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Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹1,392Cr
Rev Gr TTM
Revenue Growth TTM
35.49%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

SAKAR
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 11.1 | 36.7 | 11.0 | 11.2 | 5.9 | 5.5 | 25.5 | 16.6 | 16.7 | 28.2 | 34.5 | 62.0 |
| 33 | 30 | 25 | 28 | 32 | 30 | 31 | 32 | 35 | 40 | 46 | 52 |
Operating Profit Operating ProfitCr |
| 19.1 | 23.2 | 27.5 | 24.2 | 25.5 | 26.0 | 26.9 | 27.1 | 31.3 | 24.1 | 19.7 | 26.4 |
Other Income Other IncomeCr | 2 | 2 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
Interest Expense Interest ExpenseCr | 2 | 2 | 2 | 2 | 2 | 1 | 2 | 1 | 4 | 2 | 2 | 2 |
Depreciation DepreciationCr | 4 | 5 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 6 | 6 | 6 |
| 4 | 4 | 4 | 3 | 5 | 5 | 5 | 5 | 6 | 5 | 5 | 11 |
| 0 | 1 | 1 | 1 | 2 | 2 | 0 | 1 | 0 | 1 | 1 | 1 |
|
Growth YoY PAT Growth YoY% | -56.2 | -1.4 | 87.6 | -48.4 | -20.4 | -15.1 | 31.9 | 118.8 | 84.6 | 93.8 | -5.4 | 126.3 |
| 9.6 | 7.3 | 10.7 | 5.6 | 7.3 | 5.9 | 11.2 | 10.4 | 11.5 | 8.8 | 7.9 | 14.6 |
| 2.0 | 1.5 | 1.7 | 1.0 | 1.5 | 1.1 | 2.2 | 2.1 | 2.7 | 2.1 | 2.0 | 4.6 |
| Financial Year | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 14.2 | 35.4 | 4.0 | 15.0 | 15.8 | 30.0 |
| 63 | 72 | 99 | 100 | 115 | 128 | 173 |
Operating Profit Operating ProfitCr |
| 23.6 | 23.9 | 22.9 | 24.9 | 25.0 | 28.0 | 25.3 |
Other Income Other IncomeCr | 2 | 1 | 2 | 5 | 3 | 1 | 2 |
Interest Expense Interest ExpenseCr | 2 | 2 | 3 | 6 | 8 | 9 | 10 |
Depreciation DepreciationCr | 7 | 8 | 10 | 15 | 18 | 21 | 23 |
| 12 | 13 | 19 | 17 | 16 | 22 | 28 |
| 3 | 3 | 4 | 4 | 4 | 4 | 3 |
|
| | 11.0 | 42.1 | -15.9 | -8.5 | 50.0 | 44.1 |
| 11.6 | 11.3 | 11.8 | 9.6 | 7.6 | 9.9 | 10.9 |
| 6.4 | 6.9 | 8.8 | 6.6 | 5.6 | 8.0 | 11.4 |
| Financial Year | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 15 | 16 | 17 | 19 | 22 | 22 | 22 |
| 66 | 83 | 110 | 154 | 236 | 261 | 281 |
Current Liabilities Current LiabilitiesCr | 14 | 33 | 47 | 54 | 59 | 63 | 87 |
Non Current Liabilities Non Current LiabilitiesCr | 20 | 46 | 94 | 109 | 67 | 67 | 58 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 22 | 34 | 50 | 56 | 72 | 89 | 95 |
Non Current Assets Non Current AssetsCr | 93 | 144 | 218 | 280 | 317 | 327 | 354 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 19 | 15 | 36 | 33 | 24 | 34 |
Investing Cash Flow Investing Cash FlowCr | -22 | -47 | -90 | -74 | -52 | -31 |
Financing Cash Flow Financing Cash FlowCr | 3 | 32 | 55 | 41 | 27 | -3 |
|
Free Cash Flow Free Cash FlowCr | 6 | -21 | -62 | -49 | -35 | 2 |
| 196.0 | 136.4 | 235.2 | 261.4 | 209.6 | 194.4 |
CFO To EBITDA CFO To EBITDA% | 96.5 | 64.5 | 121.7 | 100.6 | 63.8 | 68.5 |
| Financial Year | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 75 | 177 | 231 | 382 | 801 | 465 |
Price To Earnings Price To Earnings | 7.8 | 16.5 | 15.2 | 29.9 | 68.6 | 26.6 |
Price To Sales Price To Sales | 0.9 | 1.9 | 1.8 | 2.9 | 5.2 | 2.6 |
Price To Book Price To Book | 0.9 | 1.8 | 1.8 | 2.2 | 3.1 | 1.6 |
| 4.6 | 9.6 | 10.9 | 14.9 | 22.7 | 10.9 |
Profitability Ratios Profitability Ratios |
| 48.1 | 46.0 | 42.0 | 44.9 | 45.4 | 53.7 |
| 23.6 | 23.9 | 22.9 | 24.9 | 25.0 | 28.0 |
| 11.6 | 11.3 | 11.8 | 9.6 | 7.6 | 9.9 |
| 15.1 | 11.3 | 10.1 | 8.0 | 7.2 | 8.4 |
