Sudarshan Pharma Industries Ltd Q2FY26 – Chemicals, Chaos & Court Victories: The ₹591 Crore Formula of Hustle and Hustle Harder

1. At a Glance

Sudarshan Pharma Industries Ltd (SPIL) is the kind of company that looks like it runs on equal parts caffeine and ambition. Incorporated in 2008, this ₹602 crore market cap SME-listed pharma player does everything from Active Pharmaceutical Ingredients (API) manufacturing to solvent trading, and even throws in a few overseas court wins for good measure. With a current price of ₹25 (down 28% in three months), investors might feel like they’re attending a Garba in reverse — lots of energy, but moving in circles.

The company clockedQ2FY26 (Sep’25)consolidated revenue of ₹168.87 crore (up 31.3% YoY) and aPAT of ₹3.87 crore, down 38% sequentially, showing that even in the pharma world, chemistry isn’t always about positive reactions. EPS for the quarter stood at ₹0.17. The operating margin dipped to5.45%, but ROE and ROCE at 14.8% and 15.5% respectively show that the lab coats still know what they’re doing. Debt remains heavy at ₹219 crore (Debt/Equity = 1.56), because apparently, molecules aren’t the only thing the company likes to compound.

2. Introduction

Welcome to the fascinating chaos of Sudarshan Pharma Industries — a company that manufactures APIs, trades solvents, makes branded formulations, and still finds time to fight legal battles in Dubai (and win them). Think of it as the multitasking cousin in every Indian family who’s doing a PhD, running a side business, and posting gym selfies at 6 a.m.

While large-cap pharma players boast of “research-driven innovation,” SPIL’s innovation lies in doing everything, everywhere, all at once. Their product portfolio includesAcetonitrile, Tetrahydrofuran (THF), Diethyl ether, Hydrogen Hydride, and around 90 other names that sound like they could blow up your chemistry lab.

They also have56 registered brandslikeLove Birds,HART Kit LD,Pulmo Relief AX, andMetfocal— names that sound like a romantic comedy lineup until you realize they’re pharmaceutical products.

And just when you think they’re done, SPIL adds more — expanding intoAPIs under the PLI scheme, setting up new plants, acquiring companies in India and abroad, and even launchingHeartKit-4andCurcumin Lozenges for cancer. If diversification were an Olympic sport, Sudarshan Pharma would be running relays while juggling test tubes.

3. Business Model – WTF Do They Even Do?

SPIL’s business model is a cocktail ofmanufacturing, trading, and contract jobwork— shaken, not stirred. They deal in everything from chemical intermediates to fully formulated pharma products. Their clients range fromIntas PharmatoReliance,Bayer Corp, andDuPont, proving that their business card works across industries.

Here’s the formula they operate on:

• Manufacturing: APIs, formulations, and specialty chemicals from two units (Pirana and Palghar).
• Trading: Solvents and chemicals — because why not make money while your reactors rest?
• Jobwork: Custom production for other pharma companies (read: outsourced chemistry).
• Export: About 8% of revenue comes from global markets like UK, Australia, Oman, and MENA — the remaining 92% stays domestic, because Indian demand for paracetamol and drama is endless.

Their recent expansions aim to reduce China dependence by manufacturing critical APIs in-house. They’re even dabbling in new drug delivery systems —mouth dissolving stripsfor coughs and thyroid, because who has time for water anymore?

So yes, Sudarshan Pharma is basically the neighbourhood chemist turned multinational — except now the counter has a PLI approval worth crores.

4. Financials Overview

Commentary:Revenue grew nicely, but profits shrank faster than a budget in election season. Operating margins slipped to5.45%, reminding everyone that high sales don’t always equal high smiles. Still, an annualized EPS of₹0.68gives a