Bharat Parenterals Ltd

NSE trading eligibility

• NSE circular dated Aug 14, 2026 grants Bharat Parenterals trading on NSE from Aug 17, 2026.
• Shares to trade in Permitted to Trade category; will co-exist with existing BSE listing.
• A copy of NSE Circular No. NSE/CML/75748 dated Aug 14, 2026 is enclosed.

Facility upgrade

• Varenyam Bio to upgrade Savli facility for biologics and biosimilar CDMO services.
• Oncology line retained; facility will have biologics/biosimilar and oncology blocks.

Capex & timeline

• Phase 1 capex revised to ₹300 crore from ₹150 crore.
• Completion targeted for Q2 2028, subject to regulatory timelines.

Regulatory & markets

• Pursue USFDA, EU-GMP, ANVISA regulatory approvals.
• Target markets: United States, European Union and SRA Rest-of-World.

Governance

• Board approved revised capex on August 11, 2026.

Management commentary

• Management cites large global biologics CDMO market and projected growth.
• Expressed confidence revised strategy will benefit Varenyam Bio.

Meeting Details

• Date & Time: August 13, 2026 from 10:00 AM
• Type/Interaction: Physical one-to-one and group meetings with analysts and investors
• Organizer/Host: Emkay Global Financial Services Ltd.
• Location/Mode: Mumbai; Physical
• Purpose: Interaction with analysts and investors; no UPSI will be shared
• Participants: Company representatives (management) to attend

Business Overview

• Export-led FDF manufacturer based in Vadodara with Innoxel, Varenyam Healthcare, and Varenyam Bio subsidiaries.
• Core focus on general injectables, beta-lactam, cephalosporin with DSIR-recognized in-house R&D.
• Strategic emphasis on Innoxel as US/EU CDMO and Varenyam as EU-GMP platform.
• FY27 growth plan targets LATAM, SE Asia, Africa; Schedule M compliance supports expansion.

Operational Highlights

• Q1 consolidated revenue ₹94.8 Cr; standalone ₹55.5 Cr; YoY decline from order-cycle effects.
• Innoxel revenue ₹21.4 Cr; EBITDA ₹(1.8) Cr; margin (8.5)%; YoY +165%.
• VHPL revenue ₹25.1 Cr; EBITDA ₹3.1 Cr; margin 12.4%.
• BPL standalone EBITDA ₹6.8 Cr; margin 12.3%; PAT ₹3.7 Cr.
• Consolidated order book ₹171 Cr; domestic ₹119 Cr; exports ₹33 Cr; international tenders ₹20 Cr.

Financial Performance

• Consolidated EBITDA ₹8.5 Cr; margin 9.1%; PAT ₹(3.6) Cr; PAT margin (3.8%).
• Gross margin 50.6%; gross profit ₹47.4 Cr; opex ₹38.9 Cr; D&A ₹8.7 Cr.
• Standalone revenue ₹55.5 Cr; EBITDA margin 12.3%; PAT margin 6.6%.
• FY26 consolidated revenue ₹345.4 Cr; EBITDA ₹15.8 Cr; PAT ₹(27.3) Cr; margins 4.6% / (7.9%).
• Group PAT excluding Innoxel ₹6.8 Cr; Innoxel loss drives consolidated deficit.

Capital Structure & Liquidity

• Promoter group holds a majority stake via Desai family entities.
• Innoxel is 55.9% owned; Varenyam Healthcare is 100% owned.
• FY27 capex guidance ₹15 Cr for BPL; cumulative capex since inception ₹216.65 Cr.
• Funding via internal accruals and improved receivables.

Strategic Priorities & Outlook

• Two engines of growth: Innoxel CDMO and Varenyam EU-GMP platform; expanding regulated markets.
• FY27 guidance: BPL standalone 10-15% revenue growth; 10-15% EBITDA margin.
• Innoxel 35-45% revenue growth; VH Healthcare 20-25% growth; Varenyam Bio pre-revenue.
• Q1 progress: 12.3% EBITDA; order book ₹171 Cr; 20 deals targeted for FY27.
• First commercial CMO supply in Q2 FY27; first own CDMO product in Q3 FY28.

Risks & Mitigation

• Tender-driven demand and donor funding risk; pricing remains tight in Africa and LATAM.
• Regulatory approvals and inspections; diversified filings and accreditations across US/EU/India.
• Reliance on Innoxel ramp; mitigated by diversified geographies and multiple subsidiaries.

Governance & Leadership

• Board comprises founding family and independent directors; governance led by CMD Bharat Desai.
• Key management: Hima B. Desai (President Commercial); Bhahim B. Desai (Strategy & IR).
• Promoter stake disclosed; Varenyam entities represent group control.

Executive Director Re-appointment

• Re-appointment of Hemang Shah as Executive Director for five-year term from 02-Jul-2026 to 01-Jul-2031, subject to AGM approval.
• Profile: BCom, MSW; 30+ years' experience; associated with the company for over two decades.
• Not related to any director.

Key board actions

• Approved unaudited standalone and consolidated Q1 FY27 results for quarter ended 30 June 2026.
• Fixed 33rd AGM date as Saturday, September 19, 2026, via VC/OAVM.
• Approved the AGM notice, director's report, Corporate Governance Report, MD&A, and Auditor Report.
• Approved re-appointment of Hemang Shah as Executive Director for five years, subject to member approval.
• Appointed Scrutinizer for e-voting and remote voting at the 33rd AGM.