Sakar Healthcare Ltd(SAKAR)

NSE: SAKAR

₹ 933.2-3.87%refreshed 27 Oct, 03:00 pm ISTMarket cap: ₹ 2,076 crWebsite: www.sakarhealthcare.comUpdated: 27 Oct 2026

About

Sakar Healthcare Ltd is an Ahmedabad-based pharmaceutical manufacturer producing oncology and non-oncology formulations across oral solids, injectables and lyophilized dosage forms, along with in-house cytotoxic APIs. The company reported FY26 revenue of INR251.74 crores and is growing rapidly through domestic CMO partnerships with major Indian pharma companies and own-brand exports to regulated and emerging markets. Its oncology subsidiary Sakar Oncology Pvt. Ltd. operates a USFDA-standard facility at Bavla, and the group holds an ICRA BBB (Positive) long-term rating as of September 2025.^[1][2][3]

Business segments

The company operates in a single segment - pharmaceutical products manufacturing - covering non-oncology generics at Changodar and oncology formulations plus APIs at Bavla.^[3]
Oncology contributed 38% of FY26 total revenue, up from 21% in FY25, making it the fastest-growing part of the business.^[4]
Non-oncology accounted for the remaining 62% of FY26 revenue and is growing at ~7 - 8% per annum in line with the generic pharma market.^[4][5]

Products and portfolio

The formulation portfolio spans liquid orals, cephalosporin tablets/capsules, dry powder syrups, dry powder injections, liquid injectables (SVP) in ampoules/vials/lyophilized form, and oral solid dosages.^[3]
The oncology portfolio covers 55 molecules developed in-house as of Q1 FY27, including a niche basket of 12 oral suspension oncology products with few global competitors.^[5][6]
The company has developed 21 cytotoxic APIs in-house; 2 have received CEP approvals (Gefitinib and Cytarabine) as of Q1 FY27, with 5 more CEP applications in process.^[5]
Revenue model spans CDMO/CMO services, own-brand exports, licensing, product development and technology transfer, alongside domestic generics.^[3]

Manufacturing operations

Non-oncology plant is located at Changodar, Sarkhej-Bavla Highway, Ahmedabad; capacity utilization was ~70% as of Q2 FY26.^[3][7]
Oncology facility (Sakar Oncology Pvt. Ltd.) is at Bavla and is built to USFDA standards; capacity utilization was ~29% as of Q4 FY26, up from ~20% in Q2 FY26.^[2][4][7]
At full single-shift utilization the Bavla oncology plant can support INR800 - 1,000 crores of revenue with no major incremental capex.^[4][7]
A 425 KVA solar plant covers up to 30% of total manufacturing power requirements.^[2]
Employee strength was 435 as at March 31, 2026.^[3]

Key operating numbers

Oncology revenue was ~INR33 crores in Q1 FY27, of which INR6.5 crores was exports and the rest domestic CMO and API.^[5]
Oncology revenue for 9M FY26 was INR69.45 crores; Q3 FY26 oncology was INR31 crores (INR19 crores exports, INR12 crores domestic).^[6]
Own-brand exports contributed over 70% of total revenues as of Q2 - Q3 FY26, serving APAC, Latin America, Africa, CIS and Europe.^[7][6]
Working capital cycle improved from 165 days (March 2025) to 135 days (September 2025), driven by reduction in finished goods inventory.^[7]

Regulatory pipeline and dossiers

As of Q1 FY27: 261 oncology dossiers shared globally, 178 submitted across target geographies, and 16 marketing authorizations received.^[5]
26 European MA filings completed including 15 own filings as of Q1 FY27; 7 site variation approvals received (5 for Accord in EU, 2 in UK).^[5]
The company holds one MA in its own name in Bulgaria; three products have been manufactured and dispatch is expected in Q2 FY27.^[5]

Customers and distribution

Domestic oncology CMO partners include Accord-Intas, Torrent, Emcure, Glenmark and Zydus Lifesciences; technology transfers from all five partners were completed as of Q2 FY26.^[7][4]
Zydus partnership for GCC and emerging markets, signed in Q1 FY27, was the company's 40th global anti-cancer product agreement.^[5]
33 oncology technology transfer projects are ongoing as of Q1 FY27; the Accord-Intas 9-product EU/UK portfolio alone represents a potential INR50 - 100 crores opportunity.^[5][4]
Foreign exchange earnings were Rs. 8,694.58 lakh in FY25, down from Rs. 9,983.53 lakh in FY24.^[2]

Expansion and capex

No major capex is planned for FY27; maintenance capex is ~INR65 lakhs per quarter. The INR27 crores H1 FY26 spend (including INR17 crores CWIP) is described as the final major outlay.^[6][7]
Backward API integration is the primary capacity initiative: 7 CEP-approved APIs are targeted within 2 - 3 quarters (from 2 as of Q1 FY27), covering ~33% of the developed oncology API portfolio.^[5]

Recent developments

Three Accord products (Imatinib, Azacitidine, Exemestane) and two Torrent products (Letrozole, Exemestane) were dispatched to partner markets during Q1 FY27.^[5]
ICRA assigned [ICRA] BBB (Positive) on the long-term scale and [ICRA] A3+ on the long-term/short-term scale on 22 September 2025.^[3]
Sakar's Bavla oncology facility received EU site-variation approval as a manufacturing source for Accord Healthcare UK's Imatinib supplies during Q3 FY26, its first regulated-market manufacturing approval.^[6]

Market Cap

₹2,076 Cr

High / Low

₹1,230 / 352

Stock P/E

54.4

Price / Book

6.0

EPS

₹13.7

No. of Shares

2.22 Cr

OPM

18.7%

Sales

₹252 Cr

Net Profit

₹30 Cr

Promoter holding

51.7%

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