Performance Update and Outlook

  • Q4 performance was impacted by temporary shipment delays due to logistics disruptions from the ongoing Middle East conflict and a one-time inventory adjustment by a key customer.
  • These factors are stated to be transitory with no change to underlying demand, customer relationships, or business fundamentals.
  • The customer's inventory adjustment is expected to be a one-time event with no material impact on future business volumes anticipated.
  • The order book improved by approximately ₹60 crore during the quarter, enhancing revenue visibility.
  • The company supports multiple customer molecules across development and commercialization stages, which are expected to generate additional manufacturing volumes and contribute to future revenue growth as they progress.
  • A healthy customer engagement across the CDMO pipeline is supported by successful audits and business development initiatives. Improved operational and financial performance is expected in coming quarters due to a stronger order book, normalized shipments, and a robust opportunity pipeline.

Execution and Growth Drivers

  • Life sciences capacity expansion is underway and is expected to double (2x) capacity, aligned with CDMO demand growth.
  • Successfully completed audits from two large CDMO customers with no major observations.
  • Two additional customer audits are scheduled in the coming months.
  • Continued repeat business from existing customers reflects strong execution and customer confidence.
  • Customer base is diversified across the USA and Europe, reducing geographic concentration risk.
  • A temporary material cost impact in Q4 due to Middle East geographical disruptions has been absorbed and is largely mitigated going forward through operational efficiency initiatives.

Strategic Growth & Business Development

  • Open order book grand total is approximately ₹176 crore.
  • Major orders are from USA-based companies, with additional orders expected.
  • A strong portfolio product strategy aims to capture business with existing and new products.
  • Confirmed requirements have been shared by a large global chemical company.
  • Several products are components of first-in-class therapies addressing significant unmet medical needs and are in different stages of commercialization.

Financial Highlights (Amounts in ₹ Lakhs)

Profit and Loss Statement (Quarter Ended):

  • 31-Mar-2026: Revenue from operations: 5083; EBIDTA: 628 (12% margin); PAT: 1196 (24% margin); Diluted EPS: ₹1.59.
  • 31-Dec-2025: Revenue from operations: 2197; EBIDTA: -407 (-19% margin); PAT: -780 (-35% margin); Diluted EPS: -₹1.03.
  • 31-Mar-2025: Revenue from operations: 4841; EBIDTA: 1040 (21% margin); PAT: 1163 (24% margin); Diluted EPS: ₹1.54.

Profit and Loss Statement (Year Ended):

  • 31-Mar-2026: Revenue from operations: 10235; EBIDTA: -2441 (-24% margin); PAT: -2878 (-28% margin); Diluted EPS: -₹3.82.
  • 31-Mar-2025: Revenue from operations: 9831; EBIDTA: 2160 (22% margin); PAT: 2015 (20% margin); Diluted EPS: ₹4.05.

Note on Comparability: Pursuant to a merger by absorption effective October 1, 2024, the FY 2025–26 results represent a full-year operating performance of the merged entity. The comparative figures for FY 2024–25 reflect only the post-merger period from October 1, 2024, to March 31, 2025. The figures are not directly comparable.

Balance Sheet (as of 31-Mar-2026, Amounts in ₹ Lakhs):

  • Total Assets: 27793
  • Non-Current Assets: 16386 (Property, Plant and Equipment: 12160; Right of use assets: 786; Capital work-in-progress: 365; Other Intangible Assets: 66; Financial Assets: 231; Deferred Tax Assets (net): 2619; Other non-tax asset: 158)
  • Current Assets: 11407 (Inventories: 5586; Trade Receivable: 3141; Cash and Cash Equivalent: 34; Bank Balance: 427; Other Current Asset: 2219)
  • Total Equity and Liabilities: 27793
  • Equity: 9449 (Equity Shared Capital: 7545; Other equity: 1904)
  • Liabilities (Non-Current): 5951 (Borrowings: 4860; Lease Liabilities: 883; Provisions: 208)
  • Current Liabilities: 12392 (Borrowings: 5367; Lease Liabilities: 152; Trade Payables: 3962; Other financial liabilities: 377; Other current liabilities: 965; Provisions: 1239; Current tax liabilities (net): 330)

Business Overview

  • The company operates three business units: Life Sciences, Nucleosides, and Specialty Chemicals.
  • Business model is Contract Research, Development, and Manufacturing (CRDMO), from concept to commercialization.
  • Exports account for ~90% of revenue, with key focus on USA and EU.
  • Integrated manufacturing facility at Khopoli, near Mumbai, with 9 multipurpose plants.
  • Employs 50+ highly qualified scientists.

Quality, Safety, and Sustainability

  • Holds certifications: ISO 14001:2015, ISO 45001:2018, ISO 9001:2015, ISO 27001:2022.
  • Received Ecovadis Gold Rating for the second consecutive year.
  • Initiatives for SBTi and Responsible Care initiated in 2026.
  • Infrastructure includes a 260 KL ETP, 740 KL ZLD system, and integrated fire systems.

Capital Market Information (as of presentation date)

  • Face Value: ₹10
  • Market Price: ₹69.16
  • 52 Week High/Low: ₹125.59 / ₹44.99
  • Market Capitalization: ₹522 crore
  • Equity Shares Outstanding: 7.54 crore