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Sun Pharma Advanced Research Co

Sun Pharma Advanced Research Company Ltd

SPARC NSE
₹185.33 +9.59 (+5.46%)
P/E
3.80
View as Markdown
MCP
Close 4 Nov 2026 ₹185.33 +50.75 +37.7% 1Y
Start ₹134.58

Key Fundamentals

MicrocapPharmaceuticals & BiotechnologyHealthcare

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
165.00%
Debt to Equity
0.42
EPS (TTM)
₹48.79
Book Value
₹44.44
Market Cap
—
P/E (TTM)
3.80
P/B
4.17
ROE
Not meaningful: the figure is far outside this ratio’s usual range, as its base is close to zero
Dividend Yield
0.00%
EBITDA
₹1,610 Cr
52W High
₹289.00
52W Low
₹108.00
Day Range
₹173.50 – ₹186.00
Volume
10,57,220

Peer Comparison

Healthcare › Pharmaceuticals

Sun Pharma Advanced Research Co peer comparison
Sun Pharma
₹1,773.4038.81₹4,29,049 Cr4.770.90%16.00%20.50%₹61,631 Cr₹10,987 Cr
Divis Laboratories
₹10,037.5091.10₹2,65,269 Cr15.900.30%16.50%22.00%₹11,230 Cr₹2,925 Cr
Torrent Pharmaceuticals
₹4,738.5078.61₹1,77,061 Cr9.810.82%27.40%15.20%₹17,400 Cr₹2,099 Cr
Zydus Life Science
₹1,188.1026.44₹1,25,446 Cr4.370.08%21.20%21.10%₹28,592 Cr₹4,593 Cr
Laurus Labs
₹2,323.80114.81₹1,25,228 Cr20.720.04%18.30%17.80%₹7,270 Cr₹1,090 Cr
Dr Reddys Laboratories
₹1,374.0035.59₹1,14,543 Cr2.960.58%11.20%13.00%₹33,228 Cr₹3,184 Cr
Cipla
₹1,402.0033.59₹1,12,454 Cr3.200.93%11.60%15.50%₹28,324 Cr₹3,356 Cr
Sun Pharma Advanced Research Co (this company)
₹185.333.80₹5,820 Cr4.170.00%—165.00%₹1,909 Cr₹1,583 Cr
Median 8 companies₹1,587.7037.20₹1,25,337 Cr4.570.44%16.50%19.15%₹22,862 Cr₹3,055 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

47 Average

Data confidence 95/100

Category scores

Quality
17
Poor
Returns, margins, earnings quality 22% weight
Valuation
54
Average
Cheap vs sector & own history 24% weight
Growth
99
Strong
Sales & profit trajectory 9% weight
Financial Health
53
Average
Solvency, leverage, coverage 9% weight
Momentum
39
Weak
Trend strength, vol-adjusted 12% weight
Ownership
47
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has delivered good profit growth of 65.3% CAGR over last 5 years

Weaknesses

2
  • Stock is trading at 4.44 times its book value
  • Working capital days have increased from -770 days to 214 days

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish667
OscillatorsBearish261
Moving AveragesStrong Bullish406

Key readings

RSI (14)
49.86
Neutral
MACD (12,26,9)
−4.42
Bullish
SMA (50)
192.19
Bearish
SMA (200)
178.30
Bullish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+27.85%
5Y+49.33%
3Y+98.84%
1YTiny base
TTMTiny base

Net profit

Net profit growth by window
10YTurned to profit
5YTurned to profit
3YTurned to profit
1YTurned to profit
TTMTurned to profit

Operating cash flow

Operating cash flow growth by window
10YOutflow widened by ₹195 Cr
5YOutflow widened by ₹87 Cr
3YOutflow widened by ₹170 Cr
1YOutflow narrowed by ₹123 Cr
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+124.18 pp
5Y+138.41 pp
3Y+174.59 pp
1Y+539.22 pp
TTM+521.57 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹181 Cr
Mar 2018₹78.00 Cr
Mar 2019₹183 Cr
Mar 2020₹77.00 Cr
Mar 2021₹253 Cr
Mar 2022₹137 Cr
Mar 2023₹239 Cr
Mar 2024₹76.00 Cr
Mar 2025₹72.00 Cr
Mar 2026₹1,879 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017−₹119 Cr
Mar 2018−₹197 Cr
Mar 2019−₹145 Cr
Mar 2020−₹312 Cr
Mar 2021−₹151 Cr
Mar 2022−₹203 Cr
Mar 2023−₹223 Cr
Mar 2024−₹388 Cr
Mar 2025−₹345 Cr
Mar 2026₹1,552 Cr

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk high

Sun Pharma Advanced Research Company (SPARC) is a clinical-stage biopharma that swung to a large profit in FY26 with operating revenue of ₹1,879 Cr (up 2,518% YoY) driven by licensing/milestone income, after years of sustained losses. The company trades at a market cap of ~₹8,200 Cr with a PE of ~5x and PB of ~5.8x, while carrying ₹46 million in debt and refocusing its pipeline on oncology and immunology.

