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RPG Life Sciences Ltd

RPGLIFE

NSE

₹2,843.00-3.32%19 Oct 2026 at 3:55 PM

Reports

Pharma Formulations

RPG Life Sciences Ltd

RPGLIFE

NSE

₹2,843.00

-3.32%

19 Oct 2026 at 3:55 PM

SOICxStockScans Reports

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Pharma Formulations

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

RPG Life Sciences is a pharmaceutical company built on a handful of trusted, decades-old medicines that doctors still prescribe every day - it takes these legacy brands, keeps them relevant with new doses and combinations, and layers on a growing portfolio of modern specialty drugs for chronic diseases. The company began in 1968 as a joint venture with G.D. Searle, became part of the RPG Group, and was renamed RPG Life Sciences in 1999 after G.D. Searle withdrew its India operations. The recurring approach is to own the molecule from start to finish - it makes the active ingredient, formulates the finished pill, and sells it under its own brand to doctors in India while also supplying generic versions to partners abroad, which gives it control over quality, cost and supply.

Business segments

A single integrated pharmaceutical engine with three mutually reinforcing streams - branded domestic formulations that doctors prescribe, international generics supplied to global partners, and the in-house API manufacturing that feeds both.

1. Domestic Formulations: the branded-prescription engine that doctors trust

Six legacy brands with over fifty years of clinical history anchor a portfolio that now spans nine therapy areas, from nephrology to oncology, sold through a specialist sales force to India's doctors.

Legacy brands are the bedrock - six "textbook brands" including Azoran, Aldactone, Lomotil and Naprosyn have been prescribed for decades, and the company extends their life by launching new strengths, combinations and dosage forms such as Azoran 75, Aldactone T and Naprosyn+ GEL.
Immunosuppressants are the specialty stronghold - the company calls itself a leader in this category, with a portfolio of Azoran, Mofetyl, Arpimune ME and Imunotac that it is building toward a ₹100 crores portfolio with twelve variants and four new customer segments.
Biosimilars open the next frontier - a newer line of monoclonal antibodies including HerMab (Trastuzumab) and Adlumab (Adalimumab) takes the company into high-value oncology and autoimmune treatments, sold alongside small-molecule specialty drugs like T-JAKI and Denbri.
A specialist sales force calls on the right doctors - the field team targets cardiologists, nephrologists, rheumatologists and oncologists, with specialty productivity reaching ₹16.7 lakhs per representative per month, well above the company-wide average of over ₹6.5 lakhs.
Digital tools keep doctors engaged - the proprietary RPGServ platform gives more than one lakh doctors, including over 36,000 specialists, anytime access to curated scientific literature and an AI-powered patient education service, while the RXR 3.0 system tracks every sales call and customer activity.

2. International Formulations: the global generics supply arm

The company sells oral solid-dosage generics and branded generics to leading global pharmaceutical players, with a focus on products that are hard to make and have few competitors.

Immunosuppressants travel well - Azathioprine is the flagship export product, and the portfolio also includes branded generics like Azoran, Mofetyl and Arpimune ME sold into nephrology markets across Canada, the UK, Germany, France and Australia.
Complexity keeps competition low - the business deliberately targets products that need special manufacturing conditions such as low humidity and low temperature, along with complex generics where fewer rivals can follow.
Backward integration locks in supply - because the company makes its own APIs, the international formulations business is not dependent on outside suppliers for its key starting materials, which strengthens its reliability with global customers.

3. Active Pharmaceutical Ingredients: the molecule factory that feeds the rest

A niche API business making high-value, low-volume synthetic molecules - primarily immunosuppressants - for both captive use and sale to generic drug makers worldwide.

The immunosuppressant basket is the core - Azathioprine and Mycophenolate Mofetil are the lead APIs, sold alongside a broader catalogue that includes Nicorandil, Haloperidol, Risperidone, Sertraline and others.
Captive consumption de-risks the formulations business - the API unit supplies the international formulations arm directly, so the company is not exposed to third-party API price swings or shortages for its own finished-dose products.
Global customers span regulated and emerging markets - the API business sells to major pharma and generic companies in Germany, Japan, South Korea, China, Brazil, Mexico, Iran, Egypt and beyond.
The strategy is shifting toward harder-to-copy molecules - the company is targeting complex and niche APIs with high entry barriers, including chemistries that are difficult to manufacture and new therapy areas such as GLP-1, while also pursuing capacity expansion and potential acquisitions.
A dedicated subsidiary is being carved out - in December 2025 the board approved transferring the API division to a newly incorporated wholly owned subsidiary, RPG Active Pharma Limited, as a going concern, with completion expected by March 2026.

Manufacturing and R&D backbone

Three plants with approvals from advanced-country regulators, plus in-house R&D that develops both the molecule and the finished pill - the infrastructure that makes vertical integration real.

