Sanjiv.Parant. financials

Mumbai-based pharma manufacturer of injectables (ampoules, vials, IV fluids), tablets/capsules and nutraceuticals, with CDMO contract manufacturing and exports to 25+ countries.

Market cap: ₹222 Cr
Sector: Healthcare
Calls analysed: 6

Latest concall · Q4 FY26 · call held 15 May 2026

Sanjiv.Parant. Q4 FY26

Consolidated Revenue 132.1 million Consolidated EBITDA 21.73 million Consolidated EBITDA Margin 15.74% Consolidated PAT 5.5 million

What went well

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).

What to watch

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.

Read the full call →

What Sanjiv.Parant. does

Sanjivani Paranteral Limited manufactures and distributes parenteral (injectable) and oral solid pharmaceutical formulations across therapeutic areas including CNS, CVS, antibiotics, gastroenterological, anti-diabetic and anti-allergic. It operates WHO-GMP/DIGEMID/DDA-certified plants at Navi Mumbai and Dehradun, an IV-fluid infusion plant in Pune (SPL Infusion Private Limited) and a joint-venture manufacturing plant in Prague, Czech Republic (with Alevia HealthCare S.R.O.). Alongside its own branded formulations, the company runs a CDMO (contract development and manufacturing) business for third-party clients in injectables, orals and nutraceuticals, and has recently added a nutraceuticals product line.

Segments

Injectables
Orals
Nutraceuticals
CDMO

Manufacturing facilities: 2 WHO-GMP/DIGEMID/DDA-certified plants (Navi Mumbai & Dehradun), plus an IV-fluid plant in Pune (SPL Infusion Pvt Ltd) and a JV plant in Prague, Czech Republic (Alevia HealthCare)
Annual tablet capacity: 720 million tablets/year
Annual Beta-Lactam capsule capacity: 180 million capsules/year
Annual Beta-Lactam tablet capacity: 120 million tablets/year
Annual ampoule capacity: 84 million ampoules/year
Annual capsule capacity: 72 million capsules/year

Founded 1994Headquarters Mumbai, MaharashtraEmployees 40 (FY25) Company website

Guidance record · Q4 FY26

what the last two calls moved 12 tracked 1 delivered 4 missed 7 open

Pune JV Commercial Production delivered, diluted said Q4 FY25 Promised: Commercial production in this first quarter (Q1 FY26) Q4 FY26: Ramp-up continues, revenue grew to INR 2.7 cr in Q4 FY26.
Pune JV Revenue missed said Q1 FY26 Promised: INR 75-80 crores of top line from this plant in the first year Q4 FY26: Achieved INR 3.9 cr in FY26 (Q3+Q4) vs original target of INR 75-80 cr for the first year (FY26).
EBITDA Margin revised down said Q3 FY25 Promised: 19%-20% that will be remaining Q4 FY26: Guided 15.5-16.5% for base business going ahead.

All 12 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 8.8%, net profit up 32.9% 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	18	17	18	18	16 −15%	21 +20%	11 −42%	19 +9%
Expenses	15	15	16	15	13	17	10	16
EBITDA	3	3	3	3	2 −21%	4 +41%	1 −65%	3 +29%
Margin	16%	15%	14%	15%	15%	17%	9%	17%
Other income	0	0	0	0	0	0	1	0
Interest	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0
Profit before tax	3	3	3	2	2 −25%	3 +39%	1 −53%	3 +33%
Tax rate	21%	24%	17%	25%	25%	25%	26%	25%
Net profit	2	2	2	2	2 −29%	3 +38%	1 −57%	2 +33%
EPS	1.97	1.60	1.84	1.43	1.34	2.13	0.77	1.87

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.

Performance −26.2% 1Y

1Y: ₹247.15 on 10 Sept 2025 → ₹182.3. High ₹247.15 (10 Sept 2025), low ₹129.3 (20 May 2026).

