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Senores Pharmaceuticals Limited — Q3 FY26 earnings call

Call held 20 Jan 2026

Management summary

Senores Pharmaceuticals delivered a strong Q3 FY26, with consolidated revenue growing 64% YoY to INR175 crores and PAT increasing 85% to INR32 crores. The company completed the acquisition of 75% stake in Apnar Pharma, which is expected to significantly boost regulated market revenue and capacity. Growth was broad-based across regulated markets, emerging markets, and India branded generics, supported by a robust product pipeline and strategic capital allocation.

Highlights

Consolidated income for Q3 FY26 stood at INR175 crores, reflecting a strong growth of 64% on Y-o-Y basis.
Consolidated EBITDA for Q3 FY26 stood at INR54 crores, growing by a robust 86% on Y-o-Y basis, with margin at 30.9%.
Profit after tax for Q3 FY26 grew by around 85% Y-o-Y and came to approximately INR32 crores.
Acquisition of 75% stake in Apnar Pharma completed, expected to contribute INR120-150 crores revenue in FY27 and already cash flow positive this quarter with 3 product launches.
Portfolio of ANDAs has nearly quadrupled, growing from 12 ANDAs as of December 2024 to 46 ANDAs as of December 2025.

Key financials

2 periods

Headline

Consolidated Revenue
₹175 Cr
YoY +64%
Consolidated EBITDA
₹54 Cr
YoY +86%
Consolidated EBITDA Margin
30.9%
Consolidated PAT
₹32 Cr
YoY +85%

9M

Consolidated Revenue
₹474 Cr
YoY +65%
Consolidated EBITDA
₹138 Cr
YoY +87%
Consolidated EBITDA Margin
29%
Consolidated PAT
₹84 Cr
Consolidated PAT Margin
17.7%
Operating Cash Flow
₹51 Cr

What they filed

Q1 FY27: revenue up 30.4%, net profit up 42.9% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	101	103	114	138	162 +60%	171 +66%	175 +54%	180 +30%
Expenses	77	77	95	104	112	121	128	126
EBITDA	23	26	19	34	50 +117%	50 +92%	47 +147%	54 +59%
Margin	23%	25%	17%	25%	31%	29%	27%	30%
Other income	2	5	12	3	5	7	18	3
Interest	5	6	5	5	6	5	8	7
Depreciation	4	4	5	6	8	8	9	10
Profit before tax	16	20	21	26	41 +156%	45 +125%	47 +124%	39 +50%
Tax rate	18%	20%	13%	20%	26%	25%	23%	23%
Net profit	13	16	18	21	30 +131%	34 +113%	37 +106%	30 +43%
EPS	3.86	3.73	3.87	4.28	7.03	6.87	6.86	6.67

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

Share of Revenue (Q3 FY26)

₹161.5 Cr Total

Regulated Markets ₹113 Cr 70.0%
Emerging Markets ₹38 Cr 23.5%
India Branded Generics ₹10.5 Cr 6.5%

Capital allocation

high confidence

Capex Capex disclosed
- Capacity expansion for Atlanta Oral Solid Facility to 2 billion tablets
So, that capacity expansion, I think it's likely to be done by next year. Now, since we already have Apnar in our fold, so we already have an extended capacity directly now. So, next year, we'll see and expand the capacity there.
Debt Debt disclosed

So, Viraj, there was a small pledge that happened that was largely to consolidate some of the borrowings, and it's not likely to go up any pledging whatsoever.
M&A Apnar Pharma Acquisition · Closed

Diversify manufacturing geographically, US FDA-approved facility, expansion-ready infrastructure, enables deeper penetration in regulated markets (UK, Canada), enhances manufacturing capability and flexibility, opens opportunities to shift manufacturing from US to India.
Expected to give at least $16-$18 million in revenue in the next 12-15 months. Expected to contribute INR120-150 crores revenue in FY27. Already cash flow positive this quarter.

I am pleased to share that we have completed acquisition of 75% stake in Apnar Pharma last week. The balanced 25% is expected to be completed by Q2 of FY '27. ... In addition to market access, the acquisition also includes five approved ANDAs, which is expected to give at least $16-$18 million in revenue in the next 12-15 months. ... we are expecting about INR120 crores to INR150 crores kind of revenue from Apnar in FY '27 as we speak. Also, we have stated that this quarter itself will be cash flow positive from Apnar facility as three products are already going to be launched within this quarter from that facility.
Liquidity Liquidity disclosed Business is now cash-flow positive. Operating cash flow for nine months for FY '26 stands at around INR51 crores. IPO proceeds: INR100 crores earmarked for Atlanta facility, INR25 crores remaining after Apnar acquisition. Promoter group to infuse INR75-100 crores via warrant structure for product acquisitions and working capital.

