Sanjivani Paranteral Ltd (NSE: SANJIVIN) Q3 2026 Earnings Call dated Feb. 16, 2026
Corporate Participants:
Srivardhan Khemka — Executive Director
Ashwin Khemka — Chairman and Managing Director
Pritesh Jain — Chief Financial Officer
Analysts:
Rahil Shah — Analyst
Kartik — Analyst
Santosh Karunakar — Analyst
Gaurav — Analyst
Surbhi Saroagi — Analyst
Aakash Dhanna — Analyst
Presentation:
operator
Ladies and gentlemen, you are connected to the Sanjeevani Parental Parental Limited. Please stay connected. The call will begin in the next five minutes. Thank you. Ladies and gentlemen, you are connected to the Sanjeevani Parental Limited conference call. Please stay connected. The call will begin in the next five minutes. Thank you. Ladies and gentlemen. Good day and welcome to The Sanjeevani Parental Limited Q3FY26 earnings conference call from the Sanjeevani Management. We have with us Mr. Ashwini Kemka, Chairman and Managing Director, Mr. Srivadhan Kemka, Executive Director and Mr. Pritesh Jain, Chief Financial Officer. We will begin with management’s commentary after which we will open the floor for questions.
As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touch zone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Srivadhan Kimka. Thank you. And over to you, Mr. Kimka.
Srivardhan Khemka — Executive Director
Thank you. Good morning ladies and gentlemen and thank you for joining us for Sanjeevani parental Limited Q3FY26 earnings conference call. Before I begin, let me mention the standard disclaimer. The presentation that we have uploaded on the stock exchange including interaction in this call contain or may contain certain forward looking statements concerning our business prospects and profitability which are subject to uncertainties and actual results could differ from those in such forward looking statements for the benefit of participants who may be joining us for the first time. Sanjeevani Parent Limited is a WHO GMP certified pharmaceutical manufacturer with over two and a half decades of operating experience.
We specialize in sterile injectables and oral solid dosage forms with a primary focus on essential and life saving therapies. Our products are exported to more than 25 countries across emerging markets and we operate manufacturing facilities in Navi, Mumbai and Dehradun supported by an in house R and D capability. In addition to our core formulation business, we are building new growth platforms and through joint ventures in IV fluids in India and nutraceutical manufacturing in Europe. Q3FY26 marked an important quarter for the company as we transitioned from a single engine business to a multi vertical growth platform for the first time.
The Pune Infusion facility had begun contributing to consolidated revenues and our overseas nutraceutical venture continues to build commercial traction. This reflects the strategic investments we have made over the past few years to diversify Both our manufacturing base and revenue streams during the quarter, the operating environment remained stable in terms of demand but uncertain from a policy standpoint. Export oriented businesses globally continue to monitor tariff development, currency movements and evolving regulatory expectations. While these factors did not materially disrupt our operations, they reinforce a cautious approach across industries with companies prioritizing supply continuity, margin protection and disciplined capital allocation over expansion within pharmaceutical generic sector Underlying demand remain resilient supported by chronic therapies, affordability pressures in developed markets and expanding healthcare access in emerging economies.
At the same time, pricing sensitivity and regulatory scrutiny continue to shape competitive dynamics making quality compliance, strength and cost efficiency increasingly important differentiators. Against this backdrop, our business delivered strong year on year growth of approximately 20% driven primarily by export markets and product mix improvements. We also recorded the first revenue contribution from HP Air Infusion Private Limited which strengthens our manufacturing footprint and opens a new long term growth avenue. The facility is currently in early stages of ramp up and its contribution is expected to increase progressively as capacity utilization improves over time. Our Prague based nutraceutical venture is also gaining momentum.
Customer engagement increased meaningfully and we remain encouraged by the pipeline of potential business from European markets. Overall, we remain confident that FY26 will. Be a milestone year with all three business verticals contributing to consolidated performance and positioning the company for a broader growth trajectory going forward. With that, I will now hand over the call to our CFO Mr. Pritesh Jain who will take you through the financial performance in detail.
