1. At a Glance
Remus Pharmaceuticals Ltd is that kid in the pharma class who didn’t bother building factories, didn’t buy land banks, didn’t shout about R&D breakthroughs — but still quietly walked in with ₹400 crore H1 FY26 revenue, ₹22 crore PAT, and a market cap of ~₹888 crore while exporting to 20+ countries like it’s running a global kirana store with pharma labels. Stock price at ₹754, down ~39% over one year, which means half the market thinks this is overhyped and the other half is busy recalculating valuation models at 2 a.m. Promoters hold a chunky 70.9%, debt is almost cosmetic at ₹16 crore, ROCE is near 20%, and the company just can’t stop issuing bonus shares like wedding sweets. Latest half-year numbers show revenue up sharply, margins stable-but-thin, and working capital suddenly behaving like a disciplined adult. This isn’t a manufacturing behemoth. This is a marketing-led, asset-light, export-heavy pharma trader-consultant hybrid. Confused? Good. Let’s go deeper.
2. Introduction
Remus Pharmaceuticals was incorporated in 2015, which in pharma years makes it practically a toddler. Yet here it is, selling formulations and APIs across Latin America, Asia, and random corners of the globe most investors can’t locate on a map without Google Maps.
The company doesn’t manufacture its own drugs. Instead, it outsources production to 30 loan-licensed contract manufacturing facilities, mostly in Gujarat, slaps its own branding, handles regulatory dossiers, distribution, and exports. Think of it as the Swiggy of pharma — it doesn’t cook, but it controls the menu, the branding, and the customer relationships.
What makes Remus interesting is speed. In FY23, revenue was ₹213 crore. TTM revenue is now ₹748 crore. That’s not growth — that’s sprinting in a lab coat.
But before we start lighting diyas, remember this: margins are thin, pharma regulations are brutal, and global generic markets can flip moods faster than Twitter. So is Remus a scalable export story or just a well-dressed trading operation enjoying a hot cycle? Let’s investigate.
3. Business Model – WTF Do They Even Do?
Remus operates across three verticals:
First, marketing and distribution of finished pharmaceutical formulations. This is the big daddy, contributing ~86% of FY23 revenue. The company sells tablets, injections, inhalers, ophthalmic products, gels, suspensions — basically if
it fits in a medicine box, Remus probably sells it somewhere.
Second, trading of APIs. This contributes ~10% of revenue. Lower margin, more volatile, but useful for relationships and bundled offerings.
Third, technical consultancy — preparation of pharmaceutical dossiers. This is niche, high-skill, and margin-friendly, though still small in revenue contribution.
Remus uses contract manufacturing under loan licenses. As of April 2023, it had 30 active manufacturing partners. This keeps capex low, ROCE high, and headaches outsourced.
Distribution is serious: ~58 domestic distributors and ~139 international distributors as of January 2023. Exports form 98% of revenue. Domestic India is basically an afterthought.
The product basket is massive, and geography is diversified across Latin America, Southeast Asia, and parts of Africa. The risk? Regulatory approvals, pricing pressure, and dependency on third-party manufacturers. The advantage? Scalability without balance-sheet obesity.
Would you rather own factories or own markets? Remus clearly chose markets.
4. Financials Overview (Half-Yearly Results Locked)
Result Type Detected: Half Yearly Results
EPS annualisation rule locked: latest EPS × 2
H1 FY26 Performance Comparison (₹ Crore)
| Metric | Latest Half (Sep 2025) | YoY Half (Sep 2024) | Prev Half (Mar 2025) | YoY % | HoH % |
|---|---|---|---|---|---|
| Revenue | 400 | 273 | 348 | 46.7% | 14.9% |
| EBITDA | 27 | 20 | 25 | 35.0% | 8.0% |
| PAT | 22 | 19 | 21 | 15.8% | 4.8% |
| EPS (₹) | 14.85 | 11.87 | 13.57 | 25.1% | 9.4% |
Annualised EPS = 14.85 × 2 = ₹29.7
Commentary time. Revenue is growing faster than profit, which tells you margins are not expanding — but they’re not collapsing either. This is classic trading-plus-marketing behaviour. Scale gives growth, not fat margins. The company seems okay with that… for now.
Question: Would you prefer slower growth with higher margins or Remus-style volume madness?