Importantly, the business is now cash-flow positive as well. ... operating cash flow for nine months for FY '26 stands at around INR51 crores... out of my IPO proceeds, we have specific about INR100 crores earmarked for our Atlanta facility, which we can't touch. On the GCP side, we have now a very little amount. As you see, as of 31st December, even after that, we had just about INR25 crores, and then we had done this Apnar acquisition in the current quarter, which further reduces. Going by the growth trajectory, we worked out a situation where maybe about INR75 crores to INR100 crores could be an additional infusion required over the next 12 months, partly for new product acquisitions in terms of ANDAs or primarily for working capital margin.

Guidance & targets

Revenue

Top-line Growth Revenue · FY26 · High confidence 50%

Our nine-month results are in line with or slightly ahead of our annual guidance, and we remain confident of achieving our FY26 targets of 50% of top-line growth and 100% of PAT growth over FY25.

— Swapnil Shah
Apnar Revenue Contribution Revenue · FY27 · High confidence INR120-150 crores

we are expecting about INR120 crores to INR150 crores kind of revenue from Apnar in FY '27 as we speak.

— Swapnil Shah
Branded Generics Revenue Revenue · next year (FY27) · High confidence INR40-50 crores

on the branded generics side of the business, we feel that we should be able to conclude this between INR40 crores and INR50 crores. And next year could be another INR80-plus crores is what we are projecting on the branded generic side.

— Swapnil Shah
Branded Generics Revenue (Longer Term) Revenue · beyond FY27 · Medium confidence INR80+ crores

And next year could be another INR80-plus crores is what we are projecting on the branded generic side.

— Swapnil Shah
Emerging Market Revenue Revenue · next year (FY27) · High confidence INR170-180 crores

On emerging market side of the business, we feel we should be able to do about INR170 crores to INR180 crores, the revenue next year.

— Swapnil Shah
Growth Target Revenue · FY27 · High confidence 25%+

So, yes, 25% plus growth target, what we indicated on the second quarter call is the minimum on which we are working. It can be better.

— Sanjay Majmudar

Profitability

PAT Growth Profitability · FY26 · High confidence 100%

Our nine-month results are in line with or slightly ahead of our annual guidance, and we remain confident of achieving our FY26 targets of 50% of top-line growth and 100% of PAT growth over FY25.

— Swapnil Shah

Margin

Regulated Market EBITDA Margin Margin · ongoing · High confidence 40%

But overall margin, gross margins, EBITDA margins are at 40% for the US-regulated business. ... Yes, I think we should be able to sustain or even improve by 1% or so.

— Deval Shah
Regulated Market EBITDA Margin Improvement Margin · ongoing · Medium confidence 1%

Yes, I think we should be able to sustain or even improve by 1% or so.

— Deval Shah
Emerging Market EBITDA Margin Margin · future · Medium confidence close to 20%

Yes. So, what we've said is we expect EBITDA margin on emerging market to be upwards to close to 20%.

— Swapnil Shah
Blended EBITDA Margin Margin · end of FY26 · High confidence around 30%

FY '26, I think we already at 29%. So we should be a percentage more around 30% by end of the year. Blended total.

— Deval Shah

Product Launches

Approved ANDA Launches Product Launches · next 6-8 quarters · High confidence 28 products

So, we feel all the 28s that are approved yet to be launched will be launched within next six to eight quarters.

— Swapnil Shah
Under Development Product Launches Product Launches · next 6-8 quarters · High confidence 10 products

And out of 22, we feel at least we should be able to launch 10 products in next six to eight quarters.

— Swapnil Shah

Capex

Capex Spend Capex · next 2-3 years · High confidence INR50-100 crores

So, capex two to three years, I think we need, should be around INR50 crores to INR100 crores in between, depending on the requirement.

— Deval Shah

Other

Net vs Capital Cycle Other · current · High confidence 90-94 days

I think net versus capital cycle is around 90 days, 94 days.

