Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · SUN PHARMA ADV.RES.CO.LTD · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
SUN PHARMA ADV.RES.CO.LTD NSE: SPARC · BSE: 532872
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
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
₹ 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)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · SUN PHARMA ADV.RES.CO.LTD · 29 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ 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)
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
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
4,21,677
34.9
5.03
22.6
13.7
17.5
11.8
32.3
DIVI S LABORATORIES LTD
2,53,976
87.0
15.15
65.5
15.3
18.8
8.7
42.8
TORRENT PHARMACEUTICALS L
1,54,957
73.1
8.81
38.5
12.2
8.0
11.8
33.1
LAURUS LABS LIMITED
1,17,877
107.7
21.70
65.6
16.4
17.2
7.2
32.0
ZYDUS LIFESCIENCES LTD
1,17,315
26.2
3.97
15.1
17.3
18.0
12.4
25.2
DR. REDDY S LABORATORIES
1,11,506
34.5
2.92
14.9
10.9
13.0
12.1
15.0
CIPLA LTD
1,10,320
32.7
3.20
16.9
11.2
14.7
8.0
19.7
MANKIND PHARMA LIMITED
1,02,829
50.3
6.21
28.3
11.7
10.8
—
27.3
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
3.8
30.8
4 of 158
98%
P/B
4.4
3.1
108 of 163
34%
ROCE
109.6
10.8
1 of 183
100%
ROE
116.0
9.8
1 of 166
100%
Debt / Equity
0.4
0.2
127 of 166
24%
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
5934
806
55 of 181
70%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · SUN PHARMA ADV.RES.CO.LTD · 29 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
22 Oct 2026 · Board meeting on Nov 2, 2026 to consider Q2 FY27 results
results
low
—
—
7 Oct 2026 · SPARC files quarterly dematerialisation confirmation certificate
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
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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More audited years; no estimates
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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.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
