Senores Pharmaceuticals Ltd (SENORES)
🎯 Key Takeaways
- Senores Pharmaceuticals is in a high-growth phase with a clear focus on scaling regulated markets and expanding its ANDA pipeline to drive sustainable profitability. Management is prioritizing margin expansion and long-term revenue targets over short-term sales growth, supported by strategic international expansion and governance strengthening.
- Revenue grew 2.9% QoQ to ₹180 in Q1FY27.
- ⚠️ 1) Dependence on regulated markets and ANDA approvals exposes the company to regulatory and pricing volatility. 2) International expansion into Mexico
- Market Cap
- ₹6,226
- P/E Ratio
- 47.6
- P/B Ratio
- 6.67
- ROE
- 13.5%
- ROCE
- 15.6%
- Debt/Equity
- 0.37
- Promoter
- 45.8%
📖 The Story
Senores Pharmaceuticals is in a high-growth phase with a clear focus on scaling regulated markets and expanding its ANDA pipeline to drive sustainable profitability. Management is prioritizing margin expansion and long-term revenue targets over short-term sales growth, supported by strategic international expansion and governance strengthening. The company is transitioning from a growth trajectory to a disciplined, capital-efficient model with emerging markets and global subsidiaries as key catalysts.
📰 What's Happening
In Q1 FY27, Senores Pharmaceuticals achieved 36% YoY revenue growth to INR180 crores, driven by 42% growth in regulated markets, alongside 87% EBITDA growth and 56% PAT growth to INR31 crores. The ANDA portfolio expanded from 30 to 58 approved (23 commercialized), with 39 pipeline molecules in development. Management reaffirmed its long-term INR2,500-3,000 crores revenue target and targets 30-40% revenue growth and 50-60% PAT growth for FY27. Capex of INR100-120 crores is planned for FY27, with the Apnar facility operating at 80-90% utilization. Emerging markets are expected to contribute INR170-180 crores in revenue this year. The board approved the appointment of a new Company Secretary and Compliance Officer, an Independent Director, an Employee Stock Option Scheme 2026, and plans to establish wholly owned subsidiaries in Mexico and Canada to support international expansion.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 162 | 171 | 175 | 180 |
| Operating Profit | 41 | 43 | 38 | 44 |
| OPM % | 25.6% | 24.9% | 21.8% | 24.3% |
| Net Profit | 30 | 34 | 37 | 30 |
| EPS | ₹6.54 | ₹7.29 | ₹7.96 | ₹6.61 |
Revenue growth has accelerated from ₹162 crores (Sep 2025) to ₹180 crores (Jun 2026), with OPM holding firm at 24.3% despite rising operating profit, indicating operating leverage and margin discipline. PAT growth has outpaced revenue, rising to ₹30 crores in Q1 FY27 from ₹34 crores in Dec 2025 (though down sequentially), reflecting higher profitability in regulated markets. The company is successfully scaling high-margin regulated segments while managing cost structure, as evidenced by sustained 24-25% OPM levels and improving PAT margins. Capex plans and pipeline expansion suggest this growth phase is being reinvested into long-term capacity and market reach.
🔮 Management Outlook & What's Next
Management targets 30-40% revenue growth and 50-60% PAT growth for FY27, with a long-term revenue goal of INR2,500-3,000 crores and sustained 30%+ margins. No PAT guidance is provided for FY28, indicating a focus on execution in the current fiscal year. The expansion into emerging markets (expected to contribute INR170-180 crores) and pipeline depth (39 molecules) are central to future growth. Capex of INR100-120 crores in FY27 is allocated toward scaling manufacturing and international operations, signaling confidence in multi-year growth visibility.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2024 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 31 | 46 | 46 | 46 |
| Reserves | 174 | 740 | 888 | 768 |
| Borrowings | 258 | 305 | 342 | 241 |
| Total Liabilities | 622 | 1,227 | 1,604 | 1,288 |
| Fixed Assets | 161 | 429 | 370 | 245 |
| Investments | 0 | 0 | 4 | 2 |
| Total Assets | 622 | 1,227 | 1,604 | 1,288 |
The balance sheet shows a stable capital structure with equity of ₹46 crores and reserves growing from ₹740 crores (Mar 2025) to ₹888 crores (Mar 2026), reflecting retained earnings from strong profitability. Borrowings have declined from ₹305 crores (Mar 2025) to ₹241 crores (Mar 2026), indicating active deleveraging. Total assets have increased to ₹1,604 crores (Mar 2026) from ₹1,227 crores (Mar 2025), driven by operational growth and strategic investments. The company is reinvesting cash flows into expansion while maintaining a conservative debt profile, supporting its growth ambitions without over-leveraging.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | -46 |
| Investing | -429 |
| Financing | +573 |
| Net Cash Flow | +98 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 45.8% | 45.8% | 45.8% | 45.8% |
| FII | 4.3% | 3.4% | 3.6% | 6.6% |
| DII | 8.6% | 9.3% | 9.6% | 9.8% |
| Public | 31.1% | 31.9% | 31.6% | 29.3% |
| # Shareholders | 34,917 | 34,401 | 34,126 | 36,498 |
FII holdings have declined from 4.28% (Q2FY26) to 6.62% (Q1FY27), but DII holdings have remained relatively stable around 9-9.77%, while promoter holding is steady at 45.82%. The number of shareholders has increased to 36,498 (Q1FY27) from 34,126 (Q4FY26), suggesting broader retail and institutional interest. The rise in FII allocation from 3.64% to 6.62% in one quarter may reflect growing confidence in the company’s execution and growth trajectory, despite overall modest institutional inflows.
