### **Company Overview** Sanjivani Paranteral Limited (SPL) is a research-driven, WHO-GMP certified pharmaceutical company headquartered in Mumbai, India. With over 30 years of experience in the industry, SPL specializes in the manufacturing and marketing of high-quality **parenteral (injectable)** and **oral solid dosage forms**, including tablets, capsules, ampoules, vials, ointments, and creams. The company also has a growing presence in **sterile IV fluids** and **nutraceuticals**, marking a strategic expansion into adjacent, high-growth segments. Listed on the Bombay Stock Exchange (BSE: 531569), Sanjivani has evolved from a niche formulations player into a diversified, export-led international pharmaceutical business with a strong regulatory and operational foundation. --- ### **Manufacturing & Operational Footprint (Nov 2025)** Sanjivani operates **four manufacturing facilities** across India and Europe: 1. **Navi Mumbai (Rabale)** – Dedicated to sterile injectables (ampoules, vials, liquid injectables). 2. **Dehradun** – Oral solids (tablets and capsules), including beta-lactam production. 3. **Pune (Pimpri)** – New sterile IV fluid manufacturing plant via its joint venture **SPL Infusion Pvt. Ltd.**, commenced commercial production in **September 2025**. 4. **Prague, Czech Republic** – Nutraceutical manufacturing facility through its 45% stake in **Alevia Healthcare S.R.O.**, operational since FY25. All facilities are compliant with **WHO-GMP, DIGEMID, DDA**, and other international quality standards, ensuring adherence to global regulatory norms. --- ### **Production Capacity (As of Nov 2025)** | Product Category | Annual Capacity | |------------------------------------------|-------------------------------------| | Ampoules | 84 million | | Liquid Injectables | 12 million | | Vials (Powder & Liquid) | 48 million | | Tablets | 720 million | | Capsules | 72 million (non-beta-lactam) | | Beta-Lactam Tablets | 120 million | | Beta-Lactam Capsules | 180 million | | Ointments / Creams | 12 million | | Topical Solutions | 14.4 million | | **IV Fluid Bottles (Pune facility)** | **60 million/year (5 million/month)** – scalable to 8 million/month | --- ### **Core Therapeutic Focus** Sanjivani serves key therapeutic areas with high clinical demand: - Central Nervous System (CNS) - Cardiovascular (CVS) - Antibiotics - Gastroenterology - Anti-diabetics - Anti-allergics - Immunosuppressants, hormones, antivirals, and narcotics Supported by an **in-house R&D team**, the company maintains a robust product pipeline and focuses on **differentiated sterile injectables**, value-added nutraceuticals, and chronic disease therapies. --- ### **Revenue & Financial Highlights (FY25 & H1 FY26)** - **Revenue Growth**: - FY24: +53% YoY growth - FY25: Revenue reached **INR 70 crores**, up from **INR 17 crores in FY20** - Q2 FY25: 29% YoY growth; H1 FY25: 30% YoY growth - **Exports**: Constitute **~75% of total revenue**, spanning **25+ countries** across Africa, Latin America, CIS, the Middle East, and now the EU. - **Net Worth**: Turned positive in FY24 at **₹279 million** - **Credit Rating**: Upgraded by CRISIL from **B+/Stable to BB/Stable** (May 2025), reflecting improved financial strength. - **Dividend**: Declared first-ever dividend of **₹0.50 per share** in FY25, signaling financial maturity. --- ### **Strategic Growth Engines (FY26 Outlook)** Sanjivani is entering a pivotal phase in FY26 driven by **three concurrent growth engines**: 1. **Base Business Growth** - Supported by continued product launches, deeper market penetration, and expanded portfolio in emerging markets (Latin America, Central America, Francophone Africa). - 48 new products filed for regulatory approval in Africa during FY25. - Dosage mix: ~44% injectables, ~51% tablets, ~5% nutraceuticals (H1 FY25). 2. **SPL Infusion Pvt. Ltd. (IV Fluids JV)** - 60% owned subsidiary established in February 2024. - Partners: Sanjivani + Hindustan Antibiotics Limited (HAL), under a **public-private partnership (PPP)** model. - **Commercial production began 6 September 2025**. - Addresses India’s massive IV fluid demand-supply gap: **7.2 billion bottles/year demand vs. 2.4–2.8 billion domestic supply**. - Expected to generate **₹25 crores quarterly revenue** from Q4 FY25 onward. - Positioned as the **only IV fluid manufacturer in Maharashtra**, with strategic proximity to ports (within 2.5 hours), creating natural entry barriers. - High CAPEX and land requirements (18–20 acres, 80,000+ sq. ft.) deter new entrants; lead time of 2–3 years. 3. **Alevia Healthcare S.R.O. (Nutraceutical JV – EU Gateway)** - 45% stake in a Prague-based nutraceutical manufacturing platform. - Facility launched commercially in FY25, fulfilling initial orders with ongoing contract negotiations. - Targets the **EUR 70 billion European nutraceutical market** and premium U.S./GCC markets. - Leverages **“Made in Europe”** brand equity for higher pricing and faster market acceptance. - Part of a long-term strategy to diversify geographically and reduce exposure to regional market disruptions. --- ### **Recent Challenges (Q2 FY26)** - **Export Disruptions**: - **Nepal unrest** disrupted exports worth ~₹1 crore. - Increased **FDA scrutiny in Latin America** (due to unrelated Indian exporters) delayed regulatory clearances and dispatches. - **MENA market approvals delayed**, pushing shipments to next quarter. - Despite setbacks, regulatory approvals for both **SPL Infusion** and **Alevia Healthcare** have been **fully secured**, positioning Sanjivani for recovery and growth. --- ### **Geographic Expansion & Market Access** Sanjivani actively expands into high-potential regions: - **Francophone Africa**: Site approval obtained, enabling market access to multiple French-speaking African countries; 48 dossiers filed. - **Latin & Central America**: Broadening product portfolio and distribution reach. - **Europe**: Through Alevia, Sanjivani now has a regulatory and manufacturing foothold in the EU. - **CIS, Middle East, Southeast Asia, Eastern Europe**: Ongoing product registrations and market entry efforts. The company exports to three continents, with plans to enter a **fourth continent** through five newly approved markets. --- ### **R&D and Future Strategy** - **Pipeline Development**: 20+ products in development; 11 planned launches in medium-to-long term. - Regulatory filings underway for **EDQM, USFDA**, and other agencies. - Focus on **process optimization** to reduce solvent use, waste, and environmental impact, lowering costs sustainably. - Solar-powered Pune facility enhances ESG profile and reduces operating costs. --- ### **Competitive Advantages** - **Pioneer in Indian Injectable Manufacturing**: Deep regulatory and technical expertise. - **Agility & Decision-Making**: Compact size enables rapid strategic pivots. - **Multi-Engine Growth Model**: Diversification across products, geographies, and businesses reduces risk. - **Strategic JVs with Low Leverage**: Funded via internal accruals, equity, and minimal debt; maintains strong balance sheet. - **Cost Efficiency with Premium Access**: Indian operations for cost advantage; European production for premium branding.