BSE: 524703
SANDU PHARMACEUTICALS LTD.
Sandu Pharmaceuticals is a small pharmaceutical company that manufactures and sells pharmaceutical products, with operations in Goa and Mumbai. The company has been investing in plant modernization, civil works, machinery, and marketing infrastructure, indicating ongoing upgrades to its manufacturing base and distribution set-up. It reported revenue of Rs 69.93 crore in FY26 with an EBITDA margin of 4.9% and a net profit of Rs 1.77 crore. The cost shape shows raw materials at 15.7% of revenue, employees at 15.3%, and other operating expenses at 35.3%, pointing to a branded-formulation style model where marketing, distribution, and other operating costs dominate over input costs. The company carries no outstanding borrowings, and cash and cash equivalents stood at Rs 590.7 lakhs at end-FY26 versus Rs 130.39 lakhs in the prior year. It is promoter-driven and the board has recommended a final dividend of Rs 1 per equity share (10% on face value of Rs 10) for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pharmaceutical products. Small, manufacturing-based branded pharmaceuticals with thin margins and a heavy operating-cost base
Exhibit 1: Financial summary, FY23–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 65 | 67 | 67 |
| EBITDA (ex other income) | 2 | 2 | 3 |
| margin % | 3.8 | 3.4 | 4.1 |
| Owners' profit | 0 | 0 | 2 |
| EPS, as reported (₹) | 1.61 | 1.51 | 1.60 |
| ROE % · ROCE % | 3.9 · 5.7 | 3.6 · 5.1 | 3.7 · 5.2 |
| Debt / equity (x) | 0.00 | 0.00 | 0.01 |
| Cash from operations | 0 | 1 | 1 |
| Capex | (1) | (1) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q4 FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15 | 18 | 17 | 17 | 16 | 17 | 18 | 14 |
| Profit before tax | 0 | 0 | 1 | 0 | 1 | 0 | 1 | 0 |
| Net profit | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 0 |
| EPS (₹) | 0.26 | 0.11 | 0.57 | 0.21 | 0.62 | 0.17 | 0.52 | 0.34 |
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 | 4,46,270 | 40.7 | 4.98 | 24.9 | 5.5 | 8.0 | 11.8 | 29.3 |
| DIVI S LABORATORIES LTD | 2,73,493 | 93.6 | 16.32 | 79.4 | 15.3 | 18.8 | 8.7 | 40.7 |
| TORRENT PHARMACEUTICALS L | 1,80,500 | 80.2 | 9.82 | 42.6 | 6.0 | 4.0 | 11.8 | 33.5 |
| LAURUS LABS LIMITED | 1,26,430 | 94.3 | 20.45 | 72.4 | 12.9 | 14.2 | 7.2 | 34.0 |
| ZYDUS LIFESCIENCES LTD | 1,19,550 | 28.8 | 3.94 | 15.4 | 6.4 | 6.8 | 12.4 | 24.0 |
| DR. REDDY S LABORATORIES | 1,14,646 | 40.9 | 2.93 | 18.5 | 3.4 | 4.2 | 12.1 | 19.9 |
| CIPLA LTD | 1,13,988 | 39.3 | 3.21 | 19.3 | 4.6 | 6.2 | 8.0 | 18.7 |
| MANKIND PHARMA LIMITED | 1,04,902 | 46.8 | 5.88 | 30.6 | 7.2 | 7.3 | — | 27.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.6 | 29.3 | 59 of 160 | 64% |
| P/B | 0.9 | 3.1 | 16 of 163 | 91% |
| ROCE | 5.0 | 8.0 | 113 of 177 | 36% |
| ROE | 3.7 | 6.8 | 118 of 165 | 29% |
| Debt / Equity | 0.0 | 0.1 | 47 of 166 | 72% |
| EBITDA margin | 3.2 | 14.6 | 141 of 178 | 21% |
| Revenue growth | (19.3) | 17.1 | 140 of 163 | 14% |
| Profit growth | 58.2 | 21.8 | 56 of 157 | 65% |
| Market cap | 36 | 814 | 160 of 181 | 12% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 4 Nov 2026 · Board meeting set to approve standalone quarterly results | results | low | — | — |
| 9 Oct 2026 · Independent Director name change to Dr Neeti Gupta after marriage | management changes | low | — | — |
| 8 Oct 2026 · Quarterly compliance certificate for dematerialisation filed with BSE, CDSL and NSDL | compliance | minimal | — | — |
| 30 Sept 2026 · Reminder to physical shareholders to update PAN and KYC details | compliance | minimal | — | — |
| 22 Sept 2026 · Trading window closure for Q2 FY27 results | compliance | minimal | — | — |
| 12 Sept 2026 · Balram Viswanathan named Chairman and MD; Neeti Kapre joins as Independent Director | management changes | high | — | — |
| 12 Sept 2026 · New Statutory Auditor Dave and Dave appointed for 5 year term | management changes | medium | — | — |
| 12 Sept 2026 · Sandu Pharma 41st AGM: All 8 resolutions passed including dividend declaration | compliance | minimal | — | — |
| 11 Sept 2026 · Sandu Pharma 41st AGM held; resolutions on dividend, auditor change, MD redesignation | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · Newspaper notice on SEBI special window for re-lodging physical share transfers | compliance | minimal | — | — |
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.