REMUS

Remus Pharma. financials

Market cap
₹1.0k Cr
Sector
Healthcare
Calls analysed
2
Latest concall · Q2 FY26 · call held 11 Nov 2025

Remus Pharma. Q2 FY26

Consolidated Revenue ₹400 cr +47%Consolidated EBITDA Margin 6.75% Consolidated Net Profit ₹22 cr +21%Consolidated PAT Margin 5.4%

What went well

  • Consolidated revenue grew 47% YoY to ₹400 crores.
  • Standalone revenue grew 24% YoY to ₹47 crores.
  • Consolidated operational EBITDA increased 28% YoY to ₹27 crores, with standalone EBITDA up 31% to ₹15 crores.

What to watch

  • Consolidated EBITDA margin of 6.75% and PAT margin of 5.4% are significantly lower than standalone margins (31.56% EBITDA, 25.59% PAT) due to the high-volume, low-margin US subsidiary business.
  • The company is an 'asset-light' model without in-house manufacturing, which raised analyst questions regarding long-term margin confidence.
Read the full call →

Guidance record · Q2 FY26

what the last two calls moved 7 tracked 1 delivered 2 missed 4 open
  • Revenue Growth delivered said Q4 FY25 Promised: we will see a sustainable growth in the revenue, which we will see in the next coming year [FY26] (not exorbitant like 191%) Q2 FY26: H1 FY26 revenue grew at a sustainable 47% YoY, aligning perfectly with the narrative of normalizing growth.
  • B2C Business Share missed said Q4 FY25 Promised: by end of this year [FY25], we will have at least 25% to 30% of B2C business Q2 FY26: H1 FY26 actual is only 13%. Management revised the target down to 18-20% by the end of FY26.
  • Semaglutide-like Commercialization on track said Q4 FY25 Promised: those sales and revenues will also be coming pretty soon, probably H2 [FY26] is what we are aiming. Q2 FY26: Not explicitly mentioned, but the timeline (H2 FY26) has not yet arrived.

All 7 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q4 FY26: revenue up 30.6%, net profit up 44.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY23Q4 FY23Q2 FY24Q4 FY24Q2 FY25Q4 FY25Q2 FY26Q4 FY26
Revenue20 25 29 36 38 +90%41 +64%47 +62%47 +31%
EBITDA5 6 9 12 11 +120%15 +150%15 +67%15 +25%
Net profit4 4 8 9 9 +125%11 +175%12 +50%13 +44%
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 +4.3% 1Y

₹600₹700₹800₹900Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Q2 FY26 — 11 Nov 2025

1Y: ₹843.65 on 10 Sept 2025 → ₹880. High ₹961.65 (21 Aug 2026), low ₹582.85 (9 Mar 2026).

How the price took the results

close before → close after

Q2 FY26
−1.0%
11 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.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹0 Cr₹1 Cr₹1 Cr₹1 Cr₹12 Cr₹12 Cr
Reserves₹3 Cr₹6 Cr₹18 Cr₹152 Cr₹295 Cr₹314 Cr
Borrowings₹0 Cr₹0 Cr₹8 Cr₹4 Cr₹16 Cr₹6 Cr
Other liabilities₹8 Cr₹9 Cr₹8 Cr₹26 Cr₹245 Cr₹50 Cr
Total liabilities₹11 Cr₹16 Cr₹35 Cr₹183 Cr₹568 Cr₹382 Cr
Fixed assets₹0 Cr₹0 Cr₹3 Cr₹5 Cr₹18 Cr₹7 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹0 Cr₹3 Cr₹21 Cr₹127 Cr₹238 Cr₹297 Cr
Other assets₹11 Cr₹12 Cr₹11 Cr₹51 Cr₹313 Cr₹77 Cr
Total assets₹11 Cr₹16 Cr₹35 Cr₹183 Cr₹568 Cr₹382 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 Mar 2026

Since Mar 2025, the public trimmed −0.67 pp while FIIs added +0.51 pp. The shareholder count grew 7% to 2,009.

Promoters
71.0%
FIIs
5.3%
DIIs
0.8%
Public
22.9%

Since Mar 2025

  • Public −0.67 pp
  • FIIs +0.51 pp
  • Promoters +0.10 pp

How it drifted, 7 quarters

Over this window the public fell from 27.3% to 22.9% — −4.4 pp.

Sep '23Sep '24Mar '26

Ownership split by quarter, oldest first. Sep '23: Promoters 69.6%, FIIs 2.4%, DIIs 0.7%, Public 27.3%.Mar '24: Promoters 70.6%, FIIs 3.3%, DIIs 0.7%, Public 25.5%.Jun '24: Promoters 70.7%, FIIs 3.0%, DIIs 0.7%, Public 25.6%.Sep '24: Promoters 70.8%, FIIs 3.2%, DIIs 0.8%, Public 25.2%.Mar '25: Promoters 70.8%, FIIs 4.8%, DIIs 0.8%, Public 23.6%.Sep '25: Promoters 70.9%, FIIs 5.0%, DIIs 0.8%, Public 23.3%.Mar '26: Promoters 71.0%, FIIs 5.3%, DIIs 0.8%, Public 22.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Sep 2025

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

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 Mar 2026 filing

Every holder of Remus Pharma. above SEBI's 1% disclosure line, and what changed since Sep 2025.

HolderStakeChange
Shah Arpit Deepakkumar 17.66%unchanged
Roma Vinodbhai Shah 17.21%unchanged
Anar Swapnil Shah 16.97%unchanged
Swapnil Jatinbhai Shah 16.97%unchanged
India Emerging Giants Fund Limited FPI fund4.87%+0.11 pp
Rekha Gunavanth Kumar 1.09%unchanged
Hemant Ishwarlal Modi 1.00%unchanged
Renosen Pharmaceuticals Private Limited 0.92%unchanged
Independent Director or his relatives 0.14%newly disclosed
Sonal Hemantbhai Modi 0.07%unchanged
Mansi Aadarsh Shah 0.07%unchanged
Vinodkumar Gandalal Shah 0.06%unchanged

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

Growth the price implies
18.0% a year
for 7 years, fading to 4%
It has actually compounded at
Not enough history
The gap
—
between what it did and what it must do
Price today ₹880

Change the assumptions yourself →

All earnings calls (2)

Read the Q2 FY26 call →

Learn to analyse Remus Pharma.

Guides on how to read this kind of business and the numbers that matter.