1. At a Glance
Senores is that fresh-faced pharma kid at the IPO party who’s suddenly flaunting ₹138 Cr revenue and ₹21 Cr net profit in Q1 FY26. Stock’s up, ROE’s decent (11.8%), and revenue grew 71% YoY—but P/E is 48 and they still won’t give dividends. Fancy pills, not fancy payouts.
2. Introduction with Hook
Imagine a pharmaceutical company that makes “complex generics”—which basically means “hard-to-make drugs your body understands better than your head.”
Now, imagine it’s posting:
- 3-year profit CAGR of 289%,
- TTM sales growth of 86%, and
- still capitalizing interest like it’s some kind of startup with a chemistry degree.
Senores is the Gen-Z of pharma—fast, global, and allergic to dividends.
3. Business Model (WTF Do They Even Do?)
Senores Pharma operates in the ‘brainy-but-niche’ part of pharma:
- Develops complex generics for US, UK, Canada (aka Regulated Markets)
- Specializes in critical care injectables, specialty APIs, and underpenetrated formulations
- Supplies to Emerging Markets too, because why not hustle globally?
Basically, they do boring-sounding stuff your doctor can’t pronounce but charge enough to impress the FDA.
4. Financials Overview
| Metric | FY25 | YoY Growth |
|---|---|---|
| Revenue | ₹398 Cr | +85% |
| EBITDA | ₹90 Cr | +114% |
| PAT | ₹58 Cr | +76% |
| EPS | ₹12.72 | |
| OPM | 23% | Solid for a new entrant |
| ROE | 11.8% | Respectable |
Q1 FY26 is already off to a ₹138 Cr start, with ₹21 Cr PAT. That’s ~37% of full-year FY25 net profit in just one quarter. Pharma steroids? Maybe.
5. Valuation
Current Price: ₹609
P/E: 48.1x
Book Value: ₹171 → P/B: 3.57x
Fair Value RANGE Estimate:
- P/E Method (30–40x on FY26E EPS ₹18): ₹540 – ₹720
- EV/EBITDA Method (14–18x FY26E EBITDA ₹130 Cr): ₹560 – ₹720
If you think paying 48x for an IPO-fresh pharma stock is sane, you probably also bought quinoa chips for ₹380.
6. What’s Cooking – News, Triggers, Drama
Q1 FY26 Fireworks:
- Revenue ₹138 Cr (+71% YoY)
- EBITDA ₹34 Cr → 25% margin
- PAT ₹21 Cr → up 84%
Boardroom Masala:
- Appointed a new President – Finance
- Monitoring report confirms “no misutilization of IPO funds” (phew)
- Minor delays approved by agency — we see you, Snoop Pharma
Also—nothing on dividends, so investors just get the dopamine from charts.
7. Balance Sheet
| Item | FY25 |
|---|---|
| Equity Capital | ₹46 Cr |
| Reserves | ₹740 Cr |
| Borrowings | ₹315 Cr |
| Total Liabilities | ₹1,227 Cr |
| Fixed Assets | ₹429 Cr |
| CWIP | ₹44 Cr |
| Cash & Current Assets | ₹754 Cr |
Debt isn’t scary, but borrowings are rising like it’s prepping for a Netflix drama. Cash burn for capex? Oh yes.
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Cash |
|---|---|---|---|---|
| FY23 | ₹(1) Cr | ₹(48) Cr | ₹46 Cr | ₹(3) Cr |
| FY24 | ₹(20) Cr | ₹(54) Cr | ₹87 Cr | ₹13 Cr |
| FY25 | ₹(46) Cr | ₹(429) Cr | ₹573 Cr | ₹98 Cr |
Translation:
Business is scaling hard, but cash from operations is more absent than your gym resolution in March. Heavy investment mode on.
9. Ratios – Sexy or Stressy?
| Ratio | Value |
|---|---|
| ROE | 11.8% |
| ROCE | 11.4% |
| OPM | 23% |
| P/E | 48.1x |
| D/E | 0.43x |
It’s not stressy, but definitely not “sexy” yet. Feels like a young biotech trying to grow into its lab coat.
10. P&L Breakdown – Show Me the Money
| Year | Revenue | EBITDA | PAT |
|---|---|---|---|
| FY23 | ₹215 Cr | ₹42 Cr | ₹33 Cr |
| FY24 | ₹398 Cr | ₹90 Cr | ₹58 Cr |
| Q1 FY26 | ₹138 Cr | ₹34 Cr | ₹21 Cr |
At this pace, FY26 might touch ₹550 Cr+ revenue. But will margin scale? Or will R&D and finance costs eat the gains?
11. Peer Comparison
| Company | P/E | ROE | OPM | Rev (TTM) | PAT |
|---|---|---|---|---|---|
| Sun Pharma | 35x | 16.8% | 28.8% | ₹52,578 Cr | ₹2,390 Cr |
| Divi’s Lab | 80x | 15.3% | 31.7% | ₹9,360 Cr | ₹2,190 Cr |
| Cipla | 23x | 17.8% | 25.9% | ₹27,547 Cr | ₹5,142 Cr |
| Senores | 48x | 11.8% | 23.0% | ₹398 Cr | ₹58 Cr |
Verdict:
Senores is trying to sit at the pharma adult table… while still eating from a startup lunchbox.
12. Miscellaneous – Shareholding, Promoters
| Category | Jun 2025 |
|---|---|
| Promoters | 45.78% |
| FIIs | 3.66% |
| DIIs | 9.51% |
| Public | 41.03% |
FIIs are gently pulling back (4.25% → 3.66%), while public is slowly creeping up. Retail knows how to spot hype.
No dividend. No buyback. Just good ol’ stock appreciation and earnings power.
13. EduInvesting Verdict™
Senores is early-stage, high-growth, margin-holding, capex-chugging, dividend-denying pharma beast. They’re building something real—but valuation is already smelling like FDA approval dreams.
Final Take:
This pill ain’t cheap. But it might just cure your portfolio boredom—if you can stomach the volatility.
Metadata:
Written by EduInvesting Team | 23 July 2025
Tags: Senores Pharma, IPO Watch, Complex Generics, Pharma Growth, EduInvesting Premium
