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    Senores Pharmaceuticals Q4 FY26 earnings call

    SENORES
    Healthcare·14 May 2026
    Management Summary

    Senores Pharmaceuticals Limited reported a robust Q4 and FY26 performance, with FY26 revenue growing 62% to INR 664 crores and PAT increasing 108% to INR 122 crores, surpassing guidance. The company significantly expanded its ANDA portfolio to 51 approvals and made strategic acquisitions like Apnar Pharma and Zoraya Pharmaceuticals to strengthen its US presence. Despite a conservative outlook for FY27 revenue growth of 30-40% and PAT growth of 50-60% due to external uncertainties, the company remains optimistic about its product pipeline and manufacturing capacities.

    Highlights

    5

    • FY26 revenue reached INR 664 crores, marking a strong 62% YoY growth, surpassing guidance.

    • FY26 PAT grew by 108% to INR 122 crores, also exceeding stated commitments.

    • Q4 FY26 consolidated income was INR 190 crores, reflecting a 66% YoY growth, with EBITDA growing more than three times.

    • The approved ANDA portfolio significantly expanded from 22 to 51 between March '25 and March '26, with 20 already launched and 30 more planned.

    • Strategic acquisitions like Apnar Pharma and Zoraya Pharmaceuticals, along with the Amerisyn JV, strengthened the company's US market presence.

    Concerns

    3

    • Working capital days increased from 114 days in 2025 to 187 days in 2026, primarily due to the Apnar acquisition's initial expenses without corresponding sales.

    • The effective tax rate jumped from 17% in FY25 to 23.6% in FY26, attributed to US taxation and the exhaustion of carry-forward losses.

    • Management provided a conservative FY27 guidance (30-40% revenue, 50-60% PAT growth) citing external uncertainties like geopolitical factors, shipping lines, and inflationary pressures.

    What Changed2

    vs Q1 FY27

    Guidance items13 → 16 (+3)Risks discussed1 → 3 (+2)
    Key financials

    Metrics

    9

    Periods

    2

    Q4 FY26

    4
    • Consolidated Income
      ₹190 Cr
      YoY+66%
    • EBITDA
      ₹62 Cr
    • EBITDA Margin
      32.7%
    • Profit after tax
      ₹32 Cr
      YoY+78%

    FY26

    5
    • Revenue
      ₹664 Cr
      YoY+62%
    • PAT
      ₹122 Cr
      YoY+108%
    • EBITDA
      ₹200 Cr
    • EBITDA Margin
      30%
    • Operating Cash Flow
      ₹75 Cr

    Segment breakdown

    • Regulated Markets₹427 Cr69.8%
    • Emerging Markets₹145 Cr23.7%
    • India Branded Generic₹40 Cr6.5%
    Donut· Share of FY26 Revenue

    Capital allocation

    4
    high confidence
    CategoryHeadline
    Capex

    ₹200 crores

    M&A

    Apnar Pharma

    acquisition · closed

    M&A

    Zoraya Pharmaceuticals

    acquisition · closed

    M&A

    Amerisyn

    joint venture · announced

    Guidance & targets

    16
    CategoryTargetPriority
    Revenue
    Revenue Growth
    30-40%
    		Medium
    Revenue
    Emerging Markets Revenue
    INR 180 crores
    		High
    Revenue
    Apnar Pharma Revenue
    INR 80-100 crores
    		High
    Revenue
    Apnar Pharma Revenue
    INR 180-200 crores
    		High
    Revenue
    US Business Revenue
    INR 2,500-3,000 crores
    		Medium
    Revenue
    US Business Revenue (Aspiration)
    INR 3,000-4,000 crores
    		Low
    Revenue
    India Branded Generic Business Revenue
    INR 60-70 crores
    		High
    Revenue
    Amerisyn JV Revenue
    INR 70-80 crores
    		Medium
    Profitability
    PAT Growth
    50-60%
    		Medium
    Margin
    Blended EBITDA Margin
    29-31%
    		High
    Margin
    Emerging Markets EBITDA Margin
    20-21%
    		Medium
    Margin
    Amerisyn JV EBITDA Margin
    Upwards of 40%
    		Medium
    Tax Rate
    Normalized Tax Rate
    23%
    		High
    Capex
    Total Capex
    INR 200 crores
    		High
    Headcount
    MR Count (India Branded Generic)
    200
    		High
    Product Launch
    ANDA Commercialization
    90-95% of 51 ANDAs
    		High

    What to watch in Q1 FY27

    5

    Apnar Pharma Revenue Contribution

    Next quarter (Q1 FY27)
    CurrentModest in Q4 FY26, significant commercial from April onwards
    TargetINR 10-20 crores in Q1 FY27

    Why it matters

    Verifies the immediate revenue impact from the Apnar acquisition, a key strategic move to strengthen US presence.

