Senores Pharmaceuticals Ltd

Corporate guarantee for APNAR facility

• Senores Pharmaceuticals issued a corporate guarantee of INR 62 crore to ICICI Bank for APNAR's credit facilities.
• Guarantee valid till closure of the sanctioned facilities.
• Promoter group has directorship in APNAR; guarantee is at arm's length.
• Impact: contingent liability disclosed; no immediate impact on financials.

Meeting Details

• Date and time: 25 August 2026, 11:00 AM IST onwards.
• Hosted by: Antique Stock Broking.
• Nature: Group / 1x1 meetings.
• Mode: Physical at Mumbai.
• Purpose: Discuss public information; no UPSI.
• Key company participants: Whole-Time Director & CFO.

Disposal details

• Target Company: Senores Pharmaceuticals Limited.
• Seller: Dhananjay Ashokkumar Barot; Promoter Group.
• Transaction Type: Disposal of voting rights via off-market gift.
• Pre-Transaction Holding: Before disposal: 312,689 voting shares (0.68%).
• Disposal: 30,000 voting rights; off-market inter-se transfer; gift.
• Post-Transaction Holding: After disposal: 282,689 voting shares (0.62%).
• Date: August 10, 2026.
• Equity capital before disposal: 46,053,588 shares of Rs 10.
• Equity capital after disposal: 46,053,588 shares of Rs 10.
• Total diluted capital after disposal: 47,223,588 shares.
• Mode: Off-market inter-se transfer by gift.
• Promoter-group aggregate holding remains unchanged.

Transaction summary

• Target Company: Senores Pharmaceuticals Limited.
• Disclosing Party: Ashokkumar Vijaysinh Barot (Promoter).
• Transaction Type: Acquisition via off-market inter-se transfer by gift within promoter group.
• Pre-Transaction Holding: 3,444,869 voting rights (7.48%), 123,000 warrants (0.27%), total 3,567,869 (7.75%).
• Transaction Details: 30,000 voting rights acquired (0.06%) via off-market inter-se transfer by gift.
• Post-Transaction Holding: 3,474,869 voting rights (7.55%), 123,000 warrants (0.27%), total 3,597,869 (7.81%).
• Date of Transaction: August 10, 2026.
• Share Capital Context: Before/After 46,053,588 equity shares; diluted after 47,223,588.

Meeting Details

• Date and time: July 27, 2026; time not disclosed.
• Type and mode: group virtual earnings conference call.
• Event/organiser: Earnings Conference Call for quarter ended June 30, 2026 hosted by Senores Pharmaceuticals.
• Key participants: Whole Time Director & CFO.
• Purpose: discuss unaudited quarterly results.
• Recording: audio recording available on the company's website.
• Note: No unpublished price sensitive information was shared.

Utilisation status

• Mode of fund raising: preferential issue of convertible equity warrants.
• No deviation or variation in use of funds raised.
• Objects funded: working capital, loan to subsidiaries, general corporate purposes.
• Audit Committee: No comments.
• Monitoring agency: Not applicable.
• Shareholder approval: Not applicable.
• Funds utilised as per original allocation; no deviation.

Key details

• Purpose: Confirmation of no deviation in IPO proceeds for the quarter ended June 30, 2026.
• Mode of fund raising: Initial Public Offer (IPO).
• Amount raised and date: Rs 500 crores; raised on December 26, 2024.
• Monitoring agency: CARE Ratings Limited.
• Deviation status: No deviation/variation in use of IPO funds for the quarter.
• Audit committee comments: No comments.
• Original vs modified allocations: Ongoing delay in object-1; shareholder approval sought for variation.
• Funds utilised status: Partly utilised; Rs 399.46 crores utilised; unutilised balance Rs 100.54 crores.

Issue Overview

• IPO type: equity shares.
• Main objectives: capex, debt repayment, working capital, acquisitions, general corporate purposes.
• Total issue size reported; net proceeds subject to revisions/adjustments.

