Sanjivani Paranteral Ltd (NSE: SANJIVIN) Q4 2025 Earnings Call dated May. 27, 2025
Corporate Participants:
Unidentified Speaker
Ashwani Khemka — Chairman and Managing Director
Srivardhan Khemka — Executive Director
Pritesh Jain — Chief Financial Officer
Analysts:
Unidentified Participant
Jill Chandrani — Analyst
Shaurya Punyani — Analyst
Parth Shinde — Analyst
Divesh Tated — Analyst
Priya Sachdev — Analyst
Anant Khandelwal — Analyst
Kiara Singh — Analyst
Akash Verma — Analyst
Parth Shinde — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to The Sanjeevani parental Limited Q4 and FY25 earnings conference call hosted by Essential Technologies. 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 the conference call, please signal an operator by pressing Star then zero on a Touchstone phone. I now hand the conference over to Ms. Jill Chandrani from Essential Technologies. Thank you. And over to you Ms. Jill.
Jill Chandrani — Analyst
Thank you. Good evening everyone. Welcome to Sanjeevani parental Limited Q4 and full year FY25 earnings conference call. From the management we have with us today Mr. Ashwin Kemkha, Chairman and Managing Director. Mr. Srivardhan Kemka, Executive Director and Mr. Pratesh Din, Chief Financial Officer. Now I request the management to take us through the key remarks after which we can open the floor for question and answer session. Now I hand over the call to Mr. Srivardhan Kenka for his opening remarks. Thank you. And over to you sir.
Srivardhan Khemka — Executive Director
Thank you, Jill. Good evening ladies and gentlemen. A very warm welcome to all of you to the Q4 and FY25 post result conference call about of Sanjeevani Parental Limited. Before I begin, let me mention the standard disclaimer. The presentation that we have uploaded on the stock exchange including the interaction in this call contains or may contain certain forward looking statements concerning our business prospects and profitability which are subject to uncertainties and the actual results could differ from those in such forward looking statements. Let’s start with a brief overview of the company. Sanjeevani Pental Limited is a WHO GMP certified pharmaceutical pioneer with over two and a half decades of experience Specializing in manufacturing injectables and oral solids.
The company has established itself as a leader in the industry. The company’s primary focus lies in life saving drugs and we export our products to over 25 countries. We are headquartered in Mumbai with WHO GMP certified manufacturing facilities in Navi, Mumbai and Dehradun. We cater to major therapeutic areas encompassing central nervous system, cardiovascular system, antibiotics, gastroenterological anti diabetics and anti allergic. Supported by a strong R and D setup. We categorize our business into three verticals. The base business which is Sanjeevani Parental Limited, the parent company this is the ongoing business which focuses on formulation sales in export markets and in the Indian market.
We are primarily a CDMO player though we have a nominal presence in the domestic formulations as well. The newer HAL Pune Joint Venture which is SPL Infusion Private Limited this venture is for manufacturing IV products and Here we hold 60% equity and Prague joint venture which is Aliveia Healthcare SRO this venture is for manufacturing nutraceuticals where we hold 45% equity. On the macro environment, the operating environment for Indian corporates remain broadly positive. The demand outlook across both domestic and key export market continue to be encouraging, supporting expectations of healthy growth in the upcoming quarters. On the cost front, Indian companies are benefiting and are likely to continue benefiting from softer crude oil prices.
On the freight cost front, there has been some normalization in recent past. Raw material prices across most industries have also remained stable, fostering confidence and driving incremental investments in both existing operations and new verticals. That said, recent tariff related announcements in the US and the push towards localized manufacturing are expected to impact capital expenditure decisions in the near term. Additionally, global currency markets remain sensitive to these developments and may witness continued volatility. In the pharmaceutical sector, structural growth trends remain intact While the evolving US tariff environment introduces some uncertainty, the broader outlook on the industry remains positive.
API prices exhibited a softening trend during the quarter and as with other sectors, the pharma industry is also expected to benefit from lower oil prices and reduced freight costs. Overall, the outlook across sectors remain constructive supported by stable input costs, favorable demand and dynamics and growing confidence among businesses to invest in for the future. Now coming on the company’s performance, Sanjeevani delivered a strong performance in Q4 and FY25. Overall the momentum is driven by revenues from the newer products and volume expansion of existing products. In Q4. FY25 we reported revenue growth of 41.3%. Year on year the export domestic mix was at 72.5% to 27.5%.