Bull Case 8
  • FY26 operating revenue surged 2,518% YoY to ₹1,879 Cr from ₹71.77 Cr in FY25, marking a transformative revenue inflection
  • Profit before tax swung to ₹1,553 Cr in FY26 versus a loss of ₹342.78 Cr in FY25, delivering EPS of ₹47.83
  • Compounded profit growth CAGR of 65% over 5 years and 108% over 3 years demonstrates accelerating monetization of R&D assets
  • EBITDA margin of 85.66% in FY26 TTM indicates extremely high operating leverage once licensing revenues flow through
  • ROE of 276.89% in the latest year reflects strong return on a thin equity base after the profit swing
  • Stock CAGR of 51% over 1 year shows market re-rating following the profit turnaround
  • Pipeline refocused on high-value oncology (MUC1 ADC/SBO-154) and immunology (SCD153 for alopecia areata/vitiligo) with clear clinical milestones ahead
  • R&D consolidation in Vadodara targeting $10 million in annual cost savings improves cash burn profile going forward
Bear Case 8
  • FY26 profit was driven by exceptional gains (likely asset sale or one-time licensing monetization), not recurring operational revenue — Q4 FY26 revenue actually fell 51% QoQ to ₹13.2 Cr
  • Stock trades at 5.82x book value despite a historically loss-making business with accumulated losses of ₹2,325 Cr on retained earnings
  • Working capital days deteriorated sharply from -770 days to +214 days, signaling potential cash flow strain
  • Company carries $46 million (~₹380 Cr) in debt with a debt-to-equity ratio of 0.42x for a clinical-stage company with no stable recurring revenue
  • Revenue was only ₹71.77 Cr in FY25 and ₹75.55 Cr in FY24, indicating that ex-milestone income the base business generates minimal revenue
  • Zero dividend yield — the company has never paid dividends, offering no income return to shareholders
  • Long-term stock CAGR is negative at -1% over 5 years and -4% over 10 years, indicating prolonged wealth destruction for long-term holders
  • Clinical-stage pipeline carries binary risk — failure in lead programs (MUC1 ADC, SCD153, Vibozilimod) could leave the company with no near-term commercial products

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

121d ago

TL;DR: SPARC has a quiet news cycle with only routine corporate governance updates. The COO retirement is a mild concern given the company's R&D-heavy model where operational leadership matters. No new pipeline updates, partnerships, or clinical trial readouts were reported. Investors should watch for any strategic updates at the August 10 AGM.

Headwinds 1
  • COO retirement creates leadership gap Jun 26

    Dr. Nitin Dharmadhikari (COO) retires on June 30, 2026. Losing a senior operations leader at a research-focused pharma company poses execution risk during ongoing programs.

Neutral 2
  • 21st AGM scheduled August 10 Jul 6

    SPARC will hold its 21st AGM on August 10, 2026 via video conference. Cut-off date for shareholder eligibility is August 3, 2026.

  • HR Head succession announced Jun 26

    Ms. Shanta Gupta (HR Head) retires June 30; Mr. Prasanna Deshmukh takes over as new HR Head from July 1, 2026, ensuring smooth transition.

Quarterly Results

₹ Cr
SPARC quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
24
21
14
17
17
13
15
27
10
8
8
1,853
40
30
Expenses
126
113
116
124
112
117
89
81
62
74
65
80
74
76
Operating Profit
−102
−91
−103
−108
−95
−104
−74
−54
−52
−66
−57
1,773
−34
−46
OPM %
−427%
−432%
−740%
−649%
−566%
−808%
−499%
−198%
−543%
−838%
−673%
96%
−86%
−153%
Other Income
10
8
6
4
2
0
0
0
9
0
−12
2
24
24
Interest
0
0
0
1
1
1
3
5
6
8
9
12
8
0
Depreciation
3
3
3
3
3
3
3
3
3
3
3
2
2
2
PBT
−95
−86
−100
−107
−97
−108
−80
−61
−52
−76
−81
1,761
−21
−25
Tax %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Net Profit
−95
−86
−100
−107
−97
−108
−80
−61
−52
−76
−81
1,761
−21
−25
EPS (₹)
−2.94
−2.66
−3.07
−3.29
−2.98
−3.32
−2.46
−1.88
−1.6
−2.34
−2.48
54.26
−0.65
—