Pritesh Jain — Chief Financial Officer
Thank you Srivasan Good morning ladies and gentlemen. A very warm welcome to you all. Let me share the update on the financial performance of the company for Q3 FY26 on the base business I.e. the standalone numbers, the company reported a revenue of 20.9 crores, a growth of 20.2 percentage year on year. The growth was driven by higher shipments due to easing of the logistics situations as compared to the previous quarter. The EBITDA was at 3.9 crore, a growth of 36% year on year. The EBITDA margin was at 18.4% versus 16.2 percentage in Q3FY25. The year on year expansion in EBITDA margin was due to the product mix which we were able to ship during the quarter.
Profit after tax was at 2.6 crores for the quarter, a year on year increase of 37.9%. Let me provide the segment wise performance for Q3 financial year 26. Injectable revenues declined 9.7% year on year to 11.74. Oral revenues increased by 153.3% to 8.6 crores. Nutraceutical revenue stood at 0.56 crores in Q3 FY26. On market wise performance exports constitutes 76.9%. Of the total revenue. The co market of Middle East, Africa, Latin America accounted to 76.9%. Our subsidiary SPL Infusion Private Limited Pune recorded revenues for the first time in the history at 1.2 crores. On consolidated basis the company reported revenue of 22.1 crore a growth of 27.1% year on year. The growth was driven by strong growth in the business and base business and contribution from the Pune subsidiary. The EBITDA was at 14.1 crore. A growth of 44.8%. The EBITDA margin was at 18.5% vis a vis 16.2% in Q3FY25. Profit after tax was at 2.8 crores for the quarter a year on year increase of 46.3%.
The profit after tax after non controlling interest was at 2.7 crores for the quarter a year on year increase of 42.6%. With this we can now open the floor for the question. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wish to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may Press Star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants who wish to ask a question may press star and one on the Touchstone telephone. Anyone who wishes to ask a question may press star and one on the Touchstone telephone.
Anyone who wishes to ask a question may press star and one on the Touchstone telephone. Our first question comes from the line of Raheel Shah from Crown Capital. Please go ahead.
Rahil Shah
Hi sir, good morning. Can you hear me?
Srivardhan Khemka
Yeah, we can hear you.
Rahil Shah
Yes. So sorry I missed opening few minutes. Can you just please reiterate what led to this increase in margins for this quarter? What helped us.
Srivardhan Khemka
It was a product mix that we shipped out in this quarter that enabled us to achieve better margins.
Rahil Shah
Product mix was the only reason then. So do you see this mix to continue and the margins to sustain at these levels for coming quarters?
Srivardhan Khemka
Yeah, of course we do look forward to maintaining this. But as you know, this business demands the various kinds of products. So there is going to be a little bit of shifting quarter to quarter. But the general trajectory will be upward.
Rahil Shah
Okay. And out of the three segments we have injectables oral in Nitra which is going to be the key growth driver ahead for us. Where is the key focus for the company? And in line with that, if you could, you know guide us with some sort of growth when it comes to quarter for exit run rate and 527, it comes to revenue.
Srivardhan Khemka
Injectables definitely is going to. It is always been our forte and it is going to be the growth driver for the company as well. Especially with the commercialization of the IV facility. It expands our offering product basket and we will be tapping into more and more hospitals. Because IV is something that is very easy to get your foot in the door with. Along with that our injectable offerings from the small volume plant will increase.
Rahil Shah
So do you like to say any sort of guidance for FY97 when it comes to top line growth? What is the company targeting? I believe you close.
Srivardhan Khemka
Sorry, I didn’t get your question.
Rahil Shah
You closed FY25 with 70 crores of top line, sir. So going into FY27 and for that matter even FY26, what will you end the year with? And the next year, what sort of growth are you looking at?
Srivardhan Khemka
FY27. From our core business of Sanjeevani based business we are looking at somewhere around 90, 90 crores. Top line and SPL infusion will also contribute around 60 to 65 crores. So that should be our injectable. I mean it will all be focused by mainly by injectables.
Rahil Shah
You said SPL contributed for the first time, right? In quarter three to consolidate revenues. How much was that? The quantum.
Srivardhan Khemka
1.2 crore.
Rahil Shah
And for quarter four, are there any expectations, any numbers you have forecasted?