Injectable tablet nutraceutical dosage mix was at 71.9 27 and 1. In FY25 we reported revenue growth of 28.8%. Year on year the export domestic Mix was at 81.5% versus 18.5%. Injectable tablet Nutraceutical dosage mix was at 58.7%, 37.1% and 4.2%. Now let us provide you an outlook for FY26 across key verticals. As we look ahead to FY26, we are pleased to share the outlook across all three of our verticals. Sanjeevani Panrell Ltd. First on Sanjeevini Pantrell Ltd. Over the past five years we have significantly strengthened our business through focused initiatives such as new product development and expansion into new geographies.
This strategic focus is reflected in the robust revenue growth from 17 crore in FY20 to 70 crore in FY25. Underscoring our strong execution capabilities, our facility successfully underwent multiple regulatory audits during the year. Notably, we received site approval from the regulator of a Francophone African nation. This approval not only enables market entry into that country, but also opens doors to multiple other French speaking African nations. We filed 48 new products in this region during the year which will drive future growth. We are also making steady inroads into Central and Latin American markets by expanding both our product portfolio and market presence.
Secondly, on SPL Infusion Private Limited the Pune facility is now operational and commercial production will start shortly. Validation batches are underway and are expected to be completed within the next 10 days. The facility already has a robust order book that covers the next 90 days. This plant marks a strategic milestone in strengthening Sanjeevani’s presence in both institutional and private label healthcare segments. The Indian IV fluids market represent a significant long term growth opportunity. Current domestic demand stands at approximately 7.2 billion bottles annually while the installed capacity is only around 2.4 to 2.8 billion bottles, indicating a substantial supply demand gap.
Additionally, the IV business has high barriers to entry due to the difficulty in manufacturing sterile injectables, large packing volumes, transportation constraints and its institutional client base. Additionally, the exports opportunity is in multiples of the domestic one. On the revenue front, FY26 will be the first year of commercial contribution from the Pune facility. Finally, on Alivia healthcare Prague During FY25 we successfully established our final stage manufacturing facility in Prague and initiated commercial operations. The early response has been promising with encouraging feedback on both trial and commercial batches. Multiple prospective customers have visited the facility, strengthening our confidence in scaling up.
We expect significant expansion in commercial operations from this joint venture. The during FY26 positioning Prague as a meaningful contributor to our overall growth. Our presence in Czech Republic provides US customer access to broader European region with total addressable market size of around 70 billion euros. The nutraceutical market in Czech Republic and wider European region presents a growing opportunity driven by increasing health awareness, aging population and a strong preference for preventive healthcare. The local manufacturing is going to be one of the significant factors. Globally, the nutraceutical market is valued at 330 billion approximately. We are trying to enter into high consumption developed markets such as the United States, GCC countries and other key regions of the developed world where demand for nutraceuticals is already well established.
Europe manufactured nutraceutical products have greater presence, preference and acceptance in these markets. In summary, FY26 is shaping up to be a pivotal year for the company. Building on the strong foundation laid in FY25 we anticipate continued momentum driven by our strengthened base business, first full year contribution from our Pune facility and accelerated scale up of the Prague jv. Our expectation reflects a dynamic growth trajectory fueled by growing base business and and our unwavering commitment to new strategic initiatives through joint ventures that enhance overall growth outlook for the company. We remain confident in our ability to deliver sustainable value to stakeholders in the years ahead.
With this, let me hand over to our CFO Mr. Pritesh Jain for updating on the financial performance.
Pritesh Jain — Chief Financial Officer
Thank you Srivardhan Good evening ladies and gentlemen. A very warm welcome to you all. Let me share some updates on the financial performance of the company. We would first update on Q4 FY25 performance and then FY25 performance. So coming on Q4 financial year 25 the company has reported a revenue of 18.2 crores and a growth of 41.3% year on year basis. The growth in the revenue was driven by revenues from the newer products and volume expansion of the existing products. The EBITDA was at 3.1 crores, a growth of 37.9% year on year. The EBITDA growth was due to the overall cost optimization.
EBITDA margins were at 16.8 visa vis 17.2% reported during the same period last year. Profit after tax was at 2.2 crore, a growth of 74.4% year on year. The profit after tax growth was a reflection on a broader operating performance. Now coming on the full year financial year 25 the company reported a revenue of 70.1 crores with a growth of 28.8%. EBITDA was at 11.6 crores with a growth of 32.1 year on year. EBITDA margins were at 16.5% as against 16.1% reported during the same period last year. Profit after tax was at 8.1 crore with a growth of 31.4%.
The growth was a reflection on a broader operating performance. We have incurred a capex of INR 3 to 4 crores during the financial year 25 for the existing plants. In financial year 25 the company added new. Added 15 new products. And the total count as of 31st March 25th stands at 160 products. The company plans to add 15 to 20 products in the coming year. During the financial year 25, we expanded our geographical footprint and entered 5 new geographies. With this we can now open the floor for question and answers. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes 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. Two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Shaurya Punyani from Arjav Partners. Please go ahead.
