Senores Pharma Q3 FY26 Profit Doubles as Regulated Markets Drive 64% Revenue Growth

For the nine-month period ended December 2025, consolidated revenue stood at ₹474 crore, up 65% year-on-year. EBITDA increased 87% to ₹138 crore, while PAT surged 110% to ₹85 crore.

Operating cash flows remained strong, with ₹19 crore generated in Q3 FY26 and ₹51 crore in 9M FY26, supported by improved EBITDA-to-cash conversion.

Strong performance across key markets

Regulated markets:

Revenue from regulated markets reached ₹112.7 crore in Q3 FY26, growing 60.5% year-on-year, while nine-month revenue rose 71.5% to ₹309.6 crore. The segment reported an EBITDA margin of 40%.

During the quarter, Senores launched two new ANDAs across three strengths. The company now has 46 approved ANDAs covering 137 strengths, with 22 additional ANDAs comprising over 50 strengths under development, providing strong medium-term growth visibility. Its CDMO/CMO portfolio includes 16 commercial products with 34 strengths, supported by a healthy pipeline.

Emerging markets:

The emerging markets business delivered its highest-ever quarterly revenue and EBITDA in Q3 FY26. Revenue grew nearly 48% year-on-year, while EBITDA margin expanded sharply to around 13%, compared to approximately 1% in the corresponding quarter last year. For the nine-month period, EBITDA margin stood at around 9%.

Senores now has 450 approved products and 858 under registration across more than 40 countries. The segment has turned cash-flow positive, aided by a strategic shift towards niche and higher-value formulations.

Branded generics:

The India-focused branded generics business continued to scale rapidly, with revenue growing over six-fold year-on-year in Q3 FY26. Several products have received approvals and are being supplied to large multi-specialty hospital chains, indicating strong acceptance among clinicians.

Commenting on the performance, Swapnil Shah, Managing Director, Senores Pharmaceuticals Limited, said, “Q3 FY26 marked another strong quarter for us, with healthy growth across revenues, profitability, and cash flows. Our regulated markets business continues to be the primary growth engine, supported by a deep ANDA pipeline and improving operating leverage. The acquisition of Apnar Pharmaceuticals has strengthened our manufacturing footprint and accelerated our scale-up plans. Integration is progressing faster than expected, and the business is already contributing positively."

"In emerging markets, our focus on niche products has translated into meaningful margin expansion and cash-flow positivity. The branded generics business in India is also gaining traction, with growing acceptance across leading hospital networks. We remain confident of delivering on our full-year guidance and sustaining this momentum in the coming quarters.”

Senores continues to execute its four-pronged growth strategy, comprising expansion of its ANDA portfolio in regulated markets, steady scale-up of CDMO/CMO operations, margin-led growth in emerging markets, and accelerated expansion of its branded generics business in India.

Ongoing investments in R&D, product development, and manufacturing capacity, including the phased acquisition of Apnar Pharmaceuticals, are expected to support sustained growth, stronger margins, and improved cash flows over the medium term.