BHARAT PARENTERALS LTD.

Manufactures sterile injectable pharmaceutical formulations (parenterals) including beta-lactams and cephalosporins, operating through a parent business and three subsidiaries from Vadodara. The BPL standalone business sells injectable formulations into emerging markets across Africa, Latin America, Southeast Asia and CIS via tender and institutional channels, generating ₹234 crore in FY26 at 48% capacity utilisation on general lines, 21% on beta-lactams and 24% on cephalosporins, with an order book of ₹171 crore. Innoxel Lifesciences operates as a sterile injectable CDMO and out-licensing platform with ₹72.4 crore FY26 revenue from 23 licensing deals (7 out-licensed and 16 CMO/CDO), 42 active deals and a pipeline of 20 active products covering complex ANDAs, 505(b)(2) NDAs and long-acting injectables; the facility is cleared by USFDA and EUGMP. Varenyam Healthcare markets specialty drugs to Indian hospitals and clinics through a 200+ MR field force in anaesthesia, critical care and pain management, generating ₹58.4 crore in FY26 with Sugammadex as the largest brand at over ₹10 crore. A fourth entity, Varenyam Bio, is under construction with ₹32.3 crore of capital work-in-progress against a ₹160 crore budget, targeting EU GMP filings from FY27. The largest cost is materials at 49% of revenue, followed by employee costs at 19.5% and other operating expenses at 20.5%, with depreciation at 9.9% reflecting the asset-heavy nature of sterile manufacturing.