Remus Pharmaceuticals Ltd(REMUS)

NSE: REMUS

₹ 885-1.80%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,043 crUpdated: 24 Oct 2026

About

Remus Pharmaceuticals Ltd is a global pharmaceutical company focused on marketing, distribution and export of niche, specialised and complex pharmaceutical formulations across 40+ countries. It operates through two channels: a high-margin standalone B2B/B2C emerging-market business and Espee Global Holdings LLC, a US-based RLD distributor that anchors consolidated scale. In FY26 consolidated operational revenue reached INR 853.63 Cr, with the Relius B2C brand contributing approximately 14.5% of the overall business mix.^[1][2][3]

Business segments

B2B segment contributed 86% of consolidated revenues in FY26, anchored by Espee Global Holdings LLC (US RLD distributor) which alone represented ~80% of consolidated revenues in H1 FY26.^[4][5]
B2C segment under the Relius brand contributed 14% of consolidated revenues in FY26, up from 4% in FY25, operating through subsidiaries in Bolivia and Guatemala.^[4][3]
The standalone entity reports a single segment: Marketing and Distribution of API, Formulations and other Pharmaceutical products.^[1]

Products and portfolio

Portfolio comprises 903+ registered products, 430+ commercialised products and 2,100+ SKUs across diverse therapeutic segments as of FY26.^[1]
Therapeutic focus is concentrated in Critical Care, Neurology, Cardiology and Diabetic categories, complemented by anti-infectives, oncology, urology and metabolic therapies.^[1]
Dosage forms span complex injectables, pre-filled syringes, lyophilised injectables, extended-release and bi-layer tablets, inhalers, nebulisers and topical forms.^[1]
Relius B2C brand carried 41 products generating Rs 14.1 Cr in revenue in FY26; 600+ B2C products are in the development pipeline.^[1][3]
During FY26, Remus in-licensed Rifaximin and Fexofenadine (Mexico, Chile, Vietnam, Peru), Dapagliflozin and Rivaroxaban (Chile), and Peg-filgrastim and Filgrastim PFS (Philippines, Vietnam).^[1]
Remus filed 120+ new trademarks during FY26, of which 55 have been secured; 126 brand names registered for B2C international markets.^[1][4]

Operations and manufacturing

Remus operates an asset-light model with 30+ global CMO/CDMO manufacturing partners; ~20 are active with 34 approved as of FY26.^[1][4]
Espee Global Holdings LLC operates an FDA-approved facility in the US, serving 300+ customers across 30+ countries, specialising in RLDs, REMS, specialty, orphan and biosimilar drugs.^[1][6]
The in-house team comprises 40+ regulatory and technical specialists who submit 50+ dossiers monthly using a single Common Technical Document filed simultaneously across multiple jurisdictions.^[1]
Anti-TB combination tender in North Macedonia is supplied from an EU-GMP-approved manufacturing site.^[1]

Key operating numbers

Dossier registrations: 2,243+ cumulative; dossiers ready-to-file: 850+; monthly filing run-rate: 50+ as of FY26.^[1][3]
Standalone EBITDA margin: 31.60% in FY26 ( - 123 bps YoY); consolidated EBITDA margin: 6.64% in FY26 ( - 73 bps YoY), compressed by the low-margin Espee B2B distribution business.^[3]
Consolidated EBITDA margin has contracted from 13.62% in FY24 to 7.37% in FY25 to 6.64% in FY26 as the high-volume, low-margin Espee subsidiary grew in weight.^[3]
R&D spend was approximately Rs 3 - 4 crores in FY26.^[4]

Geography and distribution

Latin America and the Caribbean is the dominant standalone export geography at Rs 83.60 Cr in FY26, up from Rs 67.24 Cr in FY25; North America emerged as a new market at Rs 2.25 Cr in FY26.^[1]
Remus expanded into four new markets in FY26: Myanmar, Nicaragua, North Macedonia and Madagascar, extending its 40+ country footprint.^[4][3]
Distribution network comprises 150+ global distributors; B2C channels include D2C and pharmacy networks in Bolivia and Guatemala.^[1]
Top customer contributed Rs 12.56 Cr and second-highest Rs 6.53 Cr to standalone revenues in FY26, indicating concentration at the top.^[1]
In Algeria, Remus pursues tech-transfer and licensing deals rather than capex, earning royalties and licensing fees, preserving the asset-light model.^[5]

Institutional tender wins

Secured NUPCO tender in Saudi Arabia for Topiramate capsules (awarded February 2026) and Ministry of Health tender opportunities for three products in Kuwait.^[4][1]
Secured direct government tender in Nicaragua for Ceftazidime + Avibactam 2.5 g injection, expected to recur every quarter.^[4][3]
Secured direct tender in North Macedonia for anti-TB combinations (Rifampicin/Isoniazid FDC) supplied from an EU-GMP-approved site.^[4][1]

Expansion and pipeline

Semaglutide tablets and injections dossiers filed across non-patented emerging markets via B2B and B2C channels in FY26; commercialisation targeted in 3 - 4 countries in FY27.^[4][3]
60 products planned to be filed in Peru within three months of the February 2026 DIGEMID clearance, with commercialisation expected in FY27.^[4]
Target of 200+ B2C product launches with 600+ in the development pipeline; 2,100+ new product filings across geographies targeted by FY28.^[3]
New markets targeted for FY27 entry include Bosnia, Ethiopia, Algeria, Kosovo, Mexico and Tanzania.^[3]
Subsidiary Espee Global Clinical Trial Services Private Limited incorporated July 2025 to provide clinical trial supply management and logistics services, planned to become operational in FY27.^[1][4]

Recent developments

Peru DIGEMID inspection audit successfully cleared in February 2026, enabling regulatory filings in Peru and broader Latin American markets.^[4][1]
Relius Bolivia launched 26 B2C products in H2 FY26, including a CNS portfolio (Brivaracetam, Valproic Acid, Risperidone, Lamotrigine) and specialty injectable Triptorelin 11.25 mg.^[3]
Peg-filgrastim and Filgrastim PFS in-licensed for Philippines and Vietnam; regulatory submissions already filed as of Q4 FY26.^[4]
Board recommended a final dividend of Rs 0.5 per equity share for FY26 (post-bonus), with an expected cash outflow of Rs 0.59 Cr, subject to shareholder approval.^[1]
New US tariffs of 50% on Indian imports, effective August 2025, identified as a significant risk to export competitiveness for Indian pharmaceutical companies.^[7]

Market Cap

₹1,043 Cr

High / Low

₹1,039 / 580

Stock P/E

29.6

Price / Book

3.6

Book Value

₹298

EPS

₹31.4

No. of Shares

1.18 Cr

ROCE

16.9%

ROE

12.2%

OPM

7.0%

Debt / Equity

0.07

Sales

₹854 Cr

Net Profit

₹46 Cr

Promoter holding

71.0%

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