Ahmedabad-based Senores Pharmaceuticals Limited has reported a strong set of Q4FY26 and full-year FY26 results, with profit after tax more than doubling in both periods, and has guided for 30-40% revenue growth and approximately 60% profit growth in FY27 — one of the more aggressive forward guidance statements in the current results season.
For Q4FY26, total consolidated income came in at ₹190 crore, up 66% year on year from ₹114.3 crore in Q4FY25. EBITDA surged 219% to ₹62 crore from the year-ago period, with EBITDA margin expanding sharply to 27.11% from 17.02% — a 1,009 basis point improvement that reflects the operating leverage now visible in the business as regulated market revenues scale. PAT doubled 104% year on year to ₹37 crore.
The standalone quarterly numbers reported separately showed revenue up 53.4% to ₹175.19 crore, EBITDA up 144.3% to ₹47.49 crore, and PAT up 104.1% to ₹36.67 crore — broadly consistent with the consolidated picture.
For the full year FY26, Senores reported total consolidated income of ₹664 crore, up 65% year on year from ₹401.7 crore in FY25. Full-year EBITDA rose 114% to ₹200 crore and full-year PAT grew 108% to ₹122 crore — marking FY26 as the year in which the Ahmedabad pharma company decisively crossed the ₹100 crore PAT threshold for the first time.
The segmental breakdown reveals where the growth is concentrated. Regulated Markets — Senores’ US and other developed-country generics business — delivered Q4FY26 revenue of ₹117.8 crore, up 169% year on year from ₹43.8 crore, and full-year revenue of ₹224.3 crore against ₹427.4 crore in FY25. The full-year regulated markets figure shows a contraction on an annual basis, but the Q4 trajectory — nearly tripling year on year — indicates a sharp acceleration in the second half of FY26 as product approvals and launch revenues began flowing through. Branded Generics delivered the highest percentage growth in Q4 at 132.4% to ₹9.4 crore, and a remarkable 385.3% growth on a full-year basis to ₹8.2 crore from ₹40 crore in FY25. Emerging Markets grew 5.7% to ₹49.5 crore in Q4 and 13.1% to ₹131.4 crore for the full year.
Management has guided for a similar growth trajectory in FY27, with 30-40% revenue growth and approximately 60% profit growth — which, if achieved off the FY26 base of ₹664 crore in revenue and ₹122 crore in PAT, would imply FY27 revenue of ₹865-930 crore and PAT of approximately ₹195 crore. The guidance reflects confidence in the regulated markets pipeline continuing to accelerate, with niche and complex generics approvals expected to drive a further mix shift toward higher-margin product categories.
Senores Pharmaceuticals, which listed on Indian exchanges in late 2024, operates as a global research-driven pharmaceutical company focused on developing and manufacturing specialty, niche, and complex products for both regulated and emerging markets. Its positioning in the complex generics space — products requiring more sophisticated development and manufacturing than standard generics — is the structural basis for its margin expansion thesis, as complex products typically command both higher prices and lower competitive intensity than commodity generics.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a SEBI-registered financial advisor before making investment decisions.