Company & Strategy

Sanjivani Paranteral Limited is a Mumbai-headquartered pharmaceutical company with over 30 years of experience manufacturing injectable and oral formulations. The company operates four manufacturing facilities across India and Europe, including WHO-GMP, DIGEMID, and DDA-certified plants, serving customers in 25 countries through a strong export-oriented business. The company caters to therapeutic segments including CNS, cardiovascular, antibiotics, gastroenterology, anti-diabetics, and antiallergics.

Key management includes Mr. Ashwani Khemka (Chairman & Managing Director), Mr. Srivardhan Khemka (Executive Director), Mr. Basant Srivastava (Director), Mr. Pritesh Jain (Chief Financial Officer), and Mr. Ravikumar Bogam (Company Secretary Cum Compliance Officer).

Business & Operations

The company has 4 manufacturing facilities with 1.24 billion annual capacity. The new Pune IV fluids plant has approximately 2 million bottle capacity and generated ₹35 Mn revenue in FY26 with 17-18% EBITDA margin. Management guides for ₹350-370 Mn revenue from this vertical in FY27, representing roughly the size of today's base business.

Manufacturing footprint includes:

  • 180 Mn tablets capacity
  • 120 Mn ampoules capacity
  • 84 Mn vials capacity
  • 72 Mn capsules capacity
  • 48 Mn B-Lactam capsules capacity
  • 12 Mn B-Lactam tablets capacity
  • Liquid injectables capacity
  • Prague (Alevia JV) nutraceutical facility (45% JV) with commercial batches from 2025

The company maintains WHO-GMP certification across plants, DIGEMID (Peru) approval, and DDA (Nepal) certification. Approximately 78.5% of FY26 revenue came from CIS, Middle East & Africa, and Latin America markets.

Financial Performance

Q2 FY27 Consolidated Results (₹ Mn)

  • Revenue from operations: 253.26 (vs 154.97 in Q2 FY26)
  • Other income: 1.00 (vs 1.64 in Q2 FY26)
  • Total income: 254.26 (vs 156.61 in Q2 FY26) - 62.35% YoY growth
  • Raw-material expenses: 125.82 (vs 103.36 in Q2 FY26)
  • Employee costs: 24.66 (vs 14.94 in Q2 FY26)
  • Other expenses: 38.02 (vs 14.22 in Q2 FY26)
  • EBITDA (incl. other income): 65.76 (vs 24.09 in Q2 FY26) - 172.98% YoY growth
  • EBITDA margin: 25.96% of total income (vs 15.38% in Q2 FY26)
  • Depreciation: 6.56 (vs 1.68 in Q2 FY26)
  • Finance costs: 3.90 (vs 0.49 in Q2 FY26)
  • Profit before tax: 55.30 (vs 21.92 in Q2 FY26)
  • Tax: 13.80 (vs 5.53 in Q2 FY26)
  • Profit after tax: 41.47 (vs 16.39 in Q2 FY26) - 153.02% YoY growth
  • Basic EPS: ₹3.38 (vs ₹1.33 in Q2 FY26)

H1 FY27 Standalone Results (₹ Mn)

  • Revenue from operations: 387.6 (vs 333.9 in H1 FY26)
  • Other income: 4.8 (vs 2.0 in H1 FY26)
  • Total income: 392.4 (vs 335.9 in H1 FY26)
  • EBITDA (incl. other income): 70.6 (vs 51.0 in H1 FY26)
  • EBITDA margin: 18.2% of total income (vs 15.25% in H1 FY26)
  • Profit after tax: 45.1 (vs 33.7 in H1 FY26)
  • Basic EPS: ₹3.67 (vs ₹2.74 in H1 FY26)

Balance Sheet (Standalone, H1 FY27, ₹ Mn)

  • Equity: 122.8
  • Reserves: 406.1
  • Net Worth: 528.9
  • Long Term Borrowing: 110.3
  • Fixed Assets: 233.7
  • Inventories: 94.7
  • Trade Receivables: 164.0
  • Cash & Bank Balance: 24.4

Cash Flow (Standalone, H1 FY27, ₹ Mn)

  • Cashflow from Operations: -20.2
  • Cashflow from Investments: -8.4
  • Cashflow from Financing: 37.4

FY27 Guidance

Revenue Outlook

  • Base Business Revenue: ₹800-850 Mn (recovery and growth over FY26 standalone revenue of ₹648 Mn)
  • Pune IV Fluid Business Revenue: ₹350-370 Mn (utilization increasing from 40% to approximately 70% during FY27)

Profitability Outlook

  • EBITDA margins expected to remain in the range of 16-17%
  • IV Fluid Business operating breakeven expected during FY27

Segment Growth Guidance

  • Injectables: 10-12%
  • Tablets: 7-8%
  • Nutraceuticals: 8-9%

Peer Comparison

The presentation includes comparison with peers (FY26 figures):

  • Sanjivani Paranteral: Market cap ₹231.00 Cr, Revenue ₹68.7 Cr, PAT ₹6.7 Cr, PAT Margin 9.6%, ROE 16.0%, P/E 24.9x
  • Gufic Biosciences: Market cap ₹3,877.42 Cr, Revenue ₹944 Cr, PAT ₹64.2 Cr
  • Lincoln Pharmaceuticals: Market cap ₹1,165.73 Cr, Revenue ₹671 Cr, PAT ₹87.8 Cr
  • Kopran: Market cap ₹975.37 Cr, Revenue ₹681 Cr, PAT ₹26.0 Cr
  • Wanbury: Market cap ₹1,142.17 Cr, Revenue ₹650 Cr, PAT ₹66.0 Cr