Domestic Formulation Growth (Q4)
18.2%
+8.1pp YoY
Grew 1.8x the IPM growth of 10.1% in Q4 FY26.
RPGLIFESCIENCES
Healthcare
13 May 2026
RPG Life Sciences Limited — Q4 FY26
RPG Life Sciences delivered a strong Q4 FY26 with revenue of 176.9 cr (+23.6% YoY) and EBITDA of 45.2 cr (+48% YoY), driven by domestic formulation growth of 18.2% (1.8x IPM) and a sharp recovery in API (Q4 revenue 33.3 cr).
✓ Verified against BSE filing
2-Min Summary
RPG Life Sciences delivered a strong Q4 FY26 with revenue of 176.9 cr (+23.6% YoY) and EBITDA of 45.2 cr (+48% YoY), driven by domestic formulation growth of 18.2% (1.8x IPM) and a sharp recovery in API (Q4 revenue 33.3 cr). The domestic business outpaced the market on volume growth (9% vs 1.1%), while new introductions contributed 5.1%. Management guided for sustained mid-teens domestic growth, API as a growth driver with a pipeline of 13 molecules, and international formulation returning to growth post inventory normalization. Key risks include potential raw material cost inflation from geopolitical tensions and regulatory delays in export markets.
Key Numbers
Salesforce Productivity (Overall)
₹6.5 lakhs/month
+14% YoY
Improved from ₹5.7 lakhs last year; specialty productivity at ₹16.7 lakhs.
IPM Rank Improvement
Rank 52
+6 places YoY
Moved from rank 58 in FY25 to rank 52 in FY26.
API Revenue (Q4)
₹33.3 cr
+144% QoQ
Strong bounce back after fire disruption; plant fully operational.
Management Guidance
Domestic formulation to sustain 12%+ growth
Management expects to maintain historical domestic growth trajectory of ~12% driven by volume and new launches.
growthAPI business to be a growth driver with 13-molecule pipeline
API growth expected to sustain at 9-10% with a strong pipeline of 13 products and expansion into new markets.
growthInternational formulation to return to growth
Post inventory normalization, international business expected to revert to historical 9-15% growth trajectory.
revenueCDMO projects to commercialize in FY27
Three of five CDMO projects expected to start generating revenue in FY27, two in FY28.
expansionKey Risks
Raw material cost inflation from geopolitical tensions
Management noted monitoring of West Asia war developments; prices locked for 6 months but escalation could impact margins.
medium · analyst_questionRegulatory delays in export markets
International formulation segment faced regulatory delays in host countries, impacting performance.
medium · management_commentaryUSFDA approval cost-benefit uncertainty
Management indicated USFDA approval is deferred until a significant product basket is ready, citing high costs and shifting dynamics.
low · analyst_questionNotable Quotes
Our revenue from operations grew by 23.6% along with 48% increase in EBITDA and 58.1% increase in PAT excluding exceptional items.
We have a very clear road map on this on what exactly we need to do. We quantify the exposure with clear triggers, confirm where we stand today, and summarize the mitigation actions already under way.
We would actually seek approval only when there is a significant basket of product with strong market share in the US... the company is also mindful of the cost benefit equation.