Chemicals · Founded 1973 · www.sunilhealthcare.com · BSE 537253 · NSE SUNIL HEALTH · ISIN INE671C01016
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Business
Sunil Healthcare Ltd. is an Indian pharmaceutical company primarily engaged in the manufacturing and marketing of Active Pharmaceutical Ingredients (APIs) and Pharmaceutical Formulations. Their formulation portfolio includes Tablets, Capsules, Liquid Orals, Ointments, Dry Powder, and Nutraceuticals. The company operates on a business-to-business (B2B) model, supplying APIs to other pharmaceutical manufacturers and formulations to distributors, institutions, and for export. They generate revenue by developing, manufacturing, and selling these pharmaceutical products to domestic and international markets.
Revenue Mix
Sunil Healthcare operates primarily in the pharmaceutical sector, with offerings broadly categorized into:
Active Pharmaceutical Ingredients (APIs): Raw materials for pharmaceutical formulations.
Pharmaceutical Formulations: Finished dosage forms for various therapeutic areas.
Nutraceuticals: Products derived from food sources with extra health benefits.
Specific revenue contribution percentages for each segment are not readily available in public financial documents.
Industry
The company operates in the highly competitive Indian Pharmaceutical Industry, which is known for its strong presence in generic formulations and API manufacturing. The industry is characterized by stringent regulatory oversight, price sensitivity, and a global export focus. Sunil Healthcare appears to be a smaller to mid-sized player within this landscape, competing with numerous domestic generic manufacturers and API suppliers. Their positioning is built on quality certifications (like WHO-GMP, ISO) and a diversified product portfolio, enabling them to serve both domestic demand and export to various regulated and semi-regulated markets.
MOAT
Sunil Healthcare's competitive advantages are likely derived from:
Regulatory Compliance & Approvals: Possessing certifications like WHO-GMP and ISO enables them to access regulated markets and assures quality, which is crucial in pharmaceuticals.
Diversified Product Portfolio: Offering both APIs, formulations, and nutraceuticals reduces dependence on a single product line or market segment.
Cost-Effective Manufacturing: As an Indian generic manufacturer, they likely benefit from lower manufacturing costs compared to western counterparts, which is a common advantage for Indian pharma.
Client Relationships: Long-standing relationships with B2B clients in both domestic and international markets can create some stickiness.
Growth Drivers
Key factors that can drive growth for Sunil Healthcare over the next 3-5 years include:
Expanding Product Portfolio: Introduction of new APIs, specialized formulations, and nutraceutical products to cater to evolving market demands.
Geographic Expansion: Penetrating new international markets and strengthening presence in existing export territories.
Increasing Demand for Generics & APIs: Global growth in healthcare spending, rising prevalence of chronic diseases, and a focus on affordable medicines drive demand for generic drugs and their underlying APIs.
Growth in Nutraceuticals Market: The increasing consumer focus on health and wellness fuels demand for dietary supplements and functional foods.
Capacity Utilization & Expansion: Optimizing existing manufacturing capabilities and undertaking strategic expansions to meet rising demand.
Risks
Regulatory Risks: Strict and evolving regulations in domestic and international markets (e.g., changes in drug pricing policies, manufacturing standards, import/export norms) can impact operations and profitability.
Raw Material Price Volatility: Dependence on imported key starting materials and intermediates exposes the company to price fluctuations and supply chain disruptions.
Intense Competition & Pricing Pressure: The generic pharmaceutical market is highly competitive, leading to constant pricing pressure and impacting margins.
Foreign Exchange Fluctuations: Being involved in exports and imports, the company is exposed to currency volatility, affecting revenue and cost structures.
Product Concentration Risk: Over-reliance on a few key products or molecules could make the company vulnerable to product obsolescence, regulatory bans, or price erosion.
Management & Ownership
Sunil Healthcare Ltd. is promoted by Mr. Sunil Kumar Gupta, who serves as the Chairman & Managing Director. The company's ownership structure typically shows a significant promoter holding (historically around 68-70%), indicating strong promoter control and commitment. The remaining shares are held by the public and potentially institutional investors.
