Rapidly growing formulations-focused pharmaceutical company, Senores Pharma Q1 FY26 results signal strong operational traction across all key business verticals.
Backed by a surge in the branded generics segment and steady growth in regulated markets, Senores reported a 71.7% year-on-year jump in consolidated revenue, reaching INR 138 crore in Q1 FY26 compared to INR 80.4 crore in Q1 FY25. Quarter-on-quarter (QoQ), revenue grew by 14.8%.
The company’s EBITDA surged by 60.3% YoY to INR 34.2 crore, and profit after tax (PAT) nearly doubled, rising 94.6% YoY to INR 21.2 crore, showcasing strong profitability and operational efficiency.
Strong Segment-Wise Performance
The lion’s share of revenue continues to stem from the Regulated Markets, contributing 65% Senores Pharma Q1 FY26 of total income. Revenue from this segment soared 69.3% YoY to INR 90.1 crore.
The Emerging Markets business—though slightly subdued QoQ—registered a 31.9% YoY growth, generating INR 29 crore in revenue and contributing 21% of the total. The company cited its evolving product portfolio and new go-to-market strategies as the key profitability drivers in these geographies.
A standout performer this quarter was the Branded Generics segment, where revenue more than quadrupled YoY (up 357.7%) to INR 8.2 crore. The company has aggressively expanded its field force and is aiming for pan-India coverage by the end of FY26.
Senores Pharma Q1 FY26: Operational Highlights
- 4 new ANDA (Abbreviated New Drug Application) approvals were received during the quarter, and 2 products were commercialised.
- Total commercialised ANDA products now stand at 24, with 70 ANDA approvals in hand and 57 pipeline products.
- CDMO/CMO services continue to scale, with 5 new products added, bringing the total to 27 commercialised and 53 pipeline products.
- In Emerging Markets, the company now holds 308 product registrations, with applications filed for 719 products across 40+ countries.
- The company increased its stake in Havix Group Inc. from 66.6% to 73% and plans to raise it further to 78% in the current quarter.
Senores Pharma Q1 FY26 Financial Snapshot
| Metric | Q1 FY25 | Q1 FY26 | Growth (YoY) |
|---|---|---|---|
| Revenue | 80.4 | 138 | +71.7% |
| EBITDA | 21.3 | 34.2 | +60.3% |
| EBITDA Margin | 26.5% | 24.8% | -170 bps |
| PAT | 10.9 | 21.2 | +94.6% |
| PAT Margin | 13.5% | 15.4% | +180 bps |
| Operating Cash Flow | Negative | 11 | Turnaround |
IPO Funds Utilisation Update
Out of the INR 500 crore raised in its IPO:
- INR 241 crore has been utilized,
- INR 259 crore remains unutilized—primarily allocated for:
- Capex in Havix’s sterile injectable facility in the US (INR 107 Cr),
- Working capital needs of subsidiaries,
- Inorganic growth and acquisition strategies (INR 102.5 Cr unutilized),
- General corporate purposes.
The company has strategically parked a significant portion of the unutilized funds in fixed deposits, preserving liquidity for near-term expansion.
Management Commentary: Focused on Structural Growth
Swapnil Shah, Managing Director, remarked: “We’ve begun FY26 on a strong note, driven by expansion in our regulated business and the scaling momentum in our branded generics and CDMO segments. Our unique positioning to serve the US government channel and capability to handle controlled substances provides us with a durable competitive advantage. We expect to deepen this lead as our product pipeline unfolds and operations scale.”
He also highlighted structural improvements such as:
- Continued product launches from a strong pipeline,
- Enhanced visibility from long-term CDMO contracts,
- Focused expansion into niche markets in LATAM, Africa, and Southeast Asia.
Outlook: Multi-Pronged Growth Strategy
Senores Pharma’s three-pillar strategy is clear:
- Expand ANDA portfolio in regulated markets,
- Scale CDMO/CMO segment through global alliances,
- Broaden emerging market footprint while improving margins.
The company is also pushing forward with backward integration into API manufacturing, aiming to ramp up capacity from 25 MTPA to 169 MTPA. This will not only reduce third-party dependence but also enhance cost control and quality assurance.
Final Takeaway
Senores Pharmaceuticals has successfully combined aggressive market expansion with disciplined financial execution. With a strong order book, differentiated product portfolio, and capacity expansion in place, it is well-positioned to leverage the growing demand for generic drugs globally—especially in the US, which accounts for 43% of the global pharma market.
As the global healthcare industry grapples with drug shortages, rising costs, and a shift toward complex generics, Senores appears to be building a durable growth engine for the long haul.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to consult with their financial advisors before making investment decisions