Sanjiv.Parant. — Q3 FY26 earnings call

Call held 16 Feb 2026

Management summary

Sanjivani Paranteral Limited delivered strong Q3 FY26 results, with consolidated revenue and profit showing robust year-on-year growth, primarily driven by export markets and product mix improvements. The quarter marked a significant milestone with the first revenue contribution from the new SPL Infusion facility. Management provided optimistic guidance for FY27, projecting continued growth from both its base business and new ventures, while also highlighting compliance with new regulatory standards.

Highlights

  • Consolidated Revenue grew 27.1% YoY to INR 22.1 crores.

  • Consolidated EBITDA increased 44.8% YoY to INR 14.1 crores, with margin expanding to 18.5%.

  • Consolidated PAT rose 46.3% YoY to INR 2.38 crores.

  • Base business (stand-alone) revenue was INR 20.9 crores, up 20.2% YoY, driven by improved product mix and easing logistics.

  • SPL Infusion Private Limited (Pune IV plant) contributed INR 1.2 crores in revenue for the first time.

  • FY27 revenue guidance for base business is INR 90 crores, and for SPL Infusion, INR 60-65 crores.

  • Promoters have converted 6 lakh warrants this year, increasing their shareholding, and plan to continue increasing it annually.

  • All plants are compliant with the revised Schedule M by the FDA.

Key financials

  1. Consolidated Revenue ₹22.1 Cr +27.1%YoY
  2. Consolidated EBITDA ₹14.1 Cr +44.8%YoY
  3. Consolidated EBITDA Margin 18.5%
  4. Consolidated PAT ₹2.38 Cr +46.3%YoY

What they filed

Q1 FY27: revenue up 8.8%, net profit up 32.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue18 17 18 18 16 −15%21 +20%11 −42%19 +9%
EBITDA3 3 3 3 2 −21%4 +41%1 −65%3 +29%
Net profit2 2 2 2 2 −29%3 +38%1 −57%2 +33%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

  • Base Business (Stand-alone)
    ₹20.9 Cr Revenue₹3.9 Cr EBITDA18.4% EBITDA Margin₹2.6 Cr PAT
  • Injectable Revenues
    ₹11.7 Cr Revenue
  • Oral Revenues
    ₹8.6 Cr Revenue
  • Nutraceutical Revenue
    ₹0.56 Cr Revenue
  • SPL Infusion Private Limited (Pune)
    ₹1.2 Cr Revenue
  • Exports
    76.9% Share of Total Revenue

Capital allocation

high confidence
  • Capex ₹4 Cr
    • Upgrading machines, buying new machines, software for base business plant (injectables in Mumbai and Dehradun) ₹4 Cr
    Ashwani Khemka: "So this year, our capex will be around INR4 crores to INR4.5 crores in the base business plant for injectables in Mumbai and Dehradun."

Guidance & targets

Revenue

  • FY26 Base Business Revenue Revenue · FY26 · High confidence INR 73-75 crores
    Srivardhan Khemka: "Sorry, this year from the core business, we're looking somewhere between INR72 crores to INR75 crores."

    — Srivardhan Khemka

  • FY27 Base Business Revenue Revenue · FY27 · High confidence INR 90 crores
    Srivardhan Khemka: "FY '27 from our core business of Sanjivani base business, we are looking at somewhere around INR90 crores top line."

    — Srivardhan Khemka

  • FY27 SPL Infusion Revenue Revenue · FY27 · High confidence INR 60-65 crores
    Srivardhan Khemka: "And SPL Infusion will also contribute around INR60 crores to INR65 crores."

    — Srivardhan Khemka

  • Pune IV Plant Peak Revenue Revenue · Medium confidence Above INR 120-130 crores
    Ashwani Khemka: "It will go above INR120 crores to INR130 crores."

    — Ashwani Khemka

Capacity Utilization

  • FY27 Pune IV Plant Utilization Capacity Utilization · FY27 · Medium confidence 40-50%
    Ashwani Khemka: "But next year, going forward to FY '27, that time it will be around 40% to 50% and more than that, but currently, it is operating at 23% to 25%."

