Sudeep Pharma Ltd

Sudeep Pharma Limited — Trading Window Closed from Oct 1, 2026 until 48 hours after the unaudited results for the quarter and half year ended Sep 30, 2026.

Meeting Details

• Date/time: 28 Sept 2026, 10:00 am; Type: 1x1/Group; Mode: Physical; Organizer: Nuvama Emerging India CEO Forum; Place: Mumbai

Participants

• Key company participants: company officials attending Investor Conference

Purpose

• Purpose: investor conference; discussions will be based on publicly available information

Meeting Details

• Analysts/investor plant visit scheduled for 23-24 September 2026 at 11:00 IST onwards canceled.
• Cancellation due to some exigencies.
• Organiser: Sudeep Pharma Limited (Analysts/Investors Plant Visit).

Meeting Details

• Dates and times: 23-24 September 2026, 11:00 am onwards.
• Nature and mode: Plant visit, physical meeting with investors/analysts in Gujarat.

Participants

• Company officials to attend investor/analyst discussions.

Purpose

• Discussions will be based on publicly available information.

Financial Performance

• Q1 FY27 revenue from operations rose 27% YoY to INR158.3 crores.
• EBITDA rose 25% YoY to INR54.9 crores; EBITDA margin 34.7%.
• PAT rose to INR40.6 crores; PAT margin 25.6%.
• Pharma and food nutrition contributed 69% of revenue; specialty ingredients 31%.
• Exports remain the dominant revenue driver.

Operating Update

• Growth was volume-driven; currency contributed about 3%; price pass-through to reflect in Q2.
• NSS Europe environment remained challenging; integration on track; margins expected similar to core by FY28.
• Specialty margins at 26% due to LPG constraints; excluding NSS, core margin in mid-30s.
• PFN grew 30% in the quarter; greenfield commissioning expected in Q3; FY28 growth sustainable.

Projects and Capex

• Navsari greenfield approved for food and nutrition; FDA approval expected this quarter.
• SAM capacity to 200 KTPA being evaluated; Dahej can support 200 KTPA; beyond needs new location.
• Phase 1 commissioning targeted for Apr 2027; long-lead equipment deliveries by Oct.
• Two MOUs signed with South Korean cathode materials; 21 lab validations, 16 pilots, 7 off-takes.

Outlook and Guidance

• NSS to deliver margins similar to core specialty by FY28; improving as integrations materialize.
• Phosphate price pass-through largely in Q2; momentum to continue into H2.
• Greenfield and SAM expansions tied to off-take progress; visibility improving this year.

Q&A Highlights

• PFN revenue split between excipients and nutraceutical actives not disclosed.
• NA approvals for bisglycinate; scaling supplies; delivery behind schedule.
• Dahej can support 200 KTPA; new location required beyond 200.
• Battery materials at 200 KTPA target; asset turns 2.7x–3x.
• Inventory days near-term 160–170; long-term around 150 days.

Meeting Details

• Date: 5 August 2026; time not disclosed; earnings call organized by Sudeep Pharma; audio recording uploaded.

Participants

• Key company participant: Company Secretary & Compliance Officer.

Purpose

• Earnings results discussion for Q1 FY27; investor interaction.

Additional Notes

• Audio recording available on company website; transcript to be submitted separately.

Business Overview

• Diversified portfolio across Pharma Excipients, Food & Nutrition, Specialty Ingredients, and Battery Materials.
• Greenfield expansion for Pharma/Food on track; regulatory approvals progressing.
• Sudeep Advanced Materials Phase 1 on track; Phase 2 planning underway.
• NSS integration in Europe progressing to drive profitability.

Operational Highlights

• Q1FY27 revenue from operations: Rs. 158.3 Cr; up 27% YoY.
• Greenfield expansion on schedule; customer qualification momentum.
• SAM Phase 1 commissioning targeted by Mar 2027; two MoUs signed with SK CAM makers.
• Dahej Battery Materials plant: ground broken Jan 23, 2026; ~Rs 300 Cr; commissioning CY27.

Financial Performance

• Q1FY27 EBITDA: Rs 54.9 Cr; margin 34.7%.
• Q1FY27 PAT: Rs 40.6 Cr; margin 25.6%.
• FY26 revenue: Rs 642.3 Cr; EBITDA: Rs 221.9 Cr; PAT: Rs 174.3 Cr.
• FY26 PAT margin: 27.1%; EPS: Rs 15.50.
• ROCE FY26: 22.5%; ROE FY26: 19.4%.

Capital Structure & Liquidity

• Total equity (Mar-26): Rs 898.1 Cr; borrowings: Rs 148.3 Cr total.
• Cash & cash equivalents (Mar-26): Rs 26.7 Cr.
• Balance sheet highlights show asset base growth and improved liquidity.

Strategic Priorities & Outlook

• Greenfield pharma expansion on track; SAM Phase 1 commissioning by March 2027; Phase 2 planning underway.
• Battery Materials: target 105,000 MT capacity; Dahej plant commissioning expected CY27.
• NSS integration and Europe market progress to support mid-term profitability.

Governance & Leadership

• Independent Director Milin Mehta appointed to strengthen governance.