Srivardhan Khemka
The facilities are still in the ramp up phase. We cannot project a number but will be significantly higher from this 1.2.
Rahil Shah
Okay. Do you think it will be in double digits cross already or it will take time?
Srivardhan Khemka
Yeah, I think we should be able to match that.
Rahil Shah
Okay. And what about the core business for 526 as a whole? Any. So you’ve done I think 22, 1537 and you’ve done 55 crores of sort in nine months. So what can we end the year with?
Srivardhan Khemka
Sorry? This year from the core business we’re looking somewhere between 72 to 75 crores.
Rahil Shah
Okay. Okay, sir, thank you so much for that.
operator
Yeah, thank you. Our next question comes from the line of Karthik, an individual investor. Please go ahead.
Srivardhan Khemka
Yeah, we can hear you.
Kartik
Okay. So. So I just heard from the Previous question that you were expecting 90.
operator
Sorry to interrupt you sir, but you’re not audible. Can you please repeat
Kartik
your Me?
operator
Yes I can.
Kartik
So my question was. So can we.
operator
Sorry to interrupt you sir, but your voice is breaking. Can you move to a different environment and speak?
Kartik
You’re able to hear me now?
operator
Yes, comparatively better sir. Please go ahead.
Kartik
Okay, so I hear that the from the injectables 90 crore revenue is a peak revenue that is expected out of the core business. And what is the time frame that we are looking to achieve this? 90 crores. Will it be in a two years time frame or it will be the next financial year?
Srivardhan Khemka
Sir, as I said by FY27 we are projecting to hit 90 crores from our base business. So that is the thing that I mentioned.
Kartik
Okay, thank you. Thank you sir. So one more question on that is I could see a filing on the warrant conversion. I could also see that few warrants are remaining to be converted. I mean what is the latest update on that? Is everything converted? And the company received the money from the promoters.
Pritesh Jain
So all the warrants have been converted and all the money has also been received from the promoters.
Kartik
Okay. Another follow up question is on the capex projections. Now that we have done a substantial capex on the injectables and then we have already got into a JV in the Prague. So what would be the capex expectation for the next financial year? I believe it is too early to expect that. But what would be the rough capex projection that you would be looking at?
Ashwin Khemka
So the capex to the existing facility with the base business, the injectable facility and the tablet plant we will tune out four to last seat cover.
Kartik
Okay. Okay sir, thank you. That’s it from my end. Thanks a lot.
operator
Thank you. Participants who wish to ask a question may press star and one on the touchstone telephone. Anyone who wishes to ask a question may press star and one on the touchstone telephone. Our next question comes from the line of Santosh Karunakar from Financial Finance. Please go ahead.
Santosh Karunakar
Good morning sir. Can you please let us know what’s the current utilization for SPL and what utilization should be expected and how do you plan to ramp up next year?
Srivardhan Khemka
Do you mean the utilization for the Pune IV plant?
Santosh Karunakar
Correct? Yeah. Capacity utilization.
Ashwin Khemka
The plant is a practically a new. So it is in a very slow. Currently we are operating at 2023% capacity but next year going forward to apply 27 that time it will be around 40 to 50% and more than that but currently it is operating at 23 to 27%.
Santosh Karunakar
Okay. Thank you. And in the past we had some issues with the fleet especially when we are ascending to African markets. So are we all able to manage that properly now? Is it all.
Ashwin Khemka
Yeah. Some logistic issues were there initially because of the geopolitical situation in the world. Now the things have been sorted out and there are three different routes for logistics which are in operation. So those hiccups have been over.
Santosh Karunakar
Okay, thank you. And just want to read. You mentioned our projections for the next year for the base business will be around 90 crores and the infusion will be around 50 to 60%.
Ashwin Khemka
Yes. Yes.
operator
Thank you. Thank you. That’s it. From my side. All the best.
operator
Thank you. Participants who wish to ask a question may press star and one on the Touchstone telephone. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. Our next question comes from the line of Gaurav from India Bridge limited. Please go ahead.
Gaurav
Hi sir. Thank you so much for the opportunity. I believe I heard that next year you’re targeting 40 to 50% utilization in SPL infusion. I guess you had a JV with people who are already in the business of selling these products for quite some time. So why are expected ramp up only to the extent of 40 to 50% next year since everything is now on board, why such low capacity projections for. The next year.
