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Sai Parenterals Ltd

SAIPARENT

NSE

₹483.00-0.88%19 Oct 2026

Reports

Pharma Formulations

Sai Parenterals Ltd

SAIPARENT

NSE

₹483.00

-0.88%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Pharma Formulations

Indices

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

Sai Parenterals is a pharmaceutical company that has transformed itself from a contract manufacturer into a global, IP-led platform - it doesn’t just make medicines for others, it now owns the recipes, the regulatory approvals, and the last-mile distribution in some of the world’s most tightly regulated markets. The business was founded in 2001, but its current shape was forged in 2016 when the promoters took full control and, more decisively, in late 2025 when it acquired a controlling stake in Australia’s Noumed Pharmaceuticals, gaining a direct pipeline into Australian and New Zealand pharmacy shelves. The recurring approach is to stitch together the entire value chain - from in-house R&D and manufacturing in India to marketing and distribution in developed countries - so that it captures value at every step, not just the factory gate.

Business segments

Three engines, tightly coupled - a regulated-market platform in Australia and New Zealand that owns the customer relationship, a CDMO export business that supplies complex injectables and oral drugs to multinationals, and a domestic branded-formulation base that provides stability and a portfolio of 302 products.

1. Australia & New Zealand platform: the IP and distribution engine

Through its Noumed subsidiary, Sai owns one of Australia’s largest private-label OTC portfolios and a turnkey solution that handles everything from manufacturing to pharmacy delivery - making it the only organization in the country offering that full service to multinational customers right now.

Turnkey partner to multinationals - Noumed owns the intellectual property, makes the product, releases it, and distributes it on behalf of the client, a complete chain that no other organization in Australia currently provides. It supplies Novartis with the Demazin and Duro-Tuss brands, and is the exclusive OTC supplier to one of Australia’s leading multi-billion-dollar pharmacy chains under a contract that adds 12 new products every year.
Shelf space in 2,100 pharmacies - Noumed’s two largest customers are Wesfarmers Health (which runs the Priceline and Pharmacy Health banners) and the EBOS Group (Terry White Chemmart and Pharmacy Choice), together covering more than a third of Australia’s 5,500 pharmacies. That gives Sai a distribution footprint that would take a new entrant years to replicate.
A dossier vault that cuts launch times in half - the acquisition brought 451 IP dossiers that Sai can leverage across multiple export markets, shrinking the typical product-launch timeline from 18-24 months down to 6-9 months. Five more dossiers were added in Australia in the fourth quarter of FY26 alone.
Building Australia’s largest and most modern plant - an Adelaide manufacturing facility for tablets, liquid orals, and nasal sprays is on track for completion in Q4 FY27, backed by a grant of almost AUD 20 million from the Federal Australian Government. Once running, it will let Sai progressively bring in-house a large chunk of the production that Noumed currently outsources to Indian contract manufacturers, tightening margins and control.

2. CDMO export business: the complex-manufacturing engine

Sai serves as an end-to-end contract development and manufacturing partner for multinational pharma companies, backed by 599 approved product registrations in regulated markets and a ₹440 crore capex program to upgrade its Indian plants to EU-GMP standards.

Long-term contracts with locked-in demand - the CDMO business operates under exclusive, long-term supply agreements with customers in Australia, New Zealand, and the Philippines, and more than half of the group’s consolidated revenue comes from these regulated-market contracts. That shifts the business from spot manufacturing to predictable, relationship-based revenue.
Bought, not just built - the company acquired its TGA-approved Unit III for ₹24 crore in FY2022 and its PIC/S-approved Unit IV for ₹11 crore in FY2023, both as assets that generated no revenue before the purchase. That is how Sai added regulatory certifications and capacity at a fraction of the time and cost of greenfield construction.
An R&D engine feeding the pipeline - the 75%-owned subsidiary SP Analytics drives formulation development and regulatory filing, with 67 dossiers currently under development and expected to be commercialized during FY27 and FY28. A new R&D centre in India, costing ₹18 crore, will add 20 scientists to accelerate new product launches for export markets.

3. Domestic branded formulations: the stable home base

A portfolio of 302 complex products across all major dosage forms, sold under the company’s own brands in India, provides a steady operating foundation and a product library that feeds the export pipeline.

Full dosage-form coverage - the domestic business makes liquid and dry-powder injectables, tablets, capsules, liquid orals, sprays, ointments, and dry syrups, with a therapeutic focus on critical-care injectables and penicillin-based therapies. That breadth means the company can cross-sell multiple formats to the same hospital or pharmacy customer.
A second manufacturing base in Ongole - the wholly owned subsidiary Revat Laboratories runs a GMP-certified facility in Andhra Pradesh that produces tablets, capsules, and liquid orals, adding capacity beyond the Hyderabad cluster. Revat was founded by the promoters and brought fully into the group in FY2024 for ₹28 crore.
Customer relationships that anchor the group - the branded business builds direct relationships with Indian doctors, hospitals, and pharmacies, creating a commercial foundation that complements the CDMO and export engines rather than competing with them.

