Sun Pharma Advanced Research Company Limited has informed the Exchange regarding Addendum to the Valuation Report issued on January 14, 2026
SPARC · price
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SPARC has submitted an addendum to a Valuation Report originally dated January 1, 2026, after the National Stock Exchange (NSE) sought further clarifications. This follows an earlier EGM held on February 9, 2026 and a corrigendum to the EGM notice, with the company having filed for in-principle approval under SEBI's ICDR Regulations. The addendum corrects a reference to the financial period (now clarified as the quarter ended September 30, 2025) and provides detailed reasoning for not using the Discounted Cash Flow (DCF) method. The valuer explained that SPARC, being a clinical-stage biopharmaceutical R&D company, has persistent operating losses since incorporation, no predictable or recurring revenue, and high scientific uncertainty, making future cash flow projections speculative and unreliable. As a result, the Income Approach was not considered appropriate for the valuation.
This is a procedural clarification to satisfy NSE's queries and does not change the valuation itself. However, it highlights that SPARC's business model (pre-revenue, loss-making R&D) makes standard valuation methods difficult, which may be relevant context for shareholders regarding any upcoming corporate action linked to this EGM.