BSE: 539561
SUPHA PHARMACHEM LIMITED
Trades and distributes pharmaceutical chemicals, with operations routed through a Singapore subsidiary that drives nearly all of its consolidated revenue. On a consolidated basis, Q2 FY26 revenue from operations was Rs. 11,105.82 lakh and consolidated profit after tax was Rs. 862.34 lakh in the same quarter, while the standalone Indian entity reported only Rs. 857.79 lakh in revenue and a profit after tax of Rs. 20.12 lakh for H1 FY26, showing that the standalone Indian trading book has shrunk sharply. The company describes itself as expanding contract development and manufacturing (CDMO) capabilities through its overseas arm, Remlife Global PTE, which is the main contributor to consolidated revenue and profit. The Singapore subsidiary's delayed financial reporting has repeatedly held up the parent's consolidated results. On the cost side, FY25 employee cost was Rs. 0.76 crore (0.2% of revenue) and other operating expenses were Rs. 7.45 crore (1.8% of revenue), with a thin EBITDA margin of 2.4%. The company is currently under the Corporate Insolvency Resolution Process (CIRP) admitted by NCLT Mumbai on 17 March 2026 on a Section 9 petition by operational creditor Boston Ivy Healthcare Solutions over unpaid chemical supply invoices of Rs. 7.47 crore, with the Resolution Professional in charge and the prior board's powers suspended. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Pharmaceutical chemicals trading and distribution (standalone India), Overseas subsidiary operations (Remlife Global PTE, Singapore). Trading and distribution-led pharma chemicals business, currently under CIRP with an overseas subsidiary accounting for most of consolidated revenue
Exhibit 1: Financial summary, FY25–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 |
|---|---|
| Revenue | 405 |
| EBITDA (ex other income) | (1) |
| margin % | (0.3) |
| Owners' profit | 1 |
| EPS, as reported (₹) | 0.05 |
| ROE % · ROCE % | 4.9 · 22.0 |
| Debt / equity (x) | 26.01 |
| Cash from operations | (1,135) |
| Capex | 0 |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|
| Revenue | 264 | 113 | 111 |
| Profit before tax | (1) | 6 | 10 |
| Net profit | (2) | 5 | 9 |
| EPS (₹) | 0.05 | 0.05 | 0.10 |
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. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 30,731 | 18.1 | 2.95 | 14.3 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 8,976 | 20.1 | 4.23 | 19.1 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 5,146 | 22.0 | 5.69 | 15.4 | 24.2 | 31.8 | (13.9) | 86.5 |
| SHANKARA BUILDPRO LIMITED | 3,080 | 23.4 | 5.64 | 13.6 | 23.4 | 31.8 | — | 3.3 |
| CREATIVE NEWTECH LIMITED | 1,707 | 26.2 | 4.41 | 19.5 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 952 | 0.1 | 10.59 | — | (0.0) | (0.0) | — | 45.0 |
| The Yamuna Syndicate Ltd | 807 | 8.8 | 0.63 | 203.2 | 4.0 | 0.3 | 4.8 | 6.2 |
| THE STATE TRADING CORPN | 667 | 1.0 | — | 52.3 | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.4 | 13.9 | 15 of 164 | 91% |
| P/B | 0.2 | 1.0 | 11 of 146 | 93% |
| ROCE | 15.3 | 2.0 | 26 of 184 | 86% |
| ROE | 12.6 | 2.3 | 29 of 174 | 84% |
| Debt / Equity | 10.3 | 0.0 | 174 of 175 | 1% |
| EBITDA margin | 9.6 | 4.5 | 44 of 137 | 68% |
| Market cap | 24 | 24 | 89 of 177 | 50% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 30 Jun 2026 · NCLAT interim order in Supha Pharmachem CIRP matter | regulatory legal | high | — | — |
| 27 Jun 2026 · Trading window closed from July 1 till Q1 results declaration | compliance | minimal | — | — |
| 12 May 2026 · Appointment of Resolution Professional in place of Interim Resolution Professional | regulatory legal | high | — | — |
| 17 Apr 2026 · Disclosure to take note of decisions taken in 1st COC meeting held on 14.04.2026 | regulatory legal | high | — | — |
| 10 Apr 2026 · This disclosure is to place on record List of Creditors as required to be placed under Reg 13(2)(c) of IBBI CIRP Regulations | regulatory legal | critical | — | — |
| 2 Apr 2026 · Update on CIRP Proceedings, Non-Cooperation by Directors (Power suspended) and Postponement of Board Meeting under Regulation 30 of SEBI (LODR) Regulation, 2015 | regulatory legal | critical | — | — |
| 25 Mar 2026 · Closure of Trading window | compliance | minimal | — | — |
| 21 Mar 2026 · Intimation of receipt of Order from National Company Law Tribunal (NCLT) | regulatory legal | high | — | — |
| 20 Mar 2026 · Submission of Form A - PUBLIC ANNOUNCEMENT | compliance | minimal | — | — |
| 19 Mar 2026 · Intimation for Admission of Co. under CIRP and appointment of IRP | regulatory legal | critical | — | — |
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.