Sai Life Sciences Ltd.

“Sai Life Sciences is a structurally sound Indian CRDMO with a founder-led team, genuine China+1 tailwinds, and an organic drug-program pull-through model that should compound well over a decade — but the business is still earning below its cost of capital (ROCE ~5%, negative FCF), and the market is already pricing a full ROIC expansion at 67x trailing and 53x forward P/E near 52-week highs; probability-weighted 5-year returns are roughly at the risk-free rate, offering no margin of safety for execution risk.”