SOLARA ACTIVE PHA SCI LTD

Manufactures active pharmaceutical ingredients (APIs), reporting Q1 FY27 revenue of INR 384 cr (+20% YoY) and EBITDA of INR 63.5 cr. The business is described in two parts: a "base business" of non-Ibuprofen APIs that posted INR 307 cr of revenue (+24% YoY) with INR 72 cr of EBITDA (+8% YoY), and an Ibuprofen commodity business running at -12% EBITDA margin with an EBITDA loss of INR 87 mn in the quarter and under strategic review targeted for resolution by H1 FY27. Management has guided the base business to 25% plus/minus 1% EBITDA margin and 52-55% gross margin, with FY27 capex of INR 55-60 cr going entirely to maintenance and debottlenecking (20-30% capacity uplift, no greenfield). Raw materials are the largest cost at 49.1% of FY26 revenue, with the West Asia crisis cited as a current input-cost and supply headwind. Net debt stood at INR 479 cr at end-June 2026 (1.9x EBITDA), reduced by ~INR 135 cr in the quarter via rights-issue call money and operating cash flow, with the company also progressing a CRAMS and Polymers demerger into a separate listed entity.