Hyderabad-headquartered API manufacturer with global leadership in key APIs across 14 therapeutic segments.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 207 | +5.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 20.0 | 0.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 21.0 | +5.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 14.32 | +2.6 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -8.12 | −2.9 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 10.20 | +2.8 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
2 of 4 judged targets kept · 7 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EBITDA Margin | Aiming to expand our EBITDA margins by 20% (to 20%) | Q4 FY25 | FY26 EBITDA stood at ₹171 crores, up 23% YoY, with margins improving to 20%. | Achieved |
| Revenue Growth | Targeting 20% revenue growth for FY26 | Q4 FY25 | FY26 revenue increased by 13% to ₹887 crores. | Missed |
| Capex Plan | INR250 crores over the next 18 months | Q4 FY25 | The INR280 crores capex will be completed by FY27, March. INR130 crores has been invested so far. | Delayed |
2 of SMS Pharmaceuticals Limited's 11 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 8 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹297.69 on 24 Oct 2025 → ₹442.8. High ₹483.35 (22 Sept 2026), low ₹271.55 (24 Nov 2025).
Overview
Based on the company's own presentations, annual report and earnings calls.
SMS Pharmaceuticals is a vertically integrated manufacturer of Active Pharmaceutical Ingredients (APIs), operating two globally-accredited plants at Hyderabad and Vizag (Telangana, Andhra Pradesh). It develops and supplies APIs across therapeutic areas including anti-retrovirals, anti-inflammatories, anti-diabetics, anti-migraine, anti-ulcer, anti-erectile-dysfunction and anti-epileptic drugs, selling into more than 75 countries including regulated markets such as Europe and North America. The company backward-integrates key raw materials (e.g. for ibuprofen) to reduce import dependency and protect margins, and holds a stake in associate company VKT Pharma for forward integration. An in-house R&D team files DMFs/CEPs and process patents to build a pipeline of new APIs and high-value molecules, including an emerging peptides and CDMO initiative.
Segments
close before → close after
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.
Guidance
2 of 4 judged targets kept · 7 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EBITDA Margin | Aiming to expand our EBITDA margins by 20% (to 20%) | Q4 FY25 | FY26 EBITDA stood at ₹171 crores, up 23% YoY, with margins improving to 20%. | Achieved |
| Revenue Growth | Targeting 20% revenue growth for FY26 | Q4 FY25 | FY26 revenue increased by 13% to ₹887 crores. | Missed |
| Capex Plan | INR250 crores over the next 18 months | Q4 FY25 | The INR280 crores capex will be completed by FY27, March. INR130 crores has been invested so far. | Delayed |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 11 tracked commitments, with each call’s wording and source.
Call summaries
SMS Pharma. Q4 FY26
SMS Pharma reported a strong FY26 with 13% revenue growth and 20% EBITDA margin, driven by strategic investments in backward integration and product diversification. While Q4 saw a slight margin dip due to raw material costs, the company is optimistic about future growth from ongoing capex, new product filings, and peptides development, guiding for 15% revenue growth and 20% EBITDA margin in FY27 amidst geopolitical uncertainties.
Read the full callSMS Pharma. Q2 FY26
SMS Pharmaceuticals delivered a strong Q2 FY26, with PAT growing 80% YoY to INR25.3 crores and revenue up 23% to INR242.4 crores, driven by backward integration and product mix optimization. EBITDA margin expanded to 20%. The company is progressing on its INR280 crores capex program and aims for 20% growth and 20% EBITDA margin for FY26, despite some challenges in the Anti-diabetic segment and higher receivables.
