Sudarshan Pharma Industries Ltd

BSE: 543828

₹ 31.25-4.05%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 795 crWebsite: www.sudarshanpharma.comUpdated: 24 Oct 2026

About

Sudarshan Pharma Industries works in the pharmaceutical and chemical industries. It focuses on specialty chemicals and intermediates used in pharmaceuticals, paints, food products and adhesives, and it also supplies APIs and generic formulations. Its revenue for FY26 was Rs 703.06 Cr, and it operates across more than 42 countries. Its subsidiary Ratna Lifesciences is described as one of the few specialised manufacturers in India making oncology derivatives and intermediates in a dedicated facility.^[1][2]

Business segments

Speciality Chemicals is the single reportable segment. FY26 revenue by geography: India Rs 678.7 Cr (Rs 67,870.20 lakh vs Rs 42,664.91 lakh in FY25) and rest of the world Rs 24.35 Cr (Rs 2,435.45 lakh vs Rs 5,548.61 lakh).^[1]
The company is building vertical integration across chemical raw materials, API intermediates, API manufacturing and import, finished formulations, branded generics and R&D (Q3 FY26).^[3]
Management said that for at least the next two years its main focus will stay on APIs and intermediates, with a gradual move toward formulation and branding after that (FY26 annual report).^[1]

Products and brands

Through contract manufacturing agreements and suppliers with FDA- and WHO-approved plants, it supplies pharma formulations and more than 100 generic pharma products (FY26).^[1]
Launched products include Jivan Kit, Setdown, Pulmo relief, Fix Pollen and Flupimac (FY26).^[1]
Oncology API work at Ratna Lifesciences includes Gemcitabine, Imatinib, Capecitabine Intermediate, Apalutamide, Olaparib, Crizotinib, Cisplatin and Lenalidomide (Q4 FY25).^[4]
Heart Kit Loading Dose, an emergency cardiac first-aid formulation, is going through the patent application process. The company plans to reintroduce it at scale once the patent is granted (FY26).^[1]

Manufacturing and R&D

Ratna Lifesciences makes oncology products in a dedicated facility with current capacity of two metric tonnes, expandable to fifteen metric tonnes (FY26).^[1]
Palghar Unit 2 in Maharashtra has an oral liquid section with a 1,000-litre tank, giving output of 2,000 litres per shift, scalable to 6,000 litres across two shifts. It has approvals for 50 products (Q1 FY26).^[5]
The Hyderabad bulk drug and intermediates unit, bought from Srigen Lifesciences for Rs 25.50 Cr, has developed about 50 potential API key starting materials. Some of these hold patent rights (Q3 FY26).^[3]
The Telangana facility will produce APIs and intermediates including Ropivacaine, Bupivacaine, Probenecid, Sitagliptin, Apixaban and Rivaroxaban (FY26).^[1]
An R&D formulation centre in Dehradun is leased from Daundi Biological for five years from 29 December 2024. It is expected to be fully operational by September 2026.^[6][5]
The company has an R&D collaboration with Dr. William Selvamurthy at Amity University covering nanotechnology, pharma R&D and patent filing (FY26).^[1][4]

Key operating numbers

Exports were about 8.24% of turnover in FY26, mainly billed in USD, compared with 7.7% of revenue in FY25 and 2.4% in FY24.^[1][5]
Gross profit margin was 12.9% in FY25 vs 8.9% in FY24.^[5]
The cash conversion cycle was 157 days at Mar-25 vs 121 days at Mar-24. Inventory days were 117 vs 74 over the same dates.^[4]

Customers and markets

No single customer made up more than 10% of total revenue (FY26).^[1]
It supplies generic formulations on a make-to-order basis in bulk to hospitals and healthcare organisations (FY26).^[1]
Domestic pharma presence covers 5 states. Exports go mainly to South East Asia, the Middle East and North Africa (FY26).^[1]
The company is applying for formulation registrations in some African and Asian countries to grow exports (FY26).^[1]

Expansion and projects

PLI Unit 2 (Vitamin B1) has a committed investment of Rs 59.7 Cr and a maximum incentive of Rs 100 Cr. Construction started in January 2024.^[5]
PLI Unit 1 (Vitamin B6) has a committed investment of Rs 27 Cr and a maximum incentive of Rs 15 Cr.^[6]
The company developed a Vitamin B1 sample from the base root and filed a patent application. It developed Vitamin B6 from base raw material through to the finished API (FY26).^[1]
Planned acquisitions listed in Q1 FY26: Gujarat Unit 1 (Rs 30 Cr), Gujarat Unit 2 (Rs 40 Cr) and a USFDA-approved plant in India (Rs 250 Cr).^[5]
Contracts still to be executed on capital account came to Rs 296.50 lakh as of March 31, 2026.^[1]

Recent developments

Completed the acquisition of the Hyderabad bulk drug unit from Srigen Lifesciences for Rs 25.50 Cr (Q3 FY26).^[3]
Proposed raising USD 35 million through Foreign Currency Convertible Bonds (Q3 FY26).^[3]
Subsidiaries in Singapore and Poland were recently acquired. Sudarshan Lifescience and Sudarshan Maven Pharma have not yet started commercial operations (FY26).^[1]
Signed an MoU with Ardes Laboratories, Hyderabad, in November 2024 for a CDMO collaboration.^[6]

Market Cap

₹795 Cr

High / Low

₹43 / 19

Stock P/E

30.1

Price / Book

4.8

Book Value

₹6

EPS

₹1.0

No. of Shares

24.07 Cr

ROCE

15.2%

ROE

16.3%

OPM

7.9%

Debt / Equity

1.83

Sales

₹703 Cr

Net Profit

₹23 Cr

Promoter holding

57.8%

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