Audited Financial Results
SPARC · price
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SPARC reported a massive turnaround in FY26, posting a net profit of ₹1,55,213 Lakhs compared to a net loss of ₹34,522 Lakhs in FY25. The standout event was a ₹1,84,002 Lakhs income recognition from a USFDA Priority Review Voucher (PRV) granted for Sezaby® — a non-monetary government grant under Ind AS 20 — which was subsequently sold in April 2026 for USD 195 million. This one-time event inflated Q4 revenue to ₹1,85,322 Lakhs versus just ₹2,719 Lakhs in Q4 FY25. Underlying operations remain weak with recurring product development and employee costs. An exceptional item of ₹1,236 Lakhs was recorded in Q3 for New Labour Code compliance. The company also had significant borrowings (₹55,614 Lakhs current portion) and negative operating cash flows (₹23,889 Lakhs standalone). Auditors issued an unmodified clean opinion with no going concern concerns.
The PRV sale transformed SPARC from heavy losses to strong profitability in FY26, but this is a one-time windfall and the stock should not be valued on run-rate earnings. Investors should watch for post-sale cash deployment and the trajectory of R&D pipeline progress.