Outlook
Sunil Healthcare operates in a growing pharmaceutical market, buoyed by global demand for affordable generics, APIs, and the expanding nutraceutical segment. Its diversified product portfolio and focus on regulatory compliance are positive aspects. However, the company faces inherent challenges common to the Indian pharma sector, including intense competition, pricing pressures, raw material volatility, and the need for continuous investment in R&D and regulatory adherence. The company's ability to consistently introduce new products, expand into new geographies, and manage its cost structure will be crucial for sustainable growth amidst these competitive and regulatory dynamics.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 21 | 21 | 20 | 20 | 21 | 23 | 24 | 22 | 20 | 19 |
| Other Income | 1 | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 0 |
| Total Income | 22 | 22 | 20 | 21 | 22 | 24 | 24 | 22 | 20 | 19 |
| Total Expenditure | 19 | 19 | 18 | 18 | 18 | 19 | 20 | 18 | 18 | 16 |
| Operating Profit | 3 | 2 | 2 | 3 | 4 | 4 | 4 | 4 | 2 | 3 |
| Interest | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 2 | 2 | 1 |
| Depreciation | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit Before Tax | 0 | -1 | -1 | -0 | 0 | 1 | 1 | 1 | -1 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | -2 | -0 |
| Profit After Tax | 0 | -1 | -1 | -1 | 0 | 1 | 1 | 1 | 2 | 0 |
| Adjustments | 0 | 0 | 0 | -0 | 0 | 0 | 0 | -0 | 0 | 0 |
| Profit After Adjustments | 0 | -1 | -1 | -1 | 0 | 1 | 1 | 1 | 2 | 0 |
| Adjusted Earnings Per Share | 0.1 | -0.7 | -0.5 | -0.5 | 0.4 | 0.9 | 1 | 0.6 | 1.5 | 0.5 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 102 | 90 | 81 | 70 | 91 | 119 | 110 | 90 | 83 | 88 | 85 |
| Other Income | 1 | 2 | 1 | 15 | 6 | 2 | 5 | 5 | 1 | 2 | 0 |
| Total Income | 103 | 93 | 82 | 85 | 96 | 121 | 115 | 95 | 85 | 90 | 85 |
| Total Expenditure | 87 | 76 | 70 | 78 | 85 | 102 | 95 | 86 | 73 | 75 | 72 |
| Operating Profit | 16 | 16 | 12 | 6 | 11 | 19 | 21 | 9 | 12 | 15 | 13 |
| Interest | 4 | 5 | 7 | 7 | 5 | 3 | 4 | 6 | 6 | 6 | 6 |
| Depreciation | 4 | 5 | 6 | 6 | 6 | 6 | 7 | 6 | 6 | 6 | 7 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit Before Tax | 8 | 6 | -1 | -7 | -1 | 9 | 9 | -3 | -1 | 2 | 1 |
| Provision for Tax | 3 | 2 | -0 | -2 | 0 | 3 | 3 | -1 | 0 | -2 | -2 |
| Profit After Tax | 5 | 4 | -1 | -5 | -1 | 6 | 7 | -2 | -1 | 4 | 4 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 5 | 4 | -1 | -5 | -1 | 6 | 7 | -2 | -1 | 4 | 4 |
| Adjusted Earnings Per Share | 4.9 | 4.4 | -0.7 | -4.8 | -0.6 | 6.3 | 6.5 | -1.7 | -1.4 | 3.9 | 3.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 6% | -7% | -1% | 0% |
| Operating Profit CAGR | 25% | -11% | 6% | 0% |
| PAT CAGR | 0% | -17% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -8% | 6% | 8% | -2% |
| ROE Average | 8% | 1% | 6% | 4% |
| ROCE Average | 7% | 5% | 9% | 8% |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 43 | 47 | 47 | 45 | 44 | 50 | 56 | 68 | 67 | 70 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 13 | 18 | 10 | 12 | 15 | 11 | 9 | 20 | 19 | 16 |
| Other Non-Current Liabilities | 7 | 8 | 7 | 7 | 8 | 9 | 10 | 13 | 13 | 13 |
| Total Current Liabilities | 60 | 68 | 74 | 66 | 54 | 40 | 45 | 57 | 63 | 66 |
| Total Liabilities | 123 | 142 | 138 | 130 | 121 | 110 | 121 | 158 | 162 | 165 |
| Fixed Assets | 60 | 71 | 69 | 70 | 70 | 70 | 70 | 87 | 94 | 86 |
| Other Non-Current Assets | 2 | 2 | 3 | 1 | 2 | 5 | 2 | 9 | 3 | 5 |
| Total Current Assets | 61 | 69 | 65 | 59 | 49 | 35 | 48 | 62 | 65 | 74 |
| Total Assets | 123 | 142 | 138 | 130 | 121 | 110 | 121 | 158 | 162 | 165 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 0 | 0 |
| Cash Flow from Operating Activities | 11 | 5 | 15 | 4 | 17 | 23 | 7 | -15 | 12 | 22 |
| Cash Flow from Investing Activities | -13 | -17 | -3 | -3 | -11 | -4 | -3 | -10 | -8 | -3 |