    — Ashwani Khemka

Profitability

  • Pune IV Plant Peak EBITDA Margin Profitability · Medium confidence 19-20%
    Ashwani Khemka: "We have told around 19 to 20%."

    — Ashwani Khemka

  • FY27 Base Business EBITDA Margin Profitability · FY27 · High confidence 16-17%
    Pritesh Jain: "So on the profit margins for the base business would be in the same trajectory as we have done for the quarter last 9 months, around -- EBITDA would be around 16% to 17%."

    — Pritesh Jain

  • FY27 Pune Business EBITDA Margin Profitability · FY27 · High confidence 17-18%
    Pritesh Jain: "And as far as the Pune business, since it's the beginning, so we are targeting the EBITDA in the range of 17% to 18% there, which would further ramp -- go upwards as we as the plant achieves a higher utilization of the capacity."

    — Pritesh Jain

Capex

  • FY27 Capex for Base Business Capex · FY27 · High confidence INR 4-4.5 crores
    Ashwani Khemka: "So this year, our capex will be around INR4 crores to INR4.5 crores in the base business plant for injectables in Mumbai and Dehradun."

    — Ashwani Khemka

Growth Rate

  • Base Business Growth Rate Growth Rate · FY27/FY28 · Medium confidence 18-20%
    Ashwani Khemka: "our base business will be doing a growth, which is around 18%, 20%, and it may jump up more also."

    — Ashwani Khemka

What to watch in Q4 FY26

SPL Infusion (Pune IV Plant) Utilization Rate

Next quarter and throughout FY27
Current 23-25%
Target Progress towards 40-50% for FY27

Why it matters

The ramp-up of the new IV plant is a key growth driver, and its utilization directly impacts revenue and margin expansion.

Ashwani Khemka: "Currently, we are operating at 20%, 23% capacity. But next year, going forward to FY '27, that time it will be around 40% to 50% and more than that..."

Risks & concerns

  • Uncertain Policy Standpoint and Regulatory Scrutiny

    medium

    Operating environment stable in demand but uncertain from policy standpoint; regulatory scrutiny continues to shape competitive dynamics.

    Management acknowledged

  • Global Export Market Volatility

    medium

    Export-oriented businesses globally monitor tariff development, currency movements, and evolving regulatory expectations.

    Management acknowledged

Q&A highlights

8 direct
Reason for Margin Increase in Q3 FY26 Direct
Srivardhan Khemka: "It was the product mix that we shipped out in this quarter that enabled us to achieve better margins.

Clarifies the primary driver behind the improved EBITDA margins reported for the quarter.

Asked by Rahil Shah

Key Growth Driver and FY27 Revenue Guidance Direct
Srivardhan Khemka: "FY '27 from our core business of Sanjivani base business, we are looking at somewhere around INR90 crores top line. And SPL Infusion will also contribute around INR60 crores to INR65 crores.

Provides specific revenue targets for the upcoming fiscal year for both core and new businesses, highlighting injectables as the main driver.

Asked by Rahil Shah

SPL Infusion's Q3 Contribution to Consolidated Revenue Direct
Srivardhan Khemka: "INR1.2 crores.

Quantifies the initial revenue contribution from the newly operational Pune IV plant, a key new growth platform.

Asked by Rahil Shah

Full FY26 Core Business Revenue Outlook Direct
Srivardhan Khemka: "Sorry, this year from the core business, we're looking somewhere between INR72 crores to INR75 crores.

Gives an updated full-year revenue expectation for the core business, allowing investors to gauge Q4 performance.

Asked by Rahil Shah

Status of Warrant Conversion by Promoters Direct
Pritesh Jain: "So all the warrants have been converted and all the money has also been received from the promoters.

Confirms the successful completion of the warrant conversion, indicating promoter confidence and capital infusion into the company.

