Sanjiv.Parant. — Q4 FY25 earnings call

Call held 27 May 2025

Management summary

Sanjivani Paranteral Limited delivered a strong performance in Q4 and FY25, driven by new product launches and volume expansion. The company's strategic focus on new geographies and joint ventures, particularly in IV products and nutraceuticals, is expected to fuel future growth. Operational efficiency and capacity utilization remain key areas of focus, with new facilities becoming commercial.

Highlights

  • Q4 FY25 Revenue grew 41.3% YoY to INR 18.2 crores.

  • Q4 FY25 PAT increased 74.4% YoY to INR 2.2 crores.

  • Full Year FY25 Revenue reached INR 70.1 crores, up 28.8% YoY.

  • Full Year FY25 EBITDA was INR 11.6 crores, a 32.1% YoY growth, with a margin of 16.5%.

  • Full Year FY25 PAT stood at INR 8.1 crores, growing 31.4% YoY.

  • 15 new products were added in FY25, with plans for 15-20 more in FY26.

  • Pune IV products JV (SPL Infusion) is operational with commercial production starting shortly and a 90-day order book.

  • Prague nutraceuticals JV (Alevia Healthcare) initiated commercial operations, expecting significant expansion in FY26.

Key financials

2 periods

Q4 FY25

  • Revenue
    ₹18.2 Cr
    YoY +41.3%
  • EBITDA
    ₹3.1 Cr
    YoY +37.9%
  • EBITDA Margin
    16.8%
  • PAT
    ₹2.2 Cr
    YoY +74.4%

FY25

  • Revenue
    ₹70.1 Cr
    YoY +28.8%
  • EBITDA
    ₹11.6 Cr
    YoY +32.1%
  • EBITDA Margin
    16.5%
  • PAT
    ₹8.1 Cr
    YoY +31.4%

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

  • FY25 Export Domestic Mix
    81.5% Export Share18.5% Domestic Share
  • FY25 Dosage Mix
    58.7% Injectable Share37.1% Tablet Share4.2% Nutraceutical Share

Capital allocation

high confidence
  • Capex Capex disclosed
    • Existing plants ₹3 Cr
    • Existing plants ₹4 Cr
    • Pune plant (HAL JV) ₹30 Cr
    • Pune plant (HAL JV) ₹35 Cr
    We have incurred a capex of INR3 crores to INR4 crores during the financial year '25 for the existing plants. Yes. So the capex for the Pune plant was in the range of INR30 crores to INR35 crores.
  • Debt Debt disclosed
    So the debt levels for the coming financial year would remain at the same as at March '25.
  • M&A SPL Infusion Private Limited Joint venture · Operational

    Strengthening Sanjivani's presence in both institutional and private label health care segments, targeting the Indian IV fluids market.

    60% equity held. First year of commercial contribution in FY26.

    The newer HAL Pune joint venture, which is SPL Infusion Private Limited, this venture is for manufacturing IV products, and here, we hold 60% equity... On the revenue front, FY '26 will be the first year of commercial contribution from the Pune facility.
  • M&A Alevia Healthcare S.R.O. Joint venture · Initiated commercial operations

    Manufacturing nutraceuticals, providing customer access to broader European region with a total addressable market size of around EUR 70 billion.

    45% equity held. Expect significant expansion in commercial operations from this joint venture during FY '26.

    Alevia Healthcare S.R.O. This venture is for manufacturing nutraceuticals, where we hold 45% equity... During FY '25, we successfully established our final stage manufacturing facility in Prague and initiated commercial operations... We expect significant expansion in commercial operations from this joint venture during FY '26.

Guidance & targets

Growth Momentum

  • Overall growth momentum Growth Momentum · Next year · Medium confidence Maintain same aspect/speed
    The broader outlook will be only available during the AGM time and we are trying our level best to have it maintain, but we cannot confirm the same speed right now. It would be in the same aspect.

    — Ashwani Khemka

Capacity

  • Mumbai plant capacity utilization Capacity · Current · High confidence around 65%
    The capacity utilization for the Mumbai plant is around 65%.

    — Srivardhan Khemka

  • Dehradun plant capacity utilization Capacity · Current · High confidence around 40%
    And for the Dehradun plant, we stand at 40%.

