Senores Pharmaceuticals Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Senores Pharmaceuticals Ltd filed with BSE on 19 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
Senores Pharmaceuticals reported FY26 consolidated revenue of about INR663-664 crores, up approximately 62% year-on-year, with PAT of INR122 crores, up 108%. Q4FY26 consolidated income was INR190 crores, up 66% year-on-year, with EBITDA margin of 32.7% and PAT of approximately INR32 crores. Management discussed the acquisition of Apnar Pharma, the Zoraya subsidiary, the new Amerisyn joint venture for US government procurement, and growth across regulated, emerging market and Indian branded generic segments.
Numbers mentioned
Revenue growth FY26: approximately 62% (FY26)
p. 3
“For FY26, we achieved approximately 62% revenue growth and 108% PAT growth over FY25, showcasing the strength of our business model and our execution excellence.”
Swapnil Shah, page 3 of the filed PDF · View the filing
Total revenue: about INR663 crores (FY26)
p. 3
“Total revenue stands at about INR663 crores with a profit of INR122 crores.”
Swapnil Shah, page 3 of the filed PDF · View the filing
Approved ANDA portfolio: 51 approved ANDAs covering more than 150 product strengths (as of March 2026)
p. 4
“As of March 2026, we had a portfolio of 51 approved ANDAs collectively covering more than 150 product strengths.”
Swapnil Shah, page 4 of the filed PDF · View the filing
ANDA portfolio growth: increased from 22 ANDAs in March '25 to 51 in March '26 (FY25 to FY26)
p. 4
“Over the past year, our approved ANDA portfolio has more than doubled, increasing from 22 ANDAs in March '25 to 51 in March '26, reflecting the scale and pace of our execution.”
Swapnil Shah, page 4 of the filed PDF · View the filing
Emerging market revenue growth: 20% (FY26)
p. 5
“Moving to the emerging markets business, emerging market revenue grew by 20% in FY26.”
Swapnil Shah, page 5 of the filed PDF · View the filing
India branded generic revenue: about INR40 crores (FY26)
p. 6
“Revenue for FY26 stood at about INR40 crores, growing nearly five times from FY25.”
Swapnil Shah, page 6 of the filed PDF · View the filing
Consolidated income: INR190 crores (Q4 FY26)
p. 6
“Starting with the quarterly performance, our consolidated income for Q4 FY'26 stood at INR190 crores, reflecting a strong growth of 66% on a Y-o-Y basis, driven by robust growth in regulated markets.”
Deval Shah, page 6 of the filed PDF · View the filing
Regulated markets revenue: INR118 crores (Q4 FY26)
p. 6
“Revenue from regulated markets grew by 83% Y-o-Y and came to INR118 crores.”
Deval Shah, page 6 of the filed PDF · View the filing
Consolidated EBITDA: INR62 crores (Q4 FY26)
p. 6
“Consolidated EBITDA for Q4 stood at INR62 crores, growing more than three times on a Y-o-Y basis.”
Deval Shah, page 6 of the filed PDF · View the filing
EBITDA margin: 32.7% (Q4 FY26)
p. 6
“EBITDA margin came at 32.7%, improving by almost 1,151 bps Y-o-Y.”
Deval Shah, page 6 of the filed PDF · View the filing
PAT and minority interest: approximately INR32 crores (Q4 FY26)
p. 6
“Profit after tax and minority interest for the quarter grew by 78% Y-o-Y and came to approximately INR32 crores.”
Deval Shah, page 6 of the filed PDF · View the filing
Consolidated income: INR664 crores (FY26)
p. 6
“Speaking on the full-year performance, consolidated income for FY26 stood at INR664 crores, reflecting a strong growth of 62% Y-o-Y.”
Deval Shah, page 6 of the filed PDF · View the filing
Consolidated EBITDA: around INR200 crores (FY26)
p. 7
“Consolidated EBITDA for 2026 stood at around INR200 crores, more than doubling it from FY25.”
Deval Shah, page 7 of the filed PDF · View the filing
EBITDA margin: 30% (FY26)
p. 7
“EBITDA margin improved by 527 bps Y-o-Y and stood at 30%.”
Deval Shah, page 7 of the filed PDF · View the filing
Operating cash flow: around INR75 crores (FY26)
p. 7
“Operating cash flow for '25-'26 stands at around INR75 crores, showing a significant improvement over last year.”
Deval Shah, page 7 of the filed PDF · View the filing
Sourced/spot business share of revenue: 10% to 12%
p. 7
“10% to 12%.”
Deval Shah, page 7 of the filed PDF · View the filing
Net working capital days ex-Apnar: around 104 days (FY26)
p. 7
“If we take out Apnar, it is around 104 days, the net working capital cycle.”
Deval Shah, page 7 of the filed PDF · View the filing
FY26 capex: around INR230 crores (FY26)
p. 11
“FY26 is around INR230 crores, including one acquisition of ANDA and everything.”
