to diversify their manufacturing bases 3.
The Refrigerant Chemical sector in India plays a crucial role in supporting various industries, including air conditioning, refrigeration, and automotive 6. This sector is undergoing a significant transformation driven by stringent environmental regulations, such as the Montreal Protocol and its subsequent amendments, which necessitate the phase-out of hydrochlorofluorocarbons (HCFCs) and a transition towards more environmentally friendly alternatives like hydrofluorocarbons (HFCs) and, increasingly, hydrofluoroolefins (HFOs) with lower global warming potential 7. The growing awareness of climate change and the increasing demand for cooling solutions, coupled with the rise of new applications like electric vehicles requiring specialized refrigerants, are also shaping the dynamics of this sector 9.
Capital expenditure is a key indicator of a company's and a sector's growth prospects. Investments in new facilities, equipment, and technologies signal a commitment to expanding capacity, improving efficiency, and entering new markets. In both the CDMO and Refrigerant Chemical sectors in India, the recent surge in capex reflects the companies' ambitions to leverage emerging opportunities and solidify their positions in the global landscape. This report delves into the specifics of these investments, their intended outcomes, and their potential impact on the financial health and market standing of the involved companies.
3. Capital Expenditure Analysis: CDMO Sector:
3.1 Company Profiles:
Several publicly listed companies in India are actively involved in the CDMO sector, catering to a wide range of pharmaceutical needs. These include established players like Cipla 11, Divi's Laboratories 11, Gland Pharma 11, Jubilant Pharmova 11, Laurus Labs 11, Piramal Pharma 11, Suven Pharmaceuticals 11, and Syngene International 11. Additionally, Akums Drugs & Pharmaceuticals transitioned into a public company in 2024 12. These companies offer diverse services, from research and development to manufacturing of APIs, formulations, and specialized products like injectables and biologics, serving both domestic and international clients 3.
3.2 Recent Capex (2024 onwards):
Cipla: While specific capex projects initiated in 2024 are not detailed in the provided snippets, India Ratings' affirmation of Cipla's rating in December 2024 indicates that the company incurred INR 13.5 billion in capex in FY24 and anticipates higher amounts in FY25-FY26 15. This future capex is planned for growth and capacity expansion (70%) as well as maintenance (30%), and is expected to be funded through internal accruals 15. This suggests a strategic focus on enhancing both existing infrastructure and future growth capabilities.
Divi's Laboratories: Divi's Laboratories has made significant strides with its Kakinada Project (Unit-III), where commercial operations commenced on January 1, 2025 3. As of the Q3 earnings call, INR 418 crores had been invested out of a total quarterly capitalization of INR 433 crores 3. Phase I of this project, encompassing 200 acres, is expected to be fully operational within approximately six months from the call date (around August 2025), with a focus on backward integration and the production of nutraceutical APIs 3. The company's FY25 capex guidance is in the range of INR 16-17 billion, primarily attributed to this greenfield project in Kakinada, which is notably higher than its usual capex run-rate 17. This substantial investment underscores Divi's commitment to expanding its manufacturing footprint and strengthening its supply chain.
Gland Pharma: Gland Pharma demonstrated its commitment to capacity expansion with a total capital expenditure of ₹1,379 million during the quarter ended December 31, 2024 18. A significant development was the commencement of production at Cenexi's Fontenay site in Paris, France, where a new high-capacity ampoule line began operations on schedule in Q3 FY25 18. This addition is projected to increase the ampoule manufacturing capacity by 40-50 million units annually 19. Furthermore, Gland Pharma has initiated the installation of a new pre-filled syringe line at the same site, which is expected to become operational later in 2025 19. These investments indicate a strategic focus on enhancing capabilities in key injectable product segments.
Jubilant Pharmova: Jubilant Pharmova is undertaking a substantial capacity expansion at its Spokane facility in the US, with a planned investment of approximately $285 million 4. This expansion includes the addition of two high-speed injectable fill lines, each capable of filling 400 vials per minute, along with two lyophilizers of around 350 sq. ft. each 4. This project is partly funded by the US government to the tune of ~$149 million 4. The first of these new lines is anticipated to commence commercial production in FY26, followed by the second line in FY28 4. This significant investment in sterile injectables capacity in the US market highlights Jubilant Pharmova's strategic focus on this segment.
