BSE: 540686
Smruthi Organics Limited
Manufactures Active Pharmaceutical Ingredients (APIs) at a facility in the Solapur area, with API accounting for essentially all of FY26 revenue and a negligible Formulation line. The portfolio includes products such as Amlodipine Besilate, a blood-pressure ingredient, for which the company received a Certificate of Suitability (CEP) from the European Directorate for the Quality of Medicines & HealthCare (EDQM). An EDQM GMP attestation has also been issued for the manufacturing site, enabling supply to European and other regulated markets. International marketing activity covers Central and South American markets. FY26 total revenue was Rs 101.97 crore, down from Rs 125.65 crore in FY25, with net profit of Rs 3.43 crore. The largest cost line is materials at 44.4% of revenue, followed by employee cost at 17.2% and other operating expenses at 25.5%. Capex in FY26 was Rs 8.47 crore (8.3% of revenue), and the balance sheet carries very little debt, with a debt-to-equity ratio of 0.11. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. API (Active Pharmaceutical Ingredients), Formulation. Small, low-leverage, B2B API manufacturer with regulated-market certifications.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 133 | 141 | 128 | 126 | 102 |
| EBITDA (ex other income) | 18 | 10 | 12 | 12 | 13 |
| margin % | 13.8 | 6.9 | 9.4 | 9.7 | 12.3 |
| Owners' profit | 10 | 4 | 4 | 4 | 3 |
| EPS, as reported (₹) | 9.07 | 3.87 | 3.14 | 3.11 | 2.99 |
| ROE % · ROCE % | 15.5 · 20.4 | 6.1 · 7.6 | 5.2 · 8.4 | 5.0 · 8.4 | 4.7 · 8.2 |
| Debt / equity (x) | 0.04 | 0.08 | 0.17 | 0.23 | 0.11 |
| Cash from operations | 2 | 12 | 4 | 10 | 22 |
| Capex | (7) | (9) | (8) | (12) | (8) |
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 | 27 | 29 | 31 | 38 | 19 | 32 | 22 | 29 |
| Profit before tax | (1) | 1 | 2 | 3 | (2) | 3 | 2 | 2 |
| Net profit | (1) | 1 | 1 | 2 | (1) | 2 | 1 | 1 |
| EPS (₹) | (0.81) | 0.68 | 1.29 | 1.95 | (0.96) | 1.80 | 1.22 | 0.93 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| API | 102 | 99.7 |
| Formulation | 0 | 0.2 |
| Unallocable | 0 | 0.0 |
| Total, before eliminations | 102 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 52.8 | 31.2 | 118 of 158 | 26% |
| P/B | 2.5 | 3.1 | 68 of 163 | 58% |
| ROCE | 6.1 | 10.8 | 120 of 183 | 35% |
| ROE | 4.7 | 9.8 | 118 of 166 | 29% |
| Debt / Equity | 0.1 | 0.2 | 77 of 166 | 54% |
| EBITDA margin | 13.1 | 17.5 | 102 of 165 | 38% |
| Revenue growth | (23.6) | 16.3 | 144 of 161 | 11% |
| Profit growth | (52.1) | 30.9 | 134 of 158 | 15% |
| Market cap | 181 | 857 | 117 of 181 | 36% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · CG approves Ms Smruthi Eaga as Whole-time Director for three years | management changes | medium | — | — |
| 6 Oct 2026 · Compliance certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 29 Sept 2026 · Trading Window Closed for Q2 Results Period | compliance | minimal | — | — |
| 11 Aug 2026 · Newspaper publication of Q1 FY27 unaudited results | compliance | minimal | — | — |
| 10 Aug 2026 · 37th AGM results: 5 resolutions passed, Rs 1.50 per share dividend declared | board shareholder meetings | low | — | — |
| 10 Aug 2026 · Smruthi Organics 37th AGM concludes; Rs 1.50 dividend declared | board shareholder meetings | low | — | — |
| 10 Aug 2026 · Smruthi Organics Q1 FY27 net profit Rs 287.81 lakh vs loss YoY | results | high | — | — |
| 10 Aug 2026 · Smruthi Organics Q1 FY27 profit Rs 287.81L vs Rs 109.54L loss last year | results | high | — | — |
| 30 Jul 2026 · Board meeting on 10 Aug 2026 to consider Q1 FY27 results | results | low | — | — |
| 21 Jul 2026 · Smruthi Organics: 37th AGM on August 10; Annual Report dispatched by email | 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.