SANOFI

Sanofi India share price & financials

Price
₹3,341
Market cap
₹7.6k Cr
Sector
Healthcare
Calls analysed
3
Latest concall · Q1 FY27 · call held 05 Aug 2026

Sanofi India Limited Q1 FY27

PBT ₹112 cr +19%Total Income — +7%

What went well

  • Strong Q2 performance with total income up 7% and sales up 6%, driven by domestic market (+8%).
  • Diabetes portfolio, including Toujeo (+11% market share value growth) and Soliqua (+16% QoQ growth), delivered double-digit growth.
  • Significant PBT growth of 19% in Q2, reaching INR 112 crores, and margin expansion to 27%.

What to watch

  • Partnership business showed only 2% growth in Q2 and contributed to a 2% sales decline in H1 due to transition impacts and aggressive competition.
  • Export business declined by 2% in Q2, facing heavy competition in mature markets like Australia.
Read the full call →

What Sanofi India Limited does

Sanofi India Limited is the Indian listed subsidiary of French pharma major Sanofi S.A. (together with Hoechst GmbH holding 60.40% of shares), manufacturing and marketing prescription medicines across diabetes, cardiovascular, central nervous system (CNS) and anti-infective therapies. Its diabetes franchise is anchored by the insulin brands Lantus, Toujeo and Soliqua, while its legacy CV/CNS/anti-infective portfolio is increasingly distributed through a partnership model with third parties. Products are made at its own GMP-compliant plant in Goa and supplied via a network of roughly 2,900 distributors reaching hospitals, retail chains and healthcare institutions across India, with additional volumes exported to 25 countries and supplemented by seven Indian contract manufacturing organisations.

Segments

  • Diabetes
  • Cardiovascular
  • Central Nervous System (CNS)
  • Anti-Infectives
Manufacturing facility
1 GMP-compliant plant (Goa)
Annual production capacity
5 billion units of oral solid dosage forms
Export markets
25 countries
Contract manufacturing partners
7 Indian CMOs
Distributor network
2,900 distributors
Workforce
1,104 (including contractual employees and workers)
Founded 1956Headquarters Sanofi House, Saki Vihar Road, Powai, Mumbai 400072 Company website

Guidance record · Q1 FY27

what the last two calls moved 11 tracked 3 delivered 2 missed 6 open
  • Personnel Cost delivered said Q2 FY26 Promised: saving will be more and more in the personnel cost next year Q1 FY27: The trend of cost control continues, with overall operating expenses down 5% in Q2 and 15% in H1 2026, reinforcing the achievement of this promise.
  • Digital Transformation missed said Q2 FY26 Promised: End of this year, we will be aligned to the more modern system that we have within the group in India. Q1 FY27: The end-of-2025 deadline has passed with no confirmation of completion. Vague mentions of evaluating 'AI platforms' do not satisfy the specific promise of alignment with the group's system.
  • Partnership Segment Growth at risk said Q2 FY26 Promised: we are growing by 2% in this segment and we are aiming to continue to grow that Q1 FY27: The business returned to 2% growth in Q2 2026. However, management does not expect to reach industry growth in 2026, placing the sustainability of this growth at risk.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 7.9%, net profit up 20.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue524 515 536 406 475 −9%420 −18%472 −12%438 +8%
EBITDA120 118 172 95 134 +12%90 −24%143 −17%115 +21%
Net profit82 91 120 70 76 −7%62 −32%103 −14%84 +20%
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 −39.4% 1Y

₹3.0k₹3.5k₹4.0k₹4.5k₹5.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 29 Oct 2025Q3 FY26 — 26 Feb 2026Q1 FY27 — 5 Aug 2026

1Y: ₹5,077 on 10 Sept 2025 → ₹3,079.2. High ₹5,077 (10 Sept 2025), low ₹3,079.2 (11 Sept 2026).

How the price took the results

close before → close after

Q1 FY27
−1.9%
5 Aug
Q3 FY26
−2.9%
26 Feb
Q2 FY26
−0.4%
29 Oct

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 fell 8.8% a year over 2 years, FY23 to FY25. Operating margin widened to 26.7%.