    — Srivardhan Khemka

  • Dehradun plant capacity ramp-up Capacity · Next year · Medium confidence around 50% to 55%
    The Dehradun plant is expected to ramp up, say, around 50% to 55%.

    — Srivardhan Khemka

  • Mumbai plant capacity utilization (future) Capacity · Future quarters · Medium confidence around 70% to 75%
    On the Mumbai plant, we prefer keeping the plant around 70% to 75% level, which was there in previous quarters. We expect it to be around that level.

    — Srivardhan Khemka

Product Pipeline

  • New product launches Product Pipeline · FY26 · High confidence 15 to 20 products
    FY '27 is a little too soon to comment right now, but FY '26 also we are slated to launch 15 to 20 more products.

    — Srivardhan Khemka

Joint Venture

  • HAL JV commercial production start Joint Venture · Q1 FY26 · High confidence First quarter
    Yes. As you are asking everything, and we are also very much eager and by god's grace and hope everything, we should have some commercial production in this first quarter.

    — Ashwani Khemka

  • HAL JV capacity utilization (first year) Joint Venture · First year · High confidence around 60% to 65%
    First year, we'll be doing around 60% to 65% of the capacity utilization, and that is very well on track.

    — Ashwani Khemka

  • HAL JV order book coverage Joint Venture · Initial period · High confidence first 90 days
    And in the beginning, we have told that the order books are also in place for first 90 days, and things are looking good from here.

    — Ashwani Khemka

Financial Performance

  • Revenue and Profit trajectory Financial Performance · Going forward · Low confidence same range
    But as far as the going forward trajectory in terms of revenue and profit, we will be in the same range.

    — Pritesh Jain

Debt

  • Debt levels Debt · FY26 · High confidence same as March '25
    So the debt levels for the coming financial year would remain at the same as at March '25.

    — Pritesh Jain

What to watch in Q1 FY26

HAL JV Commercial Production & Revenue

Next quarter (Q1 FY26)
Current Validation batches underway, commercial production starting shortly.
Target Commercial production started, revenue recognized in current year (FY26).

Why it matters

This is a new, significant JV expected to contribute to FY26 revenue, and its successful commercialization is key.

The Pune facility is now operational and commercial production will start shortly. Validation batches are underway and are expected to be completed within the next days 10 days. The facility already has a robust order book that covers the next 90 days.

Risks & concerns

  • Evolving U.S. tariff environment

    medium

    Introduces some uncertainty, though the broader industry outlook remains positive.

    Management acknowledged

  • Global currency market volatility

    medium

    Currency markets remain sensitive to developments and may witness continued volatility.

    Management acknowledged

Q&A highlights

7 direct
Growth momentum for the next year Partial
The broader outlook will be only available during the AGM time and we are trying our level best to have it maintain, but we cannot confirm the same speed right now. It would be in the same aspect.

Analyst sought clarity on future growth trajectory, but management was cautious about committing to a specific growth rate, indicating potential variability.

Asked by Shaurya Punyani

Current capacity utilization percentage Direct
The capacity utilization for the Mumbai plant is around 65%. And for the Dehradun plant, we stand at 40%.

Provides key operational metrics, showing current utilization levels and potential headroom for growth at both manufacturing facilities.

Asked by Shaurya Punyani

Debt outlook for the next couple of years Direct
So the debt levels for the coming financial year would remain at the same as at March '25. And beyond March '26, it would be too early to comment for us at this juncture.

Offers clarity on the company's debt management strategy for the immediate future, indicating stability in debt levels for FY26.

Asked by Parth Shinde

Status and business model of HAL (Pune) and Prague JVs Direct
So for the Prague facility, we are doing nutraceutical that is based out of Europe, what basically in the nutraceutical space, we are offering white labeling services... And for the Pune JV, the plant is ready to go now and the commercials should begin very soon.

Provides crucial updates on the progress and strategic positioning of the two significant joint ventures, which are key growth drivers.

Asked by Divesh Tated

Competitive advantage in the European nutraceutical market Direct
we have our partner, Vitabiotics, with whom we are working, as well as having a facility in Europe gives us the label of Made in Europe, which is a very exclusive label... And coming from the manufacturing background of India, we will be able to keep our running costs low in Europe.