Ashwin Khemka
In infusion? What happens is the plant is so new and there are new products which gets on approval month on month basis. So once the entire product approvals are of new additional products are there in the place then it can go up. A single product cannot go to a certain level. And in this between we have in the last bumper also we have told that we are going to do a specialized product also for this. Your trials and the stability studies are also going on in between. So that is the reason we are going slow on this thing.
So that by the end of November December we have a good product portfolio of around 42 from Easy Products which most of the competitors do not have. They are having to a tune of around 12 to 14 products will be. Our basket will be 23, 24 products. In the current term. And then given the. Yeah, go ahead.
Gaurav
Sir. And you know, given this product mix value at all mix that you are sort of targeting what’s the peak revenue that you can accomplish from this, you know, facility?
Ashwin Khemka
It can be. It will go around 130. 120 to 100.
Gaurav
Yeah. Because in last call we had mentioned somewhere around 110, 110 so and we’re sort of what’s the rate for the significant increase? What’s the reason for it?
Ashwin Khemka
You know the product mix there are certain run of the mill products and certain are specialized products. In this IV segment which we have developed in our R D team has developed this product. For this the studies are going on and once the approval is replaced so they are getting fetching better margins and better pricing in the portfolio. So it may be going on 120, 130 in the peak cap.
Gaurav
And what kind of EBITDA margins can we achieve from this facility at peak. Utilizations.
Ashwin Khemka
We have told around 19 to 22.
Gaurav
Understood. And sir, maybe one final question from my side. One one final question from my side. You know you have this facility that is ramping up capacities. Now you have your base business that’s growing 15% and 15%. So where the maybe FY28 onwards where is the next leg of growth going to come from? What are your plan? Because you mentioned that your capex plans are only to the extent of 4 to 4.5 crores in FY27. So where is the next leg of growth after this completion of where do you expect that growth to come from?
Ashwin Khemka
See we as we have told in earlier as well that our company’s approval in the West Africa and now East Africa is in place and started and those approvals are expected in the current coming financial year 27. FY27, FY28. So our base business will be doing a growth which is around 80% and it may jump up more. Also infusion business is also going to pick up everywhere. All the markets are going to and the Krag business also. Now all the four plants are in operation and there are no hiccups and no regulatory hurdles left behind.
So it is just the plant’s approvals getting more approval. Because the Pune plant has just started. The WTA inspection will be triggered in the month of March and after that we will be getting that plant also inspected by various regulatory authorities where our products are selling in the market. So then just now the fourth plant and we are the only company with the combination of infusion small volume injection tablet capsules and Nutra sticker under one. So this will help the company to have a good present in the presence in the market and acceptability because the distributor needs the combination all these four which we have with us.
Gaurav
Okay. And on our base business exports business, you know we are working with a small base right now growing at 10 15% I believe a lot of time it you Know gets taken because get registrations and approvals in these territories. But given the small base when can we expect to grow at a significantly higher pace of 25% which is possible given that you have capacity available. When can we see the base business start to grow and accelerate sales growth 25% or so.
Ashwin Khemka
We expect next year from quarters second or third quarter. We’ll be seeing this result in the base business going at a much higher growth rate.
Gaurav
Thank you so much for the opportunity, sir.
Ashwin Khemka
Thank you.
operator
Thank you. Participants who wish to ask a question may press star and one on the Touchstone telephone. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. Ladies and gentlemen, as there are no further questions from the participants I now hand the conference over to the management for closing comments.
Srivardhan Khemka
Hello. Thank you everyone.
operator
We have a question from the line of Surbhi Saraogi from Nexum Capital Market. Please go ahead.
Surbhi Saroagi
Hello. Am I audible?
operator
Yes ma’, am, you are. Please go ahead.
Surbhi Saroagi
Okay. Sorry sir, if I’m asking a repeat question, I joined a bit late. Can you give some guidance regarding revenue and profit for quarter four and next year And. And some update regarding the the new JV plant.
