Sai Parenterals Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Sai Parenterals Ltd filed with BSE on 29 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Sai Parenterals reported its first earnings call as a listed company, discussing FY26 results and the acquisition of Australia-based Noumed Pharmaceuticals completed on 12th November 2025. Standalone FY26 revenue grew 30% to about INR162 crore while consolidated revenue rose to INR381 crore including partial-year Noumed contribution. Management outlined a INR440 crore capex program across India and Australia and set out targets for FY27 revenue and EBITDA margin.
Numbers mentioned
Standalone Revenue: about INR162 crore (FY26)
p. 5
“Standalone revenues for FY 126 stood at about INR162 crore, representing the growth”
Anil Kumar, page 5 of the filed PDF · View the filing
Standalone EBITDA: about INR33 crores, 21% of revenues (FY26)
p. 6
“EBITDA increased to about INR33 crores, which is about 21% of revenues, and PAT grew to about INR17 crores, reflecting a growth of 64% over FY '25.”
Anil Kumar, page 6 of the filed PDF · View the filing
Standalone PAT: about INR17 crores (FY26)
p. 6
“PAT grew to about INR17 crores, reflecting a growth of 64% over FY '25.”
Anil Kumar, page 6 of the filed PDF · View the filing
Consolidated Revenue (Q4): INR198 crores (Q4 FY26)
p. 6
“revenue stood at INR198 crores with the EBITDA at INR29 crores, which is at 15% EBITDA over revenues, and a PAT of INR13 crores, which reflects about 6.6% of revenes.”
Anil Kumar, page 6 of the filed PDF · View the filing
Consolidated Revenue: INR381 crore (FY26)
p. 6
“Consolidated revenues for FY 126 stood at INR381 crore, which represents a 133% growth, while EBITDA stood at INR47 crores, registering a growth of about 18%.”
Anil Kumar, page 6 of the filed PDF · View the filing
Total Debt: about INR319 crores (As of March 2026)
p. 7
“the total debt stood at about INR319 crores, comprising of INR90 crores of long-term borrowings and INR229 crores of short-term borrowings.”
Anil Kumar, page 7 of the filed PDF · View the filing
Debt-to-equity ratio: about 0.6 times (peak, FY27)
p. 7
“Even at peak debt level, the group's debt-to-equity ratio is comfortable at about 0.6 times.”
Anil Kumar, page 7 of the filed PDF · View the filing
Standalone Profit Before Tax: INR18.85 crores (FY26)
p. 7
“For Standalone Financials, the profit before tax is at INR18 crores — INR18.85 crores, and FY' '25 is about INR14.4 crores.”
Anil Kumar, page 7 of the filed PDF · View the filing
Growth capex program: INR440 crores (FY27)
p. 6
“The company is cxceuting a INR440 crores growth capex program.”
Anil Kumar, page 6 of the filed PDF · View the filing
Adelaide facility capex: AUD 53 million or INR311 crores
p. 6
“which involves the total planned capex investment of about AUD 53 million or INR311 crores.”
Anil Kumar, page 6 of the filed PDF · View the filing
Capex deployed to date (Adelaide): AUD 40 million
p. 6
“AUD 40 million has been invested in the project till-date.”
Anil Kumar, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — INR750 crores · FY27
stated firmly by Anil Kumar Karusala
p. 4
“we are targeting a revenue of INR750 crores for the financial year 27 with an EBITDA margin in the range of 17%”
Anil Kumar Karusala, page 4 of the filed PDF · View the filing
EBITDA margin — 17% · FY27
stated firmly by Anil Kumar Karusala
p. 9
“we are targeting a revenue of INR750 crores with an EBITDA margin of 17%, with heavy H2 because usually our Q3 and Q4 will be little heavy than HI and H2”
Anil Kumar Karusala, page 9 of the filed PDF · View the filing
Incremental revenue from capex — none in FY27, contribution from FY28 · FY28 and FY29
stated firmly by Anil Kumar Karusala
p. 9
“we are not seeing any incremental revermic coming out of this investment of the capex investment because all the capex investment are going to be completed by end of the FY 127, that is in the fourth quarter.”
Anil Kumar Karusala, page 9 of the filed PDF · View the filing
Working capital requirement — 25% to 30% of additional revenue
stated as an aspiration by Anil Kumar
p. 9
“we would look at working capital requirement of about 25% to 30% range.”
