Sudeep Pharma Ltd(SUDEEPPHRM)

NSE: SUDEEPPHRMBSE: 544619

₹ 961.5-0.39%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 10,860 crNext results: 28 Oct 2026Website: www.sudeeppharma.comUpdated: 24 Oct 2026

About

Sudeep Pharma Ltd is an Indian specialty chemicals and ingredients company producing mineral salts, specialty ingredients, and battery-grade iron phosphate for pharmaceutical, food & nutrition, and energy storage markets. The company reported FY26 revenue from operations of INR 642.3 cr, up 27.9% year-on-year. It operates two segments - Pharmaceutical, Food & Nutrition (55.7% of FY26 revenue) and Speciality Ingredients (43.0%) - and is expanding into battery materials through its subsidiary Sudeep Advanced Materials (SAM) at Dahej, Gujarat.^[1][2][3]

Business segments

Pharmaceutical, Food & Nutrition segment: INR 362.64 cr revenue, 55.7% of FY26 total, EBIT margin 31.3% in FY26. Produces mineral salts (phosphates) for pharma and food applications.^[3]
Speciality Ingredients segment: INR 279.62 cr revenue, 43.0% of FY26 total, EBIT margin 33.5% in FY26. Mix share grew from less than 10% of revenues in FY23 to 44% in FY26.^[3][2][4]
PFN segment Q1 FY27 revenue grew 31% YoY, driven predominantly by volume - particularly phosphate scale-up with the largest customer.^[5]
Speciality Ingredients segment Q1 FY27 revenue grew 19% YoY, below historical run-rate due to temporary LPG supply shortage in April and first half of May 2026.^[5]

Products and portfolio

Core PFN portfolio covers phosphate-based mineral salts supplied to pharmaceutical, food and nutrition customers globally; phosphoric acid is the largest raw material by value.^[5]
AbsorBis bisglycinate launched as a branded specialty ingredient targeting a ~$1 billion global market; carries approximately 4x the realisation of the existing portfolio. Q1 FY27 sales alone surpassed total FY26 sales.^[2][5]
Speciality Ingredients vertical has grown at a CAGR of 32% since inception in 2021 through H1 FY26, driven by new product categories including vitamin-mineral blends, gluconates, glycinates, and citrates.^[6][4]
CEP certification for calcium carbonate - the only Indian company and one of nine globally to hold this certification - serves as a key differentiator in European markets.^[4]
NSS (Ireland, 85% stake) contributes premix products focused on infant nutrition and dairy, operating in European markets; contributed ~INR 17 cr revenue in Q3 FY26.^[4][6]

Manufacturing capacity and operations

PFN segment capacity utilisation: 65 - 70% in FY26. Speciality Ingredients capacity utilisation: 35 - 40% in FY26.^[2]
Nandesari greenfield facility: 51,200 MTPA installed capacity; total project outlay INR 150 cr with INR 120 cr spent by September 2025. Commissioned internally in Q4 FY26; food & nutrition regulatory approval received, FDA approval expected Q2 FY27.^[6][2][5]
Nandesari enables industrial-scale production of gluconates, glycinates, and citrates; five food & nutrition customers conducting site approvals as of Q1 FY27, with commercial supplies expected to commence from Q3 FY27.^[4][5]
R&D spend was 1.66% of revenue in FY26 and 1.96% of revenue for 9M FY26.^[5][4]

Key operating numbers

Net working capital days: 213 days in FY26 vs 184 days in FY25, driven by a strategic INR 37 cr finished goods inventory build for US/Europe warehousing and INR 41 cr phosphoric acid raw material procurement.^[2]
EBITDA margin: 34.6% in FY26 vs 37.8% in FY25; Q3 FY26 margin was 37.3%. Management targets recovery to 37 - 38% in FY27.^[2][4]
Net debt/equity: 0.04x in FY26 vs 0.2x in FY25; ROCE: 22.5% in FY26 vs 30.0% in FY25.^[2]
Repeat business: 84.38% for 9M FY26.^[4]
Phosphoric acid input cost rose approximately 50% in Q1 FY27 due to elevated sulfur prices; price pass-through to customers is underway and expected to reflect in Q2 FY27 revenue and margins.^[5]

