Transcript for the Quarter ended 30th June, 2025
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Sanjivani Parenteral reported Q1 FY'26 revenue of INR 17.9 crores, up 8.9% year-on-year, with EBITDA of INR 2.7 crores (up 10.8%) and margins holding at 15%. Profit after tax was flat at INR 1.7 crores due to higher depreciation and interest costs. The export-domestic mix stood at 73.7:26.3, with injectables contributing 50.2% of revenue. Management guided for full-year revenue of INR 75-80 crores and EBITDA margins around 15% for the base business, with margin improvement expected in FY'27 as newer products mature and economies of scale kick in. The Pune plant is set to begin commercial production by September 2025, the Prague JV (Alevia Healthcare) has started small order processing, and the SPL Infusion IV plant (60% subsidiary) targets INR 75-80 crores of revenue at 65-70% capacity utilisation in its first year. CDMO business is expected to grow around 20% this year, supported by an existing order book.
For shareholders, the results show steady operational performance with management guiding for revenue and margin expansion in the coming year. Key near-term catalysts include the Pune plant launch and SPL Infusion commercialisation, while risks include logistics disruptions, geopolitical tensions in Middle East/Africa, and dependence on registration approvals in Franco-African markets.