Pharmaceuticals & Drugs · Founded 2019 · www.sarojapharma.com · NSE · ISIN INE0PCL01011
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1. Business Overview
Saroja Pharma Industries India Ltd. operates within the pharmaceutical sector in India. As a pharmaceutical company, it is primarily involved in the manufacturing, trading, and distribution of pharmaceutical products. This typically includes Active Pharmaceutical Ingredients (APIs), finished dosage formulations (generics), and possibly intermediates. The company generates revenue by selling these pharmaceutical products to domestic and potentially international markets, serving healthcare providers, institutions, and other pharmaceutical companies.
2. Key Segments / Revenue Mix
Specific segmentation details (e.g., API vs. formulations, domestic vs. export, therapeutic areas, or contribution percentages) are not available from the provided information. However, typical segments in the Indian pharmaceutical industry include the manufacture and sale of Active Pharmaceutical Ingredients (APIs), finished dosage formulations (generics), contract manufacturing, and potentially specialty chemicals or intermediates for the pharma industry.
3. Industry & Positioning
The Indian pharmaceutical industry is highly competitive, fragmented, and significantly regulated. It is one of the world's largest producers of generic drugs. Saroja Pharma Industries India Ltd. likely operates among numerous small to mid-sized players, competing on factors such as product quality, regulatory compliance, pricing, and distribution efficiency. Its positioning would depend on its specific product portfolio, manufacturing capabilities, and market focus (e.g., specific therapeutic areas, domestic vs. export, or API manufacturing vs. formulations).
4. Competitive Advantage (Moat)
Given the highly competitive and fragmented nature of the Indian pharmaceutical market, and without specific details on unique product portfolios, significant R&D breakthroughs, or market dominance, Saroja Pharma Industries India Ltd. is unlikely to possess strong, enduring competitive advantages (moats) like global brand equity or vast network effects. Potential, but not confirmed, advantages could lie in cost-efficient manufacturing processes, specific regulatory approvals for niche products, established relationships with distributors, or expertise in certain therapeutic areas.
5. Growth Drivers
Increasing Healthcare Expenditure: Rising disposable incomes and growing health awareness in India are driving demand for pharmaceutical products.
Growing Burden of Chronic Diseases: The increasing prevalence of lifestyle and chronic diseases in India fuels demand for a wide range of medications.
Generic Drug Demand: India's strength in producing affordable generic drugs continues to drive growth, both domestically and for exports.
Government Initiatives: Schemes promoting healthcare access and domestic manufacturing (e.g., 'Make in India' for pharmaceuticals) can offer support.
Export Opportunities: The global demand for affordable generics presents opportunities for Indian manufacturers to expand internationally.
6. Risks
Intense Competition & Pricing Pressure: The fragmented nature of the Indian pharma market leads to fierce competition and constant pressure on pricing.
Regulatory Changes: Stringent and evolving regulations from Indian and international health authorities (e.g., US FDA, European EMA) can impact manufacturing, product approvals, and costs.
Raw Material Volatility: Dependence on imported APIs and key starting materials can expose the company to supply chain disruptions and price fluctuations.
Intellectual Property Challenges: Disputes over patents and intellectual property rights, particularly in the generics space, pose risks.
Foreign Exchange Fluctuations: For companies involved in exports or imports, currency volatility can impact profitability.
7. Management & Ownership
Specific details regarding the promoters, management team's experience, or ownership structure are not available from the provided information. As is common for many Indian companies, it is likely promoter-driven, with key decisions often influenced by the founding family or individuals. Ownership is typically concentrated among the promoters and their affiliates, with a portion available for public trading.
8. Outlook
Saroja Pharma Industries India Ltd. operates in a sector with robust underlying growth drivers, particularly within the Indian market and global generics landscape. The increasing demand for healthcare and affordable medicines provides a favorable environment for pharmaceutical companies. However, the company faces significant challenges typical of the Indian pharma industry, including intense competition, stringent regulatory oversight, and potential volatility in raw material costs. Its ability to navigate these pressures, maintain cost efficiencies, ensure high-quality manufacturing, and potentially specialize in certain product areas or geographies will be crucial for sustainable growth and profitability in a crowded market.
