Senores Pharmaceuticals Ltd(SENORES)

NSE: SENORESBSE: 544319

₹ 1,213.9+0.95%refreshed 23 Oct, 03:51 pm ISTMarket cap: ₹ 5,590 crNext results: 29 Oct 2026Website: www.senorespharma.comUpdated: 24 Oct 2026

About

Senores Pharmaceuticals Ltd is an Indian specialty pharmaceutical company manufacturing and marketing generic formulations for regulated markets (primarily the US) and 40+ emerging markets, with API and CDMO/CMO operations. In FY26 the company reported revenue of ₹632.63 Cr, with regulated markets contributing ₹427 Cr (75% growth YoY). The US contributes approximately 70% of total revenues; the company operates USFDA-approved plants in Atlanta (USA) and Gujarat (India).^[1][2][3]

Business segments

Emerging Markets (40+ countries): ₹145.02 Cr revenue in FY26; present across Latin America, Africa, CIS, Southeast Asia, and the Middle East.^[2]
Critical Care Injectables Business: ₹39.99 Cr revenue in FY26.^[2]
API Business: ₹14.11 Cr revenue in FY26; 17+ APIs commercialised, 5+ in development, 3 DMFs under finalisation.^[2]

ANDA portfolio and product pipeline

Approved ANDAs reached 58 (187 strengths) in Q1 FY27, up from 30 (70 strengths) in Q1 FY26; 23 ANDAs commercialised and 35 approved but yet to launch.^[4]
ANDA development pipeline stands at 39 molecules / 119 strengths in Q1 FY27, up from 31 molecules / 57 strengths in Q1 FY26.^[4]
CDMO/CMO business has 34 commercial products and 75 pipeline products as of FY26; CDMO commercialised products doubled YoY from 16 in Q1 FY26 to 34 in Q1 FY27.^[2][4]
Emerging Markets registered portfolio: 513 products in Q1 FY27 (up from 394 in Q1 FY26); 942 products under registration.^[4]
Branded Generics India: 60 products launched as of FY26, focused on life-saving injectable formulations to hospitals; pan-India presence with approvals across more than 1,000 hospitals.^[2]
Named regulated-market marketing partners include Ajanta Pharma, Cipla, Dr. Reddy's, Jubilant Pharma, Mankind Pharmaceuticals, Sun Pharma, Prasco, and RiteMED.^[2]

Manufacturing facilities and capacity

Atlanta, Georgia (Havix/Aavis Pharmaceuticals, 74.65% subsidiary): USFDA-approved OSD facility with annual installed capacity of 1.5 billion units; holds DEA and BAA certifications.^[2]
Apnar Pharma, Jambusar/Vadodara, Gujarat (75% subsidiary, acquired January 2026 for ~₹91 Cr EV): USFDA, MHRA, and Health Canada approved; tablets 275 Mn units (expandable to 600 Mn), capsules 225 Mn units (expandable to 500 Mn), bottles 16 Mn units (expandable to 32 Mn).^[2][3]
Chhatral facility, Ahmedabad (Ratnatris, emerging markets): general oral dosage 1,397.96 Mn units, injectables 49.92 Mn units, beta-lactam orals 511.68 Mn units annual installed capacity; approved by regulators in 10 countries.^[2]
Naroda API facility, Gujarat: Unit I capacity 25 MT, Unit II capacity 144 MT.^[2]
Atlanta facility has successfully undergone four USFDA audits including a surprise inspection in April 2024 with zero Form FDA 483 observations; 8 customer audits completed.^[2][3]
Global certifications held: USFDA, Health Canada, UK MHRA, DEA, WHO-GMP, ISO 9001:2015, and country-specific approvals from Kuwait, Cambodia, Sri Lanka, Ivory Coast, Kenya, Nigeria, Philippines, Liberia, Peru, and Zambia.^[2]

Key operating numbers

Regulated markets revenue: ₹127.8 Cr in Q1 FY27 (+41.9% YoY), contributing 71% of consolidated revenue; ₹427 Cr for full-year FY26 (+74.6% YoY).^[4][3]
Emerging markets revenue: ₹37.6 Cr in Q1 FY27 (+29.6% YoY).^[4]
Regulated markets EBITDA margin: ~40% in Q1 FY27; 39% in FY26.^[4][3]
Emerging markets EBITDA margin: ~14% in Q1 FY27 (seasonal H1 dip from 18 - 19% in Q4 FY26); full-year FY26 was 12%.^[4][3]
Consolidated EBITDA margin: 29.8% in Q1 FY27 (+810 bps YoY); 30.1% for full-year FY26 (+527 bps YoY).^[4][3]
Gross margin: 63.5% in Q1 FY27 (+980 bps YoY).^[4]
Apnar facility produced ~30 million units in Q1 FY27, with 6 products commercially launched and utilisation at 80 - 90%.^[4]

Distribution and customers

US contributes approximately 70% of total revenues in FY26; company serves 2 - 3 regulated markets and 40+ emerging markets.^[2]
Branded Generics India field force of 104 employees in the field as of FY26; total 368 employees on payroll as of March 31, 2026.^[2]
Branded Generics India revenue grew from ₹8.2 Cr in FY25 to ₹40 Cr in FY26 (~5x growth); ₹8 Cr in Q1 FY27.^[3][4]

Expansion and capex

FY27 capex budget of ₹100 - 120 Cr across all subsidiaries, focused on oral solid capacity expansion and a small sterile injectable pilot; FY28 run rate minimum ₹60 - 75 Cr.^[4]
IPO proceeds of ₹100 Cr originally earmarked for a greenfield sterile injectable Atlanta facility (Havix) have been reallocated to expanding oral solid capacities at US and India plants; sterile injectable now planned as a smaller pilot, pending shareholder approval.^[4]
Apnar facility: third production line under construction; fourth line planned; full-scale expansion targeted over 12 - 18 months.^[4]
PIC/S inspection completed at Chhatral facility; EU PIC/S approval targeted by Q2 - Q3 FY27, which would unlock access to South Africa, Vietnam, Mexico, and other mid-tier markets.^[4]
~100 - 120 products to be filed in EU and mid-tier markets over the next year from the Chhatral-approved portfolio.^[4]

Recent developments

Zoraya Pharmaceuticals LLC (51%-owned US B2C subsidiary) and Amerisyn (70% JV targeting US federal/VA/military procurement, formed April 2026) both expected to commence operations September - October 2026.^[4][3][2]
75% stake in Apnar Pharma acquired effective January 16, 2026 for ~₹91 Cr enterprise value; remaining 25% stake acquisition was targeted for completion by Q2 FY27.^[2][3]
35 approved but unlaunched ANDAs to be commercialised over the next 18 - 20 months from Q1 FY27.^[4]
FY26 consolidated revenue grew 58.85% to ₹632.63 Cr and PAT grew 108% YoY to ₹122 Cr, both exceeding guided targets of 50% revenue growth and ~100% PAT growth.^[3][2]

Market Cap

₹5,590 Cr

High / Low

₹1,600 / 708

Stock P/E

44.1

Price / Book

6.2

Book Value

₹203

EPS

₹26.4

No. of Shares

4.61 Cr

ROCE

15.2%

ROE

14.1%

OPM

27.1%

Debt / Equity

0.35

Sales

₹633 Cr

Net Profit

₹122 Cr

Promoter holding

45.8%

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