Develops and manufactures pharmaceutical formulations, with a base business in generics and a growing pipeline of Novel Innovative Products (NIP) and Oral Thin Film (OTF) drug-delivery formats. FY26 operating income was ~INR 3,744M, with EBITDA of ~INR 414M and PAT of INR 58M, while Q4 FY26 operating income was ~INR 1,053M at 12.7% EBITDA margin. Exports accounted for 82% of revenue, making overseas regulated markets (especially the EU) and ROW/pharmerging geographies its principal customer base; the EU GMP re-inspection was completed May 4–7, 2026, with reinstatement targeted within 2–3 months. NIP+OTF contributed ~22% of Q4 operating income (INR 254M) and management is targeting 50% of revenue from this segment, backed by 17 products in the pipeline and 5 already approved for supply once EU GMP is restored. The Dabigatran capsule marketing approval has been received in Italy, addressing a ~$400M EU opportunity, with first regulated-market commercial supplies expected from Q4 FY27. The nutraceutical segment is guided at 10–15% annual steady-state growth, and R&D spend is held at ~8.3% of revenue with INR 311M deployed on BE studies in FY26. Materials were the largest cost at 43.8% of revenue, with employee cost at 17.1% and other opex at 30.7%; MENA geopolitical disruption and EU GMP-related pipeline freezes together cost ~INR 20–25 crore of FY26 revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Base pharmaceutical formulations (generics), NIP + OTF (Novel Innovative Products + Oral Thin Film) (22%), Nutraceuticals, Exports (82%). Innovation-driven, export-heavy pharmaceutical formulations business with significant regulatory exposure (EU GMP) and geopolitical exposure (MENA).
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, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|
| Revenue | 333 | 399 | 367 | 379 | 374 |
| EBITDA (ex other income) | 41 | 52 | 41 | 44 | 30 |
| margin % | 12.3 | 13.0 | 11.2 | 11.5 | 8.0 |
| Owners' profit | 15 | 24 | 17 | 12 | 6 |
| EPS, as reported (₹) | 8.96 | 5.01 | 3.54 | 2.50 | 1.19 |
| ROE % · ROCE % | 8.3 · 15.0 | 12.2 · 17.7 | 7.2 · 10.6 | 4.8 · 9.6 | 2.0 · 6.1 |
| Debt / equity (x) | 0.29 | 0.30 | 0.45 | 0.44 | 0.42 |
| Cash from operations | 49 | 38 | 16 | 41 | 50 |
| Capex | (15) | (37) | (74) | (41) | (44) |
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