| 11.8 | 10.8 | 11.9 | 7.4 | 4.5 | 6.2 |
| 8.4 | 6.0 | 5.7 | 3.8 | 3.0 | 4.2 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Sakar Healthcare Limited, established in 2004 by entrepreneur Mr. Sanjay Shah and headquartered in Changodar, Ahmedabad, Gujarat, is a rapidly evolving Indian pharmaceutical company with a strong focus on oncology, antibiotics, and general formulations. From its origins as a contract manufacturer of oral liquid formulations, the company has strategically transformed into a **vertically integrated, research-driven pharmaceutical player**, recognized among India’s **Top 10 oncology drug manufacturers (India Pharma Outlook, 2024)**.
Sakar operates **EU-GMP and WHO-GMP certified manufacturing facilities** across 39,121 sq. meters in Bavla and Changodar, Gujarat, producing a wide array of dosage forms including oral solids, liquids, sterile injectables, lyophilized products, dry powder injections, and high-potency APIs.
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### **Core Business Segments & Diversified Revenue Model**
Sakar Healthcare follows a **multi-pronged business strategy**, ensuring stable and scalable revenue streams:
1. **Contract Development & Manufacturing (CDMO/CMO)**
- Partners with leading multinational and Indian pharmaceutical companies including **Zydus Lifesciences, Glenmark, Intas, Emcure, Dr. Reddy’s, Biocon, and Ferring Pharmaceuticals**.
- Offers **end-to-end services** from R&D and process optimization to regulatory dossier preparation and commercial manufacturing under **global compliance standards (EMA, USFDA)**.
- Serves as a **premium CDMO in oncology** with integrated API capabilities, supporting tech transfer, bioequivalence studies, and large-scale production.
2. **Own-Brand Exports**
- Exports own-branded formulations to **over 60 countries** across APAC, Latin America, Africa, CIS, Europe, and MENA.
- Approximately **70% of exports are under the company’s own brands**, enhancing margin capture and brand equity.
- Key export markets include the **UK, EU, Canada, Africa, Latin America, Southeast Asia, and GCC**.
3. **Technology Transfer & Licensing (CRAMS, LSA, Profit Sharing)**
- Engages in **co-development, loan licensing (LSA), out-licensing, and profit-sharing models** globally.
- Has executed **multiple technology transfers** for major Indian pharma firms and developed **32+ eCTD/CTD dossiers** compliant with EU/US regulations.
4. **Pipeline & Product Development**
- Focuses on **non-infringing patent products and complex generics**, particularly in high-barrier therapeutic areas like oncology.
- Leverages **proprietary processes and green chemistry** to differentiate products and reduce environmental impact.
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### **Oncology: The Strategic Growth Driver**
Oncology is the **core of Sakar’s transformation** and long-term value creation, positioning the company as a **global niche player in anti-cancer therapeutics**.
#### **Key Oncology Highlights (as of Nov 2025):**
- **Vertically Integrated API-to-FDF Facility** in Bavla, Gujarat:
- One of the **few research-driven, API-integrated oncology plants in India**.
- EU-GMP and WHO-GMP certified with **OEL Level 4 containment** for safe handling of cytotoxic compounds.