Group structure and partners

Sai Parenterals sits at the centre of a structure that separates Indian manufacturing, Singapore-based holding, and Australian/New Zealand commercial operations - with two of Australia’s top-20 ASX-listed companies as its anchor pharmacy customers.

The parent company, Sai Parenterals Limited (India), houses the branded generic and CDMO businesses, while its wholly owned subsidiary Revat Laboratories runs the Ongole plant.
A Singapore subsidiary, Sai Parenterals Pte Limited, acts as the holding vehicle for cross-border transactions and owns 74.64% of Noumed Pharmaceuticals in Australia, which in turn fully owns Noumed Pharmaceuticals in New Zealand.
The R&D subsidiary SP Analytics is 75% owned by the parent, keeping formulation development closely tied to the group while allowing for focused investment.
In Australia, Noumed’s key partners are Wesfarmers Health and the EBOS Group - both top-20 ASX-listed firms - whose pharmacy banners give Sai access to 2,100 of the country’s 5,500 pharmacies. The Adelaide factory expansion is co-funded by a nearly AUD 20 million grant from the Federal Australian Government.

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

₹2,133Cr

Close Price

₹482.75

Industry

Pharma Formulations

Price To Earnings

102.71

Price To Sales

5.60

Revenue

₹381Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Consolidated

Standalone

Numbers

Percentage

Quarter	Jun 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	33	96	198	179
Growth YoY Revenue Growth YoY%				435.1
Expenses ExpensesCr	29	100	172	155
Operating Profit Operating ProfitCr	5	-4	26	24
OPM OPM%	14.2	-3.7	13.2	13.2
Other Income Other IncomeCr	1	3	3	4
Interest Expense Interest ExpenseCr	2	5	8	9
Depreciation DepreciationCr	1	6	8	8
PBT PBTCr	2	-12	12	10
Tax TaxCr	1	-5	-1	2
PAT PATCr	1	-7	13	8
Growth YoY PAT Growth YoY%				457.8
NPM NPM%	4.3	-6.9	6.7	4.4
EPS EPS₹	0.1	-2.2	4.0	1.8

Quarter	Jun 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	33	96	198	179
Growth YoY Revenue Growth YoY%				435.1
Expenses ExpensesCr	29	100	172	155
Operating Profit Operating ProfitCr	5	-4	26	24
OPM OPM%	14.2	-3.7	13.2	13.2
Other Income Other IncomeCr	1	3	3	4
Interest Expense Interest ExpenseCr	2	5	8	9
Depreciation DepreciationCr	1	6	8	8
PBT PBTCr	2	-12	12	10
Tax TaxCr	1	-5	-1	2
PAT PATCr	1	-7	13	8
Growth YoY PAT Growth YoY%				457.8
NPM NPM%	4.3	-6.9	6.7	4.4
EPS EPS₹	0.1	-2.2	4.0	1.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	97	154	163	381
Growth Revenue Growth%		58.9	6.1	133.6
Expenses ExpensesCr	79	122	124	342
Operating Profit Operating ProfitCr	18	32	39	39
OPM OPM%	18.2	20.6	24.1	10.2
Other Income Other IncomeCr	0	1	1	9
Interest Expense Interest ExpenseCr	5	11	12	18
Depreciation DepreciationCr	6	9	8	17
PBT PBTCr	7	13	20	12
Tax TaxCr	3	4	5	-2
PAT PATCr	4	8	14	14
Growth PAT Growth%		92.3	71.4	-1.2
NPM NPM%	4.5	5.5	8.8	3.7
EPS EPS₹	6.2	10.5	5.4	4.4

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	97	154	163	381
Growth Revenue Growth%		58.9	6.1	133.6
Expenses ExpensesCr	79	122	124	342
Operating Profit Operating ProfitCr	18	32	39	39
OPM OPM%	18.2	20.6	24.1	10.2
Other Income Other IncomeCr	0	1	1	9
Interest Expense Interest ExpenseCr	5	11	12	18
Depreciation DepreciationCr	6	9	8	17
PBT PBTCr	7	13	20	12
Tax TaxCr	3	4	5	-2
PAT PATCr	4	8	14	14
Growth PAT Growth%		92.3	71.4	-1.2
NPM NPM%	4.5	5.5	8.8	3.7
EPS EPS₹	6.2	10.5	5.4	4.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	7	13	13	22
Reserves ReservesCr	24	61	80	469
Current Liabilities Current LiabilitiesCr	77	153	162	573
Non Current Liabilities Non Current LiabilitiesCr	26	39	14	356
Total Liabilities Total LiabilitiesCr	134	268	272	1,424
Current Assets Current AssetsCr	82	187	200	822
Non Current Assets Non Current AssetsCr	52	81	72	602
Total Assets Total AssetsCr	134	268	272	1,424