Shaurya Punyani
Hi, I’m audible.
operator
Yes. Are you audible? Sir, please go ahead.
Shaurya Punyani
This growth like 30 odd percent you have achieved. So is the growth momentum expected to continue? Like can we achieve the same number next year?
operator
Your voice is not clear. Can you come again?
Shaurya Punyani
So is the growth momentum expected to. Continue next year as well?
Ashwani Khemka
The broader outlook will be only available during the AGM time. And we are trying our level best to have a mundane. But we cannot confirm the same speed right now. It will be the same as.
Shaurya Punyani
Okay. So what is the capacity utilized?
operator
Sorry to interrupt you. Yes, sir. Before you go ahead, Mr. Sh. May I request that you use your handset, sir, in case you’re using a Bluetooth device.
Shaurya Punyani
Just a second. Hello.
operator
Yes, sir. Please go ahead, sir.
Shaurya Punyani
So what is our current capacity utilization percentage?
Srivardhan Khemka
Sir, could you Repeat your question? Mr. Shaurya.
Shaurya Punyani
So what is the current capacity utilization?
Srivardhan Khemka
Yeah. The capacity utilized for the Mumbai plant is around 65%. And for the Dehradun plant we stand at 40.
Shaurya Punyani
Okay. And by what level are expected this year? Like if any. Ballpark numbers.
Srivardhan Khemka
The Dehradun plant is expected to ramp up say around 50 to 55% on the Mumbai plant. We prefer keeping the plant around 70 to 75% level which was there in previous quarters. We expect it to be around that level only.
Shaurya Punyani
Okay, sir. Thank you. That’s it for myself.
operator
Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one on a Touchstone telephone. The next question comes from the line of Park Shinde who is an investor. Please go ahead.
Parth Shinde
Hi, sir. Am I audible?
operator
Yes, sir. May we request that you use your handset while asking a question, please.
Parth Shinde
Yeah. Hi. Thank you for giving me this opportunity. And I just wanted to know for the next 12 years, what product segments are likely to drive the growth for the company?
Srivardhan Khemka
Currently, we are already present in most therapeutic areas. We will continue to expand in the same category only they are central nervous system, cardiovascular, anti diabetics, anti allergic and so on.
Parth Shinde
Okay, and what is the debt that we can expect for the company next year, next couple of years?
Srivardhan Khemka
So let me answer this question. So the debt levels for the coming financial years would remain at the Same as at March 25th and beyond March 26th? We would. It would be too early to comment for us at this juncture.
Parth Shinde
Okay, that’s it from my side. If I have any other question, I’ll join the back line.
operator
Thank you. Ladies and gentlemen, a reminder to all participants, if you wish to ask a question, please press star and 1. Our next question comes from the line of Divesh Tatev with Pinterest Capital. Please go ahead.
Divesh Tated
Hello sir. Am I audible? Hello.
Ashwani Khemka
Yes.
Divesh Tated
Congratulation. Congratulation on a good set of numbers. I just wanted to know about the two JVs. If you could give clarity about the HAL and the Prague JV. What. What are they running on if HAL will give numbers in Q1 and also about the Prague facility.
Srivardhan Khemka
So for the Prague facility, we are doing nutraceuticals that is based out of Europe. What? Basically in the nutraceutical space, we are offering white labeling services. And we are currently in discussions with many customers who have, some of which have already visited the plant as well. And further discussions are going on with some, there are some trials going on with some, there is some analysis going on. So that is the current status of the Prague jv. And for the Pune jv, we are the. I mean the plant is ready to go now and the commercials should begin very soon.
Divesh Tated
Okay sir. And I just wanted to know about the thing that you mentioned that we are in Nutraceuticals and also in Europe. So it is a very tough market to get in. So what edge do we have, sir? So that our products will go live there, sir?
Srivardhan Khemka
So currently we out of our India business. We are also a contract manufacturer for a very large nutrition nutraceutical company of the world. So we bring that experience of manufacturing quality nutraceuticals and that replication that comes along along with it. Regarding how we enter into the European market, we have our partner Vita Biotics with whom we are working as well as having a facility in Europe gives us the label of made in Europe, which is a very exclusive label. And it is a choice of preference in most markets that we Go. And coming from the manufacturing background of India we will be able to keep our running costs low in Europe.
So that will enable us to offer European label products at a more economical price.
Divesh Tated
Okay. Okay, sir. Got it. I’ll get back in the queue, sir. Thank you.
operator
Thank you. Our next question comes from the line of Priya Sajdev who is an investor. Please go ahead.
