Easrnings call Transcript for the quarter and half year ended 30th September, 2025
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Sanjivani Paranteral reported Q2 FY26 revenue of INR15.5 crores, down 14.5% year-on-year, hit by export disruptions including Nepal unrest (INR1 crore orders held back), tighter LatAm FDA scrutiny, and MENA approval delays. EBITDA fell 25.6% to INR2.4 crores with margin compressing to 15.5% from 17.9%, and PAT declined 28.5% to INR1.6 crores. Net debt stood at INR6.7 crores. The company confirmed commercial production has started at its new Pune IV plant (SPL Infusion, 60% subsidiary), with management guiding full-year revenue potential of INR90-110 crores and INR70-80 crores contribution in FY27 as utilization ramps up by Q2 FY27. For FY26, management maintained minimum 10% revenue growth guidance and expects base business to grow 15-20% in FY27, targeting ~INR150 crores. The Alevia Healthcare nutraceutical venture (45% stake) is expected to add INR1-1.5 crores to bottom line in FY26, doubling to INR3-3.5 crores in FY27.
Short-term results are weak due to one-off external disruptions that may reverse in H2 FY26 as held shipments are dispatched, providing potential revenue recovery. The Pune IV plant ramp-up is the key growth catalyst, with management's FY27 targets of INR70-80 crores from this single plant representing a meaningful re-rating opportunity if execution stays on track. Margin compression is largely transient and the Pune plant is expected to deliver slightly better margins than the base business.