Business Overview

• Core businesses include pharma excipients, food & nutrition, specialty ingredients, and battery materials.
• Greenfield pharma expansion on track; SAM Phase 1 progressing toward March 2027 commissioning.
• NSS integration ongoing; Europe market remains subdued amid energy costs.
• Independent director Milin Mehta appointed to strengthen governance.

Key Operational Highlights

• Q1FY27 revenue from operations Rs 158.3 Cr, up 27% YoY.
• EBITDA Rs 54.9 Cr; margin 34.7%.
• PAT Rs 40.6 Cr; margin 25.6%.
• Groundbreaking for Battery Materials plant at Dahej completed Jan 23, 2026.
• Battery materials plant capex ~Rs 300 Cr; commissioning by early CY27.
• Greenfield pharma capacity expansion 51,200 MT; commissioning by CY27.
• SAM Phase 1 on track; Phase 2 planning underway.
• Milin Mehta appointed as Independent Director.

Financial Performance

• FY26 revenue Rs 642.3 Cr; EBITDA Rs 221.9 Cr; margin 34.6%.
• PAT Rs 174.3 Cr; PAT margin 27.1%.
• Q1FY27 revenue Rs 158.3 Cr; EBITDA Rs 54.9 Cr; PAT Rs 40.6 Cr.
• EPS FY26 Rs 15.50.
• Net cash from operating activities Rs 69.5 Cr in FY26.
• Cash and cash equivalents Rs 26.7 Cr; Mar-26.

Capital Structure & Liquidity

• Borrowings: long-term Rs 34.3 Cr; current Rs 114.0 Cr.
• Cash & cash equivalents Rs 26.7 Cr; bank balances Rs 87.9 Cr.
• Total equity Rs 898.1 Cr; equity share capital Rs 11.3 Cr.
• Net cash from financing activities Rs 247.3 Cr in FY26.

Strategic Priorities & Outlook

• Capex: pharma greenfield ~Rs 150 Cr; financing via internal accruals.
• Battery materials expansion to 105,000 MT by FY29-30; Phase 2 and 3 planned.
• Positioning as non-Chinese iron phosphate supplier for global markets.

Risks & Mitigation

• Geopolitical and supply-chain headwinds; mitigated by efficiency and disciplined cost management.
• European NSS market weakness; energy costs weigh on customer activity.

Governance & Leadership

• Independent director appointment strengthens governance framework.
• Board additions and leadership enhancements to support growth.

Business Overview

• Core segments: Pharma Excipients, Food & Nutrition, Specialty Ingredients; Battery Materials in development.
• Greenfield expansion on track to enhance manufacturing capabilities and portfolio.
• SAM project Phase 1 on track for March 2027; Phase 2 planning underway.
• NSS integration progressing; Europe market remains subdued but profitability roadmap intact.
• Board strengthened with Independent Director Milin Mehta.

Key Operational Highlights

• Q1FY27 revenue from operations Rs 158.3 Cr, up 27% YoY.
• Greenfield expansion on schedule; regulatory approvals progressing; customer audits underway.
• Europe NSS market remains challenging with elevated energy costs.
• Specialty Ingredients growth supported by Premix and Encapsulation portfolios; NSS integration progressing.
• SAM Phase 1 commissioning by Mar 2027; two MoUs signed.
• Dahej Battery Materials plant groundwork completed; project cost ~Rs 300 Cr; commissioning early CY27.

Financial Performance

• Q1FY27 EBITDA Rs 54.9 Cr; margin 34.7%; PAT Rs 40.6 Cr; margin 25.6%.
• FY26 revenue Rs 642.3 Cr; EBITDA Rs 221.9 Cr; PAT Rs 174.3 Cr; PAT margin 27.1%.
• EPS (Q1FY27) Rs 3.59.

Capital Structure & Liquidity

• Total assets at Mar-26: Rs 1,174.9 Cr; total equity Rs 898.1 Cr.
• Borrowings: long-term Rs 34.3 Cr; current borrowings Rs 114.0 Cr.
• Cash & cash equivalents Rs 26.7 Cr; bank balances Rs 87.9 Cr.
• Capex plan: ~Rs 150 Cr for greenfield pharma facility funded via internal accruals.
• Dahej battery plant financed via internal accruals + debt.

Strategic Priorities & Outlook

• Greenfield expansion to become growth platform for Pharma, Food & Nutrition.
• SAM Phase 1 on track; Phase 2 planning; commissioning by March 2027.
• NSS integration to improve efficiency; Europe market remains subdued.
• Battery Materials capacity ramp to 105,000 MT by 2029-30; Phase 1 25,000 MT.
• Dahej facility to produce iron phosphate for EV and energy storage; funded via internal accruals.

Risks & Mitigation

• Geopolitical uncertainties and supply-chain disruptions cited as headwinds.
• Intermittent gas supply constraints and elevated logistics costs.
• Europe market subdued; integration roadmap expected to drive efficiencies.

Governance & Leadership

• Independent Director Milin Mehta appointed to strengthen governance.
• Management team includes CFO Ketan Vyas and MD Sujit Bhayani.