    Revenue for this quarter from this facility was modest. However, we have already started significant commercial from this quarter onwards. And this quarter as we speak, we are expecting revenue to be around INR10 crores to INR20 crores from Apnar facility.

    Risks & concerns

    3
    RiskSeverity

    External Environment / Macro Factors

    Geopolitical factors, shipping lines, inflation, and US inflationary pressures are leading to conservative FY27 guidance. — Management acknowledged

    medium

    Increased Working Capital Days

    Working capital days increased from 114 to 187 due to the Apnar acquisition, where expenses were incurred before sales materialized. — Analyst acknowledged

    low

    Higher Effective Tax Rate

    The tax rate jumped from 17% in FY25 to 23.6% in FY26 due to US taxation and the absence of carry-forward losses, which is expected to be the new normalized rate. — Analyst acknowledged

    low

    Q&A highlights

    8

    “We have had the Apnar thing coming in the last quarter. So, the working capital has shown that jump, while sales have not come in from Apnar. So, that has inflated our working capital. If we take out Apnar, it is around 104 days, the net working capital cycle.”

    Explains a significant increase in working capital days, attributing it to the recent Apnar acquisition and its initial impact before sales materialize.

    asked by Tarun Krishna

    2 min read6 chapters

    Detailed Narrative

    01

    Robust FY26 Performance Exceeding Guidance

    Senores Pharmaceuticals delivered a strong FY26, with total revenue reaching INR 664 crores, marking a 62% year-on-year growth. Profit after tax (PAT) more than doubled to INR 122 crores, representing a 108% growth over FY25. This performance surpassed the company's guidance of 50% revenue growth and 100% PAT growth, demonstrating strong execution capabilities across diversified business verticals and consistent operational discipline.

    02

    Strategic Acquisitions and US Market Expansion

    In Q4 FY26, Senores acquired a 75% stake in Apnar Pharma, with the remaining 25% expected by year-end, providing a USFDA-approved manufacturing facility and a platform for long-term growth. This was complemented by the acquisition of Zoraya Pharmaceuticals in Q3 FY26 to bolster US marketing and distribution strength. Additionally, a joint venture named Amerisyn was formed in April to target high-barrier US government procurement markets, further solidifying the company's US operations and aiming for INR 70-80 crores revenue this year with upwards of 40% EBITDA margins.

    03

    ANDA Portfolio Expansion & Commercialization

    The company's approved ANDA portfolio significantly expanded, more than doubling from 22 in March 2025 to 51 in March 2026, reflecting a rapid pace of execution. Of these, 20 ANDAs have already been commercially launched, with an additional 30 ANDAs covering over 100 strengths planned for launch over the next few quarters. Management expects 90-95% of the 51 approved ANDAs to be commercialized within the next six to eight quarters, supported by a robust product pipeline of 27 molecules under various stages of development.

    04

    Segmental Growth and Margin Trends

    Regulated markets revenue grew by 83% YoY in Q4 FY26 to INR 118 crores, and 75% YoY in FY26 to INR 427 crores. Emerging markets revenue increased by 26% YoY in Q4 FY26 and 20% YoY in FY26 to INR 145 crores, with Q4 EBITDA margin notably at 18-19%, expected to stabilize at 20-21% going forward⏳. The India branded generic business saw substantial growth, nearly five times from FY25 to INR 40 crores in FY26, and doubled in Q4 FY26 to INR 9 crores, with a target of INR 60-70 crores for FY27.

    05

    Capital Expenditure and IPO Fund Utilization

    Senores incurred approximately INR 230 crores in capex during FY26, which included INR 65 crores for ANDA acquisitions. For FY27, the company plans a capex of around INR 200 crores, with INR 100 crores allocated for injectable facilities and the remaining for other plants and maintenance. The unutilized INR 100 crores from the IPO fund is earmarked for sterile manufacturing operations, expected to commence within the current fiscal year, contributing to future growth.

    06

    Conservative FY27 Outlook Amidst External Uncertainties

    For FY27, Senores projects revenue growth of 30-40% and PAT growth of 50-60%. Management indicated a conservative stance due to prevailing external factors such as geopolitical uncertainties, shipping line disruptions, and inflationary pressures, which are not conducive to aggressive guidance. The blended EBITDA margin is expected to be maintained in the 29-31% range, with emerging markets EBITDA margins targeted at 20-21% going forward⏳, reflecting a cautious but optimistic outlook.

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