Laurus Labs: Laurus Labs has been on a significant capex drive, with a total investment of approximately ₹3,000 Cr planned for the period FY22-25 20. For the first nine months of FY25, the company's capex stood at ₹448 Cr 20. These investments are directed towards key growth projects aimed at supporting long-term expansion 21. In October 2024, Laurus Labs inaugurated a new Small molecule/High potent R&D facility in IKP Knowledge Park, Hyderabad, which will significantly increase its research capacity with bench space for over 500 scientists 22. Furthermore, its subsidiary Laurus Bio entered into a definitive agreement in December 2024 to raise equity investment for the establishment of a new large-scale commercial microbial fermentation facility with a capacity of over 400 KL in Vizag, expected to be completed by the end of 2026, with Laurus Labs also co-investing 20. Planned capacity expansion also includes a dedicated new drug substance (DS) block at Unit-4, an animal health DS facility (LSLP-U2), and a crop protection facility, with qualification targeted by the end of FY25 21. These initiatives demonstrate Laurus Labs' focus on expanding its CDMO capabilities across various domains, including biologics and specialized research.
Piramal Pharma: Piramal Pharma is deploying a capital expenditure of around USD 85 million in the current fiscal year (FY25), which is consistent with the previous year's investment 23. Approximately USD 30 million of this is earmarked for maintenance activities, while the remaining portion will be directed towards capacity expansion at its plants in Telangana and Dahej (Gujarat), as well as for debottlenecking its CDMO sites 23. Additionally, Piramal Pharma Solutions (PPS), the company's contract manufacturing division, has announced an investment of USD 80 million to expand its sterile injectables facility located in Lexington, Kentucky (US), with the completion of this project anticipated in FY27 23. These investments reflect Piramal Pharma's strategic objective to enhance its manufacturing capabilities and achieve its goal of doubling CDMO revenues by FY30 25.
Suven Pharmaceuticals: For the first nine months of FY25, Suven Pharmaceuticals reported a capital expenditure of Rs 938 million on a standalone basis 13. A significant strategic move in 2024 was the acquisition of a 56% majority stake in NJ Bio Inc., a US-based Contract Research and Development Manufacturing Organization (CRDMO) specializing in antibody-drug conjugates (ADCs), for a consideration of ₹535 crore (approximately $64.5 million) 26. As part of this acquisition, close to ₹124 crore is allocated for the expansion of NJ Bio's existing 80,000-square-foot facility in Princeton, New Jersey, to cater to the increasing demand for ADC services 26. This acquisition and planned expansion underscore Suven's focus on entering and growing in the high-potential ADC market segment.
Syngene International: Syngene International announced a significant expansion of its biologics capabilities with the acquisition of its first manufacturing facility in the USA in March 2025 14. The state-of-the-art biologics site, acquired from Emergent Manufacturing Operations Baltimore for US$36.5 million, is equipped with multiple monoclonal antibody (mAbs) manufacturing lines 14. This acquisition will increase Syngene's total single-use bioreactor capacity to 50,000L, enhancing its ability to serve clients across both human and animal health sectors 14. The total investment in this US facility is estimated to be around US$50 million, including the acquisition cost and expenses to make the facility operational, with the facility expected to be available for client projects from the second half of 2025 14. Syngene's overall capex for FY25 is reported to be on track, with a little over half already invested, with a significant portion allocated to biologics manufacturing 27.
AKUMS Drugs & Pharmaceuticals: As India's largest pharmaceutical CDMO by revenue, production capacity, and clients as of FY23 28, AKUMS Drugs & Pharmaceuticals is planning to further expand its production capacity by commissioning two additional manufacturing units for its CDMO business in FY 2025 29. As of September 30, 2023, the company operated 10 manufacturing units with a cumulative annual production capacity of 49.21 billion units 29. While the company reported negative cash flows from investing activities in FY24 28, the planned addition of two new units signifies its ongoing commitment to growth and meeting the increasing demand in the CDMO market.
3.3 Proposed Capex Plans:
Building on the recent capex activities, several CDMO companies have outlined future expansion plans. Divi's Laboratories' Kakinada project is likely to see further phases of development following the initial Phase I. Jubilant Pharmova's Spokane facility will witness the second high-speed injectable fill line becoming operational in FY28, complementing the first line expected in FY26 4. Laurus Bio's new large-scale commercial microbial fermentation facility in Vizag is slated for completion by the end of 2026 20. Piramal Pharma's USD 80 million expansion of its sterile injectables facility in Lexington, Kentucky (US), is projected to be completed in FY27 23. Syngene International's newly acquired US biologics facility is expected to ramp up utilization, with EBIT margins anticipated to align with the company average from FY30 14. AKUMS Drugs & Pharmaceuticals' two new CDMO units are planned for commissioning within FY25 29. These proposed expansions indicate a continued investment trend in the Indian CDMO sector to meet future market demands.
