Ibuprofen business continues to drag profitability
Ibuprofen recorded negative EBITDA again; strategic options may not yield favorable outcome, prolonging losses.
SOLARA / bear-case history
Track the concerns that keep returning.
Solara Active Pharma Sciences · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
R&D spend not yielding near-term results
Despite ₹200 crore R&D spend over 4-5 years, no new profitable product launched; new DMFs will only commercialize from FY29.
Vizag facility mothballed with ongoing costs
Vizag site mothballed since 2024 incurs ₹12-15 crore annual maintenance cost with no revenue.
Customer concentration in base business
Top 15-20 products contribute 75-80% of base business revenue; loss of any key customer could impact performance.