Earnings Call Transcript
SAIPARENT · price
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Sai Parenterals held its first earnings call as a listed company, reporting FY26 consolidated revenue of INR381 crore (133% growth) following the November 2025 acquisition of Noumed Pharmaceuticals. Standalone revenue was INR162 crore (30% growth) with EBITDA margins at 21%. The company guided for FY27 revenue of INR750 crore with EBITDA margin of 17%, driven by existing long-term CDMO contracts, new dossier commercialization, and growing Noumed contribution. An INR440 crore capex program (INR110 crore India, INR15 crore R&D, INR311 crore Australian facility) is underway and expected to be completed by end of FY27, with no contribution to FY27 earnings — FY28 is positioned as the monetization year when assets scale up and vertical integration of Noumed's manufacturing shifts in-house, driving margin expansion.
The FY27 guidance of INR750 crore revenue at 17% EBITDA margin is below annualized Q4 run-rate, reflecting a conservative H1-weighted phasing and no contribution from the large capex program until FY28. The company explicitly targets margin improvement through backward integration of Noumed's manufacturing and operating leverage, which should benefit shareholders in FY28 onward.