- Annual capacities:
- **12.3 MT of oncology APIs**
- **97 million tablets & 29 million capsules**
- **13 million vials of sterile injectables**
- **9,600 kg high-potency API capacity**
- **Regulatory Milestones**:
- **11 granted Marketing Authorizations (MAs)** globally, including **5 in Europe (Bulgaria, Bosnia)** and 5 in emerging markets (SE Asia, Latin America).
- Approved products: **Carboplatin, Docetaxel, Irinotecan, Gemcitabine (lyophilized), Tamoxifen, Imatinib, Capecitabine**, etc.
- Targets multiple cancers: ovarian, lung, breast, prostate, colorectal, blood cancers (leukemia), multiple myeloma.
- **Intellectual Property & Innovation**:
- **First granted patent (2024)**: Process patent for **Imatinib (Indian Patent No. 488161)** — a tyrosine kinase inhibitor for chronic myelogenous leukemia.
- Developing **21 in-house oncology APIs**, with **16 regulatory confirmations** and **7 pending CEP applications**.
- Co-developing **non-infringing, patent-protected oncology molecules** with partners in Greece and Switzerland.
- **Advanced Drug Delivery Platforms**:
- **Liposomal technologies**: Commercialized **Pegylated Liposomal Doxorubicin (Doxil®/Caelyx® equivalent)**; also developed **Daunorubicin, Paclitaxel, and Tretinoin** in liposomal form.
- **HME (Hot-Melt Extrusion)**: Enhancing solubility of poorly soluble drugs like **apalutamide, enzalutamide, and olaparib**.
- **Flow Chemistry (Vapourtech, UK)**: For improved yield, safety, and sustainability in complex synthesis.
- **Regulatory Pipeline**:
- **32 dossiers ready for launch**, with **80+ dossiers submitted globally**.
- Awaiting **additional MA approvals** in EU and regulated markets, expected within the next few quarters.
- **292+ product registrations**, with **over 40 active discussions** for new supply and out-licensing partnerships.
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### **Manufacturing & Technology**
- **4 state-of-the-art manufacturing units** producing over **22 therapeutic categories** (including anti-infectives, PPIs, antifungals, anticoagulants).
- **Advanced Equipment & Technologies**:
- **TOFFLON lyophilizers** (automated ORABS), **Di-Dietrich glass reactors**, **GEA granulation lines**, **Lipex Flow Pump for liposomal extrusion**.
- Compliance with **green chemistry principles**, **zero liquid discharge (ZLD)**, and **solar power systems**.
- **In-House Capabilities**:
- Full **EU/US FDA-compliant CTD dossier development**.
- Bioequivalence studies through EMA/USFDA-approved CROs.
- **Analytical, formulation, and R&D labs** integrated within the site.
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### **Global Market Strategy**
Sakar employs a **region-specific commercial model** to maximize market access and profitability:
| Region | Strategy |
|-------|--------|
| **EU & UK** | Licensing & supply for oral solids |
| **MENA** | CDMO for oncology oral liquids |
| **Africa** | MAH & distribution for liquid injections |
| **Latin America & Canada** | Profit-sharing for lyophilized injections |
| **APAC** | Co-development and tech transfer for bulk drugs |
| **CIS** | Focus on oncology APIs |
- Active partnerships with **75+ international firms**, including **Accord Healthcare, Ferring, PharOS, Dr. Reddy’s, Biocon, Emcure**, and top-20 pharma companies.
- **49 active agreements** covering **277 oncology SKUs** under CDMO, CMO, out-licensing, and profit-sharing models.
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### **Strategic Milestones & Recognition**
- **Mar 2024**: EU GMP approval for oral solids and injectables at Bavla oncology unit.
- **Apr 2019**: Migrated from NSE SME Platform to **Main Board (NSE: SAKAR)**.
- **Aug 2024**: Oncology unit recognized by **DSIR** for R&D excellence.
- **2024**: Ranked **Top 10 Oncology Drug Manufacturer in India** by *India Pharma Outlook*.
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### **Leadership & Operations**
- **Founder & Chairman**: Mr. Sanjay Shah — over two-decade-long experience in pharmaceuticals.
- **Strong Customer Base**: Top 5 customers (engaged >5 years) account for **45.4% of FY21 revenue**, reflecting deep client integration and reliability.
- **Workforce**: Over **300 employees**; skilled scientific and regulatory teams.
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