Srivardhan Khemka
So I mentioned in my opening remarks. The JV plant is now operating a. And it is the first quarter in our consolidated revenue to the tune of 1.2 crores. There’s a lot of disturbance.
operator
Sorry to interrupt you, sir. But Surabhi, there’s some disturbance in your background. In the background. Can you just mute yourself and let the management speak? Perfect. So you can go ahead.
Srivardhan Khemka
Yes. So as I was saying, the plant has contributed 1.2 crores of revenue in our consolidated revenue for the first time. And it is functional now. Regarding the guidance. This year we would be closing at around 73 to 75 crores on our base business. So that includes the Q4. And next year we are targeting somewhere around 90 crores in FY27 from our base business and around 60 to 65 crores from our SPL Infusion Private Limited.
Surbhi Saroagi
And sir, regarding profit margins.
Pritesh Jain
So the profit margins for the base business would be on the same trajectory as we have done for the quarter last nine months. Around EBITDA would be around 16 to 17 percentage. And as far as the Pune business since it’s the beginning. So we are targeting the EBITDA in the range of 17 to 18% there. Which would further ramp go upwards as we as the plant achieves a higher utilization of the capacity.
Surbhi Saroagi
Okay, sir. Got it. Thank you.
operator
Thank you. Participants who wish to ask a question may press star and one on the touchstone telephone. Our next question comes from the line of Akash Dhannaf, an individual investor. Please go ahead.
Aakash Dhanna
Yes, so I had a query regarding the shareholding. I mean promoters have a bit low shareholding and I was listening to one of the interviews before and there were plans of increasing it and I think going by the stock price it’s last week it was very close to where you guys did preferential allotment also. So do we plan to increase shareholding for promoter in future?
Ashwin Khemka
As we have seen this year warrants were issued to the promoters. Six lakh warrants are issued in the current year and those all are converted and the promoters and company the money in the company. So every year you cannot take more than 5% as a promoter increase in the shareholders. So every year if you see down the line for last three, four years promoters have been constantly increasing their sharing in the company and we as a company and as a promoter would like to increase our shareholding year on this.
Aakash Dhanna
I think the warrants were converted last year, right? So I mean for future I’m asking do we plan to at least make it 40, 45%.
Ashwin Khemka
It was converted current year, not last year they were issued and that had a period of 18 months. So partly they have converted last year, partly they have converted this year. So once the warranty is over then before that you can as you said rightly every year we are going to take an increase of shareholders.
Aakash Dhanna
Maybe another question. I think last year February you mentioned like similar PPP projects and some progress. It’s been been like almost a year. So has anything progressed on that part.
Ashwin Khemka
That is that is there in the pipeline and this will be lo and informed to the shareholders and stakeholders the company in the fourth quarter.
Aakash Dhanna
Thank you. That’s.
operator
Thank you. Our next question comes from the line of Raheel Shah from Crown Capital. Please go ahead.
Rahil Shah
Thank you again. So just getting some clarification on the Capex part. So you’re saying currently you’re done with Capex cycle, right? You won’t be having any in FY27.
Ashwin Khemka
So I told you the major Capex plant is over investment all the trans operations but in pharmaceutical every year there’s a Capex one upgrading the machines, buying the new machines, software, everything. So this year our capex will be around four to four and a half in the best business that runs of Injector Mumbai and then.
Rahil Shah
So so this constant like recurring capex amount is what usually year on year for maintenance and source. four to four and a half crores.
operator
Mr. Raheel?
Rahil Shah
Yes. Yes, that’s it. Thank you.
operator
Participants who wish to ask a question may press star and one on the Touchstone telephone. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to the management for closing comments.
Srivardhan Khemka
Thank you, everyone, for joining us on the call today. One small announcement that I would like to make is the revised Schedule M by the FDA has been made live. And I’m happy to report that all our plants are compliant with the revised Schedule M in which, from our estimates in our country, there are only 20 to 30% of the plants who will actually comply. So your company has all its plans coming under this compliance. We sincerely appreciate your trust, support and continued confidence. We look forward to delivering on our commitments and to speaking with you again on our next earnings call.
This concludes today’s earnings call. Thank you very much.
operator
Thank you. On behalf of Sanjeevani Parenter Limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.