Sanjivani Parenteral Ltd Q1FY26: ₹71 Cr Sales, 25% ROE, 33% Exports to Middle East – But Debtors Playing Antakshari with Cash
1. At a Glance
Sanjivani Parenteral Ltd (SPL) is that pharma cousin at the family function who brags about being “export-oriented” but still borrows your pen to sign cheques. Market cap of ₹270 crore, stock price at ₹220 (down 30% in a year), book value a humble ₹32, and P/E a spicy 33x — it’s basically the small-cap pharma Tinder profile: great selfies (ROCE 30%, ROE 25%), but swipe left when you see the long-term cash conversion cycle. Sales stood at ₹71.6 crore in FY25 with a PAT of ₹8.1 crore. Returns are like your gym subscription — 5-year CAGR 88%, but short-term 1-year return -30%. The company screams “multibagger” on paper, but real life ka gym trainer bolta hai: “Sir, attendance bhi zaroori hai.”
2. Introduction
Ladies and gentlemen, welcome to the curious case of Sanjivani Parenteral Ltd — no relation to the TV serial Sanjivani where doctors did more romance than medicine, but still equally dramatic. Incorporated in 1994, this Navi Mumbai–Dehradun two-plant wonder makes injectables, tablets, capsules, and enough sterile powders to make Walter White proud.
Exports? 72%. Domestic? 28%. Region-wise? A perfect thali plate — Latin America 30%, Middle East 34%, India & Subcontinent 33%. CIS countries 3% — basically the garnish on top.
The company is WHO-GMP certified, which in pharma world is like saying “Mummy, see, teacher gave me a gold star.” It has tie-ups with the likes of Gland, Macleods, and Vitabiotics. But hold your applause — debtor days have exploded from 45 to 87. Matlab bech dete ho dawai, paisa aata hi nahi. Classic small-cap jugaad.
Promoters hold just 31%. Public is majority shareholder here. Bhai, jab retail investor promoter se zyada control rakhta hai, company ka AGM kabhi kabhi shaadi ka baraat lagta hai.
3. Business Model – WTF Do They Even Do?
SPL makes parenterals (fancy word for “injectables jab dawai ko stomach bypass karna ho”), tablets, nutraceuticals, and a few vitamin supplements for when you’re tired of ghar ka khana.
Revenue split is basically a thali without dessert: Injectables ~72%, Tablets ~27%, Nutraceuticals ~1% (haan, bas ek papad).
They produce:
Tablets – 720 million annual capacity (enough to overdose an entire state).
Ampoules – 84 million, because who doesn’t like a sharp poke.
Liquid injectables – 12 million, a pharmacist’s Holi supply.
B-Lactam capsules – 180 million, fight bacteria while burning a hole in your balance sheet.
Clients include Gland (injectables royalty), Macleods (mass-market pills), and Vitabiotics (those rainbow-coloured vitamins your mom forces).
So, in short: SPL manufactures for others, exports to the Middle East, and dreams of USFDA approval like every Indian pharma smallcap. Aapko lag raha hai ye sab bada profit banayega? Hold your syringe.
4. Financials Overview
Quarterly Snapshot (₹ Cr):
Source table
Metric
Latest Qtr (Q1FY26)
YoY Qtr (Q1FY25)
Prev Qtr (Q4FY25)
YoY %
QoQ %
Revenue
17.9
16.4
18.2
8.8%
-1.7%
EBITDA
2.64
2.34
2.61
12.8%
1.1%
PAT
1.73
1.71
2.19
1.2%
-21.0%
EPS (₹)
1.43
1.46
1.84
-2.1%
-22.3%
Annualised EPS = 1.43 × 4 = ₹5.72. At CMP ₹220, recalculated P/E = 38.4x. Screener ka “33x” was a jugaad average.
Commentary: Sales are growing, margins are steady at ~15%, but PAT is flat. EPS slipped this quarter. Matlab company is running treadmill pe — calories burn ho rahi hain, but still the same tummy.