Priya Sachdev
Hello. Congratulations on your number. I had a question regarding the working capital. How exactly has been the working capital movement throughout the FY25 and what do we expect in the next two years? Probably.
Pritesh Jain
So we have improved a bit on our working capital cycle if you see the numbers. And going forward also we will be on an improving trend only.
Priya Sachdev
So can you give me the breakup of inventory or payables? How exactly do we expect it to grow or reduce by days?
Pritesh Jain
We can’t give you the exact inventory details on the cost. But if you see the inventory trend in as far as the numbers are concerned we will continue to be in those trends only. As far as inventory payables and receivers. We will improvise on further.
Priya Sachdev
Okay, that’s it from my side for now. Thank you.
Pritesh Jain
Thank you.
operator
Thank you. A reminder to all participants, ladies and gentlemen, if you wish to ask a question question, please press star n1 on your Touchstone telephone. Our next question comes from the line of Anant Khandelwal from Ashika Institutional Equities. Please go ahead.
Anant Khandelwal
Hi. I hope I’m audible.
operator
Yeah. Please go ahead.
Anant Khandelwal
Yeah. Congratulations on a good set. I have a couple of questions. My first question is on have you started booking any revenue from the hail plant?
Ashwani Khemka
Can you come again?
operator
So may I request that you use your handset? Sir, your voice is coming slightly muffled when.
Ashwani Khemka
Yeah. Is it better?
operator
Yes, sir. Please go ahead.
Anant Khandelwal
Yeah. My question is on whether we started recognizing any revenue from the HALD that we have. Have we started any revenue recognition?
Ashwani Khemka
No, this will be remaining the current year, not in the last quarter which we closed. And it is as per the guideline which is there and it is well in the trend.
Anant Khandelwal
All right. And what split in the injectable business? If you could kindly repeat.
Ashwani Khemka
Your voice.
operator
So your voice is breaking. Sir, may we request that you use your handset, sir, in case you’re using a Bluetooth device.
Anant Khandelwal
Is it better now?
operator
Yes, sir. Please go ahead.
Ashwani Khemka
Yes.
Anant Khandelwal
My question is on what is the geography split in the injectable business?
Srivardhan Khemka
So injectable and oral both. The geography split that we have shared on the presentation. Injectable and oral both are pretty much aligned on that front. Maybe A little bit more towards the Latin American market, but not by a massive number.
Anant Khandelwal
All right. And if you would share on what could be our anti secreted product mix in FY26.
Srivardhan Khemka
Do you mean in terms of injectable versus oral?
Anant Khandelwal
Yeah, yeah, yeah.
Srivardhan Khemka
Yeah. So it will, it should remain the same only because we are working with similar kind of products and both, both the plants we are pitching in all the markets that we are present in. Injectables definitely has more uptake since the volumes begin pretty quickly on that front. But orals is also going pretty well given our service and our, you know, treatment of the customers. So the mix should remain the same only.
Anant Khandelwal
Alright, thank you so much. That’s it from my side.
operator
Thank you. Our next question comes from the line of Kiara Singh, who’s an investor. Please go ahead.
Kiara Singh
Hello. Hi. So thank you for the opportunity. Can you just you know, give me a share the outlook for FY26 in terms of, you know, revenue, EBITDA, PAT and you know, margin.
Pritesh Jain
Ma’ am, we wouldn’t be giving or sharing the exact margins as of now. But as far as the going forward trajectories in terms of revenue and profit, we will be in the same range.
Kiara Singh
Okay. And you know, going forward, if we had to break down in terms of geographies, from where should we expect growth to come from which geographies in the near term?
Srivardhan Khemka
So currently we are stepping into the French African market and it is a pretty time consuming market from our what our initial research shows. Ideally we expect growth to come in from there but that will be on the later end of the FY26 for the current 2 to 3 quarters. We are majorly focused on to our existing markets in the Middle east and the Latin American zone.
Kiara Singh
Okay. So that’s helpful. Thank you so much.
operator
Thank you. Our next question comes from the line of Akash Verma who is an investor. Please go ahead.
Akash Verma
Hello, Am I audible?
operator
Yes sir. Please go ahead.
Akash Verma
Yes sir. Thank you for this opportunity and congratulations for the good set of numbers. So sorry I just missed the initial comments. Can you please help me with the. How many new products were launched in FY20?
Srivardhan Khemka
Yeah, we, we managed to launch 15 products. So that takes our total basket up to 160.
Akash Verma
Great, great. And what are the like planned launches for FY26 and FY27?