⚖️ Peer Comparison — Pharmaceuticals
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| SUNPHARMA | 4.41 L Cr | 36.5 | 18.7% | — | 0.05 |
| DIVISLAB | 2.53 L Cr | 86.5 | 23.0% | — | 0.00 |
| TORNTPHARM | 1.85 L Cr | 77.7 | 15.1% | — | 1.76 |
| ZYDUSLIFE | 1.21 L Cr | 27.0 | 16.8% | — | 0.43 |
| CIPLA | 1.12 L Cr | 33.3 | 13.2% | — | 0.01 |
| LAURUSLABS | 1.09 L Cr | 99.3 | 20.8% | — | 0.45 |
| DRREDDY | 1.02 L Cr | 31.6 | 10.1% | — | 0.17 |
| MANKIND | 1.01 L Cr | 49.3 | 13.9% | — | 0.38 |
| AUROPHARMA | 97,814 | 26.6 | 12.8% | — | 0.20 |
| LUPIN | 94,274 | 16.6 | 27.9% | — | 0.26 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Dependence on regulated markets and ANDA approvals exposes the company to regulatory and pricing volatility. 2) International expansion into Mexico and Canada requires successful setup and market entry, which carries execution and operational risks. 3) Margin sustainability is not guaranteed if input costs rise or competition intensifies in high-growth segments. 4) The absence of FY28 PAT guidance introduces uncertainty around long-term profitability targets.
📋 Recent Filings
- 🟡 Board Meeting2026-09-25Senores Pharmaceuticals held its 9th AGM on September 25, 2026 via video conference, adopting audited financials for FY2026, reappointing directors Sa…
- Announcement2026-09-24Senores Pharmaceuticals announced that its trading window will close on October 1, 2026, and remain shut until 48 hours after the un-audited financial…
- Announcement2026-09-21Senores Pharmaceuticals clarified that recent trading volume changes are normal market fluctuations with no undisclosed price-sensitive information, r…
- 🔴 Announcement2026-09-11Senores Pharmaceuticals announced that its subsidiary Apnar Pharma completed a USFDA inspection at its Vadodara facility from September 7-11, 2026, wi…
- 🔴 annual report2026-09-09Senores Pharmaceuticals reported FY 2025-26 revenue of **[amount context mismatch] crores**, up from ₹398.25 crores, with profit after tax rising to *…
- 🟡 sustainability report2026-09-03Senores Pharmaceuticals Limited submitted its Business Responsibility and Sustainability Report for FY 2025-26 to BSE and NSE on September 3, 2026, co…
- 🔴 annual report2026-09-03Senores Pharmaceuticals Ltd (SENORES) held its 9th AGM on September 25, 2026, approving key governance and financial matters including the appointment…
- 🔴 annual report2026-09-03Senores Pharmaceuticals Ltd reported a 62% YoY revenue surge to [amount context mismatch] Cr in FY2025-26, driven by a doubled ANDA portfolio (51 appr…
- 🔴 Announcement2026-08-27Senores Pharmaceuticals announced it will attend an investor conference on September 2, 2026 at 11:00 AM IST hosted by Elara Capital in Mumbai, discus…
- 🟡 Board Meeting2026-08-26Senores Pharmaceuticals announced board approvals on August 26, 2026, including the appointment of Mrs. Shilpa Sharma as Company Secretary and Complia…
🧠 Analyst's Read
Senores Pharmaceuticals is executing a disciplined growth strategy with strong operational momentum, but its future performance hinges on successful international expansion and sustained ANDA pipeline commercialization. Investors should monitor regulatory approvals, margin trajectory, and progress in emerging markets as key near-term catalysts.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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