Two formulations plants, two different jobs - the Ankleshwar Unit 1 makes tablets, liquids and powders for domestic and emerging markets, while Unit 2 is built for regulated markets with dedicated lines that handle low-humidity and low-temperature products, holding EU GMP approval from the Hamburg Health Authority.
One API plant with a dedicated immunosuppressant block - the Navi Mumbai site has three manufacturing blocks, one of which (MF2) is a dedicated facility for immunosuppressant APIs serving regulated and emerging markets, with approvals from WHO, TGA Australia and PMDA Japan.
₹140 crores of capex since FY22 has modernised all three plants - the investment has built facilities with EU, TGA and PMDA approvals, and digital tools now run across manufacturing, including an e-QMS for quality, an e-DMS for documents, biometric retina scanners for equipment access, and IoT-based monitoring of chilling plants and air handling units.
R&D spans both the pill and the molecule - the formulations R&D lab develops immediate-release, modified-release and complex generics with a GLP-compliant analytical lab, while the API R&D lab works on niche, low-competition molecules aligned with the company's strategic priorities.
Regulatory expertise opens doors in advanced markets - an in-house regulatory team handles submissions to Canada, the UK, the EU and Australia, with eCTD capabilities and integrated project management, and recently secured Health Canada approval for an NSAID drug product and a CEP approval for an immunosuppressant API in Europe.

Group structure and partners

A single listed entity within the RPG Group, now creating its first subsidiary to house the API business, with captive solar power investments to run the plants.

RPG Life Sciences is part of the RPG Group, a diversified conglomerate with over 31,000 employees, a presence in more than 135 countries, and annual gross revenues of USD 5.2 billion spanning infrastructure, tyres, IT, pharmaceuticals, energy and plantations.
Until recently the company had no subsidiaries, joint ventures or associates - it operated as a single legal entity from its Mumbai head office.
In December 2025 it incorporated RPG Active Pharma Limited as a wholly owned subsidiary to receive the API business as a going concern via a business transfer agreement.
The company has invested ₹1.01 crores in Sunpound Solar Private Limited, a special-purpose vehicle for captive solar power generation at the Navi Mumbai API plant, and has signed a power purchase agreement with First Energy 11 Private Limited for a wind-solar hybrid plant to supply the Ankleshwar formulation plant, with an equity investment of up to ₹1.5 crores.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹4,712Cr

Close Price

₹2,849.00

Industry

Pharma Formulations

Price To Earnings

39.38

Price To Sales

6.42

Revenue

₹734Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Consolidated

Standalone

Numbers

Percentage

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	173	143	169	182	180	177	196
Growth YoY Revenue Growth YoY%					4.2	23.6	15.8
Expenses ExpensesCr	124	118	133	143	140	144	152
Operating Profit Operating ProfitCr	49	25	35	39	40	33	43
OPM OPM%	28.5	17.8	21.0	21.5	22.1	18.6	22.1
Other Income Other IncomeCr	3	115	5	16	-5	14	5
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	1
Depreciation DepreciationCr	5	5	5	5	5	6	6
PBT PBTCr	47	135	35	49	29	40	41
Tax TaxCr	12	18	9	13	7	10	11
PAT PATCr	35	117	26	37	22	30	31
Growth YoY PAT Growth YoY%					-36.6	-74.5	17.0
NPM NPM%	20.2	82.0	15.6	20.3	12.3	16.9	15.7
EPS EPS₹	21.1	71.0	15.9	22.3	13.4	18.1	18.6

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	173	143	169	182	180	177	196
Growth YoY Revenue Growth YoY%					4.2	23.6	15.8
Expenses ExpensesCr	124	118	133	143	140	144	152
Operating Profit Operating ProfitCr	49	25	35	39	40	33	43
OPM OPM%	28.5	17.8	21.0	21.5	22.1	18.6	22.1
Other Income Other IncomeCr	3	115	5	16	-5	14	5
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	1
Depreciation DepreciationCr	5	5	5	5	5	6	6
PBT PBTCr	47	135	35	49	29	40	41
Tax TaxCr	12	18	9	13	7	10	11
PAT PATCr	35	117	26	37	22	30	31
Growth YoY PAT Growth YoY%					-36.6	-74.5	17.0
NPM NPM%	20.2	82.0	15.6	20.3	12.3	16.9	15.7
EPS EPS₹	21.1	71.0	15.9	22.3	13.4	18.1	18.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	653	708	734
Growth Revenue Growth%		8.3
Expenses ExpensesCr	494	560	579
Operating Profit Operating ProfitCr	160	147	155
OPM OPM%	24.4	20.8	21.1
Other Income Other IncomeCr	95	29	29
Interest Expense Interest ExpenseCr	1	1	1
Depreciation DepreciationCr	21	21	22
PBT PBTCr	233	154	160
Tax TaxCr	50	39	41
PAT PATCr	183	115	120
Growth PAT Growth%		-37.1
NPM NPM%	28.0	16.3	16.3
EPS EPS₹	110.8	69.6	72.3

