Sai Parenterals
Sai Parenterals
HealthcareKey Fundamentals
MicrocapPharmaceuticalsHealthcareTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Debtor days have improved from 253 to 173 days.
Weaknesses
4- Company has low interest coverage ratio.
- Company has a low return on equity of 8.64% over last 3 years.
- Company might be capitalizing the interest cost
- Company has high debtors of 173 days.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoSai Parenterals Ltd is a small-cap healthcare company (market cap ~₹2,756 Cr) that has delivered explosive TTM sales growth of 134% (revenue scaling from ~₹97 Cr in FY23 to ~₹381 Cr in FY26) but trades at a steep PE of 191.9x with compressed profitability — net profit of ₹14.26 Cr on ₹381 Cr revenue (OPM ~10%) and ROE declining to ~5% in the last year.
- TTM revenue growth of 134% signals rapid business scale-up, with sales rising from ₹97 Cr (FY23) to ₹381 Cr (FY26)
- 3-year compounded sales CAGR of 58% demonstrates sustained top-line momentum, not a one-off spike
- 3-year compounded profit CAGR of 48% shows earnings have scaled alongside revenue over a multi-year horizon
- Debtor days improved from 253 to 173 days, indicating better working capital management and faster collections
- Revenue of ₹381 Cr in FY26 vs ₹97 Cr in FY23 represents nearly 4x scale in three years, rare in the parenteral/injectable space
- Operating profit grew from ₹17.62 Cr (FY23) to ₹38.70 Cr (FY26), more than doubling absolute EBITDA
- Negative effective tax rate of -19.54% in FY26 boosted reported net profit, potentially reflecting deferred tax assets or incentives that may continue near-term
- PE ratio of 191.9x is extremely elevated for a company with OPM of only ~10%, leaving little margin of safety
- ROE declined from 9% (3-year average) to just 5% last year, indicating capital is not generating adequate returns despite revenue growth
- Low interest coverage ratio flagged as a risk — interest expense of ₹18.44 Cr against PBT of ₹11.93 Cr in FY26 means interest exceeds pre-tax profit
- Operating profit margin compressed to ~10% in FY26 from ~18% in FY23, suggesting growth is coming at the cost of profitability
- Debtor days still elevated at 173 days, tying up significant working capital relative to revenue of ₹381 Cr
- Zero dividend yield indicates no cash return to shareholders despite the ₹2,756 Cr market cap valuation
- TTM profit growth of -1% despite 134% sales growth shows severe margin dilution and cost pressures
- EPS declined from ₹6.12 (FY23) to ₹3.23 (FY26) despite revenue nearly quadrupling, reflecting equity dilution or margin compression
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 69d ago- Subsidiary wins AUD 202Mn order Jul 1
Subsidiary Noumed Pharmaceuticals signed an OTC supply deal worth AUD 202 Mn with an Australian pharmacy network, providing significant revenue visibility.
- Board authorizes growth opportunities Jul 6
The board authorized the Managing Director to identify organic and inorganic growth opportunities, signaling intent to scale beyond current operations.
- Auditor appointments for FY27 Jul 6
Board appointed M/s. Aakanksha Dubey & Co. as Secretarial Auditors for five years (2026-27 to 2030-31), along with internal and cost auditors for FY 2026-27.
- Analyst meet hosted by Axis Capital Jun 30
Virtual analyst meeting held on July 2, 2026, hosted by Axis Capital, covering only publicly available information.
TL;DR: Sai Parenterals is in a bullish phase driven by its subsidiary Noumed Pharmaceuticals securing a large AUD 202 Mn OTC supply deal in Australia, demonstrating international expansion traction. The board's authorization to pursue organic and inorganic growth adds to the positive momentum. No material headwinds are visible in recent news. The trend is improving with international revenue diversification strengthening the outlook.
Quarterly Results
| Particulars | Jun 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Sales | 33.39 | 96.15 | 198 | 179 |
| Expenses | 28.65 | 99.71 | 172 | 155 |
| Operating Profit | 4.74 | -3.56 | 26.1 | 23.52 |
| OPM % | 14.2% | -3.7% | 13.19% | 13.16% |
| Other Income | 1.17 | 3.13 | 2.88 | 3.74 |
| Interest | 2.46 | 5.41 | 8.4 | 9.36 |
| Depreciation | 1.45 | 5.79 | 8.18 | 8.11 |
| PBT | 2 | -11.63 | 12.4 | 9.79 |
| Tax % | 29.5% | -42.65% | -6.13% | 19% |
| Net Profit | 1.42 | -6.66 | 13.16 | 7.92 |
| EPS in Rs | 0.52 | -1.8 | 2.98 | 1.79 |
Profit & Loss
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 97 | 154 | 163 | 381 |
| Expenses | 78 | 122 | 124 | 342 |
| Operating Profit | 19 | 32 | 39 | 39 |
| OPM % | 19% | 21% | 24% | 10% |
| Other Income | 0 | 1 | 1 | 9 |
| Interest | 6 | 11 | 12 | 19 |
| Depreciation | 6 | 9 | 8 | 17 |
| PBT | 7 | 13 | 20 | 12 |
| Tax % | 40% | 33% | 28% | -20% |
| Net Profit | 4 | 8 | 14 | 14 |
| EPS in Rs | 6.13 | 6.36 | 5.43 | 3.23 |
| Div. Payout % | 0% | 0% | 0% | 0% |
Balance Sheet
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 7 | 13 | 13 | 22 |
| Reserves | 24 | 61 | 80 | 469 |
| Borrowings | 69 | 119 | 94 | 469 |
| Other Liabilities | 34 | 75 | 85 | 465 |
| Total Liabilities | 134 | 268 | 272 | 1,424 |
| Fixed Assets | 44 | 70 | 53 | 364 |
| CWIP | 2 | 0 | 0 | 212 |
| Investments | 0 | 0 | 0 | 0 |
| Other Assets | 88 | 198 | 219 | 848 |
| Total Assets | 134 | 268 | 272 | 1,424 |
Cash Flow
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Operating | -13 | -30 | 33 | 93 |
| Investing | -19 | -46 | 0 | -274 |
| Financing | 24 | 79 | -36 | 596 |
| Net Cash Flow | -8 | 2 | -2 | 415 |
| Free Cash Flow | -30 | -72 | 41 | -184 |
| CFO/OP | -54 | -94 | 86 | 253 |
Ratios
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Debtor Days | 231 | 302 | 283 | 173 |
| Inventory Days | 83 | 143 | 199 | 259 |
| Days Payable | 140 | 203 | 225 | 224 |
| Cash Conversion Cycle | 174 | 242 | 257 | 208 |
| Working Capital Days | 19 | 72 | 79 | -161 |
| ROCE % | — | 16% | 17% | 5% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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39 extracted metrics + investor summaries across FY23–FY26.
Documents
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Company Information
Incorporated in 2001, Sai Parenteral's Ltd. is a diversified pharmaceutical formulations company with expertise in research, development, and manufacturing.[1]
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