SAIPARENT

FY26 was a landmark year for Sai Parenterals, marked by a successful public listing and the strategic acquisition of Australian-based Noumed Pharmaceuticals. This acquisition, completed on November 12, 2025, significantly expanded the company's capabilities, market access, and growth opportunities, transforming Sai from a manufacturing-led business into a global IP-led platform. The integration provides access to Australia and New Zealand markets and a portfolio of 451 IP dossiers.

The company operates through an integrated pharma platform built around three complementary growth engines: a rapidly growing CDMO export business, the Australia and New Zealand platform via Noumed Pharmaceuticals, and a stable branded formulation business in domestic markets. Over 50% of consolidated revenue now comes from long-term supply contracts in regulated markets, reflecting strong customer relationships and a focus on product development, technology transfer, and commercial manufacturing.

For FY26, consolidated revenue stood at INR381 crore, a significant 133% growth, with EBITDA at INR47 crores, up 18%. Standalone revenue for FY26 was INR162 crore, with EBITDA of INR33 crores (21% of revenues) and PAT of INR17 crores, marking a 64% growth over FY25. Q4 FY26 consolidated revenue was INR198 crores, with EBITDA of INR29 crores (15%) and PAT of INR13 crores (6.6%), reflecting the partial consolidation of Noumed.

Sai Parenterals is executing an INR440 crores growth capex program, including INR111 crores for capacity expansion and EU-GMP upgrades in India, INR18 crores for a dedicated R&D center, and AUD 53 million (INR311 crores) for the Adelaide manufacturing facility in Australia. AUD 40 million has been invested in the Australian project to date, which also received a AUD 20 million grant. These projects are expected to be completed by the end of FY27.

For FY27, the company targets a revenue of INR750 crores with an EBITDA margin of 17%, driven by existing long-term contracts, new dossier commercialization, and Noumed's contribution. However, the ongoing capex will not contribute to FY27 financial performance, as facilities will be commissioned towards the end of FY27. The full impact of these investments is expected to reflect in FY28 and FY29, with FY28 anticipated to be the year of significant monetization and profitability growth.

The vertical integration of Noumed is a key priority, aiming to internalize manufacturing currently outsourced to CMOs. The Australian facility's validation is set to commence in October-November 2026, with solid dosage forms starting production in Q1 Australian calendar year (Jan-Mar 2027), and TGA license expected by March 31, 2027. This integration is projected to significantly improve margins, enhance supply chain control, and strengthen customer relationships.

As of March 26, 2026, total debt stood at INR319 crores, comprising INR90 crores of long-term and INR229 crores of short-term borrowings. Management expects FY27 to be the peak year for debt due to ongoing capex, but projects debt levels to decline from FY28 onwards. The debt-to-equity ratio is comfortable at 0.6 times, and IPO proceeds are funding a portion of the capex, supporting the company's growth plans.