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Sanjivani Paranteral Ltd. — Q4 FY26 earnings call

Call held 15 May 2026

Company page: Sanjivani Paranteral share price, financials & guidance record

Management summary

Sanjivani Paranteral Limited reported a challenging Q4 FY26 with consolidated revenue of INR 132.1 million and EBITDA margin of 15.74%, primarily due to geopolitical disruptions affecting Middle East exports and rising input costs. However, the new Pune IV fluid facility showed promising growth, contributing INR 2.7 crore. Management is optimistic for FY27, anticipating recovery in exports, continued ramp-up of the IV plant, and improved traction from the nutraceutical venture, with clear margin targets for both base and IV businesses.

Highlights

  • Pune IV facility showing encouraging traction, with revenue contribution increasing from INR 1.2 crore in Q3 FY26 to INR 2.7 crore in Q4 FY26.

  • Management expects recovery in export revenues in Q1 FY27 due to alternative arrangements.

  • Optimistic outlook for FY27 with stronger momentum across all three verticals (base business, IV, nutraceuticals).

  • Ability to pass on raw material price increases to customers due to flexible pricing contracts.

  • Strong customer relationships and focus on quality as key differentiators in the competitive pharma market.

Concerns

  • Q4 FY26 revenues impacted by geopolitical conflicts in the Middle East, disrupting shipping and trade activities in March 2026.

  • Increase in raw material and packing input costs during March '26, impacting gross margins.

  • Logistics disruptions (shipping routes, container availability) caused by geopolitical tensions.

  • Delays in product approvals for the Pune IV facility due to issues in the approval process and government transfers.

Key financials

  1. Consolidated Revenue 132.1 Mn
  2. Consolidated EBITDA 21.73 Mn
  3. Consolidated EBITDA Margin 15.7%
  4. Consolidated PAT 5.5 Mn
  5. Consolidated PAT Margin 4%
  6. Standalone Revenue 105.1 Mn
  7. Standalone EBITDA 16.58 Mn
  8. Standalone EBITDA Margin 14.7%
  9. Standalone PAT 9.4 Mn

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

SegmentRevenueShare of Revenue from Operations
Injectable Revenues (Standalone)46.7 Mn44.4%
Tablet Revenues (Standalone)54.6 Mn52%
Export (Standalone)89.62 Mn85.3%
Domestic (Standalone)14.74 Mn—
Core Markets (Latin America, Middle East, Africa, CIS)—76.1%
Pune IV Facility——

Capital allocation

medium confidence
  • M&A Prague-based nutraceutical venture Joint venture · Pending regulatory

    Building new growth platforms through joint ventures in IV fluids in India and nutraceutical manufacturing in Europe.

    Sanjivani owns 45% in the JV. Profit did not come to books in the first year (FY26) but will be released and added to balance sheet in current year (FY27).

    Currently, our parent Sanjivani owns 45% in that JV and we are under negotiation from majority state but it is yet to happen. When it will be happen we will be announcing it. So, in our balance sheet the sales won't reflect because we are minority shareholder. Only the profit will be added to this balance sheet.

Guidance & targets

Revenue

  • Base Business Revenue Revenue · FY27 · High confidence INR 80-85 million
    The targets for FY '27, on a base business, we should be around 80-85 and on the IV plant from the Pune, we should be in the range of 60-65 for the annual.

    — Pritesh Jain

  • IV Plant Revenue (Pune) Revenue · FY27 · High confidence INR 60-65 crores

    — Pritesh Jain

  • Pune Plant Quarterly Run Rate Revenue · from Q2 FY27 · High confidence INR 10-15 crores
    From second quarter, it will be same line and we have already started ramping up and this quarter will be also a good quarter. But annualized we have told very clearly that we are going to cross around INR 60 crores.

    — Ashwani Khemka

Capacity

  • IV Plant Utilization Capacity · Q1 FY27 · High confidence 40-45%
    See, we have just started commercial production last year in December 2025 and it is gradually picking up and in the current coming year in the 4 quarters, so it will be gradually like 40%, 45% 60% and by the 4th Quarter it will be at the 70% utilization.

    — Ashwani Khemka

  • IV Plant Utilization Capacity · Q3 FY27 · High confidence 60%

    — Ashwani Khemka

  • IV Plant Utilization Capacity · Q4 FY27 · High confidence 70%

    — Ashwani Khemka

Margin

  • IV Plant EBITDA Margins Margin · Annualized basis · High confidence 17-18%
    Going forward on an annualized basis, we expect EBITDA margins of around 17% to 18%.

