Sudeep Pharma Limited has informed the Exchange about Investor Presentation
Date: 21st December 2025
To,
National Stock Exchange of India Limited Exchange Plaza, C-1, Block G Bandra Kurla Complex, Bandra (E), Mumbai – 400051 Scrip Symbol- SUDEEPPHRM
BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai – 400001 Scrip Code: 544619
Sub: Q2FY26 - Result Presentation
Ref: Regulation 30 of the SEBI (LODR) Regulations, 2015 as amended time to time
Dear Sir/Ma’am,
In continuation to our letter dated 15th December 2025, regarding intimation of Earnings Call of the Company scheduled on Monday, 22nd December 2025 at 11:30 a.m., to discuss the operational & financial performance of the Company for the quarter and half year ended on 30th September 2025, kindly find enclosed herewith Q2FY26 Result Presentation of the Company.
Copy of Earnings Call invite is annexed herewith and is also hosted on our website https://www.sudeeppharma.com/.
Kindly take the same on record.
Thanking You.
For Sudeep Pharma Limited
Dimple Mehta Company Secretary & Compliance Officer M. No.: F13184
ENCL: A/a
CIN: U24231GJ1989PLC013141 Registered Office: 129/1/A, G.I.D.C. Estate Nandesari, Baroda-391340, Gujarat, India. Phone No.: +91 265 2840656, 7624095107 Corporate Office: 601, 602, 6th Floor, Sears Towers-2, Gotri-Sevasi Road, Sevasi, Vadodara-390021, Gujarat, India Website: www.sudeepgroup.com, Email ID: mail@sudeepgroup.com
Sudeep Pharma Limited
Investor Presentation
December 2025
Safe Harbor
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Sudeep Pharma Limited (the “Company”), have been prepared solely for
information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection
with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed
information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty,
express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation
may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is
expressly excluded.
This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and
uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not
limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad,
ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions
regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking
statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company.
2
Successful IPO Listing on BSE and NSE on 28 November 2025
Listing of ‘Sudeep Pharma Limited’ on BSE and NSE
3
Company Overview
Sudeep Pharma at a Glance
Founded in 1989, 3+ decades of experience in Specialty Chemistries
35
Years of Expertise in vitamins & mineral chemistries*
5
Manufacturing Sites ^
Technology-led Specialty Ingredients manufacturer serving the Pharmaceutical, Food & Nutrition industry
Leading player in the Excipients & Mineral actives^
14
Fortune 500 Companies1 as customers
~1,23,000 +
Metric Tones (“MT”) Annual Manufacturing Capacity^
Inhouse developed technologies to drive innovation in operations
42%
Revenue from Operations - Top 10 Customers1
10
Product-specific regulatory approvals (incl from USA, Europe)1
Building next-generation capabilities under Sudeep Advanced Materials Private Limited
6
Proprietary Technologies
700+
Permanent Employees1
Robust Financials (FY25 data in Rs Cr, unless otherwise mentioned)
Revenues 502
EBITDA 199 (39.7%)
PAT 139 (27.6%)
ROCE 29.5%
ROE 28.1%
^ Including Existing 4 Facilities with combined annual manufacturing capacity of 72,246 MT as of June 30, 2025, 1 upcoming facility with an annual capacity of 51,200 MT (total available being 1,23,446) 1. As of June 30, 2025
# Audited Figures of FY 2025 *Source: F&S Report
5
Our Journey from Pharma Excipients to Specialty Ingredients Manufacturer
1989
Foundation & Early Operations
2015–2022
Global Partnerships & Market Entry
2021–2023
Innovation and Portfolio Expansion
2024
Diversification & Ownership Consolidation
2025
Strategic Acquisitions & IPO Readiness
2015
2021
2024
Strategic buyback of Stake from
JRS Pharma
2025
Listed on BSE and NSE
Acquired a Small unit in Nandesari GIDC, Vadodara
Started manufacturing 2 Calcium Excipients for Pharmaceutical application.
Strategic partnership with JRS
Pharma, Germany.
2020
Established sales office with on-
ground Sales presence
Research and manufacturing of Specialty Ingredients
2023
Diversified into Sustainable Battery Materials
Elevated expertise in Blends and
Infant Nutrition
European sales office to leverage growth opportunities
6
Corporate Structure
Sudeep Pharma Limited
(Holding)
Sudeep Nutrition Private Ltd.
(Wholly Owned Subsidiary)
Sudeep Pharma USA Inc.
(Wholly Owned Subsidiary)
Sudeep Pharma B.V.
