• The document contains the transcript of the Q4 and FY26 Earnings Conference Call held on Wednesday, 27th May 2026 at 04:00 p.m. (IST), conducted as a regulatory disclosure under SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.
  • Management participants included Mr. Anil Kumar Karusala (Chairman and Managing Director), Mr. Mark Thulborne (Chief Executive Officer, Noumed), and Mr. Anil Kumar (Chief Financial Officer).
  • The transcript is available on the company's website at https://www.saiparenterals.com/ and was filed with the exchanges on 29th May 2026.
  • The call discussed Q4 FY26 and full year FY26 financial performance, the transformational acquisition of Noumed Pharmaceuticals, ongoing capex programs, and provided financial guidance for FY27.

Financial Highlights Disclosed:

  • Standalone FY26: Revenue INR162 crore (30% growth), EBITDA INR33 crore (21% margin), PAT INR17 crore (64% growth)
  • Consolidated FY26: Revenue INR381 crore (133% growth), EBITDA INR47 crore (18% growth)
  • Q4 FY26 Consolidated: Revenue INR198 crore, EBITDA INR29 crore (15% margin), PAT INR13 crore (6.6% margin)

Strategic Updates:

  • Completed acquisition of Australian-based Noumed Pharmaceuticals on 12th November 2025
  • Gained access to 451 IP dossiers and Australian/New Zealand markets
  • Three growth engines: CDMO export business, Australia/NZ platform through Noumed, branded formulation business

Capex Program Details:

  • Total INR440 crore capex program underway
  • INR111 crore for capacity expansion and EU-GMP upgrades in India (funded by IPO proceeds)
  • INR15 crore for dedicated R&D center in India (funded by IPO proceeds)
  • AUD 53 million (INR311 crore) for Adelaide manufacturing facility in Australia
  • AUD 20 million grant from Australian Federal Government
  • AUD 40 million already invested in Australian project

FY27 Guidance:

  • Revenue target: INR750 crore
  • EBITDA margin target: 17%
  • Heavy H2 performance expected (Q3/Q4 heavier than Q1/Q2)
  • No significant contribution from capex projects in FY27 as commissioning expected in Q4

Balance Sheet Position:

  • Total debt: INR319 crore (INR90 crore long-term, INR229 crore short-term)
  • Debt-to-equity ratio: 0.6 times
  • FY27 expected to be peak debt year

Operational Metrics:

  • 88 dossier approvals in FY26 across regulated and emerging markets
  • 67 dossiers under development for commercialization in FY27/FY28
  • More than 50% consolidated revenue from long-term supply contracts in regulated markets

Additional Notes Section

  • The document contains the full transcript of the earnings conference call including Q&A session with analysts from Umayo Advisors and Pioneer Investcorp.
  • The company indicated that the ongoing capex projects (INR440 crore program) are not expected to contribute to FY27 financial performance as most facilities will be commissioned towards year-end.
  • Management emphasized that FY27 will be an investment year while FY28 will see the full impact of investments reflecting in financial performance through operational leverage and vertical integration benefits.
  • The Australian facility commissioning timeline: TGA validation to commence October-November 2026, packing operations to start first, with full TGA license expected by 31st March 2027.
  • Working capital requirement estimated at 25-30% of additional revenues, to be funded through internal accruals and some debt.