Develops a clinical-stage pharmaceutical pipeline focused on oncology, immunology, and dermatology-autoimmune diseases, with two priority programs — SCD-153 (topical itaconate for alopecia areata with Johns Hopkins) and SBO-154 (a MUC1-targeting MMAE antibody-drug conjugate) — in Phase 1 trials running in the US, Australia and India. FY26 reported revenue of Rs 1,879.17 cr came almost entirely from a one-time Priority Review Voucher (PRV) granted by the US FDA upon approval of Sezaby, a treatment for neonatal seizures, and subsequently sold for USD 195 million in April 2026; underlying pharmaceutical R&D activities generated only Rs 3,915 lakhs in regular revenue. Earlier licensed products include Xelpros, Elepsia, Taclantis, PDP-716 and SDN-037, although the November 2019 China licence with CMS Bridging was terminated in June 2026 and the PDP-716 NDA received a Complete Response Letter in May 2026 over manufacturing-site inspection findings. The portfolio also includes preclinical work on targeted oncology and synthetic lethality, an out-licensed CML asset (Vodobatinib) now effectively in limbo, and SCO-155 advanced via a NewCo partnership template (Tiller Therapeutics). Headcount was cut from 400+ to ~250 in the cost optimisation programme, with management citing $10 million in annual fixed-cost savings, and approximately Rs 150 crore was raised upfront from a Rs 600 crore preferential warrant issue to the promoter group. Operating cost shape is dominated by employees (6.3% of revenue) and other opex (7.4%), with materials at just 1.3%, consistent with a clinical R&D business. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Priority Review Voucher sale, Pharmaceutical R&D and licensing. Clinical-stage pharmaceutical R&D; pipeline-dependent; FY26 financials dominated by a single non-recurring PRV transaction
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 76 | 72 | 1,879 |
| EBITDA (ex other income) | (402) | (323) | 1,586 |
| margin % | (532.2) | (450.2) | 84.4 |
| Owners' profit | (387) | (343) | 1,556 |
| EPS, as reported (₹) | (11.93) | (10.55) | 47.86 |
| ROE % · ROCE % | (307.9) · (154.1) | 157.9 · 862.2 | 116.0 · 112.0 |
| Debt / equity (x) | 0.37 | (1.19) | 0.42 |
| Cash from operations | (429) | (360) | (239) |
| Capex | (27) | (10) | (24) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13 | 15 | 27 | 10 | 8 | 8 | 1,853 | 40 |
| Profit before tax | (107) | (79) | (61) | (52) | (76) | (80) | 1,761 | (21) |
| Net profit | (107) | (80) | (60) | (52) | (76) | (80) | 1,761 | (21) |
| EPS (₹) | (3.31) | (2.45) | (1.84) | (1.60) | (2.34) | (2.48) | 54.27 | (0.64) |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,41,471 | 36.5 | 5.26 | 23.7 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,47,033 | 84.6 | 14.74 | 63.7 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,68,062 | 79.3 | 9.56 | 41.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,11,686 | 24.9 | 3.78 | 14.5 | 17.3 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 13 Aug 2026 · SPARC files application to reclassify from Promoter Group to Public category | ownership changes | high | — | — |
| 11 Aug 2026 · SPARC publishes Q1 FY27 results in newspapers | compliance | minimal | — | — |
| 10 Aug 2026 · SPARC 21st AGM: All resolutions passed; Raghavan named MD & CEO | board shareholder meetings | low | — | — |
| 10 Aug 2026 · Monitoring Agency Report for Q1 FY27 on Convertible Warrants Issue | fund raising | medium | — | — |
| 10 Aug 2026 · SPARC Q1 FY27 loss narrows to Rs 21 cr; revenue jumps fourfold YoY | results | high | — | — |
| 10 Aug 2026 · SPARC Q1 FY27 results: loss narrows, revenue rises sharply | results | high | — | — |
| 3 Aug 2026 · SPARC board meeting on Aug 10 to consider Q1 FY27 results | results | low | — | — |
| 27 Jul 2026 · Promoter Group members seek reclassification to Public category | ownership changes | medium | — | — |
| 17 Jul 2026 · SPARC publishes 21st AGM notice; meeting on August 10, 2026 | compliance | minimal | — | — |
| 16 Jul 2026 · SPARC files FY26 Annual Report, 21st AGM on Aug 10, 2026 | board shareholder meetings | low | — | — |
| 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 |
| 18.0 |
| 12.4 |
| 25.2 |
| CIPLA LTD | 1,10,352 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| LAURUS LABS LIMITED | 1,06,375 | 97.2 | 19.59 | 59.3 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 97,319 | 30.1 | 2.55 | 13.1 | 10.9 | 13.0 | 12.1 | 15.0 |
| AUROBINDO PHARMA LTD | 96,656 | 26.3 | 2.55 | 13.4 | 9.2 | 12.6 | 6.3 | 23.0 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.0 | 28.9 | 6 of 169 | 97% |
| P/B | 4.8 | 3.3 | 111 of 163 | 32% |
| ROCE | 109.6 | 10.8 | 1 of 183 | 100% |
| ROE | 116.0 | 10.4 | 1 of 171 | 100% |
| Debt / Equity | 0.4 | 0.1 | 132 of 171 | 23% |
| EBITDA margin | (25.9) | 17.5 | 163 of 165 | 1% |
| Revenue growth | 314.1 | 16.3 | 3 of 161 | 99% |
| Profit growth | 59.9 | 30.9 | 55 of 158 | 66% |
| Market cap | 6378 | 839 | 53 of 182 | 71% |
| 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 |
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.