    — Pritesh Jain

  • Base Business EBITDA Margins Margin · Going ahead · High confidence 15.5-16.5%
    So, the baseline business, the EBITDA would range around 15.5% to 16.5% EBITDA.

    — Pritesh Jain

Growth

  • Injectable Growth Growth · FY27 · High confidence 10-12%
    Growth is coming majorly from the injectable side and tablet also coming to equally. 10%-12% growth will come from injectable and tablet is 7% to 8%. And nutraceutical will also ramp up this year, 8% to 9%.

    — Ashwani Khemka

  • Tablet Growth Growth · FY27 · High confidence 7-8%

    — Ashwani Khemka

  • Nutraceutical Growth Growth · FY27 · High confidence 8-9%

    — Ashwani Khemka

Product Contribution

  • IV Line Product Contribution Product Contribution · FY27 · Medium confidence 6 out of 18 pipeline products
    Not full 18. From that 18 maybe 6.

    — Ashwani Khemka

What to watch in Q1 FY27

Export Revenue Recovery

Q1 FY27
Current Impacted in Q4 FY26 due to geopolitical issues.
Target Fair bit of recovery in Q1 FY27 numbers.

Why it matters

Verifies the effectiveness of alternative export arrangements and the normalization of trade.

Going forward, as I again said in the opening speech, we have found out alternate routes and modes to ship our materials. So, we have already started the shipments and we expect a fair bit of recovery happening in the Q1 numbers for the current financial year.

Risks & concerns

  • Geopolitical conflicts in Middle East

    high

    Iran-related geopolitical conflicts disrupted trade activities, shipping routes, and logistics in the Middle East during March 2026, impacting Q4 revenues.

    Management acknowledged

  • Increase in raw material and packing input costs

    medium

    Higher input prices during March '26 impacted gross margins, linked to crude oil prices and import dependency.

    Management acknowledged

  • Logistics disruptions (container shortages, shipping lines)

    medium

    Shortages of containers and shipping lines, especially for Middle East routes, caused delays and increased costs.

    Management acknowledged

  • Delays in product approvals for Pune IV facility

    medium

    Issues in the approval process and government transfers have delayed product approvals for the new IV facility.

    Management acknowledged

Q&A highlights

8 direct
Reasons for Q4 FY26 revenue decline and acceleration plans. Direct
So, as I discussed earlier, during my opening speech, the March month for this quarter was highly affected due to the geopolitical tensions on account of war between US and Iran. So, the shipping routes, availability of the containers and the logistical chain was disrupted and hence we couldn't do major shipments, which we normally do every year in the month of March. So, that was the prime reason for drop in the revenues for the current quarter. Going forward, as I again said in the opening speech, we have found out alternate routes and modes to ship our materials. So, we have already started the shipments and we expect a fair bit of recovery happening in the Q1 numbers for the current financial year.

Directly addresses the primary reason for the quarter's underperformance and outlines immediate mitigation strategies.

Asked by Vinod Shah

FY27 revenue targets for base business and IV plant. Direct
The targets for FY '27, on a base business, we should be around 80-85 and on the IV plant from the Pune, we should be in the range of 60-65 for the annual. Though these are annual numbers, but the quarterly numbers may vary, but on an annual basis, we would be committed to those numbers.

Provides clear forward-looking revenue guidance for the core business and the new growth vertical.

Asked by Vinod Shah

Evolution of product mix (tablets vs. injectables vs. IV). Direct
In 2-3 years, down the lines, the injectable will be steady and it will be increasing, but tablet and capsule portfolio will be substantially increasing because tablet and capsule dossiers we have filed in various other countries. And those dossiers acceptance and approvals are expected in the coming year. Few we got it last year and we are expecting this year it will be increasing. Tablet portfolio will be increasing more. And when IV comes in picture, so IV will be separate and there also same thing will have export and domestic and institution.

Gives insight into the company's long-term product strategy and expected shifts in revenue contribution.

Asked by Vinod Shah

Current utilization and ramp-up timeline for the new IV fluid infusion plant in Pune. Direct
See, we have just started commercial production last year in December 2025 and it is gradually picking up and in the current coming year in the 4 quarters, so it will be gradually like 40%, 45% 60% and by the 4th Quarter it will be at the 70% utilization.

Details the operational progress and future capacity utilization of a key new asset.

