BSE: 530125
SAMRAT PHARMACHEM LTD.
Manufactures iodine derivatives that it sells to customers in the pharmaceutical, FMCG, animal feed and agrochemical industries, a business it has run for about 30 years. Revenue for FY26 was ₹28,972.12 lakhs, up 1.35% year-on-year, but the company swung to a net loss of ₹331.20 lakhs from a ₹711.22 lakh profit in FY25. The cost of materials consumed climbed to ₹28,966.68 lakhs — shown as 100% of revenue — while employee cost was 0.8% of revenue, other operating expenses 2.3%, depreciation 0.2% and capex 1.1% of revenue. Quarterly revenue was uneven, with Q3 FY26 at ₹6,342.61 lakhs down roughly 20% from the prior quarter. The company has ₹30 crore of bank facilities rated by CRISIL, which downgraded the long-term rating to BB+/Negative in December 2025 citing volatile iodine prices and forex. Cash from operations was positive at ₹887.99 lakhs in FY26 and the balance sheet carried no long-term debt. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Iodine derivatives for pharmaceuticals, Iodine derivatives for FMCG, Iodine derivatives for animal feed, Iodine derivatives for agrochemicals. Thin-margin iodine derivatives manufacturing exposed to commodity input costs and forex
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 222 | 311 | 282 | 286 | 290 |
| EBITDA (ex other income) | 24 | 24 | 2 | 10 | (2) |
| margin % | 11.0 | 7.7 | 0.9 | 3.6 | (0.7) |
| Owners' profit | 17 | 17 | 2 | 7 | (3) |
| EPS, as reported (₹) | 55.62 | 53.83 | 7.00 | 23.02 | (10.72) |
| ROE % · ROCE % | 36.7 · 51.3 | 26.3 · 37.5 | 3.3 · 4.9 | 9.9 · 14.7 | (4.9) · (3.0) |
| Debt / equity (x) | 0.16 | 0.30 | 0.13 | 0.14 | 0.16 |
| Cash from operations | 18 | (9) | 9 | (10) | 9 |
| Capex | (1) | (1) | (1) | (0) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 70 | 64 | 71 | 76 | 79 | 63 | 72 | 80 |
| Profit before tax | 4 | 4 | (0) | 0 | (1) | (1) | (2) | 2 |
| Net profit | 3 | 3 | (0) | (0) | (1) | (0) | (2) | 1 |
| EPS (₹) | 8.61 | 9.01 | (1.29) | 0.74 | (1.90) | (1.49) | (6.59) | 2.84 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.2 | 3.1 | 30 of 163 | 82% |
| ROCE | (4.3) | 10.8 | 161 of 183 | 12% |
| ROE | (4.9) | 9.8 | 150 of 166 | 10% |
| Debt / Equity | 0.2 | 0.2 | 85 of 166 | 49% |
| EBITDA margin | 2.4 | 17.5 | 150 of 165 | 9% |
| Revenue growth | 5.4 | 16.3 | 112 of 161 | 31% |
| Profit growth | 482.7 | 30.9 | 11 of 158 | 94% |
| Market cap | 82 | 806 | 140 of 181 | 23% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Reg 74(5) certificate submitted for quarter ended September 2026 | compliance | minimal | — | — |
| 26 Sept 2026 · Board meeting on Nov 14 to consider Q2 FY27 results | results | low | — | — |
| 26 Sept 2026 · Trading window closed from October 1, 2026 till 48 hours after Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Samrat Pharmachem 34th AGM held; FY26 EBITDA swings to loss | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Notice of 34th AGM on September 23, 2026 via video conference | compliance | minimal | — | — |
| 27 Aug 2026 · 34th AGM on Sept 23, 2026; book closure Sept 20-22 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · 34th AGM on Sept 23, 2026 via video conferencing; book closure Sept 20-22 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Samrat Pharmachem 34th AGM notice and FY26 annual report filed | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Newspaper publication of Q1 FY27 standalone unaudited results | compliance | minimal | — | — |
| 17 Jul 2026 · Appointment of Divyesh J Shah and Associates as Statutory Auditors for 5 years | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.