Anil Kumar, page 9 of the filed PDF · View the filing
TGA license commissioning — no later than 31st March next year
stated firmly by Anil Kumar Karusala
p. 8
“TGA license is expected tobe commissioned and up and flowing no later than the 31t of March next year.”
Anil Kumar Karusala, page 8 of the filed PDF · View the filing
Capex program completion — FY27
stated firmly by Anil Kumar
p. 6
“All the projects remain on track and are expected tobe completed during FY 2027, The company is cxceuting a INR440 crores growth capex program.”
Anil Kumar, page 6 of the filed PDF · View the filing
Debt levels — from FY28 onwards
stated firmly by Anil Kumar
p. 7
“we expect debt levels to decline from FY 128 onwards.”
Anil Kumar, page 7 of the filed PDF · View the filing
Working capital cycle — next few quarters
stated conditionally by Anil Kumar
p. 6
“As CDMO exports increase their contribution to revenue, we expect our working capital cycle to improve over the next few quarters.”
Anil Kumar, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management clarified the standalone PBT figures rather than consolidated, noting an increase from FY25 to FY26.
Answered by Anil Kumar
Asked by Vihaan Bagri: Why did profit before tax degrow despite revenue doubling year-on-year?
p. 7
“For Standalone Financials, the profit before tax is at INR18 crores — INR18.85 crores, and FY' '25 is about INR14.4 crores.”
Anil Kumar, page 7 of the filed PDF · View the filing
Management described the current commissioning process and expected timeline for validation and TGA licensing.
Answered by Mark Thulborne
Asked by Vihaan Bagri: How much time will the Noumed plant take to ramp up?
p. 7
“Commissioning of validation shall commence in October, November of this year with the starting point being on packing of solid dosage forms and moving into liquids mamifactwing through quarter one of the Australian calendar year”
Mark Thulborne, page 7 of the filed PDF · View the filing
Management detailed the INR110 crore India capex, INR15 crore R&D capex, and AUD53 million Australia capex including a government grant and amounts already spent.
Answered by Anil Kumar Karusala
Asked by Hiral Sanghvi: What is the breakup of planned capex in India and Australia, including amounts already deployed?
p. 9
“we have already incurred about close to AUDA0 million on the investments of capex.”
Anil Kumar Karusala, page 9 of the filed PDF · View the filing
Management said no incremental revenue is expected in FY27 from the capex, with impact expected in FY28 and FY29.
Answered by Anil Kumar Karusala
Asked by Hiral Sanghvi: What incremental revenue is expected from the capex investments?
p. 9
“we are targeting a revenue of INR750 crores with an EBITDA margin of 17%, with heavy H2 because usually our Q3 and Q4 will be little heavy than HI and H2”
Anil Kumar Karusala, page 9 of the filed PDF · View the filing
Management explained the seasonal skew toward H2 and attributed margin improvement to backward integration of Noumed manufacturing into Sai facilities.
Answered by Anil Kumar Karusala
Asked by Sivaramakrishna: Why is FY27 revenue guidance of INR750 crores conservative given Q4 annualized run-rate suggests higher, and where will the additional EBITDA margin come from?
p. 10
“most of these facilitics, most of these products we will start shifting it to our own manufacturing in Sai, which will give the impact of that additional margin coming in into Noumed.”
Anil Kumar Karusala, page 10 of the filed PDF · View the filing
Management attributed the negative tax line to a deferred tax asset creation and a shift from old to new tax regime.
Answered by Anil Kumar
Asked by Sivaramakrishna: What explains the tax write-back in the FY26 profit figure?
p. 10
“there are two components of the tax being shown negative. One is the deferred tax assct being ereated.”
Anil Kumar, page 10 of the filed PDF · View the filing
Risks flagged
None of the ongoing capex projects are expected to contribute to FY27 financial performance as facilities will be commissioned late in the year
p. 4
“none of the ongoing capex projects, the INR440 crores capex program are expected to contribute to FY 127 financial performance, as most of these facilities will be commissioned towards the end of the year.”
Anil Kumar Karusala, page 4 of the filed PDF · View the filing
FY27 is expected to be the peak debt year for the group during capex execution
p. 7
“FY '27 s expected to be the peak year of debt for the group as we complete our ongoing capex programs.”
Anil Kumar, page 7 of the filed PDF · View the filing
Noumed currently depends on external manufacturers, representing a margin and supply chain constraint until vertical integration is completed
p. 10
“As of today, Noumed is dependent on the manufacturing from outside.”
Anil Kumar Karusala, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.