NSE: SGRL · BSE: 540737
SHREE GANESH REMEDIES LTD
Manufactures pharmaceutical intermediates and specialty chemicals, with a CRAMS (Contract Research and Manufacturing Services) arm covering agrochemicals, pharma, and electronics applications for clients in Europe and Japan. Operations are based in Ankleshwar, with a newly commissioned pilot plant and a Block 7 manufacturing expansion underway. FY26 revenue was ₹109.29 crore, essentially flat against ₹108.60 crore in FY25, though Q4 FY26 revenue grew 36% year-on-year to ₹33.20 crore on stronger pharma intermediates and specialty chemicals sales. Management framed FY26 as a 'year of consolidation', citing European market slowdown, geopolitical uncertainty, raw-material volatility, and customer deferrals as the main headwinds. EBITDA margin compressed to 32.0% in FY26 from 36.1% in FY25, finance costs nearly doubled to ₹356 lakh, and PAT fell 23% to ₹17.77 crore. Raw materials at 37.4% of revenue are the largest cost component. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Pharmaceutical intermediates, Specialty chemicals, CRAMS. Specialty chemicals and pharma intermediates manufacturer with CRAMS operations
Exhibit 1: Financial summary, FY20–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 64 | 126 | 109 | 109 |
| EBITDA (ex other income) | 13 | 42 | 39 | 35 |
| margin % | 19.6 | 33.2 | 36.1 | 32.0 |
| Owners' profit | 0 | 28 | 0 | 18 |
| EPS, as reported (₹) | 11.67 | 22.34 | 17.96 | 13.83 |
| ROE % · ROCE % | 24.8 · 31.5 | 23.0 · 25.5 | 15.9 · 19.0 | 10.9 · 14.8 |
| Debt / equity (x) | 0.10 | 0.30 | 0.26 | 0.19 |
| Cash from operations | — | 30 | 31 | 24 |
| Capex | — | (31) | (23) | (17) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 25 | 32 | 27 | 24 | 25 | 30 | 21 | 33 |
| Profit before tax | 6 | 9 | 8 | 9 | 5 | 7 | 4 | 9 |
| Net profit | 5 | 6 | 5 | 7 | 3 | 5 | 3 | 6 |
| EPS (₹) | 3.62 | 4.97 | 4.22 | 5.13 | 2.68 | 3.86 | 2.41 | 4.88 |
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 | 4,22,229 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,48,067 | 84.9 | 14.80 | 64.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,270 | 73.8 | 8.89 | 38.8 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,10,978 | 24.8 | 3.75 | 14.4 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,07,937 | 98.6 | 19.87 | 60.1 | 16.4 | 17.2 | 7.2 | 32.0 |
| CIPLA LTD | 1,05,570 | 31.3 | 3.06 | 16.1 | 11.2 | 14.7 | 8.0 | 19.7 |
| DR. REDDY S LABORATORIES | 98,530 | 30.5 | 2.58 | 13.2 | 10.9 | 13.0 | 12.1 | 15.0 |
| MANKIND PHARMA LIMITED | 98,294 | 48.1 | 5.94 | 27.1 | 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) | 51.0 | 31.2 | 114 of 158 | 28% |
| P/B | 5.5 | 3.1 | 121 of 163 | 26% |
| ROCE | 12.9 | 10.8 | 78 of 183 | 58% |
| ROE | 10.9 | 9.8 | 79 of 166 | 53% |
| Debt / Equity | 0.2 | 0.2 | 91 of 166 | 46% |
| EBITDA margin | 37.3 | 17.5 | 13 of 165 | 93% |
| Revenue growth | 35.9 | 16.3 | 34 of 161 | 79% |
| Profit growth | (4.9) | 30.9 | 109 of 158 | 31% |
| Market cap | 905 | 857 | 90 of 181 | 51% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 3 Oct 2026 · Company Secretary resigns, replacement appointed from Oct 4 | management changes | medium | — | — |
| 3 Oct 2026 · Company Secretary Aditya Patel resigns, Akanksha appointed as replacement | management changes | high | — | — |
| 3 Oct 2026 · Company Secretary resigns; new CS takes over from Oct 4 | management changes | medium | — | — |
| 26 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 12 Sept 2026 · 31st AGM voting results: all 4 resolutions passed | board shareholder meetings | low | — | — |
| 12 Sept 2026 · 31st AGM held; financial statements adopted, new Independent Director appointed | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Newspaper Publication for 31st AGM Notice and E-voting Information | compliance | minimal | — | — |
| 20 Aug 2026 · Annual Report FY26 with 31st AGM Notice Filed | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Newspaper Publication of Q1 FY27 Results | compliance | minimal | — | — |
| 13 Aug 2026 · Q1FY27 Investor Presentation: Revenue Down 42% YoY, Guidance Moderated | investor communications | 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.