Utilisation of Proceeds

• Utilisation not fully as disclosed; variation sought for objects and time extension.
• Major deviation: curtailed original object; funds proposed to be redeployed to SPI, Apnar, Havix.
• Shareholder approval was sought by postal ballot for variation and time extension.
• Havix: partial deployment; substantial idle funds due to delays.
• Repayment of borrowings and working capital: fully utilised.
• SPI and Ratnatris: working capital funded; fully utilised.
• GCP/inorganic growth: mixed utilisation with some funds deployed to GCP and others.

Unutilised Proceeds & Deployment

• Unutilised proceeds held in fixed deposits and a monitoring account.
• Total unutilised balance; funds idle awaiting deployment.
• Remaining funds are scheduled for deployment under revised timelines.

Governance & Compliance

• All applicable statutory approvals obtained; variation requires shareholder approval.
• Material events: delay in Atlanta facility could affect cost parameters.
• Company sought shareholder approval for variation and extension; status not confirmed.
• No material deviations beyond approved variations reported.

GCP Details

• GCP allocations utilised for capex at API plant and R&D; loans to APPL.
• Board approval for GCP allocation not explicitly stated.
• Note on funds intermingling in other accounts; management declarations used.

Business Overview

• Global specialty pharma focusing on Regulated US/Canada/UK and Emerging Markets.
• CDMO/CMO model enables development to commercialization; Amerisyn JV targets US federal markets.
• US FDA Atlanta formulation facility; Gujarat facilities with USFDA approvals.
• 58 approved ANDAs (187 strengths) and 23 commercialized ANDAs (51 strengths).
• Presence across 40+ countries; 513 product registrations; 942 product applications filed.
• Growth focus on Direct B2C, government sales, and selective inorganic growth.
• Strategic platforms: API and Regulated Markets; Amerisyn strengthens US access.

Operational Highlights

• Q1FY27 revenue grew 36% YoY.
• Regulated markets revenue up 42% YoY; Emerging up 30%.
• EBITDA rose 87% YoY with ~800 bps margin expansion.
• Approved and pipeline products provide high growth visibility.
• Manufacturing cost efficiency supports sustainable margin growth.
• Amerisyn JV: Own ANDAs up to 30; 58 corresponding ANDA products.
• Pipeline: 39 molecules under development; expanding product portfolio.
• Expansion to 40+ countries; strengthening CDMO/CMO footprint.

Financial Performance

• Revenue ₹180.2 Cr in Q1 FY27, up 35.9% YoY.
• Gross margin 63.5% (up 980 bps YoY).
• EBITDA ₹53.8 Cr; EBITDA margin 29.8%.
• PAT ₹30.4 Cr; PAT margin 16.9%.
• PBT ₹39.5 Cr; Tax ₹9.0 Cr; PAT after tax ₹30.7 Cr.
• FY26 revenue ₹632.6 Cr; EBITDA ₹168.3 Cr; PAT ₹121.5 Cr.
• Regulated Markets contributed 71% of Q1FY27 revenue; EBITDA margin ~40%.
• Emerging Markets EBITDA margin ~14%.

Capital Structure & Liquidity

• Total fund-raising from offer: ₹500 Cr; ₹399.5 Cr utilized by June 2026.
• Unutilized ₹100.5 Cr as of 30 June 2026.
• Havix facility capex: ₹107 Cr proposed; ₹6.98 Cr utilized; ₹100 Cr unutilized.
• Borrowings repayments: ₹73.1 Cr utilized.
• Working capital funding: ₹43.3 Cr proposed; ₹43.26 Cr utilized.
• Subsidiaries’ working capital funding: ₹59.48 Cr utilized.
• Inorganic growth and offer expenses: ₹161.63 Cr utilized; ₹34.8 Cr utilized.

Strategic Priorities & Outlook

• Launch NDA-approved US products to accelerate US market entry.
• Expand Direct B2C and Government Sales channels.
• Strengthen market presence in North America and Regulated Markets.
• Strategic alliance for CDMO/CMO in Regulated Markets.
• Inorganic growth via acquisitions; backward integration across value chain.
• Integrate capabilities to support end-to-end development, filings, and manufacturing.