1. At a Glance – The “Wait, This Exists?” Pharma Stock
Venus Remedies Ltd is what happens when a hardcore injectable and antibiotic nerd accidentally lists on the stock market and then ignores the hype cycle for a decade.
Market cap is hovering around ₹1,025 Cr, the stock has run up ~80% in 3 months, yet it still trades at a P/E of ~13x, when the pharma industry median is chilling near 29x.
Q3 FY26 (Dec 2025) numbers were loud enough to wake up sleepy investors:
- Revenue: ₹180 Cr
- PAT: ₹25.6 Cr (YoY +103%)
- EPS: ₹19.14
- OPM: 21%
Debt is almost nonexistent (₹14.4 Cr), promoter holding is stable at 41.8%, and the company just picked up another ₹11.77 Cr PLI incentive, after already pocketing ₹10 Cr earlier.
So yes, the market finally noticed. But the bigger question: is this a one-quarter antibiotic high, or the beginning of a sustained infection?
2. Introduction – From Forgotten Antibiotic Maker to AMR Poster Boy
Venus Remedies is not your “new-age digital pharma platform disrupting healthcare with AI and vibes.”
This is a dirty-hands, injectable-heavy, regulatory-compliant, export-driven pharma company that spent years stuck in margin hell, FCCB stress, and low ROE purgatory.
Between FY17–FY20, profits were ugly, ROE was embarrassing, and interest costs were eating the P&L like bacteria on glucose. Then something changed:
- Debt was slashed
- FCCB liability of ₹38.68 Cr was written off
- Focus shifted sharply to critical care antibiotics & AMR drugs
Now, with WHO, EU GMP, UNICEF GMP, QIDP status from US FDA, and presence in 96+ countries, Venus is suddenly relevant again.
But pharma investors have PTSD. So let’s break
this thing down calmly.
3. Business Model – WTF Do They Even Do?
Think of Venus as an injectable-first pharma company obsessed with:
- Carbapenems (Meropenem)
- Cephalosporins
- Oncology injectables
- Antimicrobial Resistance (AMR) drugs
They are one of the largest Meropenem manufacturers in India, which matters because Meropenem is not a cough syrup—it’s ICU-grade stuff.
Product universe:
- 180+ products
- 1,040+ marketing authorizations
- 135+ patents
This is not a “sell Paracetamol and pray” model. It’s high entry barrier, high compliance, and slow but sticky.
Lazy investor test:
👉 Would you rather compete with 200 companies selling Pantoprazole, or be one of the few trusted suppliers of ICU antibiotics to governments and UNICEF?
4. Financials Overview – Q3 FY26 Scorecard
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr (Q3 FY25) | Prev Qtr (Q2 FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 180 | 177 | 193 | +1.7% | -6.7% |
| EBITDA (₹ Cr) | 38 | 18 | 31 | +111% | +22% |
| PAT (₹ Cr) | 26 | 20 | 20 | +103% | +30% |
| EPS (₹) | 19.14 | 14.66 | 15.06 | +31% | +27% |
Annualised EPS (Q3 rule):
Average of Q1, Q2, Q3 EPS × 4 ≈ ₹55–57, which matches reported TTM EPS.
Margins expanding + profits doubling = market re-rating fuel.
But revenue growth is still meh. Is margin expansion sustainable? Hold that thought.
5. Valuation Discussion – Fair Value