Read the full callSMS Pharma. Q4 FY25
SMS Pharma delivered a strong Q4 and FY25, with PAT growing 39% and revenue showing significant recovery. The company's focus on backward integration, product mix optimization, and cost efficiencies drove margin expansion. Management provided optimistic FY26 guidance, projecting 20% revenue growth and 20% EBITDA margins, supported by planned capex, while acknowledging challenges related to high inventory levels for commodity products.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +5% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 197 | 173 | 248 | 196 | 242 | 210 | 238 | 207 |
| Expenses | 165 | 140 | 207 | 157 | 194 | 167 | 198 | 166 |
| Operating profit | 31 | 33 | 41 | 39 | 48 | 44 | 40 | 41 |
| Operating margin | 16.0% | 19.0% | 16.0% | 20.0% | 20.0% | 21.0% | 17.0% | 20.0% |
| Other income | 1 | 2 | 1 | 1 | 1 | 4 | 3 | 2 |
| Interest | 5 | 4 | 5 | 6 | 6 | 6 | 5 | 6 |
| Depreciation | 9 | 9 | 9 | 10 | 10 | 10 | 10 | 10 |
| Profit before tax | 20 | 22 | 29 | 24 | 34 | 31 | 27 | 27 |
| Tax rate | 29.0% | 24.0% | 30.0% | 23.0% | 26.0% | 26.0% | 23.0% | 26.0% |
| Net profit | 14 | 18 | 20 | 20 | 25 | 23 | 33 | 21 |
| EPS (₹ per share) | 1.66 | 2.15 | 2.29 | 2.31 | 2.70 | 2.51 | 3.49 | 2.23 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 521 | 709 | 782 | 886 |
| Expenses | 468 | 592 | 643 | 716 |
| Operating profit | 55 | 117 | 139 | 171 |
| Other income | 5 | 5 | 5 | 9 |
| Interest | 22 | 24 | 19 | 23 |
| Depreciation | 32 | 32 | 35 | 40 |
| Profit before tax | 6 | 67 | 93 | 116 |
| Net profit | 2 | 49 | 68 | 101 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 8 | 8 | 8 | 9 | 9 | 9 |
| Reserves | 462 | 452 | 528 | 631 | 751 | 776 |
| Borrowings | 263 | 254 | 281 | 311 | 324 | 365 |
| Other liabilities | 126 | 165 | 217 | 202 | 221 | 212 |
| Total liabilities | 860 | 880 | 1,034 | 1,153 | 1,305 | 1,362 |
| Fixed assets | 438 | 412 | 437 | 533 | 517 | 534 |
| Capital work in progress | 11 | 33 | 30 | 35 | 50 | 122 |
| Investments | 22 | 11 | 11 | 12 | 48 | 26 |
| Other assets | 389 | 424 | 556 | 573 | 690 | 681 |
| Total assets | 860 | 880 | 1,034 | 1,153 | 1,305 | 1,362 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 90 | 45 | 22 | 50 | 82 | 59 |
| Cash from investing | -152 | -27 | -30 | -52 | -123 | -131 |
| Cash from financing | 92 | -12 | -32 | 31 | 47 | 76 |
| Net cash flow | 31 | 6 | -39 | 29 | 5 | 4 |
| Free cash flow | -61 | 18 | -7 | -2 | -42 | -71 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 68 | 34 | 104 | 122 | 95 | 89 |
| Inventory days | 148 | 333 | 243 | 201 | 241 | 260 |
| Days payable | 70 | 97 | 117 | 130 | 96 | 89 |
| Cash conversion cycle | 146 | 270 | 230 | 192 | 239 | 260 |
| Working capital days | 48 | 94 | 104 | 85 | 88 | 98 |
| Return on capital employed | 17.0% | 13.0% | 4.0% | 12.0% | 13.0% | 13.0% |
| Dividend payout | 4.0% | 4.0% | −36.0% | 7.0% | 5.0% | 4.0% |
To justify its price of ₹443, this stock must grow earnings at 26% every year for 7 years. Our analysis caps realistic growth at ~250%. At that growth it is worth ₹443387 — upside of 100033%.
Ownership
Promoters hold 68.07% as of Sept 2026; institutions cut 2.11 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of SMS Pharmaceuticals Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 19.38% | unchanged | |
| 16.90% | unchanged | |
| 16.03% | unchanged | |
| 9.45% | unchanged | |
| 5.01% | unchanged | |
| 1.84% | −0.17 pp | |
| 1.60% | −0.22 pp | |
| 1.50% | newly disclosed | |
| 1.41% | unchanged | |
| 1.41% | unchanged | |
| 1.20% | unchanged | |
| 0.11% | 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.
Your own record
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