3.4 Impact Assessment:
Revenue Growth: The capital expenditures in the CDMO sector are expected to be significant drivers of future revenue growth. Divi's Laboratories anticipates its Kakinada project will contribute to growth by capitalizing on the trend of global pharmaceutical companies diversifying their supply chains away from China and potential opportunities in the obesity drug market 3. Gland Pharma's new high-capacity ampoule line will enable the company to better serve its customers, and its strategic collaborations in the biologics CDMO space are projected to generate incremental revenue starting in the next financial year 19. Jubilant Pharmova's substantial investment in its Spokane facility is aimed at driving future volume growth in its sterile injectables segment 4. Suven Pharmaceuticals' strategic capex in expanding its capabilities in high-growth areas like ADCs and Oligonucleotides is expected to be a key contributor to its revenue growth 30. Syngene International's acquisition of the US biologics facility is intended to cater to the increasing requirements of its clients in an expanding market 14. Sai Life Sciences has already seen an increase in its revenue, with a growth of 8.7 percent in 9M FY25, which the company attributes to its expanding capacity 5. AKUMS Drugs & Pharmaceuticals' plan to commission two new units in FY25 is expected to enhance its ability to handle large-scale demands, thereby potentially leading to increased revenue 29.
Market Share Changes: The capacity expansions undertaken by Indian CDMOs are likely to lead to shifts in market share, particularly in the context of global supply chain realignments. The trend of pharmaceutical companies seeking to diversify their supply chains beyond China presents a significant opportunity for Indian CDMOs. Divi's Laboratories is well-positioned to benefit from this shift 3. Jubilant Pharmova's expansion in the US sterile injectables market aligns with the desire of large pharmaceutical companies to de-risk their supply chains by adding "friend sourcing" locations 4. Sai Life Sciences also sees India at the forefront of this transformation, which is expected to support its global expansion plans 5. These strategic expansions will enable Indian CDMOs to capture a larger share of the global pharmaceutical outsourcing market.
Profitability: The capital expenditures are also expected to positively impact the profitability of CDMO companies. Divi's Laboratories' focus on backward integration through its Kakinada project has the potential to improve its gross and EBITDA margins 3. Jubilant Pharmova anticipates that the increased capacity at its Spokane facility will lead to margin improvements in its sterile injectables segment in the future 4. Syngene International expects its newly acquired US facility to positively contribute to its bottom line starting from FY30, as utilization rates increase 14. By investing in advanced manufacturing technologies and expanding into higher-margin segments like biologics and specialized injectables, Indian CDMOs aim to enhance their overall profitability.
Key Table 1: CDMO Sector Capex Summary:
4. Capital Expenditure Analysis: Refrigerant Chemical Sector:
4.1 Company Profiles:
The Indian Refrigerant Chemical sector includes key publicly listed companies such as Gujarat Fluorochemicals (GFL) 31, SRF Ltd 6, and Navin Fluorine International 32. Refex Industries also has a presence in the refrigerant gas segment, alongside its other business verticals 33. These companies are involved in the manufacturing of various types of refrigerants, including HCFCs, HFCs, and are increasingly focusing on developing and producing more environmentally friendly alternatives like HFOs and R-32 6.
4.2 Recent Capex (2024 onwards):
Gujarat Fluorochemicals (GFL): GFL has outlined significant capital expenditure plans, with a cumulative investment of Rs 6,000 Crores targeted by FY28 35. A substantial portion of this capex is directed towards the development and manufacturing of battery materials for the electric vehicle (EV) and energy storage system (ESS) sectors 9. In October 2024, GFL's battery materials arm, GFCL EV Products Ltd, raised INR 1,000 crore to scale its battery material capacities 10. Additionally, GFL is investing in expanding its refrigerant capacity, with a planned 30,000 tonnes per annum capacity for R-32. The first phase of this R-32 expansion is expected to be commissioned by Q4 of FY26, with an initial investment of Rs 150 crores 9. These investments indicate GFL's strategic focus on capitalizing on the growing demand for both advanced refrigerants and EV battery materials.
