Injectable Revenue
₹11.7 crore
-9.7% YoY
Injectable segment declined due to product mix shift; oral solids grew 153%.
SANJIVANIPARANTERAL
Other
10 Feb 2026
Sanjivani Paranteral Ltd — Q3 FY26
Sanjivani Paranteral delivered a strong Q3 FY26 with consolidated revenue of ₹22.1 crore (+27.1% YoY) and EBITDA margin expansion of 230 bps to 18.5%, driven by favorable product mix and first-time contribution from the Pune IV fluids JV (₹1.2 crore).
✓ Verified against BSE filing
2-Min Summary
Sanjivani Paranteral delivered a strong Q3 FY26 with consolidated revenue of ₹22.1 crore (+27.1% YoY) and EBITDA margin expansion of 230 bps to 18.5%, driven by favorable product mix and first-time contribution from the Pune IV fluids JV (₹1.2 crore). Standalone revenue grew 20.2% to ₹20.9 crore, with oral solids surging 153% YoY. Management guided FY27 standalone revenue of ₹90 crore and SPL Infusion revenue of ₹60-65 crore, implying ~50% consolidated growth. The Pune facility is ramping up (23-27% utilization) and targets 40-50% utilization by FY27. Risks include execution delays in product approvals and potential margin volatility from product mix shifts.
Key Numbers
Oral Solids Revenue
₹8.6 crore
+153.3% YoY
Strong growth driven by export demand and product mix improvements.
SPL Infusion Revenue
₹1.2 crore
First-time contribution
Pune IV fluids JV began commercial production; initial ramp-up phase.
Export Share
76.9%
N/A
Exports to Middle East, Africa, Latin America remain dominant revenue source.
Management Guidance
FY27 standalone revenue target of ₹90 crore
Management expects base business (standalone) to reach ₹90 crore in FY27, implying ~20% growth over FY26 estimated ₹73-75 crore.
revenueFY27 SPL Infusion revenue target of ₹60-65 crore
The Pune IV fluids JV is expected to contribute ₹60-65 crore in FY27, up from ₹1.2 crore in Q3 FY26.
revenueSPL Infusion capacity utilization to reach 40-50% by FY27
Current utilization is 23-27%; management targets 40-50% by FY27 as product approvals ramp up.
growthBase business EBITDA margin of 16-17% for FY26
Management expects standalone EBITDA margin to remain in the 16-17% range for the full year, consistent with 9-month trends.
marginsKey Risks
Execution risk in product approvals for Pune facility
Ramp-up of SPL Infusion depends on obtaining approvals for 23-24 products; delays could impact revenue targets.
high · management_commentaryMargin volatility from product mix shifts
Management acknowledged that quarterly margins can fluctuate due to product mix, which may affect predictability.
medium · analyst_questionGeopolitical and logistics disruptions
Past logistics issues due to geopolitical tensions have been resolved, but any recurrence could impact export shipments.
medium · management_commentaryLow promoter shareholding
An analyst raised concern about promoter shareholding being low; management indicated gradual increases but no specific target.
low · analyst_questionNotable Quotes
We are looking at somewhere around 90 crores topline from our base business and SPL infusion will contribute around 60 to 65 crores.
The plant is practically new, so it is with a very slow... currently we are operating at 20-23% capacity but next year going forward to FY27 it will be around 40 to 50%.
All our plants are compliant with the revised Schedule M... from our estimates in our country there are only 20 to 30% of the plants who will actually comply.