Asked by Kartik

Capex Projections for FY27 Direct
Ashwani Khemka: "The capex through the existing facilities is the base business, the injectables facility and the tablet plant. We will do the tune of INR4 crores to INR4.5 crores.

Provides specific capex plans for the next fiscal year, indicating continued investment in existing manufacturing capabilities.

Asked by Kartik

Pune IV Plant Utilization and Ramp-up Direct
Ashwani Khemka: "Currently, we are operating at 20%, 23% capacity. But next year, going forward to FY '27, that time it will be around 40% to 50% and more than that...

Details the current and projected capacity utilization for the new IV plant, crucial for understanding its future revenue potential and operational efficiency.

Asked by Santosh Karunakar

Acceleration of Base Business Export Growth Direct
Ashwani Khemka: "We expect next year from quarters -- second or third quarter, we will be seeing this result in the base business growing at a much higher growth rate.

Addresses analyst's concern about the pace of export growth, providing a timeline for expected acceleration.

Asked by Gaurav

2 min read 6 chapters

Detailed narrative

Q3 FY26 Performance Overview

Sanjivani Paranteral Limited reported a strong Q3 FY26, with consolidated revenue growing 27.1% year-on-year to INR 22.1 crores. Consolidated EBITDA saw a significant increase of 44.8% to INR 14.1 crores, leading to an expanded EBITDA margin of 18.5% compared to 16.2% in Q3 FY25. Profit after tax (PAT) also surged by 46.3% year-on-year to INR 2.38 crores, reflecting improved operational efficiency and product mix.

Segmental Performance and Growth Drivers

The base business (stand-alone) revenue stood at INR 20.9 crores, marking a 20.2% year-on-year growth, primarily driven by higher shipments due to easing logistics and a favorable product mix. While injectable revenues declined 9.7% to INR 11.7 crores, oral revenues demonstrated robust growth of 153.3% to INR 8.6 crores. Exports remained a dominant contributor, accounting for 76.9% of the total revenue, with core markets in the Middle East, Africa, and Latin America being key.

New Growth Platforms: SPL Infusion and Nutraceuticals

The quarter marked a significant milestone with the first-time revenue contribution of INR 1.2 crores from SPL Infusion Private Limited, the company's new IV fluids facility in Pune. This facility is currently operating at 23-25% capacity, with a target to reach 40-50% utilization in FY27 and a peak revenue potential of over INR 120-130 crores at 19-20% EBITDA margin. The Prague-based nutraceutical venture also continued to gain commercial traction, contributing INR 0.56 crores in revenue.

Outlook and Guidance for FY26 & FY27

Management projects the full FY26 base business revenue to close between INR 73-75 crores. For FY27, the company targets a top line of INR 90 crores from its base business and an additional INR 60-65 crores from SPL Infusion. EBITDA margins for the base business are expected to remain in the 16-17% range, while the Pune business aims for 17-18% EBITDA, with further upside as utilization improves. The base business is anticipated to grow at 18-20% from Q2/Q3 FY27.

Capital Allocation and Promoter Shareholding

The company's major capex cycle is largely complete. For FY27, a recurring capex of INR 4-4.5 crores is planned for upgrading and maintaining existing facilities in Mumbai and Dehradun. Promoters have demonstrated strong commitment by converting 6 lakh warrants this year, infusing capital into the company. They expressed a continuous intent to increase their shareholding year-on-year, adhering to regulatory limits.

Regulatory Compliance and Market Positioning

Sanjivani Paranteral Limited announced that all its plants are compliant with the recently revised Schedule M by the FDA, a standard that only 20-30% of plants in India are estimated to meet. This compliance positions the company favorably in a market with increasing regulatory scrutiny. The company also highlighted its unique combination of infusions, small volume injections, tablets, capsules, and nutraceuticals under one umbrella, which enhances its market presence and distributor appeal.

This is an AI-generated summary of a publicly available earnings call transcript.
View original transcript

More Healthcare earnings calls