Financial Year	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	653	708	734
Growth Revenue Growth%		8.3
Expenses ExpensesCr	494	560	579
Operating Profit Operating ProfitCr	160	147	155
OPM OPM%	24.4	20.8	21.1
Other Income Other IncomeCr	95	29	29
Interest Expense Interest ExpenseCr	1	1	1
Depreciation DepreciationCr	21	21	22
PBT PBTCr	233	154	160
Tax TaxCr	50	39	41
PAT PATCr	183	115	120
Growth PAT Growth%		-37.1
NPM NPM%	28.0	16.3	16.3
EPS EPS₹	110.8	69.6	72.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	13	13
Reserves ReservesCr	517	592
Current Liabilities Current LiabilitiesCr	120	161
Non Current Liabilities Non Current LiabilitiesCr	7	27
Total Liabilities Total LiabilitiesCr	658	793
Current Assets Current AssetsCr	465	559
Non Current Assets Non Current AssetsCr	193	234
Total Assets Total AssetsCr	658	793

Financial Year	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	13	13
Reserves ReservesCr	517	592
Current Liabilities Current LiabilitiesCr	120	161
Non Current Liabilities Non Current LiabilitiesCr	7	27
Total Liabilities Total LiabilitiesCr	658	793
Current Assets Current AssetsCr	465	559
Non Current Assets Non Current AssetsCr	193	234
Total Assets Total AssetsCr	658	793

Consolidated

Standalone

Financial Year	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	78	57
Investing Cash Flow Investing Cash FlowCr	-42	86
Financing Cash Flow Financing Cash FlowCr	-27	-21
Net Cash Flow Net Cash FlowCr	9	122
Free Cash Flow Free Cash FlowCr	151	-9
CFO To PAT CFO To PAT%	42.5	49.1
CFO To EBITDA CFO To EBITDA%	48.8	38.4

Financial Year	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	78	57
Investing Cash Flow Investing Cash FlowCr	-42	86
Financing Cash Flow Financing Cash FlowCr	-27	-21
Net Cash Flow Net Cash FlowCr	9	122
Free Cash Flow Free Cash FlowCr	151	-9
CFO To PAT CFO To PAT%	42.5	49.1
CFO To EBITDA CFO To EBITDA%	48.8	38.4

Consolidated

Standalone

Financial Year	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	3,767	3,060	4,712
Price To Earnings Price To Earnings	20.6	26.6	39.4
Price To Sales Price To Sales	5.8	4.3	6.4
Price To Book Price To Book	7.1	5.0	7.8
EV To EBITDA EV To EBITDA	22.7	19.6	30.3
Profitability Ratios Profitability Ratios
GPM GPM%	60.0	57.4	57.4
OPM OPM%	24.4	20.8	21.1
NPM NPM%	28.0	16.3	16.3
ROCE ROCE%	44.0	24.8	24.8
ROE ROE%	34.5	19.0	19.0
ROA ROA%	27.9	14.5	14.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	3,767	3,060	4,712
Price To Earnings Price To Earnings	20.6	26.6	39.4
Price To Sales Price To Sales	5.8	4.3	6.4
Price To Book Price To Book	7.1	5.0	7.8
EV To EBITDA EV To EBITDA	22.7	19.6	30.3
Profitability Ratios Profitability Ratios
GPM GPM%	60.0	57.4	57.4
OPM OPM%	24.4	20.8	21.1
NPM NPM%	28.0	16.3	16.3
ROCE ROCE%	44.0	24.8	24.8
ROE ROE%	34.5	19.0	19.0
ROA ROA%	27.9	14.5	14.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	BLISSGVS	SENORES	FDC	RPGLIFE	GUFICBIO	KPL	INDSWFTLAB
Market CapitalizationMkt CapCr	6,596	5,789	5,570	4,712	4,051	3,516	3,044
Close PriceClose₹	620.05	1,257.00	342.10	2,849.00	404.00	3,389.00	350.00
IndustryIndustry	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations
Price To EarningsPE	48.14	44.26	19.03	39.38	55.19	43.39	51.32
Price To SalesPS	6.56	8.41	2.54	6.42	4.13	6.35	4.58
RevenueRevenueCr	1,005	688	2,190	734	981	554	665
Revenue Growth TTMRev Gr TTM%	20.6%	51.0%	3.4%		16.7%	37.9%	54.0%
PAT Growth TTMPAT Gr TTM%	26.0%	90.6%	8.7%		18.7%	86.8%	-74.7%

	BLISSGVS	SENORES	FDC	RPGLIFE	GUFICBIO	KPL	INDSWFTLAB
Market CapitalizationMkt CapCr	6,596	5,789	5,570	4,712	4,051	3,516	3,044
Close PriceClose₹	620.05	1,257.00	342.10	2,849.00	404.00	3,389.00	350.00
IndustryIndustry	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations
Price To EarningsPE	48.14	44.26	19.03	39.38	55.19	43.39	51.32
Price To SalesPS	6.56	8.41	2.54	6.42	4.13	6.35	4.58
RevenueRevenueCr	1,005	688	2,190	734	981	554	665
Revenue Growth TTMRev Gr TTM%	20.6%	51.0%	3.4%		16.7%	37.9%	54.0%
PAT Growth TTMPAT Gr TTM%	26.0%	90.6%	8.7%		18.7%	86.8%	-74.7%

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