Key Business and Operational Updates

IPO and Listing Details:

  • The company listed on the BSE and NSE on September 1, 2026.
  • The IPO price was set at ₹988 per share.
  • The total issue size was ₹1,757 crore, comprising a fresh issue of ₹150 crore and an offer for sale (OFS) of ₹1,607 crore.
  • The object of the fresh issue was to repay or prepay, in full or part, borrowings availed by the company.

Q1 FY27 Performance Highlights:

  • Sales growth was reported at 6% year-on-year for the quarter, with growth expected to pick up in subsequent quarters.
  • EBITDA from the core API business grew by 9%.

Regulatory Compliance and Audits:

  • Successfully completed four major regulatory audits:
  • EUGMP audits at Rau and Pithampur plants in March 2026; approval certification received for both.
  • USFDA audit at the Rau plant in March-April 2026; EIR received.
  • USFDA audit at the Pithampur plant in August 2026; EIR awaited.

Product Development and Commercialization:

  • Signed a term sheet for a licensing agreement to distribute two Dual Chamber Vial (DCV) products in the US; the agreement is at an advanced stage and expected to be signed shortly.
  • Successfully filed the first Abbreviated New Drug Application (ANDA) for a DCV product in September 2026, marking its first generic filing for the US market.
  • The filing of a second ANDA is scheduled for Q4 FY27.

New Business Segments - Progress and Capex:

  • The company has invested a gross capital expenditure (capex) of ₹1,475 crore as of June 30, 2026, with an estimated total gross capex of ₹1,666 crore by the end of FY27.
  • Only 39% of the total gross capex is currently generating revenue; 61% is invested in new projects yet to generate revenues, which are expected to commence in the next 6-12 months.
  • A detailed breakdown of capex is provided:
  • Existing Business (API: Steroids & Hormones): ₹644 crore capex (39% of total); Asset Turns ~1.5X.
  • Complex Injectables (Dual Chamber Vials): ₹356 crore capex (as of Jun'26), est. ₹376 crore (by end-FY27); majority capacity reserved with a strategic partner.
  • CDMO Services (400kl + 14kl): ₹471 crore capex (as of Jun'26), est. ₹584 crore (by end-FY27); take-or-pay customer arrangements for majority of capacities.
  • New API Capex: ₹4 crore capex (as of Jun'26), est. ₹63 crore (by end-FY27); in discussions with distributors & global players.
  • New CDMO Capex: 600 kl capacities to be initiated, backed by a customer agreement.

Biotech - CDMO Services Updates:

  • Industrial Biotech: Customers onboarded. A 10-year take-or-pay agreement is in place with a US-based Alternate Protein player. A 10-year take-or-pay term sheet is in place with a Europe-based Alternate Protein player, with the agreement in an advanced stage.
  • Bio-Pharmaceutical - Insulin Drug Substance (DS): A 5-year Take or Pay agreement is in place; capex is on track, with regulatory approval filing scheduled for Q4 FY27.

Financial Highlights and Impact

Q1 FY27 Consolidated P&L Impact from New Businesses:

  • The new businesses (CDMO and Complex Injectables) dragged reported Profit Before Tax (PBT) due to:
  • Operating Expenses (Opex): ₹23 crore
  • Depreciation: ₹12 crore

Debt Position:

  • Net Debt as of June 30, 2026: ~₹398 crore.
  • Net Debt as of September 20, 2026: ~₹326 crore.

Historical Financials (Consolidated):

  • Profit & Loss (₹ crore):
  • FY26: Revenue: 869.0; Reported EBITDA: 237.9 (27.4% margin); PAT: 109.9 (12.6% margin).
  • FY25: Revenue: 750.0; Reported EBITDA: 201.8 (26.9% margin); PAT: 96.8 (12.9% margin).
  • FY24: Revenue: 717.2; Reported EBITDA: 171.3 (23.9% margin); PAT: 100.1 (14.0% margin).
  • Balance Sheet (₹ crore):
  • Total Assets (FY26): 1,780.8; (FY25): 1,579.7; (FY24): 1,294.8.
  • Total Equity (FY26): 1,149.6; (FY25): 814.7; (FY24): 714.8.
  • Borrowings (FY26): 387.9 (Non-current: 68.4 + Current: 319.5); (FY25): 540.9; (FY24): 247.2.
  • Cash Flow (₹ crore):
  • Net Cash from Operating Activities (FY26): 174.6; (FY25): 47.3; (FY24): 187.5.
  • Net Cash from Investing Activities (FY26): -226.9; (FY25): -306.5; (FY24): -206.4.

Management Commentary

Mr. Anil Satwani, Chairman & Managing Director, commented on the Q1FY27 performance, stating the results reflect a business with a steady-growing core (API) and two new growth engines (Complex Injectables and Biotech-CDMO). He highlighted the 6% revenue and 9% EBITDA growth in the API business, the filing of the first ANDA, the deepening DCV pipeline, and the widening customer engagement in the Biotech-CDMO segment based on take-or-pay arrangements.

Corporate Profile and Strategy

The presentation outlines the company's strategy as an R&D-driven pharmaceutical and biotech company, highlighting its:

  • Global leadership in Corticosteroid and Steroidal-Hormone APIs.
  • Vertically integrated manufacturing platform.
  • Strategy to expand into adjacencies like Complex Injectables and Biotech-CDMO services.
  • Growth strategies include expanding the product portfolio, building on fermentation capabilities, commercializing complex injectables, scaling CDMO offerings, investing in R&D, and forming strategic partnerships.