Strides Pharma Science Ltd(STAR)

NSE: STARBSE: 532531

₹ 999.6+0.16%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 9,214 crNext results: 29 Oct 2026Website: www.strides.comUpdated: 25 Oct 2026

About

Strides Pharma Science Ltd is an Indian pharmaceutical company focused on regulated-market generics, selling to customers in 106 countries with exports constituting 90.66% of standalone turnover; the company does not market products in India. In FY26 Strides reported revenue of ₹4,858.68 crore and EBITDA of ₹1,049.16 crore. The US generics business and Ex-US markets (Other Regulated Markets plus Growth Markets) each contribute roughly half of revenues, with Ex-US growing to 46% of FY26 revenue from 41% in FY24.^[1][2][3]

Revenue by geography

Ex-US markets delivered $63m in Q1 FY27 (+17% YoY), comprising Other Regulated Markets (UK, Europe, Nordics, Australia) and Growth Markets (Africa, MENA, APAC, LATAM); Ex-US grew to 46% of FY26 revenue from 41% in FY24.^[4][3][1]
Other Regulated Markets revenue was $47.6m in Q3 FY26 (+21% YoY) and $44m in Q2 FY26 (+16% YoY), having broken out of a $40 - 43m plateau held for six quarters.^[5][6]
Access market revenue fell 70% YoY to ₹222m in Q3 FY26 and ₹976m in 9M FY26 (-53% YoY), driven by reduced donor-institution funding from governments including the US.^[5]

US portfolio and ANDA pipeline

As of June 2026, Strides had filed 228 ANDAs and received approvals for 210 ANDAs covering 152 products; 72 products were commercialised in the US in Q1 FY27.^[4]
Strides holds a Top 3 market position in 37 of its 70 commercialised US products; those 37 products contributed 75% of US revenues as of FY26.^[1]
Controlled substances contributed approximately 5% of US revenues in Q1 FY27; quota allocations remained slower than expected as Strides is a relatively new entrant building a DEA track record.^[4]
Approximately 60 dormant ANDA products acquired from Endo are targeted for relaunch over three years as part of the path to ~$375m US revenue by FY28.^[6][4]

Manufacturing and R&D capacity

Unit capacity across dosage formats exceeds 16 billion units; all facilities are cGMP compliant.^[1]
R&D is anchored at a Global Formulation R&D Centre in Bengaluru, staffed by 270+ professionals; the centre supports ANDA filings, Beyond Generics programs (nasal sprays, patches, films) and controlled substances.^[1]
The Bangalore plant underwent a USFDA inspection in May 2026; observations were issued and a response was filed.^[4]
R&D spend is guided at $20 - 25m per annum for the next two years to support the nasal spray, transdermal patch and thin film pipeline.^[3]

Key operating metrics

Gross margin expanded 60 bps YoY to 60.9% in Q1 FY27, following 59.7% for full-year FY26 (+310 bps YoY), driven by scaling down lower-margin institutional business and growing higher-margin Ex-US mix.^[4][3]
EBITDA margin was 18.2% in Q1 FY27 (-130 bps YoY) and 19.0% for FY26 (+140 bps YoY); Q1 FY27 margin was compressed by ~₹131m of elevated freight and geopolitical operating costs.^[4][3]
Cash-to-cash cycle was 123 days in Q1 FY27 (+7 days YoY), driven by higher inventory built to support Ex-US growth and supply-chain resilience.^[4]

Customers and distribution

Strides serves wholesalers, large pharmacy chains, global donor-funded institutions, regional government bodies through MOH/Government tender, and large pharmaceutical companies across 106 countries.^[1]
In Australia, Strides is one of the largest Indian suppliers of generic medicines and holds a preferred supplier agreement with the market leader in the local generic market.^[1]
In French West Africa (12 Francophone countries), Strides ranks among the Top Five players.^[1]
In the UK, distribution spans Tier-1 and Tier-2 wholesale partners, NHS supply chains, CCGs, and NHS tenders through the Commercial Medicines Unit.^[1]

Beyond Generics pipeline

Two nasal spray ANDAs have been filed with USFDA as of May 2026; the first is in advanced FDA review with approval expected in H2 FY27, and a third filing is targeted for Q2 FY27.^[4][3]
Management is targeting 5 - 6 nasal spray programs in total, plus a similar pipeline in transdermal patches and thin films, with significant filing traction expected in the next 12 - 18 months from mid-2026.^[4][3]
First nasal spray revenue is expected from FY28 onwards; Beyond Generics products are incremental to the ~$375m US generics revenue target.^[4][3]

Expansion and capex

Total capex (maintenance + R&D + hard capex) is guided at ₹2.5 - 3bn per annum; no greenfield investment is planned.^[4]
US/North America revenue aspiration of ~$375m by FY28 was reiterated in Q1 FY27; H2 FY27 is expected to be stronger, with approximately 10 US product launches targeted from Q2 FY27 to end of FY27.^[4]
Ex-US markets are targeted to mirror the US at ~$375m within approximately 1.5 - 2 years from mid-2026.^[4]

Recent developments

Strides divested its majority stake in Pivot Path (captive GCC) in Q1 FY27, generating a gain of ₹742m (₹534m net of tax); Arco Lab Private Limited now operates as the retained Global Life Sciences Capability Centre.^[4][1]
CARE Ratings upgraded Strides' long-term bank facilities to CARE A+; Stable from CARE A; Positive, effective Q1 FY27.^[4]
Strides agreed in February 2026 to acquire certain branded products from Sandoz in Africa; regulatory approval is pending, with closing expected in Q2 FY27 and revenue contribution from H2 FY27. The acquisition will more than 1.5x the branded Africa portfolio.^[3][4]
Arco Lab acquired the remaining 50% stake in Neviton Softech Private Limited on February 16, 2026 for EUR 2 million (~Rs. 218 million), making it a wholly owned subsidiary.^[1]
Peter Hardwick (30+ years pharma experience, former President & CEO of Apotex Corp US Generics) was appointed CEO of the North American Business in Q3 FY26.^[5]

Market Cap

₹9,214 Cr

High / Low

₹1,260 / 770

Stock P/E

15.0

Price / Book

3.0

Book Value

₹337

EPS

₹60.3

No. of Shares

9.22 Cr

ROCE

18.7%

ROE

19.7%

OPM

17.4%

Debt / Equity

0.54

Sales

₹4,859 Cr

Net Profit

₹575 Cr

Promoter holding

29.0%

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Strides Pharma Science Ltd(STAR)

About

Revenue by geography

US portfolio and ANDA pipeline

Manufacturing and R&D capacity

Key operating metrics

Customers and distribution

Beyond Generics pipeline

Expansion and capex

Recent developments

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