SRF Ltd: SRF Ltd's board approved a significant capital expenditure project in Q2 FY25 to establish new production facilities for fourth-generation refrigerants at its Dahej, Gujarat facility 7. These refrigerants are characterized by their significantly lower Global Warming Potential (GWP) and reduced carbon footprint 7. The estimated cost for this project is around INR 1,100 crores, and it is expected to be completed within approximately 30 months from the approval date (October 2024), placing the expected completion around April 2027 7. This investment underscores SRF's commitment to developing and manufacturing environmentally sustainable refrigerant solutions.
Navin Fluorine International: Navin Fluorine International is actively investing in expanding its manufacturing capabilities. A significant capital expenditure of Rs 450 crore is underway for setting up a new 40,000 tonnes per annum hydrofluoric acid (AHF) capacity at Dahej, which is on schedule to be commissioned by early FY26 37. This new capacity will supplement the company's existing AHF plant in Surat, which has a capacity of approximately 20,000 tonnes per annum 40. Additionally, Navin Fluorine is progressing with the establishment of an additional R32 capacity at its Surat facility, with a capital expenditure of Rs 84 crore. This R32 capacity expansion is also on schedule and is expected to be commissioned by February 2025 37. These investments are part of a larger ongoing capex program of INR 14 billion, which also includes an agro intermediate plant and a cGMP4 plant for the CDMO business 39.
Refex Industries: Refex Industries recently undertook a capital raise through a preferential issue of equity shares and warrants, amounting to INR 927.81 crore 41. While the specific allocation of these funds to the refrigerant gas segment is not detailed, the company has stated that these funds will be used for investments in subsidiary companies and capital expenditures to pursue ambitious expansion plans and enhance operational capabilities across its various business segments, including refrigerant gases 41. Refex is recognized as a market leader in eco-friendly refrigerant gases 44.
Linde India: Linde India has been expanding its industrial gas capacity, which indirectly supports its refrigerant gas business. In October 2024, the company commissioned a new 250 metric tons per day air separation unit (ASU) in Ludhiana, Punjab 45. This new ASU will provide medical oxygen, industrial oxygen, nitrogen, and argon, increasing Linde India's total merchant capacity in the northern region 45. Furthermore, Linde has signed agreements in October 2024 to acquire two additional large ASUs in Odisha, currently under construction, from Tata Steel. The transfer of these plants is expected to take place in 2025, more than doubling Linde's on-site capacity at Tata Steel's Kalinganagar facility and also catering to the local merchant market 46. In January 2024, Linde also announced an expansion of its agreement with Steel Authority of India Limited (SAIL) to build, own, and operate an additional 1,000 tons per day ASU at SAIL's Rourkela steel plant, expected to come online in 2026 48. These expansions in industrial gas capacity enhance Linde's overall infrastructure and network density in key industrial regions of India, which can support its refrigerant gas operations.
4.3 Proposed Capex Plans:
Looking ahead, Gujarat Fluorochemicals (GFL) will continue to execute its ambitious plan to invest INR 6,000 crore in the EV battery materials business by FY28 9. SRF Ltd's project to establish production facilities for fourth-generation refrigerants is expected to take approximately 30 months from October 2024, with commercial sales anticipated to begin in FY28 7. Navin Fluorine International's AHF plant at Dahej is on track for commissioning by early FY26, and its additional R32 capacity at Surat is expected to be operational by February 2025 37. Linde India's acquisition of two ASUs from Tata Steel is expected to be completed in 2025, and the new ASU at SAIL's Rourkela plant is slated to come online in 2026 46. These proposed plans indicate a sustained focus on capacity expansion and technological advancement within the Indian Refrigerant Chemical sector.
4.4 Impact Assessment:
Revenue Growth: The capital expenditures in the Refrigerant Chemical sector are poised to drive significant revenue growth. GFL anticipates substantial revenue growth from its fluoropolymers business, with a projected CAGR of 24.5% over FY25-27E, driven by increased volumes and slight price increases 49. The company's foray into battery materials for EVs and ESS is also expected to contribute significantly to its revenue in the coming years 9. SRF Ltd's investment in fourth-generation refrigerants with lower GWP is expected to lead to increased revenue streams in the medium to long term as the market transitions towards more environmentally friendly alternatives 8. Navin Fluorine International's expansion of its AHF and R32 capacities will enable it to meet the growing demand for these chemicals, thereby contributing to revenue growth 37.
