Sai Parenterals Ltd(SAIPARENT)

NSE: SAIPARENTBSE: 544742

₹ 453+0.47%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,001 crWebsite: www.saiparenterals.com/Updated: 24 Oct 2026

About

Sai Parenterals Ltd is a Hyderabad-based pharmaceutical manufacturer supplying injectables and oral dosage forms to 50+ global markets, operating five facilities in India with approximately 1,160 million units of installed annual capacity. Following its IPO in March 2026 and the acquisition of Australian distributor Noumed Pharmaceuticals, the group reported consolidated FY26 revenue of Rs. 381 crore. More than 50% of consolidated revenue is contracted under long-term supply agreements across regulated and semi-regulated markets.^[1][2][3]

Business segments

The standalone India business is a CDMO and own-brand exporter of injectables and oral dosage forms; standalone revenue grew 31% to Rs. 162 crore in FY26, with CDMO export revenue up more than 250% YoY in FY26.^[2]
Noumed Pharmaceuticals (74.64% stake via Singapore holding entity) is the Australian and New Zealand marketing and distribution subsidiary; its first full consolidated quarter was Q4 FY26, lifting consolidated Q4 revenue to Rs. 198 crore.^[1][2]
Consolidated FY26 revenue was Rs. 381 crore (+133% YoY), with exports representing 63% of standalone revenue from operations in FY26.^[2][4]

Products and registrations

The portfolio comprises 302 products spanning injectables, oral solids, oral liquids and topical preparations across 9 therapeutic areas as of FY26.^[1]
83 new products were registered during FY25-26, bringing total product registrations to 599+ across regulated and semi-regulated markets.^[1]
Noumed holds over 451 TGA-approved product dossiers for the Australian and New Zealand market, which has an estimated USD 2.5 billion addressable scale.^[1]
15 exclusive supply agreements cover 526 SKUs; more than 50% of revenue is contracted under long-term agreements as of FY26.^[1][4]
New regulatory approvals were secured from the Philippines FDA, Australia's TGA and the UAE Ministry of Health during FY25-26.^[1]

Manufacturing facilities

Unit I at Jeedimetla, Telangana: sterile non-beta-lactam injectables, 42 million units installed capacity.^[1]
Unit II at Jeedimetla, Telangana: sterile penicillin dry powder injections, 15 million units installed capacity, WHO-GMP certified.^[1]
Unit III at Bhongir, Telangana: general oral dosage forms, 240 million units installed capacity, TGA-Australia and PIC/S accredited.^[1]
Unit IV at Bollaram, Telangana: cephalosporins, 293 million units installed capacity, WHO-GMP certified.^[1]
Revat Unit at Ongole, Andhra Pradesh (operated by wholly owned subsidiary Revat Laboratories): large-scale oral solids, 570 million units installed capacity, GMP certified.^[1]

Capacity utilisation and R&D

Network-wide capacity utilisation rose from 15% in FY22-23 to 60% in FY25-26.^[1]
Unit III utilisation was 72% and Unit IV utilisation was 39% in FY26.^[4]
The R&D facility at Unit III, Bhongir is staffed by 34 specialised professionals and covers formulation, analytical development and advanced testing; 67 dossiers were under development as of Q1 FY27.^[1][4]
In October 2026, Sai completed acquisition of a 60% stake in Prathyak Laboratories for Rs. 15 crore, adding 28 research scientists and a pipeline of 150 SKUs across 86 molecules in complex injectables and oncology.^[5][4]

Customers and distribution

Own-brand products are distributed through seven distributors across ten countries spanning Australia, South-East Asia, the Middle East and Africa.^[1]
Noumed's two anchor customers - Wesfarmers Health (Priceline, Pharmacy Health) and EBOS Group (TerryWhite Chemmart, Pharmacy Choice) - cover 2,100 of Australia's 5,500 total pharmacies.^[2]
A four-year purchase order from Pill Corp (Philippines) valued at USD 11 million covers exclusive supply of anti-tuberculosis products from June 2026.^[1]
Noumed's exclusive OTC supply agreement with EBOS Group, renewed effective 1 July 2026, is valued at AUD 202 million (approximately Rs. 1,300 crore) over 7.5 years at ~AUD 27 million per annum, with a 3-year extension option and 12 new product additions targeted annually.^[4][1]

Expansion and capex

Total growth capex of Rs. 440 crore is underway: Rs. 111 crore for India capacity expansion and EU-GMP upgrades (IPO-funded), Rs. 18 crore for a dedicated R&D centre (IPO-funded), and AUD 53 million (Rs. 311 crore) for the Adelaide manufacturing facility.^[2]
Unit III expansion to 451 million units is expected by October 2026; Unit IV EU-GMP upgrade is expected by January 2027.^[4]
Adelaide (Noumed) facility: physical completion targeted January 2027, TGA licensing inspection by March 2027, Phase 1 manufacturing from April 2027; AUD 20 million Australian government grant contributes to the AUD 53 million total outlay.^[4][2]
Board approved redeployment of Rs. 83.83 crore of IPO proceeds for a 60% stake in Saicriti Pharma's new injectable facility at Gummadidala, delivering approximately 154.66 million units of additional capacity - roughly 47% more than the original plan - at the same capex outlay; completion targeted April 2027.^[4]

Recent developments

IPO completed March 2026, raising Rs. 285 crore primary proceeds; shares listed on BSE and NSE on 2 April 2026.^[2][1]
Acquisition of 74.6% stake in Noumed Pharmaceuticals (Australia) completed 12 November 2025, with Q4 FY26 being the first full consolidated quarter.^[2]
60% stake in Prathyak Laboratories acquired in October 2026 for Rs. 15 crore, as originally targeted by 30 September 2026; provides 28 research scientists and 150 SKUs across 86 molecules.^[5][4]
US subsidiary incorporated (step-down under Singapore entity) to evaluate US market entry; management describes this as a preliminary stage with no commercial or manufacturing decisions yet made.^[4]
Mr. Ashwani Singh Bisht appointed Company Secretary and Compliance Officer effective 30 September 2026, replacing Ms. Shivali Aggarwal.^[6]

Market Cap

₹2,001 Cr

High / Low

₹705 / 400

Stock P/E

149.8

Price / Book

4.4

Book Value

₹111

EPS

₹3.2

No. of Shares

4.42 Cr

ROCE

3.2%

ROE

2.9%

OPM

7.8%

Debt / Equity

0.65

Sales

₹381 Cr

Net Profit

₹14 Cr

Promoter holding

51.2%

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