How the price took the results

close before → close after

Q4 FY26: −6.6%; 15 May
Q3 FY26: −3.5%; 16 Feb
Q2 FY26: +3.0%; 19 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 22.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to 14.5%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹35 Cr	₹54 Cr	₹70 Cr	₹65 Cr
Operating profit	₹6 Cr	₹8 Cr	₹10 Cr	₹9 Cr
Operating margin	15.9%	15.2%	14.8%	14.5%
Interest	₹0 Cr	₹0 Cr	₹1 Cr	₹1 Cr
Depreciation	₹1 Cr	₹1 Cr	₹1 Cr	₹1 Cr
Net profit	₹5 Cr	₹6 Cr	₹8 Cr	₹7 Cr
Net margin	12.7%	11.3%	11.6%	10.7%
Cash from operations	₹5 Cr	₹-11 Cr	₹-0 Cr	₹-2 Cr
Free cash flow	₹4 Cr	₹-14 Cr	₹-11 Cr	₹-5 Cr
ROCE	—	55.3%	30.2%	19.6%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹9 Cr	₹10 Cr	₹10 Cr	₹12 Cr	₹12 Cr	₹12 Cr
Reserves	₹-53 Cr	₹-18 Cr	₹-13 Cr	₹16 Cr	₹33 Cr	₹36 Cr
Borrowings	₹46 Cr	₹6 Cr	₹2 Cr	₹1 Cr	₹7 Cr	₹9 Cr
Other liabilities	₹18 Cr	₹20 Cr	₹22 Cr	₹15 Cr	₹7 Cr	₹21 Cr
Total liabilities	₹19 Cr	₹18 Cr	₹21 Cr	₹43 Cr	₹58 Cr	₹78 Cr
Fixed assets	₹8 Cr	₹7 Cr	₹8 Cr	₹10 Cr	₹21 Cr	₹22 Cr
Capital work in progress	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹1 Cr
Investments	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹4 Cr	₹5 Cr
Other assets	₹12 Cr	₹11 Cr	₹13 Cr	₹33 Cr	₹33 Cr	₹51 Cr
Total assets	₹19 Cr	₹18 Cr	₹21 Cr	₹43 Cr	₹58 Cr	₹78 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, promoters added +2.69 pp while the public trimmed −2.00 pp. The shareholder count shrank 9% to 5,880.

Promoters: 31.6%
DIIs: 5.5%
Public: 63.0%

Since Jun 2025

Promoters +2.69 pp
Public −2.00 pp
DIIs −0.70 pp

How it drifted, 12 quarters

Over this window the public went from 59.5% to 63.0% — +3.5 pp.

Sep '23Dec '24Jun '26

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

Ashwani Khemka +0.31 pp 29.88% held
Suresh Pukhraj Jain . +0.16 pp 7.05% held

The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Sanjiv.Parant. above SEBI's 1% disclosure line, and what changed since Mar 2026.

Holder	Stake	Change
Ashwani Khemka	29.88%	+0.31 pp
Suresh Pukhraj Jain .	7.05%	+0.16 pp
Kanta Suresh Jain .	6.01%	unchanged
India Equity Fund 1 AIF	4.97%	unchanged
Sun Capital Advisory Services Private Limited	4.24%	unchanged
Ashish Kacholia	3.01%	unchanged
Usha Ravindra Bhat	2.66%	unchanged
Naina Khemka	1.69%	unchanged
Next Orbit Ventures Fund VC / PE	—	off the list

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Expensive

To justify its price of ₹182, this stock must grow earnings at 22% every year for 7 years. Our analysis caps realistic growth at ~12%. At that growth it is worth ₹106 — downside of 42%.

Growth the price implies: 22.4% a year; for 7 years, fading to 4%
It has actually compounded at: 11.9% a year; net profit, FY23–FY26
The gap: 0.1 pp; -42% downside if it only repeats history

Price today ₹182.3 Value at the reference growth ₹106.01

Change the assumptions yourself →

All earnings calls (6)

Read the Q4 FY26 call →

Learn to analyse Sanjiv.Parant.

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