Market Share Changes: The strategic capital expenditures are expected to enhance the market share of Indian companies in the Refrigerant Chemical sector. GFL aims to capture a larger share of the fluoropolymers market due to industry consolidation, particularly with the exit of some legacy players 49. GFCL EV Products Ltd has the ambition to become a key player in the global battery materials market outside of China 10. SRF Ltd's focus on developing value-added products and new refrigerant offerings will help it maintain and potentially increase its market share 7. Navin Fluorine International's efforts to create a robust supply chain base in India will strengthen its competitive position, especially in supplying to markets like the USA 39.
Profitability: The capital expenditures are also expected to have a positive impact on the profitability of companies in the Refrigerant Chemical sector. GFL anticipates better quality of earnings with a greater contribution from its fluoropolymers business to both revenue and EBITDA 49. The company projects an EBITDA margin of approximately 25% for its battery materials business once it reaches optimal utilization 9. Navin Fluorine International's backward integration into AHF production is expected to provide a competitive advantage and potentially improve its profitability 39. The increased scale of operations resulting from these capacity expansions can also lead to economies of scale, further enhancing profitability.
Key Table 2: Refrigerant Chemical Sector Capex Summary:
5. Comparative Analysis and Sector Trends:
The capital expenditure trends in the Indian CDMO and Refrigerant Chemical sectors reveal both similarities and differences in their drivers and focus areas. In the CDMO sector, a primary motivation is the increasing global trend of pharmaceutical outsourcing, coupled with geopolitical factors encouraging supply chain diversification away from China. This has resulted in significant investments in expanding manufacturing capacities, particularly for complex products like sterile injectables and biologics, as well as in research and development infrastructure. The scale of investment in this sector is substantial, with individual projects often exceeding hundreds of crores of rupees or tens of millions of US dollars, reflecting the high capital intensity of pharmaceutical manufacturing.
In contrast, the Refrigerant Chemical sector's capex is largely driven by environmental regulations and the growing demand for more sustainable alternatives. Companies are investing in the production of refrigerants with lower global warming potential and in emerging areas like battery materials for electric vehicles. While the scale of individual investments can also be significant, a notable trend is the backward integration into key raw materials like hydrofluoric acid, as seen with Navin Fluorine. Additionally, the Refrigerant Chemical sector sees investments driven by the demand from specific end-user industries, such as the automotive sector's shift towards EVs, which requires specialized chemicals.
Common themes across both sectors include a strong focus on sustainability, with CDMOs investing in green manufacturing practices and refrigerant companies developing environmentally friendly products. Supply chain resilience is also a key consideration, with some CDMOs focusing on backward integration and refrigerant companies aiming to reduce reliance on imports. Both sectors are witnessing investments in high-growth areas, such as biologics and specialized drug formulations in the CDMO space, and EV battery materials in the Refrigerant Chemical sector.
Overall industry trends emerging from this capex analysis indicate a robust growth outlook for both sectors in India. The investments signal a proactive approach by Indian companies to capitalize on global opportunities, adapt to evolving regulations, and strengthen their capabilities in technologically advanced and environmentally sustainable product areas.
6. Conclusion and Outlook:
The analysis of capital expenditure in India's CDMO and Refrigerant Chemical sectors reveals a period of significant investment aimed at future growth and market leadership. In the CDMO sector, companies are strategically expanding capacities, enhancing research capabilities, and focusing on specialized, high-margin areas like biologics and injectables, driven by global outsourcing trends and supply chain diversification. The Refrigerant Chemical sector is witnessing substantial investments in developing and manufacturing environmentally friendly refrigerants and in the burgeoning field of EV battery materials, propelled by stringent environmental regulations and the growth of new end-user markets.
Looking ahead, the capex trends in both sectors are expected to continue. The CDMO sector will likely see sustained investment as the demand for outsourcing from pharmaceutical companies remains strong and as Indian companies continue to build trust and regulatory compliance in international markets. Technological advancements in drug development and manufacturing will also necessitate ongoing investments in research and infrastructure. The Refrigerant Chemical sector will be significantly influenced by the phasing down of HFCs under international agreements, driving further investments in HFOs and other low-GWP alternatives. The growth of the EV market will continue to be a major catalyst for investments in battery materials and related chemicals.
Potential opportunities for companies in these sectors include capturing larger shares of the global market, forging strategic partnerships, and innovating in sustainable and technologically advanced product areas. Challenges may arise from regulatory changes, intense competition, and the need to continuously invest in research and development to stay ahead of market trends. However, the current wave of capital expenditure positions Indian CDMO and Refrigerant Chemical companies favorably to leverage the growth opportunities and solidify their roles as key players in the global landscape.
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