— Deval Shah

What to watch in Q4 FY26

Apnar Integration & Revenue Contribution

next quarter

Current 75% stake acquired, 3 products launched, cash flow positive

Target Continued revenue contribution, smooth integration

Why it matters

Apnar is a key growth driver and capacity expansion for regulated markets, and its successful integration is crucial for future performance.

I am pleased to share that we have completed acquisition of 75% stake in Apnar Pharma last week. ... we are expecting about INR120 crores to INR150 crores kind of revenue from Apnar in FY '27 as we speak. Also, we have stated that this quarter itself will be cash flow positive from Apnar facility as three products are already going to be launched within this quarter from that facility.

Q&A highlights

7 direct

Apnar Margin Expansion and Synergies Direct

we are expecting about INR120 crores to INR150 crores kind of revenue from Apnar in FY '27 as we speak. Also, we have stated that this quarter itself will be cash flow positive from Apnar facility as three products are already going to be launched within this quarter from that facility. It is very early to say what kind of margin expansion that will happen from Apnar as we speak. However, we see margins expanding in when we reach that optimal number of utilization of that facility.

Clarifies the immediate financial contribution and future margin potential from the recent Apnar acquisition.

Asked by Pal Balar

Regulated Market Revenue Mix (Own ANDA vs CDMO) Direct

Mix today on the split is largely about 55% on our own product and about 45% on the CDMO, CMO side of the business. And we feel probably full year, we will have about 60% of our own product and about a 40% on the CDMO, CMO side when we conclude this year. For the next year, we feel more or less this mix will continue. Maybe our own product, we may be able to get about 65% and CDMO, CMO contribution could be 35%, largely because with the Apnaracquisition, a lot of our own products will be also giving us a much, much better realization as we speak.

Provides a detailed breakdown of the revenue mix in the crucial regulated markets and how it's expected to evolve with the Apnar acquisition, impacting overall margins.

Asked by Abhishek Jain

Emerging Market EBITDA Margin Jump Direct

So in emerging market, last call also we said there were some products which we got approval for, but we could not generate the commercialization in last quarter. I think a lot of those commercialization have happened over this quarter, like the quarter ended in December. And that commercialization will continue. ... And our per unit metric has also significantly improved.

Explains the drivers behind the significant improvement in emerging market EBITDA margins, linking it to product commercialization and improved unit economics.

Asked by Abhishek Jain

Organic Growth and Control Substance Contribution Direct

So, as you know, we had a good product approval of Deferiprone in November end. So, the Deferiprone was launched in this quarter, that was an organic development that got approved. ... Coming to control substance, right now that's not being quantified in terms of what is the control substance contribution, largely speaking, but control substance has been about a 15%-20% overall revenue that comes out of control substance, which we feel will continue.

Clarifies the nature of organic growth drivers and quantifies the current contribution of control substances to overall revenue.

Asked by Kashish Thakur

FY26 Topline Guidance Revision Partial

Right now, Nishita, I would suggest we expect our growth trajectory to likely remain the same, at least for the next few quarters, as we speak. ... you are right. FY '26, we have guided very specifically about the topline and bottom-line growth. We are on track in terms of topline. We are, in fact, slightly better in terms of bottom line, and these 9-month results, you can extrapolate generally our Q4 is equally or a little, in fact, a little stronger than Q3 in general. So, yes, we are bettering our profitability guidance of this year by a few, marginally better, but it's always better as a management to remain a bit conservative.

Analyst questioned if guidance would be revised upwards given strong performance, but management chose to remain conservative while acknowledging better-than-expected performance.

Asked by Nishita

Product Portfolio Disclosure (ANDA vs Strengths) Direct

So, earlier so far, we have always maintained as ANDA products, which are individual strengths as our ANDA products. So, that has been changed from a previous quarter to this year where we are disclosing both like ANDA numbers as well as individual ANDA products in form of strengths. You can look at us on both the trajectories. The reason behind that is individual strength has its individual business potential. Not necessarily all strengths work.

Explains the rationale behind the updated product portfolio disclosure, highlighting that individual strengths offer different business potential and distribution models.

Asked by Ravi Shah

Stock in Trade Purchase Fluctuation Direct

So, we have started CMO exercise for our own products in India. So, those go with the purchase of trading stock. So, getting manufactured outside earlier we are not doing it. So, we are getting it done at three locations in India, and now Apnar will be the additional location. ... It includes that also, but it also includes some outsiders. ... This is actually an outsourced production, which technically is reported as a purchase of stock in trade.