Year endingFY23FY24FY25
Revenue₹2.2k Cr₹2.0k Cr₹1.8k Cr
Operating profit₹566 Cr₹491 Cr₹491 Cr
Operating margin25.6%24.4%26.7%
Interest₹1 Cr₹0 Cr₹1 Cr
Depreciation₹37 Cr₹37 Cr₹38 Cr
Net profit₹603 Cr₹413 Cr₹328 Cr
Net margin27.3%20.5%17.9%
Cash from operations₹231 Cr₹462 Cr₹438 Cr
Free cash flow₹221 Cr₹426 Cr₹413 Cr
ROCE71.0%49.0%58.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹23 Cr₹23 Cr₹23 Cr₹23 Cr₹23 Cr₹23 Cr
Reserves₹2.2k Cr₹1.3k Cr₹992 Cr₹838 Cr₹726 Cr₹803 Cr
Borrowings₹25 Cr₹24 Cr₹19 Cr₹19 Cr₹18 Cr₹15 Cr
Other liabilities₹811 Cr₹772 Cr₹681 Cr₹732 Cr₹488 Cr₹567 Cr
Total liabilities₹3.1k Cr₹2.1k Cr₹1.7k Cr₹1.6k Cr₹1.3k Cr₹1.4k Cr
Fixed assets₹334 Cr₹306 Cr₹315 Cr₹312 Cr₹304 Cr₹291 Cr
Capital work in progress₹13 Cr₹24 Cr₹16 Cr₹18 Cr₹12 Cr₹19 Cr
Investments₹0 Cr₹0 Cr₹2 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹2.7k Cr₹1.7k Cr₹1.4k Cr₹1.3k Cr₹939 Cr₹1.1k Cr
Total assets₹3.1k Cr₹2.1k Cr₹1.7k Cr₹1.6k Cr₹1.3k Cr₹1.4k 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, DIIs trimmed −3.19 pp while the public added +3.11 pp. The shareholder count grew 20% to 80,005.

Promoters
60.4%
FIIs
5.7%
DIIs
19.9%
Public
14.1%

Since Jun 2025

  • DIIs −3.19 pp
  • Public +3.11 pp
  • FIIs +0.08 pp

How it drifted, 12 quarters

Over this window the public went from 11.1% to 14.1% — +3.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 60.4%, FIIs 6.8%, DIIs 21.7%, Public 11.1%.Dec '23: Promoters 60.4%, FIIs 6.3%, DIIs 22.5%, Public 10.8%.Mar '24: Promoters 60.4%, FIIs 6.1%, DIIs 22.9%, Public 10.6%.Jun '24: Promoters 60.4%, FIIs 5.8%, DIIs 22.6%, Public 11.2%.Sep '24: Promoters 60.4%, FIIs 5.8%, DIIs 22.6%, Public 11.2%.Dec '24: Promoters 60.4%, FIIs 5.6%, DIIs 22.9%, Public 11.0%.Mar '25: Promoters 60.4%, FIIs 5.6%, DIIs 23.0%, Public 11.0%.Jun '25: Promoters 60.4%, FIIs 5.6%, DIIs 23.1%, Public 10.9%.Sep '25: Promoters 60.4%, FIIs 5.6%, DIIs 22.3%, Public 11.8%.Dec '25: Promoters 60.4%, FIIs 5.5%, DIIs 21.3%, Public 12.8%.Mar '26: Promoters 60.4%, FIIs 5.7%, DIIs 21.1%, Public 12.8%.Jun '26: Promoters 60.4%, FIIs 5.7%, DIIs 19.9%, Public 14.1%.

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.

The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Sanofi India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Hoechst GMBH 60.37%unchanged
Life Insurance Corporation Of India - P & Gs Fund Insurer5.95%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund4.08%+0.29 pp
General Insurance Corporation Of India Insurer2.56%unchanged
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Small Cap Fund Mutual fund2.32%−0.06 pp
SBI ELSS Tax Saver Fund Mutual fund1.73%newly disclosed
Bajaj Life Insurance Limited Insurer1.44%+0.07 pp
Sanofi 0.02%unchanged
Future Capital AG Hessen Life Sciences Chemie 0.00%unchanged
CKW PHARMA EXTRAKT GMBH & Co.KG 0.00%unchanged
CKW PHARMA EXTRAKT BETEILIGUNGS UND VERWALTUNGS Gm 0.00%unchanged
Starlink Logistics Inc. (SLLI) 0.00%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.

Mutual funds in SANOFI

Filings to Aug 2026

0 new, 0 added, 1 trimmed, 1 sold out — net −0.56 L shares (−4.2%).

Held by funds
₹392 Cr
5 schemes
Biggest holder
Nippon India Small Cap Fund
₹150 Cr · 0.2% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹150 Crheld
Nippon India Pharma Fund Nippon India Mutual Fund₹94 Crheld
SBI Contra Fund SBI Mutual Fund₹79 Crheld
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹57 Crheld
Nippon India Innovation Fund Nippon India Mutual Fund₹13 Cr−0.08 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 1 trimmed — net −55,598 shares (−4.2%)

Funds are sitting on
-39%
vs est. average cost
Held by funds
₹392 Cr
5 schemes · ≈ 5.5% of the company
Biggest holder
Nippon India Small Cap Fund
₹150 Cr · 0.2% of that fund
Longest holder
Nippon India Pharma Fund
14y · since Sep '12

Shares held by these funds +4%

Aug '23 13.10 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹3079, this stock must grow earnings at 13% every year for 7 years. Our analysis caps realistic growth at ~-17%. At that growth it is worth ₹587 — downside of 81%.

Growth the price implies
13.4% a year
for 7 years, fading to 4%
It has actually compounded at
-16.9% a year
net profit, FY23–FY26 · EPS -17.0%
The gap
0.3 pp
-81% downside if it only repeats history
Price today ₹3,079.2 Value at the reference growth ₹587.17

Change the assumptions yourself →

All earnings calls (3)

Read the Q1 FY27 call →

Learn to analyse Sanofi India Limited

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