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	7	13	13	22
Reserves ReservesCr	24	61	80	469
Current Liabilities Current LiabilitiesCr	77	153	162	573
Non Current Liabilities Non Current LiabilitiesCr	26	39	14	356
Total Liabilities Total LiabilitiesCr	134	268	272	1,424
Current Assets Current AssetsCr	82	187	200	822
Non Current Assets Non Current AssetsCr	52	81	72	602
Total Assets Total AssetsCr	134	268	272	1,424

Consolidated

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-13	-30	33	93
Investing Cash Flow Investing Cash FlowCr	-19	-46	0	-274
Financing Cash Flow Financing Cash FlowCr	24	79	-36	596
Net Cash Flow Net Cash FlowCr	-8	2	-2	415
Free Cash Flow Free Cash FlowCr	-29	-65	42	75
CFO To PAT CFO To PAT%	-292.5	-353.7	229.8	652.6
CFO To EBITDA CFO To EBITDA%	-72.6	-94.0	84.2	240.4

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-13	-30	33	93
Investing Cash Flow Investing Cash FlowCr	-19	-46	0	-274
Financing Cash Flow Financing Cash FlowCr	24	79	-36	596
Net Cash Flow Net Cash FlowCr	-8	2	-2	415
Free Cash Flow Free Cash FlowCr	-29	-65	42	75
CFO To PAT CFO To PAT%	-292.5	-353.7	229.8	652.6
CFO To EBITDA CFO To EBITDA%	-72.6	-94.0	84.2	240.4

Consolidated

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					2,133
Price To Earnings Price To Earnings					102.7
Price To Sales Price To Sales					5.6
Price To Book Price To Book					4.3
EV To EBITDA EV To EBITDA					57.0
Profitability Ratios Profitability Ratios
GPM GPM%	37.0	35.3	39.3	34.8	34.8
OPM OPM%	18.2	20.6	24.1	10.2	10.2
NPM NPM%	4.5	5.5	8.8	3.7	3.7
ROCE ROCE%	12.1	12.2	17.0	3.2	3.2
ROE ROE%	13.9	11.3	15.4	2.9	2.9
ROA ROA%	3.3	3.1	5.3	1.0	1.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					2,133
Price To Earnings Price To Earnings					102.7
Price To Sales Price To Sales					5.6
Price To Book Price To Book					4.3
EV To EBITDA EV To EBITDA					57.0
Profitability Ratios Profitability Ratios
GPM GPM%	37.0	35.3	39.3	34.8	34.8
OPM OPM%	18.2	20.6	24.1	10.2	10.2
NPM NPM%	4.5	5.5	8.8	3.7	3.7
ROCE ROCE%	12.1	12.2	17.0	3.2	3.2
ROE ROE%	13.9	11.3	15.4	2.9	2.9
ROA ROA%	3.3	3.1	5.3	1.0	1.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	INDSWFTLAB	FREDUN	INDOCO	SAIPARENT	BETA	ACCENTMIC	AMRUTANJAN
Market CapitalizationMkt CapCr	3,044	2,373	2,177	2,133	1,925	1,564	1,448
Close PriceClose₹	350.00	1,435.00	235.90	482.75	1,736.30	652.00	501.00
IndustryIndustry	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations
Price To EarningsPE	51.32	50.23	737.19	102.71	39.27	27.23	26.83
Price To SalesPS	4.58	3.17	1.16	5.60	4.69	4.07	2.83
RevenueRevenueCr	665	748	1,873	381	410	385	511
Revenue Growth TTMRev Gr TTM%	54.0%		12.0%			38.4%	10.7%
PAT Growth TTMPAT Gr TTM%	-74.7%		102.7%			64.2%	-1.1%

	INDSWFTLAB	FREDUN	INDOCO	SAIPARENT	BETA	ACCENTMIC	AMRUTANJAN
Market CapitalizationMkt CapCr	3,044	2,373	2,177	2,133	1,925	1,564	1,448
Close PriceClose₹	350.00	1,435.00	235.90	482.75	1,736.30	652.00	501.00
IndustryIndustry	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations
Price To EarningsPE	51.32	50.23	737.19	102.71	39.27	27.23	26.83
Price To SalesPS	4.58	3.17	1.16	5.60	4.69	4.07	2.83
RevenueRevenueCr	665	748	1,873	381	410	385	511
Revenue Growth TTMRev Gr TTM%	54.0%		12.0%			38.4%	10.7%
PAT Growth TTMPAT Gr TTM%	-74.7%		102.7%			64.2%	-1.1%