Remus Pharmaceuticals Ltd Q2 FY26 – ₹400 Cr Sales, ₹22 Cr PAT, 46% YoY Revenue Surge: The Gujarati Pharma Exporter That Treats Borders Like Mild Suggestions

1. At a Glance

Welcome to the desi export factory that ships more molecules than a Chemistry lab on steroids —Remus Pharmaceuticals Ltd (RPL). Incorporated in 2015 and now rocking a₹771 crore market cap, this Gujarat-based pharma trader seems to have found its sweet spot in the API–formulation–consultancy triangle.

At ₹654 per share (Nov 25, 2025), RPL looks like it’s suffering from apost-bonus hangover, down46% over the past yearand30% in the last 3 months— but let’s not forget, sales have exploded to₹748 crore (TTM), up63%, while PAT stands strong at₹42 crore, up20%. The company barely carries any debt (₹16 crore, D/E = 0.05), flaunts aROCE of 19.6%, and runs a lean business model — no factories, just smarts, contracts, and global shipping routes.

So, if you ever thought you could build a ₹700 crore business just by managing WhatsApp groups of contract manufacturers, RPL might be your next role model.

2. Introduction

If you blinked during 2023–25, you probably missed one of the most rapid pharma upstarts in SME history. Remus Pharma began as a humble exporter, then started playing inCritical Care, Cardiology, and Diabetology, and now basically treats global borders as optional. With clients spread across20+ countries— fromBhutan to Venezuela— this company’s sales map looks like an overachieving travel blogger’s itinerary.

They don’t manufacture a single pill themselves. Instead, Remus gets30 loan-licensed facilities across Gujaratto do the heavy lifting. The result? A margin-light but asset-light model that lets them focus on marketing and regulatory paperwork while others sweat in the factories.

While most SMEs fight for domestic shelf space, Remus exports98%of its goods. Domestic sales? Just2%. Clearly, they’ve realized there’s less red tape in Latin America than in a typical Indian state tender.

So what’s their secret? A mix ofcomplex generics,off-patent formulations, and a distributor army of~197 partners globally. Oh, and the usual desi tricks — family control, zero pledges, and the occasional bonus share party (3:1 in FY24, 1:1 in FY25).

3. Business Model – WTF Do They Even Do?

Alright, let’s simplify this. Remus isnot a manufacturer,not a hospital supplier, andnot an R&D powerhouse. It’s apharma middleman— but an elite one. Think of them as the Amazon of formulations: they find what works, get it made under license, package it, and ship it to 20 countries.

Their business runs across three main verticals:

• Finished Formulations (≈86% of revenue):Tablets, capsules, creams, injections — basically, everything your chemist hides behind the counter.
• API Trading (≈10%):The raw ingredients of pharma, the cocaine of the legal drug world.
• Technical Consultancy (≈4%):Dossier prep, regulatory documents, and reports — aka, paperwork for cash.

The genius here? Zero plant headaches, zero CAPEX, and 30 contract manufacturers in Gujarat doing the grunt work. They manage licensing, branding, and export compliance — and laugh their way to the bank.

Their clientele includesmultinational distributors, regional partners, hospitals, and clinicsacross Asia, Africa, and Latin America. When your export geography list includesMadagascar and Trinidad, you know you’re hustling globally.

So in short: they don’t make drugs — theymake money from making others make drugs.

4. Financials Overview (Quarterly Data)

Data Type: Half-Yearly Consolidated Results

Annualised EPS (Half-Yearly basis): ₹14.85 × 2 = ₹29.7 per share.

At CMP ₹654,P/E = 22x annualised EPS, slightly below the sector median (≈31x).

Commentary:Revenue up47% YoY, profit up16%, but OPM slid from 14% to 7%. Why? Simple — margin compression from aggressive expansion and pricing competition in exports. The operating model is strong, but clearly the air miles are eating into the margins.

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