NSE: SENORES · BSE: 544319
SENORES PHARMACEUTICALS L
Develops, manufactures, and markets generic pharmaceutical formulations, primarily targeting the US through Abbreviated New Drug Applications (ANDAs) and a growing set of international emerging markets. The business is structured around two principal segments — Regulated Markets (which contributed 71% of Q1 FY27 revenue with 42% year-on-year growth and around 40% EBITDA margin), focused on US ANDA filings — and Emerging Markets (around 30% YoY growth in Q1 FY27, mid-teens EBITDA margin), covering countries such as Canada, Mexico, UK, UAE, Saudi Arabia, South Africa, Vietnam, Australia, and New Zealand. The ANDA portfolio has nearly doubled to 58 approved products (187 strengths) with 23 commercialized, and 39 molecules sit in the pipeline targeting markets of USD 740 million or more; 35 launches are planned over the next 18-20 months. Manufacturing runs out of a USFDA-approved facility in Vadodara acquired via Apnar Pharma (75% stake, with MHRA and Health Canada approvals) and a formulation development site at Chhatral, Gujarat, with an oral solids capacity expansion underway. Smaller revenue lines include an India branded generics business scaling to around 200 medical representatives and the Amerisyn joint venture for US federal/VA procurement. On the cost side, materials are the largest single P&L component at 18.1% of revenue, followed by employee costs at 17.7% and other operating expenses at 15.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Regulated Markets (71%), Emerging Markets, India Branded Generics, Amerisyn JV (US Federal/VA). Growth-stage generic pharmaceuticals with R&D-led ANDA pipeline and integrated manufacturing
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 398 | 633 |
| EBITDA (ex other income) | 90 | 168 |
| margin % | 22.5 | 26.6 |
| Owners' profit | 58 | 0 |
| EPS, as reported (₹) | 16.12 | 26.39 |
| ROE % · ROCE % | 7.2 · 9.3 | 12.6 · 15.6 |
| Debt / equity (x) | 0.38 | 0.34 |
| Cash from operations | (46) | 62 |
| Capex | (158) | (240) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 103 | 114 | 138 | 162 | 175 | 175 | 180 |
| Profit before tax | 20 | 21 | 26 | 41 | 45 | 47 | 39 |
| Net profit | 16 | 18 | 21 | 30 | 34 | 37 | 30 |
| EPS (₹) | 5.04 | 3.81 | 4.60 | 6.54 | 7.29 | 7.96 | 6.61 |
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 | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 46.1 | 30.1 | 112 of 158 | 29% |
| P/B | 6.3 | 3.0 | 133 of 163 | 19% |
| ROCE | 13.5 | 10.8 | 74 of 183 | 60% |
| ROE | 12.6 | 9.8 | 60 of 166 | 64% |
| Debt / Equity | 0.3 | 0.2 | 120 of 166 | 28% |
| EBITDA margin | 31.4 | 17.5 | 29 of 165 | 83% |
| Revenue growth | 30.6 | 16.3 | 46 of 161 | 72% |
| Profit growth | 43.8 | 30.9 | 71 of 158 | 55% |
| Market cap | 6030 | 810 | 53 of 181 | 71% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Q2 FY27 earnings call rescheduled to 4:00 PM IST on October 29, 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Senores Pharmaceuticals schedules Q2 FY27 earnings call | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board Meeting on Oct 29 to Consider Q2 FY27 Results | results | low | — | — |
| 17 Oct 2026 · Newspaper publication of Postal Ballot Notice | compliance | minimal | — | — |
| 16 Oct 2026 · Postal Ballot notice for re-appointment of two directors | board shareholder meetings | low | — | — |
| 13 Oct 2026 · Board re-appoints MD and Whole-time Director for three years | management changes | high | — | — |
| 13 Oct 2026 · Board re-appoints Managing Director and Whole Time Director for 3 years | management changes | medium | — | — |
| 12 Oct 2026 · Q2 FY27 Share Capital Audit Report filed with exchanges | compliance | minimal | — | — |
| 8 Oct 2026 · Reg 74(5) compliance certificate filed for Q2 FY26 | compliance | minimal | — | — |
| 28 Sept 2026 · 9th AGM results: 6 resolutions passed, ESOP 2026 approved | board shareholder meetings | 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.