| Cash Flow from Financing Activities | 2 | 11 | -12 | -2 | -6 | -19 | -4 | 25 | -4 | -19 |
| Net Cash Inflow / Outflow | 0 | -1 | 0 | 0 | -1 | -0 | 0 | -1 | -0 | 0 |
| Closing Cash & Cash Equivalent | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 0 | 0 | 0 |
| # | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 4.91 | 4.38 | -0.67 | -4.84 | -0.62 | 6.26 | 6.52 | -1.74 | -1.38 | 3.91 |
| CEPS(Rs) | 9.13 | 9.05 | 4.92 | 1.14 | 5.34 | 12.41 | 13.35 | 4.19 | 4.82 | 10.18 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 41.84 | 46.25 | 45.61 | 40.62 | 39.76 | 45.84 | 51.73 | 49.71 | 49.09 | 52.06 |
| Core EBITDA Margin(%) | 13.86 | 15.6 | 13.24 | -11.7 | 5.84 | 14.24 | 14.44 | 4.53 | 12.3 | 14.52 |
| EBIT Margin(%) | 11.13 | 12.8 | 7.19 | 0.51 | 5.25 | 10.7 | 12.35 | 3.57 | 6.29 | 9.57 |
| Pre Tax Margin(%) | 7.27 | 6.91 | -1.08 | -9.42 | -0.61 | 7.77 | 8.58 | -2.83 | -1.46 | 2.54 |
| PAT Margin (%) | 4.64 | 4.92 | -0.85 | -7.09 | -0.7 | 5.39 | 6.05 | -1.98 | -1.7 | 4.57 |
| Cash Profit Margin (%) | 8.63 | 10.16 | 6.22 | 1.66 | 6.04 | 10.68 | 12.39 | 4.76 | 5.92 | 11.9 |
| ROA(%) | 4.1 | 3.39 | -0.49 | -3.7 | -0.51 | 5.58 | 5.8 | -1.28 | -0.88 | 2.45 |
| ROE(%) | 11.72 | 9.95 | -1.47 | -11.23 | -1.55 | 14.63 | 13.36 | -3.44 | -2.8 | 7.72 |
| ROCE(%) | 13.8 | 11.96 | 5.56 | 0.37 | 5.26 | 14.9 | 16.11 | 3.14 | 4.44 | 7.36 |
| Receivable days | 129.57 | 173.14 | 196.41 | 163.67 | 94.63 | 64.82 | 78.13 | 139.61 | 179.89 | 180.53 |
| Inventory Days | 36.28 | 41.78 | 60.08 | 108.06 | 77.71 | 37.96 | 40.73 | 55.97 | 69.35 | 75.7 |
| Payable days | 140.94 | 190.72 | 257.73 | 295.13 | 151.07 | 80.74 | 90.39 | 81.97 | 74.62 | 138.56 |
| PER(x) | 19.32 | 15.54 | 0 | 0 | 0 | 11.37 | 8.75 | 0 | 0 | 15.86 |
| Price/Book(x) | 2.26 | 1.47 | 0.75 | 0.37 | 0.57 | 1.55 | 1.1 | 1.24 | 1.34 | 1.19 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.36 | 1.39 | 1.08 | 0.85 | 0.71 | 0.87 | 0.81 | 1.39 | 1.59 | 1.33 |
| EV/Core EBITDA(x) | 8.4 | 7.63 | 7.56 | 9.18 | 5.91 | 5.44 | 4.34 | 13.51 | 11.45 | 7.83 |
| Net Sales Growth(%) | 0 | -11.13 | -10.11 | -13.76 | 29.42 | 31.5 | -7.28 | -18.37 | -7.51 | 5.15 |
| EBIT Growth(%) | 0 | -3.15 | -50.05 | -93.92 | 1238.39 | 168.2 | 7.04 | -76.39 | 62.78 | 60.01 |
| PAT Growth(%) | 0 | -10.66 | -115.39 | -617.7 | 87.15 | 1106.52 | 4.07 | -126.77 | 20.79 | 382.79 |
| EPS Growth(%) | 0 | -10.66 | -115.39 | -617.72 | 87.15 | 1106.45 | 4.07 | -126.77 | 20.8 | 382.79 |
| Debt/Equity(x) | 1.04 | 1.28 | 1.18 | 1.18 | 1.21 | 0.73 | 0.66 | 1.3 | 1.36 | 1.05 |
| Current Ratio(x) | 1.01 | 1.01 | 0.88 | 0.89 | 0.91 | 0.87 | 1.06 | 1.09 | 1.04 | 1.11 |
| Quick Ratio(x) | 0.83 | 0.86 | 0.66 | 0.52 | 0.65 | 0.6 | 0.76 | 0.85 | 0.76 | 0.83 |
| Interest Cover(x) | 2.89 | 2.17 | 0.87 | 0.05 | 0.9 | 3.66 | 3.28 | 0.56 | 0.81 | 1.36 |
| Total Debt/Mcap(x) | 0.46 | 0.87 | 1.57 | 3.24 | 2.1 | 0.47 | 0.6 | 1.05 | 1.02 | 0.88 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.53 | 73.53 | 73.53 | 73.53 | 73.53 | 73.53 | 73.53 | 73.53 | 73.53 | 73.53 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Public | 26.37 | 26.37 | 26.37 | 26.37 | 26.37 | 26.37 | 26.37 | 26.37 | 26.37 | 26.37 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +6% | -7% | -1% | — |
| Operating Profit CAGR | +25% | -11% | +6% | — |
| PAT CAGR | — | -17% | — | — |
| Share Price CAGR | -8% | +6% | +8% | -2% |
| ROE Average | +8% | +1% | +6% | +4% |
| ROCE Average | +7% | +5% | +9% | +8% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.53 | 73.53 | 73.53 | 73.53 | 73.53 | 73.53 | 73.53 | 73.53 | 73.53 | 73.53 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Public | 26.37 | 26.37 | 26.37 | 26.37 | 26.37 | 26.37 | 26.37 | 26.37 | 26.37 | 26.37 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 |
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