First quarter results dropped hotter than India’s monsoon humidity — SeQuent claims they’ve “moved beyond consolidation” like a Bollywood hero finally ditching the family drama for an action sequel. Revenues jumped, margins flexed, and the merger subplot with Viyash is tracking better than a Netflix series renewal. But wait — companion animals, albendazole, and FDA inspections all make cameos. Stick around, the real masala is in the Q&A.
2. At a Glance
Revenue up 13% – Management swears it’s not jugaad; apparently, cows and dogs are loyal customers.
EBITDA grew 25% – The wingman showed up with protein shake energy.
Margins up 126 bps – Efficiency drive finally working harder than interns.
PAT up 94% – Profits rose faster than onions in election season.
Gross Margin at 46.9% – Almost 50%, but not quite Instagram-worthy.
Stock stable pre-call – Traders waiting to see if “merger magic” means popcorn or aspirin.
3. Management’s Key Commentary
Rajaram Narayanan (MD & CEO):
“We’ve moved beyond consolidation into accelerated growth.” (Translation: Finally done cleaning the mess; now back to chasing shiny things 😏.)
“Formulations grew 13% YoY, driven by Europe, Turkey, and Mexico expansion.” (Read: Spain stamped our passport; Mexico’s tacos taste like market share.)
“API crossed ₹100 cr with 14% YoY growth, albendazole demand strong.” (Albendazole is our Shah Rukh Khan—still pulling crowds decades later.)
Saurav Bhala (CFO):
“PAT jumped 94% YoY, EBITDA margin now 13.6%.” (Yes, auditors pinched themselves too; it wasn’t a spreadsheet hallucination.)
“Merger with Viyash on track, NCLT meetings on Aug 30.” (Read: Wedding cards printed, baraatis rehearsing.)
Dr. Hari Babu (CEO, Viyash):
“Viyash EBITDA margin 19.5%, 30+ audits cleared including 2 FDA in a single day.” (Our compliance team now meditates between FDA visits 🧘.)
“Synergies already visible in R&D, procurement, and cost control.” (We’ve started the joint WhatsApp group; emojis fly daily.)
4. Numbers Decoded
Metric
Value (Q1 FY26)
YoY Change
One-Line Analysis
Revenue – The Hero
₹4,414 mn
+13%
Healthy tailwinds; cows, pets, and exports aligned.
Formulations – The Bulk
₹3,379 mn
+13%
Broad-based, with Spain & Turkey adding spice.
API – The Comeback Kid
₹1,054 mn
+14%
Albendazole still the superstar; non-albendazole catching up.
EBITDA – The Sidekick
₹602 mn
+25%
Finally flexed; margin at mid-teens level.
Gross Margin – Diva
46.9%
+180 bps
Nearing 50%; but swings like IPL run rates.
PAT – The Joker
₹176 mn
+94%
Almost doubled; but small base makes it filmi.
5. Analyst Questions
Q: Why is Europe growing single-digit? A: Large base last year, plus vaccines and seasons make it