Customers and distribution

Domestic (India) contributed 38% of Q3 FY26 revenue; exports contributed 62%. Domestic business grew approximately 20% YoY in Q3 FY26.^[4]
North America: ~90% of US business subject to tariffs had the impact fully passed on to customers with no margin dilution as of Q3 FY26. Only 50% of US business was subject to the August 2025 tariff announcements.^[4][6]
Europe: a dedicated sales team became fully operational in FY26, with multiple product approvals secured; the company holds warehousing positions in both the US and Europe.^[4]
AbsorBis bisglycinate has received approvals from two of the largest North American consumer companies and is scaling up in European and Indian markets as of Q1 FY27.^[5][2]

Sudeep Advanced Materials (SAM) - battery materials build-out

SAM is constructing a battery-grade iron phosphate plant at Dahej, Gujarat. Phase 1 capacity: 25,000 MT; groundbreaking January 23, 2026; commissioning targeted by March - April 2027.^[5][2][4]
Phase 1 capex: approximately INR 300 cr, covering land for the full 100,000 MT site, utilities/infrastructure for 50,000 MT, and equipment for 25,000 MT. Total capex to reach 100,000 MT confirmed at approximately INR 600 cr.^[4][2]
Customer pipeline as of Q1 FY27: 21 at lab validation, 16 at pilot-scale, 7 at pre-commercial/commercial validation with active off-take discussions; 44 active customers; 28 product approvals; 8 completed customer approvals.^[5]
Two MoUs signed with South Korean CAM manufacturers in Q1 FY27; initial commercial purchase orders of approximately 700 MT received by Q4 FY26.^[5][2]
SAM is evaluating expansion from 100 KTPA to 200 KTPA; existing Dahej land can support up to 200 KTPA; target timeframe is CY2030 - CY2031.^[5]
Peak revenue potential at 100,000 MT full utilisation estimated at INR 1,600 - 1,800 cr; meaningful revenue from SAM expected only from FY28 post Dahej commissioning.^[2][4]

NSS (Europe) operations

NSS (Ireland, 85% stake acquired May 2025) operates in infant nutrition and dairy premix segments in Europe; running at approximately 35% capacity utilisation as of Q2 FY26.^[6]
NSS's largest infant formula customer has significantly scaled down European operations in Ireland due to the energy crisis, with management now expecting flattish FY27 revenue with single-digit growth.^[5]
Mattias Fredrickson appointed as NSS business head - 30+ years of European pharma/nutrition ingredient experience, including tenure at one of the world's largest vitamin and mineral companies - to drive pan-European expansion.^[2]

Expansion and capex

FY27 core-business capex expected at approximately INR 25 cr (INR 10 cr to complete greenfield plus INR 15 cr maintenance); SAM capex is incremental to this.^[2]
Core business (ex-battery) revenue potential stated at INR 1,000 - 1,200 cr with existing greenfield capacity and no incremental capex.^[2]
Two significant binding SAM off-take agreements expected to be concluded in CY2026; these will trigger Phase 2 and Phase 3 planning.^[5]

Market Cap

₹10,860 Cr

High / Low

₹1,376 / 525

Stock P/E

61.8

Price / Book

12.8

Book Value

₹78

EPS

₹15.3

No. of Shares

11.29 Cr

ROCE

21.9%

ROE

19.6%

OPM

35.1%

Debt / Equity

0.17

Sales

₹642 Cr

Net Profit

₹174 Cr

Promoter holding

76.2%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Sudeep Pharma Ltd(SUDEEPPHRM)

About

Business segments

Products and portfolio

Manufacturing capacity and operations

Key operating numbers

Customers and distribution

Sudeep Advanced Materials (SAM) - battery materials build-out

NSS (Europe) operations

Expansion and capex

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions