SPARC
Sun Pharma Advanced Research Company share price & financials
- Price
- ₹235.2
- Market cap
- ₹6.4k Cr
- Sector
- Healthcare
- Calls analysed
- 6
SPARC Q3 FY26
What went well
- Operational spend projected to decrease from $31 million last year to $29 million this year, despite scaling clinical programs, as stated by Mr. Anil Raghavan.
- Achieved annual fixed cost savings of approximately $10 million through optimization of cost structure, including headcount reduction from over 400 to around 250, as per Mr. Anil Raghavan.
- SCD-153 Phase 1B clinical trial is progressing, with interim readout expected in Q4 2026 and global Phase 2 initiation planned for Q2 2027, as detailed by Dr. Mudgal Kothekar.
What to watch
- PDP-716 (Brimonidine) faces compliance issues at the finished product manufacturing site requiring further remediation, despite API vendor regulatory status change, as mentioned by Mr. Anil Raghavan.
- The CML landscape for vodobatinib remains challenging due to increased generalization of TKIs and limited licensing interest from large pharmaceutical companies, as noted by Mr. Anil Raghavan.
What Sun Pharma Advanced Research Company Limited does
SPARC is a research-and-development company, not a manufacturer or direct seller of medicines: it discovers and develops small-molecule and biologic drug candidates focused on oncology and immunology, then out-licenses the resulting intellectual property to pharmaceutical partners (including promoter-group entity Sun Pharmaceutical Industries) rather than commercializing products itself. It earns through structured licensing arrangements - upfront fees, milestone payments tied to regulatory approval and commercial success, and royalties on eventual product sales. Discovery and clinical-development work is carried out from its own research centres in Gujarat and Mumbai, supported by a wholly-owned US subsidiary, SPARCLIFE Inc., for overseas trial operations. Its pipeline spans an antibody-drug conjugate for solid tumours, a topical new chemical entity for alopecia areata/vitiligo, and earlier-stage assets in ophthalmology and oncology.
- R&D / research centres
- 4 (Registered Office & Research Centre + 2 further Research Centres in Vadodara, Gujarat; 1 Corporate Office & Research Centre in Mumbai)
- Geographic footprint
- India (Vadodara, Mumbai) plus a branch office in New Jersey, USA
- Subsidiaries
- 1 wholly-owned subsidiary - SPARCLIFE Inc. (incorporated in Delaware, USA, Sept 2023)
- Therapeutic focus areas
- Oncology and Immunology
- Scientific workforce share
- ~85% of employees are scientists
- Business model
- Pure out-licensing / royalty model - no direct drug manufacturing or commercial sales force
Guidance record · Q3 FY26
what the last two calls moved 17 tracked 3 delivered 4 missed 10 open- PROSEEK (PD Phase-2) Data Readout missed said Q1 FY23 Promised: Coming financial year (H2 FY24) Q3 FY26: The trial failure is a past event and was not discussed. The outcome remains a miss.
- Cash Runway at risk said Q1 FY23 Promised: End of FY'24 Q3 FY26: Reiterated that the company is finalizing a funding plan to extend the cash window to FY'28, with completion hoped for in H1 2026. The previous runway is exhausted and the new funding is not yet secured.
- SCD-153 Phase 1B Interim Readout open said Q3 FY26 Promised: Q4 of the calendar year 2026 Q3 FY26: An interim readout from the Phase 1B study in alopecia areata is expected in the Q4 of the calendar year 2026.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 300.0%, net profit up 59.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13 | 15 | 27 | 10 | 8 −38% | 8 −47% | 1,853 +6763% | 40 +300% |
| EBITDA | -103 | -74 | -53 | -52 | -66 +36% | -57 +23% | 1,773 +3445% | -34 +35% |
| Net profit | -107 | -80 | -60 | -52 | -76 +29% | -80 +0% | 1,761 +3035% | -21 +60% |
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 +36.2% 1Y
1Y: ₹143.94 on 10 Sept 2025 → ₹196.01. High ₹277.57 (9 Jul 2026), low ₹108.71 (23 Mar 2026).