Sep 2026: from the results filed on 2 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
SPARC profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
156
161
181
78
183
77
253
137
239
76
72
1,879
1,909
Expenses
191
224
304
321
334
387
388
324
453
479
399
281
294
Operating Profit
−35
−63
−123
−243
−151
−310
−135
−187
−214
−404
−327
1,598
1,616
OPM %
−23%
−39%
−68%
−310%
−83%
−404%
−53%
−136%
−90%
−534%
−456%
85%
85%
Other Income
3
3
14
54
14
10
5
7
11
29
2
−2
13
Interest
0
2
2
0
0
3
11
13
8
2
9
34
36
Depreciation
7
8
8
8
8
9
11
10
12
12
11
10
10
PBT
−40
−70
−119
−197
−145
−312
−151
−203
−223
−388
−345
1,552
1,583
Tax %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—
Net Profit
−40
−70
−119
−197
−145
−312
−151
−203
−223
−388
−345
1,552
1,583
EPS (₹)
−1.6
−2.83
−4.82
−7.85
−5.55
−11.92
−5.77
−7.48
−6.86
−11.96
−10.64
47.83
48.79
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
SPARC balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
24
24
25
25
26
26
26
27
32
32
32
32
Reserves
76
8
133
160
270
−45
−194
4
480
92
−253
1,301
Borrowings
4
56
3
2
2
67
236
79
16
56
265
559
Other Liabilities
39
75
111
122
101
224
162
170
302
305
284
275
Total Liabilities
143
163
273
309
398
273
230
280
830
486
329
2,168
Fixed Assets
67
70
69
52
58
104
91
92
106
103
95
85
CWIP
0
1
1
3
24
32
5
26
27
44
54
72
Investments
0
0
10
108
211
8
6
12
291
2
0
0
Other Assets
76
92
192
146
106
128
127
150
406
338
179
2,011
Total Assets
143
163
273
309
398
273
230
280
830
486
329
2,168

Cash Flow

₹ Cr
SPARC cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
−41
−44
−128
−183
−172
−211
−152
−208
−69
−429
−362
−239
Investing
53
−13
−7
−105
−102
155
2
−29
−548
391
158
−24
Financing
−1
51
194
224
274
55
159
229
617
43
201
262
Net Cash Flow
11
−7
60
−63
0
0
9
−8
−1
4
−4
−1
Free Cash Flow
−49
−56
−136
−200
−184
−264
−153
−233
−84
−455
−372
−262
CFO/EBITDA
110
48
88
71
111
65
111
114
35
105
114
−17

Ratios

SPARC financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
47
21
78
82
20
76
25
74
50
75
82
2
Inventory Days
0
0
0
0
0
0
0
0
—
—
—
—
Cash Conversion Cycle
47
21
78
82
20
76
25
74
50
75
82
2
Working Capital Days
20
−161
−60
−232
−98
−842
−268
−301
−193
−746
−1,778
214
ROCE %
−32%
−71%
−94%
−143%
−62%
−183%
−242%
−218%
−67%
−109%
−298%
165%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Sun Pharma Advanced Research Co insights

62 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 65.67%
  • Public 18.65%
  • Others 11.83%
  • FIIs 3.75%
  • DIIs 0.11%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Sun Pharma Advanced Research Co

What does Sun Pharma Advanced Research Company Ltd do?
Sun Pharma Advanced Research Company Ltd is engaged in the business of research and development (R&D) of pharmaceutical products.
Where is Sun Pharma Advanced Research Company Ltd (SPARC) listed?
Sun Pharma Advanced Research Company Ltd trades as SPARC on the NSE and under code 532872 on the BSE.
Which sector does Sun Pharma Advanced Research Company Ltd belong to?
Sun Pharma Advanced Research Company Ltd is classified under the Healthcare sector, in the Pharmaceuticals industry.
What is the PE ratio of Sun Pharma Advanced Research Company Ltd?
Sun Pharma Advanced Research Company Ltd trades at a PE ratio of 3.80 as of 4 Nov 2026, on earnings per share of ₹48.79, against a book value of ₹44.44 per share.
What is the 52-week high and low of Sun Pharma Advanced Research Company Ltd?
Over the last 52 weeks Sun Pharma Advanced Research Company Ltd has traded between ₹108 and ₹289 as of 4 Nov 2026.

Company Information

Sun Pharma Advanced Research Company Ltd is engaged in the business of research and development (R&D) of pharmaceutical products.

Website sparc.life
CEO Mr. Anilkumar Raghavan
Employees 316
Listed 18 Jul 2007
Face Value ₹1

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