Asked by Abhishek Baskar

Nutraceuticals business contribution, investment plans, and majority stake. Partial
Currently, our parent Sanjivani owns 45% in that JV and we are under negotiation from majority state but it is yet to happen. When it will be happen we will be announcing it. So, in our balance sheet the sales won't reflect because we are minority shareholder. Only the profit will be added to this balance sheet.

Clarifies the company's current ownership and future aspirations for a new growth platform, highlighting ongoing negotiations.

Asked by Abhishek Baskar

Geographic diversification to de-risk business from political volatility. Direct
We have done a export revenue, contribution in the total turnover is 76%. Our risk is spread. We are into Latin America, MENA region, CIS, Southeast Asia. So, nobody is having a lopsided effect. CIS region is a very small contributor to the total turnovers.

Addresses concerns about concentration risk in politically volatile regions and explains the company's diversification strategy.

Asked by Abhishek Baskar

Impact of logistics disruptions and outlook for the next 1-2 quarters. Direct
No, see this, till it is normalized, I do not know how long it will take. We wait for how the government is negotiating. But we have found out different routes. We are transporting our goods to Saudi Arabia to Turkey and from there we are distributing it. And it is, cost has also increased in the logistic fair and other route is to Southeast Asia. So, these are the 2 routes everybody is focusing on and due to shortages of container and the shipping lines. So, this challenge will be there for few, 1 or 2 or 3 months and then we hope it will be normalized.

Provides an update on a key operational challenge and the proactive steps taken, while acknowledging uncertainty about full normalization.

Asked by Pratik Shah

Impact of raw material price hike on margins and ability to pass on costs. Direct
The raw material price have increased. Though in the month of March it has skyrocketed abnormally due to this war and certain speculation in the market who has the material to jack up the prices. But now it is settling down and we are covered and we usually keep an inventory of almost two months.

Asked by Santhosh Karunakaran

Ability to pass on raw material price increases to customers. Direct
Yes. We are very well aware of and we have done the same in the past also. During COVID times also we have passed on the same to the customers.

Reassures investors about the company's ability to maintain margins despite input cost volatility.

Asked by Santhosh Karunakaran

2 min read 5 chapters

Detailed narrative

Q4 FY26 Performance Overview and Geopolitical Impact

Sanjivani Paranteral Limited reported Q4 FY26 consolidated revenue of INR 132.1 million and EBITDA of INR 21.73 million, with an EBITDA margin of 15.74%. The standalone revenue was INR 105.1 million, yielding an EBITDA of INR 16.58 million and a PAT of INR 9.4 million. The quarter's performance was significantly impacted by geopolitical conflicts in the Middle East during March 2026, which disrupted export operations and led to a year-on-year decline in revenues.

New Growth Platforms: IV Fluid and Nutraceuticals Traction

The new IV fluid infusion plant in Pune demonstrated encouraging traction, with its revenue contribution increasing from INR 1.2 crore in Q3 FY26 to INR 2.7 crore in Q4 FY26. Management expects sequential improvement, targeting 40-45% utilization in Q1 FY27, rising to 70% by Q4 FY27, and an annual revenue of INR 60-65 crores at full capacity. The Prague-based nutraceutical venture, where Sanjivani holds a 45% stake, is also building commercial transactions and is expected to contribute PAT in FY27 after no contribution in FY26.

FY27 Outlook and Margin Expectations

The company is optimistic for FY27, anticipating stronger momentum across all three verticals. For the base business, a revenue target of INR 80-85 million is set, with expected EBITDA margins of 15.5-16.5%. The IV business is projected to achieve EBITDA margins of 17-18% on an annualized basis. Growth is expected from injectables (10-12%), tablets (7-8%), and nutraceuticals (8-9%), driven by product portfolio expansion and market diversification.

Raw Material Costs, Logistics, and Pricing Power

The company faced increased raw material and packing input costs in March 2026, partly due to geopolitical events and crude oil price volatility, which impacted gross margins. Logistics disruptions, including container shortages and shipping route issues, also posed challenges. However, management has implemented alternative shipping routes and maintains that the company can pass on input cost increases to customers due to flexible pricing arrangements, mitigating margin pressure.

Operational Efficiency and Working Capital

Sanjivani Paranteral Limited has improved its debtor days from 90 days last year to 65-70 days in FY26, with a target to further reduce them to 55-60 days in the coming periods. This reflects better working capital management. The company emphasizes its long-standing customer relationships, focus on quality, and efficient turnaround times as key differentiators in the competitive pharmaceutical market, which has helped maintain a stable base business.

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