How the price took the results
close before → close after
- Q3 FY26
- +0.4%
- 13 Jan
- Q2 FY26
- −2.0%
- 8 Jan
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 98.8% a year over 3 years, FY23 to FY26. Operating margin widened to 85.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹239 Cr | ₹76 Cr | ₹72 Cr | ₹1.9k Cr |
| Operating profit | ₹-215 Cr | ₹-402 Cr | ₹-323 Cr | ₹1.6k Cr |
| Operating margin | -90.0% | -528.9% | -448.6% | 85.0% |
| Interest | ₹8 Cr | ₹1 Cr | ₹10 Cr | ₹35 Cr |
| Depreciation | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹11 Cr |
| Net profit | ₹-222 Cr | ₹-387 Cr | ₹-343 Cr | ₹1.6k Cr |
| Net margin | -92.9% | -509.2% | -476.4% | 82.7% |
| Cash from operations | ₹-69 Cr | ₹-429 Cr | ₹-360 Cr | ₹-239 Cr |
| Free cash flow | ₹-84 Cr | ₹-455 Cr | ₹-370 Cr | ₹-262 Cr |
| ROCE | — | -108.0% | -279.0% | 164.0% |
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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹26 Cr | ₹27 Cr | ₹32 Cr | ₹32 Cr | ₹32 Cr | ₹32 Cr |
| Reserves | ₹-194 Cr | ₹4 Cr | ₹480 Cr | ₹93 Cr | ₹-381 Cr | ₹1.3k Cr |
| Borrowings | ₹236 Cr | ₹79 Cr | ₹16 Cr | ₹61 Cr | ₹417 Cr | ₹559 Cr |
| Other liabilities | ₹162 Cr | ₹170 Cr | ₹302 Cr | ₹328 Cr | ₹252 Cr | ₹273 Cr |
| Total liabilities | ₹230 Cr | ₹280 Cr | ₹830 Cr | ₹515 Cr | ₹320 Cr | ₹2.2k Cr |
| Fixed assets | ₹91 Cr | ₹92 Cr | ₹106 Cr | ₹108 Cr | ₹162 Cr | ₹85 Cr |
| Capital work in progress | ₹5 Cr | ₹26 Cr | ₹27 Cr | ₹44 Cr | ₹1 Cr | ₹72 Cr |
| Investments | ₹6 Cr | ₹12 Cr | ₹291 Cr | ₹2 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹127 Cr | ₹150 Cr | ₹406 Cr | ₹362 Cr | ₹156 Cr | ₹2.0k Cr |
| Total assets | ₹230 Cr | ₹280 Cr | ₹830 Cr | ₹515 Cr | ₹320 Cr | ₹2.2k 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, FIIs added +2.43 pp while the public trimmed −1.54 pp.
- Promoters
- 65.7%
- FIIs
- 3.9%
- DIIs
- 0.1%
- Public
- 30.3%
Since Jun 2025
- FIIs +2.43 pp
- Public −1.54 pp
- DIIs −0.88 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 65.7%, FIIs 3.7%, DIIs 0.7%, Public 30.0%.Dec '23: Promoters 65.7%, FIIs 3.3%, DIIs 0.7%, Public 30.4%.Mar '24: Promoters 65.7%, FIIs 3.2%, DIIs 0.7%, Public 30.4%.Jun '24: Promoters 65.7%, FIIs 2.6%, DIIs 0.2%, Public 31.5%.Sep '24: Promoters 65.7%, FIIs 2.1%, DIIs 0.2%, Public 32.0%.Dec '24: Promoters 65.7%, FIIs 2.2%, DIIs 0.6%, Public 31.5%.Mar '25: Promoters 65.7%, FIIs 1.4%, DIIs 1.1%, Public 31.8%.Jun '25: Promoters 65.7%, FIIs 1.5%, DIIs 1.0%, Public 31.9%.Sep '25: Promoters 65.7%, FIIs 1.8%, DIIs 1.1%, Public 31.5%.Dec '25: Promoters 65.7%, FIIs 2.0%, DIIs 0.8%, Public 31.5%.Mar '26: Promoters 65.7%, FIIs 2.0%, DIIs 0.9%, Public 31.4%.Jun '26: Promoters 65.7%, FIIs 3.9%, DIIs 0.1%, Public 30.3%.
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.
- Paresh Mohanlal Parekh newly disclosed 1.13% held
- Vijay Mohanlal Parekh newly disclosed 1.13% held
- Sun Petro Private Limited newly disclosed 0.00% held
- Shanghvi Universal Private Limited newly disclosed 0.00% held
- Krishna Vrundavandas Valia newly disclosed 0.00% 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 Sun Pharma Advanced Research Company Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Shanghvi Finance Private Limited | 42.28% | unchanged |
| Dilip.S.Shanghvi | 19.05% | unchanged |
| Sun Pharmaceutical Industries Key Employees Benefit Trust | 3.18% | unchanged |
| Lakshdeep Investments & Finance (P) Ltd. | 1.86% | unchanged |
| Aditya Medisales Limited | 1.51% | unchanged |
| Raksha Sudhir Valia | 1.28% | unchanged |
| Paresh Mohanlal Parekh | 1.13% | newly disclosed |
| Vijay Mohanlal Parekh | 1.13% | newly disclosed |
| Enam Securities Private Limited | 1.04% | unchanged |
| Sudhir Vrundavandas Valia | 0.57% | unchanged |
| Unimed Investments Limited | 0.39% | unchanged |
| Vibha Dilip Shanghvi | 0.33% | 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.
All earnings calls (6)
Read the Q3 FY26 call →Learn to analyse Sun Pharma Advanced Research Company Limited
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