Sanjivani Paranteral Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Sanjivani Paranteral Ltd filed with BSE on 20 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
Sanjivani Paranteral reported a year-on-year decline in Q4 FY26 revenue after Iran-related geopolitical disruptions halted Middle East export shipments during March 2026, while raw material and packing input costs also rose during the quarter. Standalone Q4 revenue was INR 105.1 million with EBITDA margin of 14.7%, and consolidated revenue was INR 132.1 million with EBITDA margin of 15.74%. Management said alternate logistics routes have been established and expects export recovery in Q1 FY27, alongside continued ramp-up of the Pune IV fluids facility and the Prague nutraceutical joint venture.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Standalone revenue: INR 105.1 million (Q4 FY26)
p. 5
“The base business reported revenue of INR 105.1 million, reflecting continual operational movement across our core markets.”
Pritesh Jain, page 5 of the filed PDF · View the filing
Standalone EBITDA: INR 16.58 million (Q4 FY26)
p. 5
“EBITDA stood at INR 16.58 million, while EBITDA margins were at 14.7% during the quarter.”
Pritesh Jain, page 5 of the filed PDF · View the filing
Standalone PAT: INR 9.4 million (Q4 FY26)
p. 5
“Profit after tax came at INR 9.4 million.”
Pritesh Jain, page 5 of the filed PDF · View the filing
Injectable revenue: INR 46.7 million (Q4 FY26)
p. 6
“Injectable revenues stood at INR 46.7 million, contributing to INR 44.43 of the revenue from operations.”
Pritesh Jain, page 6 of the filed PDF · View the filing
Tablet revenue: INR 54.6 million (Q4 FY26)
p. 6
“Tablet revenues stood at INR 54.6 million, contributing INR 51.95 of the revenue from operations.”
Pritesh Jain, page 6 of the filed PDF · View the filing
Export revenue share: 85.26% (Q4 FY26)
p. 6
“Export constituted INR 85.26 % of the revenue from operations at INR 89.62 million, while domestic business accounted INR 14.74 million.”
Pritesh Jain, page 6 of the filed PDF · View the filing
Consolidated revenue: INR 132.1 million (Q4 FY26)
p. 6
“On consolidated basis, the company reported revenue of INR 132.1 million during Q4 FY'26.”
Pritesh Jain, page 6 of the filed PDF · View the filing
Consolidated EBITDA: INR 21.73 million, 15.74% margin (Q4 FY26)
p. 6
“EBITDA stood at INR 21.73 million, with EBITDA margins at 15.74%.”
Pritesh Jain, page 6 of the filed PDF · View the filing
Consolidated PAT margin: 3.97% (Q4 FY26)
p. 6
“Profit after tax stood at INR 5.5 million, with a PAT margin of 3.97% during the quarter.”
Pritesh Jain, page 6 of the filed PDF · View the filing
Pune IVF facility revenue: INR 2.7 crore (Q4 FY26)
p. 4
“which increased to INR 2.7 crore in Q4 FY '26.”
From the transcript, page 4 of the filed PDF · View the filing
Receivable days: 11.5 (implied cycle improved) (FY26 vs FY25)
p. 11
“The receivables if I compare to previous financial year that is March '25, we were at 17.3 last year. This year we are at 11.5.”
Pritesh Jain, page 11 of the filed PDF · View the filing
Debtor days: 65 to 70 days (FY26)
p. 13
“So, right now, for this financial year, the debtor days were around 65 days to 70 days.”
Pritesh Jain, page 13 of the filed PDF · View the filing
Approved products at Pune IV facility: 5 approved, 18 in pipeline
p. 14
“Currently we have a five approval and 18 are in the pipeline.”
Ashwani Khemka, page 14 of the filed PDF · View the filing
Middle East and Africa contribution to topline: 40% to 45%
p. 13
“It's in the range of 40% to 45%.”
Pritesh Jain, page 13 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.
Base business revenue — INR 80-85 crore · FY27
stated firmly by Pritesh Jain
p. 6
“The targets for FY '27, on a base business, we should be around 80-85 and on the IV plant from the Pune, we should be in the range of 60-65 for the annual.”
Pritesh Jain, page 6 of the filed PDF · View the filing
Pune IV plant revenue — INR 60-65 crore · FY27
stated firmly by Pritesh Jain
p. 6
“The targets for FY '27, on a base business, we should be around 80-85 and on the IV plant from the Pune, we should be in the range of 60-65 for the annual.”
Pritesh Jain, page 6 of the filed PDF · View the filing
Pune plant utilization — 70% utilization by Q4 · FY27
stated as an aspiration by Ashwani Khemka
p. 7
“so it will be gradually like 40%, 45% 60% and by the 4th Quarter it will be at the 70% utilization.”
Ashwani Khemka, page 7 of the filed PDF · View the filing
IV business EBITDA margin — 17% to 18% · FY27
stated firmly by Pritesh Jain
p. 9
“Going forward on an annualized basis, we expect EBITDA margins of around 17% to 18%.”
Pritesh Jain, page 9 of the filed PDF · View the filing
Base business EBITDA margin — 15.5% to 16.5% · FY27
stated firmly by Pritesh Jain
p. 12
“So, the baseline business, the EBITDA would range around 15.5% to 16.5% EBITDA.”
Pritesh Jain, page 12 of the filed PDF · View the filing
Injectable growth — 10%-12% · FY27
stated firmly by Ashwani Khemka
p. 10
“10%-12% growth will come from injectable and tablet is 7% to 8%.”
Ashwani Khemka, page 10 of the filed PDF · View the filing
Nutraceutical growth — 8% to 9% · FY27
stated firmly by Ashwani Khemka
p. 10
“And nutraceutical will also ramp up this year, 8% to 9%.”