Explains the strategic differentiators and cost advantages that the company aims to leverage for market entry and success in the competitive European nutraceuticals market.

Asked by Divesh Tated

Revenue recognition from the HAL JV Direct
No, this will be recognized in the current year, not in the last quarter which we closed. And it is as per the guideline, which is there, and it is well in the trend.

Clarifies the timeline for revenue contribution from the new HAL JV, confirming it will start reflecting in the current fiscal year (FY26).

Asked by Anant Khandelwal

Geographical focus for future growth Direct
So currently, we are stepping into the French, African market... For the current 2 to 3 quarters, we are majorly focused on to our existing markets in the Middle East and the Latin American zone.

Outlines the company's short-term and long-term market expansion strategies, highlighting new market entries and continued focus on existing regions.

Asked by Kiara Singh

Employee costs increase and headcount Direct
So, we have new employees and since newer geographies we have entered and the market requirement for regulatory team is higher and a lot of intellectual property people have joined the company into the marketing field, so that is the reason it has increased, and it will be taking care of the volumes which are being increased.

Explains the rationale behind increased employee costs, linking it to strategic expansion into new geographies and strengthening regulatory and IP teams.

Asked by Akash Verma

2 min read 6 chapters

Detailed narrative

Q4 & Full Year FY25 Financial Performance

Sanjivani Paranteral Limited reported strong financial performance for Q4 and FY25. Q4 FY25 revenue grew by 41.3% year-on-year to INR 18.2 crores, driven by new products and volume expansion. EBITDA for the quarter was INR 3.1 crores, up 37.9% YoY, with a margin of 16.8%. Profit after tax increased by 74.4% to INR 2.2 crores. For the full fiscal year 2025, revenue reached INR 70.1 crores, marking a 28.8% YoY growth. EBITDA stood at INR 11.6 crores (up 32.1% YoY) with a margin of 16.5%, and PAT was INR 8.1 crores (up 31.4% YoY).

Strategic Expansion and Product Pipeline

The company continues to strengthen its business through focused initiatives, including new product development and geographical expansion. In FY25, 15 new products were added, bringing the total product count to 160. The company plans to launch another 15 to 20 products in FY26. This strategic focus has resulted in robust revenue growth, from INR 17 crores in FY20 to INR 70 crores in FY25.

Joint Venture Progress: IV Products and Nutraceuticals

The SPL Infusion Private Limited (Pune) facility, a 60% equity JV for manufacturing IV products, is now operational with commercial production expected to start shortly. Validation batches are underway, and the facility has a robust order book covering the next 90 days. The Alevia Healthcare S.R.O. (Prague) facility, a 45% equity JV for nutraceuticals, has initiated commercial operations and expects significant expansion in FY26, contributing meaningfully to overall growth. The Prague JV offers white-labeling services in Europe, leveraging a 'Made in Europe' label and cost-effective manufacturing from India.

Operational Highlights and Capacity Utilization

The company's manufacturing facilities underwent multiple regulatory audits, including site approval from a Francophone African nation. Current capacity utilization stands at approximately 65% for the Mumbai plant and 40% for the Dehradun plant. Management expects the Dehradun plant's utilization to ramp up to 50-55%, while Mumbai is targeted to remain at 70-75%. The HAL JV facility is expected to operate at 60-65% capacity utilization in its first year, with order books in place for the first 90 days.

Macro Environment and Sector Outlook

The operating environment for Indian corporates remains broadly positive, with encouraging demand outlooks domestically and in key export markets. The pharmaceutical sector specifically shows intact structural growth trends, benefiting from softening API prices and reduced freight costs. While the evolving US tariff environment introduces some uncertainty, the broader industry outlook remains positive, supported by stable input costs and growing confidence for future investments.

Geographical Market Expansion

Sanjivani Paranteral Limited expanded its geographical footprint into five new regions in FY25. The company is actively entering the French African market, having filed 48 new products in the region, which is expected to drive future growth. In the short term (next 2-3 quarters), the focus remains on existing markets in the Middle East and Latin American zones, where the company is expanding its product portfolio and market presence.

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