Transcript of Earnings Call pertaining to audited financial results of the Company for the quarter and financial year ended March 31, 2026
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Strides Pharma reported FY26 revenue of INR 48.6 billion (6.4% YoY growth), with EBITDA at INR 925 crores (19% margin, +140 bps). Operational PAT crossed INR 500 crores for the first time at INR 518 crores (50% YoY growth), with EPS at INR 56.2. Net debt-to-EBITDA improved from 1.9x to 1.55x, reflecting strong cash generation. U.S. revenue was $284 million (impacted by weak flu season and portfolio rationalization), while Ex-U.S. markets delivered robust 21% growth and now contribute ~46% of total revenue (50% in Q4). The company launched 6 products, exited 9 underperforming ones, and invested INR 2,500 million in R&D over 24 months. Key growth engines include controlled substances (now in second year with quota expansion expected), nasal sprays (second filed in May 2026), and the Sandoz Africa portfolio acquisition (contributing from H2 FY27). ROCE improved to 15.76% from single digits two years ago.
The company demonstrates strong operating leverage with PAT growing 18x over 3 years, but near-term U.S. growth remains muted due to delayed launches and controlled substance ramp-up. Full potential growth expected from H2 FY27 onwards with multiple product launches and quota expansions.