Ashwani Khemka, page 10 of the filed PDF · View the filing
Export revenue recovery — Q1 FY27
stated firmly
p. 4
“Management is now seeing improvement in export execution and expects a broader recovery in the export revenues during Q1 FY'27 that is April to June 2026 quarter.”
From the transcript, page 4 of the filed PDF · View the filing
Debtor days — 55 to 60 days
stated as an aspiration by Pritesh Jain
p. 13
“We would be in the range of 55 to 60 in the coming periods.”
Pritesh Jain, page 13 of the filed PDF · View the filing
Overall company outlook — FY27
stated as an aspiration
p. 5
“Overall, we remain optimistic that Financial Year ‘27 will be a stronger year for the company supported by improving contribution from all three business verticals.”
From the transcript, page 5 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 attributed the decline to geopolitical disruption of shipping routes in March and said alternate routes have been found for recovery in Q1.
Answered by Pritesh Jain
Asked by Vinod Shah: Why did revenue decline this quarter and how will the company accelerate from here?
p. 6
“So, the shipping routes, availability of the containers and the logistical chain was disrupted and hence we couldn't do major shipments, which we normally do every year in the month of March.”
Pritesh Jain, page 6 of the filed PDF · View the filing
Management said utilization would gradually increase quarter by quarter to reach 70% by Q4.
Answered by Ashwani Khemka
Asked by Abhishek Baskar: What are the current utilization levels and ramp-up timeline for the Pune IV facility?
p. 7
“See, we have just started commercial production last year in December 2025 and it is gradually picking up and in the current coming year in the 4 quarters, so it will be gradually like 40%, 45% 60% and by the 4th Quarter it will be at the 70% utilization.”
Ashwani Khemka, page 7 of the filed PDF · View the filing
Management corrected an earlier figure, clarifying it was 2 million bottles, not 2 lakh, generating that revenue.
Answered by Pritesh Jain
Asked by Pratik Shah: How did 2 million bottles generate INR 3.5 crore revenue at the Pune plant?
p. 8
“Just to correct myself when I said 2 lakhs, it was not 2 lakhs, it was 2 million bottles.”
Pritesh Jain, page 8 of the filed PDF · View the filing
Management confirmed EBITDA margin targets were met in FY26 and expects overall breakeven in FY27 as interest and depreciation normalize.
Answered by Pritesh Jain
Asked by Maitri Shah: Did the IV business break even on margins in FY26 and will it break even overall in FY27?
p. 9
“Yes, we were able to achieve the EBITDA margin targets which we mentioned right now.”
Pritesh Jain, page 9 of the filed PDF · View the filing
Management said the increase was linked to revenue growth and improved collection cycle relative to prior years.
Answered by Pritesh Jain
Asked by Trivikram Gupta: Why did receivables rise sharply compared to two years ago despite similar levels between FY25 and FY26?
p. 11
“So, if I see the turnover for last-to-last year, the turnover was too low. We were at around 54 and we are still growing from that stages.”
Pritesh Jain, page 11 of the filed PDF · View the filing
Management pointed to 25 years of experience, long-standing customer relationships, and quality/delivery focus as differentiators.
Answered by Ashwani Khemka
Asked by Runpen Shah: How is the company differentiating itself amid rising competition in injectables?
p. 12
“So, we are into injectable business for more than almost 25 years more. And we have not seen any quality issues and everything.”
Ashwani Khemka, page 12 of the filed PDF · View the filing
Management said they have historically been able to pass on cost increases, citing past precedent during COVID.
Answered by Ashwani Khemka
Asked by Santhosh Karunakaran: Can raw material price increases be passed on to customers if they persist?
p. 14
“Yes. We are very well aware of and we have done the same in the past also. During COVID times also we have passed on the same to the customers.”
Ashwani Khemka, page 14 of the filed PDF · View the filing
Management said early quarters may see margin strain due to newer plant expenses, before settling at 17-18% for the full year.
Answered by Pritesh Jain
Asked by Sakshi Shinde: What is the medium-term EBITDA margin target for the Pune plant as it scales up?
p. 15
“But as we scale up into Q3, Q2 and Q4, the margins would be better and we would end up the whole year at around 17% to 18% of EBITDA for Pune plant.”
Pritesh Jain, page 15 of the filed PDF · View the filing
Risks flagged
Geopolitical conflict disrupting Middle East shipping and export logistics
p. 4
“Since the Middle East is a key export market for the company, we were not able to execute exports during the month of March 2026 due to disruption in the shipping and trade movement.”
From the transcript, page 4 of the filed PDF · View the filing
Rising raw material and packing input costs
p. 4
“In addition, the company witnessed an increase in the raw material and the packing input cost during March '26.”
From the transcript, page 4 of the filed PDF · View the filing
Crude oil price and currency movements affecting input costs and margins
p. 5
“Accordingly, sustained elevated crude oil prices and unfavorable currency movement can have some impact on input cost, while part of the cost increase can be passed on some portion of the input cost pressure may have an impact on margins during the period.”
From the transcript, page 5 of the filed PDF · View the filing
Import dependency on aluminium and plastics from Middle East causing supply erratic and price increases
p. 8
“India is dependent heavily on aluminum from Middle East, plastics. So, those things are erratic in supplies and the prices have gone up.”
Ashwani Khemka, page 8 of the filed PDF · View the filing
Delays in product approval process for Pune IV facility due to government transfer of personnel
p. 14
“But due to the issues in the approval process and transfer of people in the government, it takes some time.”
Ashwani Khemka, page 14 of the filed PDF · View the filing
Continued logistics disruption expected to persist for a few months
p. 8
“So, this challenge will be there for few, 1 or 2 or 3 months and then we hope it will be normalized.”
Ashwani Khemka, page 8 of the filed PDF · View the filing
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