Senores Pharmaceuticals Limited Q3FY26 Concall Decoded: 65% revenue growth, ANDAs raining from the sky, and management casually talking about $18 million like pocket change

1. Opening Hook

So while the market was busy arguing about US rate cuts and pharma price erosion, Senores quietly dropped a Q3 that looked less like an earnings call and more like a flex reel. Management walked in with charts, ANDAs, and confidence levels that screamed, “We warned you last quarter.”

Revenue jumped, margins expanded, and PAT doubled—again. Somewhere in between, they casually acquired a US FDA-approved plant, added five ANDAs, and still had time to talk about cash flows improving.

This wasn’t a “green shoots” story. This was a “tractor already crossed the field” update. And if you think Q3 was peak performance, management hinted that Q4 might quietly outdo it.

Read on. It genuinely gets more interesting as the call progresses.

2. At a Glance

Revenue up 64% YoY – Apparently, growth guidance was not a suggestion, but a deadline.
EBITDA up 86% YoY – Operating leverage finally clocked in and didn’t ask for overtime.
EBITDA margin at 30.9% – Costs behaved. Management noticed. Investors smiled.
PAT up ~85% YoY – Doubling profits is becoming an uncomfortable habit.
Operating cash flow ₹51 Cr (9M) – Growth without cash burn? Pharma rarity unlocked.

3. Management’s Key Commentary

“Our nine-month results are in line with or slightly ahead of our annual guidance.”
(Translation: We lowballed

guidance and still overshot it 😏)

“Regulated market revenues grew 60% YoY in Q3.”
(US business is no longer a side hustle, it’s the main character.)

“We now have 46 approved ANDAs covering 137+ product strengths.”
(FDA approvals are coming faster than analyst upgrades 😏)

“Apnar Pharma will contribute $16–18 million over the next 12–15 months.”
(Yes, we acquired revenue along with the factory.)

“Emerging markets are now cash-flow positive.”
(Loss-making phase officially sent to archive.)

“Branded generics India grew over 6x YoY.”
(Turns out India wasn’t saturated—just under-served.)

4. Numbers Decoded

Metric	Q3FY26	YoY Insight
Revenue	₹175 Cr	Scale kicking in across all verticals
EBITDA	₹54 Cr	Faster than revenue = real operating leverage
EBITDA Margin	30.9%	Structural, not festive
PAT	₹32 Cr	Profit engine fully warmed up
Regulated Markets	₹113 Cr	ANDAs + CDMO doing the heavy lifting

One-liner: When margins expand alongside growth, it’s not luck—it’s design.

5. Analyst Questions (Decoded)

Margins post-Apnar?
Answer: Too early to

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