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Sanjivani Paranteral Ltd posted Q3 FY26 standalone revenue of Rs. 208.63 mn, up 20.25% YoY, with PAT rising 37.8% YoY to Rs. 26.16 mn and EBITDA margin improving to 18.62% from 16.5% a year ago. On the consolidated side, revenue grew 27.17% YoY to Rs. 220.6 mn and PAT jumped 46.2% YoY to Rs. 27.76 mn, helped by the first contribution from its newly added Pune subsidiary SPL Infusion Pvt. Ltd. For the 9M FY26 period, standalone revenue rose 4.5% to Rs. 542.5 mn with PAT of Rs. 59.8 mn, while consolidated revenue grew 6.81% to Rs. 554.5 mn. However, gross margin slipped sharply to 33.4% from 44.6% YoY in Q3, and both Injectables and Oral segments saw revenue declines in the quarter despite the headline growth. Exports continue to dominate, contributing about 76.8% of revenue, with CIS (including Russia), Middle East & Africa and Latin America as core markets.
The earnings print is positive on the surface, with strong PAT growth and EBITDA margin expansion driven by the new Pune subsidiary, likely to support sentiment in the near term. But the sharp drop in gross margin and weakness in core Injectables and Oral segments raise questions on underlying pricing and cost pressures that investors should track.