Deval Shah, page 11 of the filed PDF · View the filing
Apnar revenue: about INR2.5 crores, INR3 crores (Q4 FY26)
p. 10
“So, this year we did about INR2.5 crores, INR3 crores of revenue in the last three months.”
Swapnil Shah, page 10 of the filed PDF · View the filing
MR count: 120 to 130 people
p. 13
“We had about 120 to 130 people today on the field as we speak.”
Swapnil Shah, page 13 of the filed PDF · View the filing
Per unit realization emerging market: about INR1.90 paisa, up from INR1.20 paisa
p. 10
“Just to give you a little more perspective, when we started, I mean, probably about one year, 1.5 back, our per unit realization on emerging market capacity was about INR1.20 paisa, which we are already about INR1.90 paisa.”
Swapnil Shah, page 10 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 growth — approximately 30% to 40% · FY27
stated conditionally by Swapnil Shah
p. 4
“For FY27, our initial outlook indicates revenue growth of approximately 30% to 40% and PAT growth of about 50% to 60%.”
Swapnil Shah, page 4 of the filed PDF · View the filing
PAT growth — about 50% to 60% · FY27
stated conditionally by Swapnil Shah
p. 4
“For FY27, our initial outlook indicates revenue growth of approximately 30% to 40% and PAT growth of about 50% to 60%.”
Swapnil Shah, page 4 of the filed PDF · View the filing
EBITDA margin — 29% to 31% · FY27
stated firmly by Swapnil Shah
p. 14
“However, from a margin standpoint, blended margin, I think we are comfortable picking at about 29% to 31%, as we have spoken about on the EBITDA basis.”
Swapnil Shah, page 14 of the filed PDF · View the filing
Emerging market EBITDA margin — 20%, 21% · next year
stated as an aspiration by Swapnil Shah
p. 9
“So may can settle at about 20%, 21% on EBITDA.”
Swapnil Shah, page 9 of the filed PDF · View the filing
Emerging markets revenue — about INR180 crores · FY27
stated firmly by Swapnil Shah
p. 9
“So, in the emerging market, we anticipate that next year our projection is about INR180 crores of revenue that we are looking to get from emerging markets.”
Swapnil Shah, page 9 of the filed PDF · View the filing
Apnar Pharma revenue — INR80 crores to INR100 crores · full year
stated firmly by Swapnil Shah
p. 8
“So, for the full year, we expect Apnar to give us about INR80 crores to INR100 crores of revenues from that particular plant.”
Swapnil Shah, page 8 of the filed PDF · View the filing
Apnar Pharma revenue — INR180 crores to INR200 crores · two to three years
stated as an aspiration by Swapnil Shah
p. 10
“In two to three-year timeframe, we feel we should be able to do about INR180 crores to INR200 crores revenue from the Apnar facility.”
Swapnil Shah, page 10 of the filed PDF · View the filing
US business revenue — INR2,500 crores to INR3,000 crores · next three to four years
stated as an aspiration by Swapnil Shah
p. 10
“As a company, we are building at least INR2,500 crores to INR3,000 crores of revenue just coming out of the US in the next three to four years' timeframe.”
Swapnil Shah, page 10 of the filed PDF · View the filing
Branded generic business India revenue — INR60 crores to INR70 crores · this year
stated firmly by Swapnil Shah
p. 13
“So, this year we have budgeted about INR60 crores to INR70 crores of branded generic business in India.”
Swapnil Shah, page 13 of the filed PDF · View the filing
MR count plateau — about 200
stated as an aspiration by Swapnil Shah
p. 13
“Yeah, about 200. Yeah, if you have to put a number to it. So, I think at a 200 we'll try, and kind of consolidate on that side.”
Swapnil Shah, page 13 of the filed PDF · View the filing
FY27 capex — around INR200 crores · FY27
stated firmly by Deval Shah
p. 11
“FY'27, we are expecting around INR200 crores taken together.”
Deval Shah, page 11 of the filed PDF · View the filing
ANDA rollout of remaining approved products — 90% to 95% of 51 commercialized · next six to eight quarters
stated conditionally by Swapnil Shah
p. 17
“But if we speak specifically of this 51, I think in another six to eight quarters, we should have at least 90% to 95% of 51 to be commercialized.”
Swapnil Shah, page 17 of the filed PDF · View the filing
Amerisyn JV revenue — INR80 crores to INR100 crores, conservatively INR50 crores to INR70 crores · this year
stated conditionally by Swapnil Shah
p. 17
“We feel this year, probably we'll do about INR80 crores to INR100 crores of revenue from that JV, maybe a little conservatively, maybe INR50 crores to INR70 crores.”
Swapnil Shah, page 17 of the filed PDF · View the filing
Free cash flow generation — FY27
stated conditionally by Sanjay Majmudar
p. 14
“So, I think we should generate free cash flow in FY'26, '27.”