Clarifies the reason for volatility in 'purchase of stock in trade' as it relates to internal CMO activities and outsourced production, which is a new operational strategy.

Asked by Prince Choudhary

Promoter Share Pledge and Warrant Issuance Direct

So, Viraj, there was a small pledge that happened that was largely to consolidate some of the borrowings, and it's not likely to go up any pledging whatsoever. ... Going by the growth trajectory, we worked out a situation where maybe about INR75 crores to INR100 crores could be an additional infusion required over the next 12 months, partly for new product acquisitions in terms of ANDAs or primarily for working capital margin. So, with this, we thought that it was too small an amount to really go out and reach the market. And then therefore we thought of this structure as a warrant structure where 25% can be contributed now and as and when it is required, promoters can contribute the balance amount over maybe 6 to 12 months.

Addresses analyst concerns regarding promoter share pledge and explains the strategic rationale behind the warrant issuance for future capital needs, especially for product acquisitions and working capital.

Asked by Viraj Shah

3 min read 6 chapters

Detailed narrative

Strong Q3 FY26 Performance & 9M FY26 Progress

Senores Pharmaceuticals reported a robust Q3 FY26, with consolidated income reaching INR175 crores, a 64% year-on-year increase. EBITDA grew by 86% to INR54 crores, resulting in an improved EBITDA margin of 30.9%, up 360 basis points. Profit after tax also saw significant growth of 85% to INR32 crores. For the nine-month period, consolidated income stood at INR474 crores (up 65% YoY), with EBITDA at INR138 crores (up 87% YoY) and PAT at INR84 crores (more than doubled). The company remains on track to achieve its FY26 targets of 50% top-line growth and 100% PAT growth over FY25.

Strategic Expansion in Regulated Markets and CDMO-CMO Segment

Revenue from regulated markets grew by 60.5% YoY to INR113 crores in Q3 FY26, driven by product portfolio expansion and strategic go-to-market strategies. The CDMO-CMO segment continues to be a key differentiator, offering end-to-end solutions from development to regulatory support. The current revenue mix in regulated markets is approximately 55% from own products and 45% from CDMO-CMO; this is expected to shift towards 65% own products and 35% CDMO-CMO with the Apnar acquisition. The EBITDA margin for the US-regulated business is currently around 40% and is expected to sustain or improve by 1%.

Apnar Pharma Acquisition Enhances Capacity and Market Access

Senores completed the acquisition of a 75% stake in Apnar Pharma, with the remaining 25% expected by Q2 FY27. This acquisition provides a US FDA-approved facility, also approved by UK MHRA and Health Canada, enabling deeper penetration into regulated markets. Apnar is expected to contribute INR120-150 crores in revenue in FY27, with 3 products already launched from its facility this quarter. The acquisition also includes five approved ANDAs, projected to generate $16-18 million in revenue over the next 12-15 months, and offers flexibility to shift manufacturing from the US to India for select products.

Growth in Emerging Markets and India Branded Generics

The emerging market business recorded a 47.5% YoY revenue growth, reaching INR38 crores in Q3 FY26. This segment achieved its highest-ever quarterly revenue, EBITDA, and PAT, and is now cash-flow positive. The strong performance is attributed to the commercialization of 56 new product approvals received last quarter. The company aims for an EBITDA margin of close to 20% in the emerging markets. India's branded generics business also saw significant growth, increasing more than six-fold YoY to INR10.5 crores in Q3 FY26, with expectations of reaching INR40-50 crores in FY27.

Robust Product Pipeline and Future Launches

Senores' ANDA portfolio has quadrupled from 12 in December 2024 to 46 in December 2025. The company has 28 approved ANDAs ready for launch and 22 molecules under development, providing a strong pipeline. Management expects to launch all 28 approved ANDAs within the next 6-8 quarters, and at least 10 of the 22 under-development products within the same timeframe. The launch of Deferiprone in Q3 FY26, an organic development, further demonstrates the company's capability for new product introductions.

Capital Management and Financial Strategy

The company maintains a strong focus on cash flow generation, with operating cash flow for 9M FY26 at INR51 crores. To support future growth and working capital, the promoter group is infusing INR75-100 crores through a warrant structure, supplementing the remaining IPO proceeds of INR25 crores. Capex for the next 2-3 years is projected to be INR50-100 crores, which includes expanding the Atlanta facility to 2 billion tablets capacity. The company also noted a net versus capital cycle of 90-94 days.

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