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| #(Fig in Cr.) |
|---|
| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|
| Net Sales | 37 | 56 | 50 | 41 | 54 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | |
| Total Income | 37 | 56 | 50 | 41 | 54 | |
| Total Expenditure | 35 | 54 | 47 | 38 | 51 | |
| Operating Profit | 1 | 2 | 3 | 3 | 3 | |
| Interest | 0 | 1 | 1 | 1 | 1 | |
| Depreciation | 0 | 0 | 0 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 1 | 2 | 1 | 1 | 1 | |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | |
| Profit After Tax | 1 | 1 | 1 | 1 | 1 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 1 | 1 | 1 | 1 | 1 | |
| Adjusted Earnings Per Share | 56.3 | 3.9 | 3.6 | 2.2 | 2.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 32% | -1% | 0% | 0% |
| Operating Profit CAGR | 0% | 14% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -27% | NA% | NA% | NA% |
| ROE Average | 7% | 13% | 33% | 33% |
| ROCE Average | 13% | 17% | 24% | 24% |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Shareholder's Funds | 1 | 4 | 5 | 15 | 16 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 1 | 2 | 3 | 3 | 1 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 6 | 10 | 13 | 9 | 22 |
| Total Liabilities | 8 | 16 | 21 | 27 | 40 |
| Fixed Assets | 0 | 0 | 2 | 3 | 3 |
| Other Non-Current Assets | 0 | 0 | 3 | 6 | 10 |
| Total Current Assets | 8 | 15 | 16 | 18 | 27 |
| Total Assets | 8 | 16 | 21 | 27 | 40 |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | -1 | -4 | 2 | 1 | 1 |
| Cash Flow from Investing Activities | -0 | -0 | -5 | -5 | -3 |
| Cash Flow from Financing Activities | 1 | 4 | 3 | 4 | 2 |
| Net Cash Inflow / Outflow | -0 | 0 | 0 | -0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 56.25 | 3.88 | 3.61 | 2.18 | 2.57 |
| CEPS(Rs) | 57.98 | 4.04 | 3.84 | 2.42 | 2.86 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 71.99 | 13.72 | 17.33 | 36.42 | 38.99 |
| Core EBITDA Margin(%) | 3.56 | 3.78 | 5.42 | 6.29 | 5.19 |
| EBIT Margin(%) | 3.73 | 4.28 | 5.6 | 6.53 | 5.32 |
| Pre Tax Margin(%) | 2.82 | 2.84 | 2.97 | 2.97 | 2.7 |
| PAT Margin (%) | 1.99 | 2.05 | 2.11 | 2.16 | 1.92 |
| Cash Profit Margin (%) | 2.06 | 2.13 | 2.25 | 2.39 | 2.14 |
| ROA(%) | 8.89 | 9.61 | 5.76 | 3.67 | 3.13 |
| ROE(%) | 78.14 | 45.95 | 23.28 | 8.9 | 6.82 |
| ROCE(%) | 34.59 | 33.73 | 22.1 | 14.91 | 12.56 |
| Receivable days | 71.92 | 69.56 | 91.22 | 122.72 | 145.45 |
| Inventory Days | 6.53 | 3.68 | 15.75 | 19.13 | 1.69 |
| Payable days | 47.31 | 35.58 | 45.99 | 61.58 | 74.63 |
| PER(x) | 0 | 0 | 0 | 16.07 | 14.68 |
| Price/Book(x) | 0 | 0 | 0 | 0.96 | 0.97 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.08 | 0.11 | 0.25 | 0.48 | 0.45 |
| EV/Core EBITDA(x) | 2.18 | 2.51 | 4.43 | 7.1 | 8.17 |
| Net Sales Growth(%) | 0 | 51.75 | -9.78 | -18.97 | 32.11 |
| EBIT Growth(%) | 0 | 74.15 | 18.05 | -5.49 | 7.6 |
| PAT Growth(%) | 0 | 55.9 | -6.97 | -17.19 | 17.75 |
| EPS Growth(%) | 0 | -93.1 | -6.98 | -39.53 | 17.75 |
| Debt/Equity(x) | 3.22 | 1.52 | 2 | 0.39 | 0.6 |
| Current Ratio(x) | 1.38 | 1.54 | 1.2 | 1.89 | 1.21 |
| Quick Ratio(x) | 1.27 | 1.49 | 0.91 | 1.85 | 1.21 |
| Interest Cover(x) | 4.12 | 2.97 | 2.13 | 1.83 | 2.03 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0.41 | 0.62 |
| # | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoter | 73.02 | 73.02 | 73.02 | 73.02 | 73.02 | 73.02 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 26.98 | 26.98 | 26.98 | 26.98 | 26.98 | 26.98 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoter | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
| # | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoter | 73.02 | 73.02 | 73.02 | 73.02 | 73.02 | 73.02 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 26.98 | 26.98 | 26.98 | 26.98 | 26.98 | 26.98 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoter | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +32% | -1% | — | — |
| Operating Profit CAGR | 0% | +14% | — | — |
| PAT CAGR | 0% | 0% | — | — |
| Share Price CAGR | -27% | — | — | — |
| ROE Average | +7% | +13% | +33% | +33% |
| ROCE Average | +13% | +17% | +24% | +24% |
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