Sanjay Majmudar, page 14 of the filed PDF · View the filing
Average tax rate — Around 23%
stated firmly by Deval Shah
p. 11
“Around 23%, average.”
Deval Shah, page 11 of the filed PDF · View the filing
PIC/S approval for emerging market facility — June, July of this year
stated conditionally by Swapnil Shah
p. 6
“We are also in the process of obtaining PIC/S approval for our emerging market facility by June, July of this year.”
Swapnil Shah, 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 said the business has remained largely consistent with no further growth expected, and it represents 10-12% of revenue.
Answered by Swapnil Shah
Asked by Tarun Krishna: How has the sourced/spot product segment within regulated markets evolved and what percentage of revenue does it represent?
p. 7
“The business has more or less remained consistent, and we don't expect any further growth from that particular business, so to speak.”
Swapnil Shah, page 7 of the filed PDF · View the filing
Management attributed the jump to the Apnar acquisition inflating working capital before its sales came in; excluding Apnar it would be around 104 days.
Answered by Deval Shah
Asked by Tarun Krishna: Why did working capital days jump from 114 to 187 days year-on-year?
p. 7
“We have had the Apnar thing coming in the last quarter. So, the working capital has shown that jump, while sales have not come in from Apnar.”
Deval Shah, page 7 of the filed PDF · View the filing
Management said about 100 basis points of margin suppression this quarter was due to Apnar acquisition costs without matching revenue yet, and reiterated blended guidance of 29-31% EBITDA margin.
Answered by Swapnil Shah
Asked by Maitri Sheth: What margins are expected going forward from FY27, given some margin suppression this quarter?
p. 8
“I think they're about 100 basis point being suppressed because of the acquisition of Apnar where we've incurred the expenses over last three months, but the subsequent revenue has not come in as of as of last quarter”
Swapnil Shah, page 8 of the filed PDF · View the filing
Management explained it reflects unbilled profit share on a cost-plus basis that is recognized as income before being realized in cash, typically over one to six months.
Answered by Sanjay Majumudar
Asked by Hrushikesh Vrajesh Shah: What does the rising 'other financial assets' line item on the balance sheet represent?
p. 9
“Contractually, the revenue that is due as a profit share is booked as income and it is parked as a financial asset till it is realized.”
Sanjay Majumudar, page 9 of the filed PDF · View the filing
Management guided to INR10-20 crores this quarter, INR80-100 crores steady state this year, and INR180-200 crores in two to three years.
Answered by Swapnil Shah
Asked by Sumit Gupta: What revenue and EBITDA can be expected from Apnar Pharma over the next two to three years?
p. 10
“And this quarter as we speak, we are expecting revenue to be around INR10 crores to INR20 crores from Apnar facility.”
Swapnil Shah, page 10 of the filed PDF · View the filing
Management said the guidance is deliberately conservative given external uncertainties like shipping and inflationary pressures, and will be revisited after a couple of quarters.
Answered by Sanjay Majmudar
Asked by Gaurav Tinani: Why is FY27 growth guidance of 30-40% conservative compared to historical 60% growth, especially with Apnar contribution?
p. 14
“So we have decided to be a little conservative. Let us wait for one or two quarters. Let us see how things settle in the world.”
Sanjay Majmudar, page 14 of the filed PDF · View the filing
Management said it is difficult to separate organic from inorganic since acquired products undergo further development, so they consider everything organic.
Answered by Swapnil Shah
Asked by Foram Parekh: How much of the US-regulated business target of INR2,500-3,000 crores will come from organic versus inorganic growth?
p. 12
“For us, everything becomes organic, because not necessarily the product that is acquired is been immediately launched, right?”
Swapnil Shah, page 12 of the filed PDF · View the filing
Management said margins for Amerisyn are not thin and expected profitability similar to their broader US EBITDA business at upwards of 40%.
Answered by Swapnil Shah
Asked by Divyam Doshi: Will the Amerisyn government-contract JV have thin margins given it targets government business?
p. 17
“We feel we'll be able to achieve that with decent profitability. Profitability, which will be almost an average of what our US EBITDA business is, which is about upwards to about 40%.”
Swapnil Shah, page 17 of the filed PDF · View the filing
Risks flagged
External environment including shipping lines and inflationary pressures in the US creating uncertainty for growth guidance
p. 14
“As we speak, there are a lot of moving parts in terms of external environment, which is not very conducive, shipping lines, everything, overall atmosphere, even in US in terms of inflationary pressures, etcetera.”
Sanjay Majmudar, page 14 of the filed PDF · View the filing
Fourth manufacturing line installation in the US pushed to a later date due to the Apnar acquisition
p. 15
“So, we have currently commercialized three lines. The fourth line was to be commercialized or installed, but we have pushed that plan because we acquired Apnar in December 2025.”
Swapnil Shah, page 15 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.