Srivardhan Khemka
FY27 is a little too soon to comment right now. But FY26 also we are slated to launch 15 to 20 more products.
Akash Verma
Oh nice. And just wanted to know that your employee Costs have increased significantly. So how many employees are like then now versus FY25.
Ashwani Khemka
So we have new employees and since newer geographies have been entered and the market requirement for regulatory team is higher and lot of intellectual property people have joined the company and into the marketing field. So that is the reason it has increased and it will be taking care of the volumes which are being increased.
Akash Verma
Okay, thanks. Yes. And how many people are there in like research and department and field?
Srivardhan Khemka
In research both the plants put together around where 13 people are there. Regulatory we have got around 14 people.
Akash Verma
Okay, got it. Yeah. Thank you for.
operator
Thank you. Our next question comes from the line of Parshinde who’s an investor. Please go ahead.
Parth Shinde
Hi sir. I just wanted to understand about the HAL jv. How has that been shaping up and in terms of meeting the targets that we set for us, how is that performance doing?
Ashwani Khemka
Now see as we told you earlier in the starting remark that the plant is fully commissioned and the trial batches are on and stability things are studying going on and commercial production will start. We cannot expect the first year to be 100% capacity utilization. First year we’ll be doing around 60 to 65% of the capacity utilization and that is very well on track and at in the beginning we are told that the order books are also in place for first 90 days and things are looking good from here.
Parth Shinde
That’s perfect sir. Thank you.
operator
Thank you. A reminder to all participants, ladies and gentlemen, if you would like to ask a question please press star and one on your touchtone phone. Ladies and gentlemen, if you wish to ask a question please press star n1 on your touchstone phone. Our next question comes from the line of Anant Khandelwal from Ashika Institutional Equities. Please go ahead.
Anant Khandelwal
Hi. Thank you so much for the opportunity. Again, I just wanted to ask that are we in on track to start our commercial production at the HLG in the first quarter and should we see some numbers coming in in the first quarter or is there still some, you know, is the situation still a little dicey or so? I believe there is some kind of a delay in the commercialization of the project. If you could give us some idea about it. Yeah.
Ashwani Khemka
As you, you are asking everything and we are also very much eager and by, by God’s grace and hope, everything we should have some commercial production. In this first quarter.
Anant Khandelwal
And any, any color on the kind of. I mean of course you cannot give me the exact number but any ballpark number that you should.
operator
Maybe request you use your handset again. Please.
Anant Khandelwal
Yeah, I was using my handset only. Is it better to know?
operator
Yes, sir.
Anant Khandelwal
Yeah, I just want to understand that. I understand that you cannot give us the exact number. But. But if you could give us some kind of ballpark as to where we could see these numbers going ahead. Let’s say now that we are already two months into the quarter. So we cannot expect a lot of. We cannot expect a lot from this in this quarter. But the kind of number that we can expect, let’s improve and so on and so forth.
Srivardhan Khemka
See, as we told you earlier through essentials and this key this year, volume and quantities which. And the sales which we have committed. It is going to happen. And maybe some quantity may be less because the days are less in this quarter. But from the second and third quarter it will be ramped up fully.
Anant Khandelwal
All right. Thank you so much.
operator
Thank you. Our next question comes from the line of Akash Verma who’s an investor. Please. Please go ahead.
Akash Verma
Hello. Am I audible?
operator
Yes, sir. Please go ahead.
Akash Verma
Yes, I wanted to know for HR, what was the CapEx in FY25?
Pritesh Jain
Yeah. So the capex for the Pune plant was in the range of 30 to 35 cross.
Akash Verma
Okay, thank you. And what are the key learnings of the last few years? Growth in terms of like strategy, products, markets and regulatory.
Srivardhan Khemka
So currently we see people moving into the row markets more and more as post Covid lot of local manufacturing has started starting with the developed market currently. And secondly, the learning about having a larger product basket is something that is playing along well with our market. Having a large offering definitely enables us to discuss and expand the customer lifetime value. And definitely enables us to enter markets with more strength.
Akash Verma
Okay. Thank you for the opportunity. That’s it from my side.
operator
Thank you. Ladies and gentlemen. If you wish to ask a question, please press star and one on your phone. Ladies and gentlemen, a reminder to all participants. You may press star and one to ask a question. Thank you. As there are no further questions from the participants I now hand the conference over to Mr. Sri Vardhan Kemka for closing comments.
Srivardhan Khemka
Yeah. Thank you all for joining us today. We really appreciate your trust and support and continued confidence in us. We look forward to speaking again in the next earning calls. With that we conclude today’s earning call. Thank you.
operator
Thank you. On behalf of Sanjeevani Parentera Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.