(Wholly Owned Subsidiary)
Sudeep Advanced Materials
(Wholly Owned Subsidiary)
85% Ownership
7
One of the World’s Leading and Trusted Manufacturer
The Start
2020
2021
2023
2024
2025
Ireland Manufacturing Site¹
Europe Sales Office – The Netherlands²
USA Sales Office - New Jersey²
1989 Foundation Year
HQ - Vadodara, Gujarat³
4 Manufacturing Sites, India ⁴
Mumbai Office³
One of the Largest Producer of Food Grade Iron Phosphate *†
Top Exporter of Mineral Ingredients †
1st and Only Company in India with US-FDA Approval for Mineral Based Ingredients †
1 of 9 Companies Globally with European CEP Certification
for Calcium Carbonate †
One of the Pioneers Company in India to introduce Liposomal Ingredients for High Nutrient Absorption in Body†
40+ Blue-chip MNCs¹ as Clients across all Business Segments
As on 30-Sept-2025
5 Manufacturing Sites^
100+ Products
700+ Employees
1,100+ Customers
~100 Countries
1. Acquired through acquisition of Nutrition Supplies & Services (Ireland) Limited
2. Regional Sales office
3. Corporate office 4. Including one upcoming at Nandesari
*In terms of production capacity
† Source: F&S Report
^ Including Existing Three Facilities with one upcoming facility and one Acquired through acquisition of NSS
8
Strengths - Core Competencies and USP’s
Innovation Engineered Through Proprietary Technologies
Leadership in High Barrier Industry, Diversified Product Portfolio
6 indigenously developed technologies
100+ Products across different verticals
Encapsulation
Spray Drying
Granulation
Liposomal Blending
Trituration
Pioneer
Expertise
One of the Largest
Top Exporter
to introduce a Liposomal Ingredients in India
In particle Engineering Technologies
Producer of Iron Phosphate
Exporter of Mineral Ingredients
Regulatory-Certified Infrastructure Creating High Entry Barriers
36 critical facility and product certifications (US, Europe, China)
Trusted by Industry Leaders, Backed by Long-Term Relationships
34.08% of Revenue from top 5 Customers with Relationships Over 7 Years
1st and only company
1 of 9
40+ Blue-Chip Customer
In India with US-FDA Certification for Minerals
Companies Globally with CEP and WC for Calcium Carbonate
Across Pharma, Food, & Nutrition segments
Exceptional
Customer retention and brand loyalty 83.62%* Repeat Business
• •
Note: The Brand Names mentioned are the property of their respective owners and are used here for identification purpose only * As per 30th June 2025
9
Key Value Propositions
1. Market Leadership with Diversified Product Portfolio
2. High Entry Barriers
3. Well-Equipped & Regulatory Compliant Manufacturing Facilities
4. Proprietary Technologies
5. Strong Research & Development Capabilities
Key Value Propositions
6. Distinguished global customer base with long standing relationships with Key Customers
7. Proven Credentials and Leading Accolades
8. Experienced Board and Senior Management Team
9. Steady Improvement in Performance with Disciplined Balance Sheet
10. Strong Industry Growth
10
1. Market Leadership with Diversified Product Portfolio
Delivering Products that Matter
Pharmaceutical, Food & Nutrition
Speciality Ingredients
Battery Materials
Mineral Fortificants
Diluents
Fillers
Lubricants
Active Pharmaceutical Ingredients
Beverages
Dairy Products
Pharmaceuticals
Food & Nutrition
Functional Foods
Sports Nutrition Premixes
Specialty ingredients
Medical/ Clinical Nutrition Premixes
Staple Food fortification premixes
•
•
Source: F&S Report
* undertaken by SAMPL exclusively
Battery-Grade Iron Phosphate* pCAM for LFP (Lithium Iron Phosphate) Batteries
Micro-nutrient Premixes
Spray Dried Ingredients
Granulated Ingredients
Liposomal Ingredients
Encapsulated Ingredients
Triturates
Revenue Breakup (%)
23%
77%
32%
34%
68%
66%
40%
60%
FY23
FY24
FY25
H1FY26*
Specialty Ingredients
Pharma, Food & Nutrition
*NSS has started contributing to the revenue from 22nd May 2025
11
2. High Entry Barriers
~5% Excipients
~95% API
~95% Excipients
~5% API
Composition split a Tablet
Low Cost but High Functionality
Tablet Performance^
Stability of Tablet^
Disintegration & Dissolution^
Product Range Tailored to Meet the Precise Needs of Customers in a High Barrier Industry
Excipients Market – Barriers to Entry
Leading to…
▪ Stringent regulatory process for new entrants
▪ Long development timelines
▪ High investment in R&D
▪ Chances of regulatory compliance failure
▪ Enables the existing players with well-established regulatory to maintain a strong
optimized manufacturing capabilities presence in the market
&
&
Sudeep Pharma Difference
▪ Customer-centric mindset
▪ Ongoing focus on technological advancement
▪ Regulatory accredited facilities
▪ Market leadership
Well positioned to capitalize on pharmaceutical, food & nutrition industries
growth
in
Source: F&S Report
^ Function of Excipients
12
3. Well-Equipped & Regulatory Compliant Manufacturing Facilities
• 4 Manufacturing Facilities* • Annual available production*
capacity – 72,246 MT*
• Total area
~68,446 Sq. Mt*
Upcoming Facility - Annual Capacity of 51,200 MT
Upcoming facility at Nandesari with an annual capacity of 51,200 MT & expect to commission by fourth quarter of Fiscal 2026
Key Highlights of the Manufacturing Facilities
12
Production Lines
Warehouses Globally in USA,
15 Europe, Africa & Asia
Facilities are equipped with advanced automation & modern machinery that enable precise control over production
35
Global accreditations & certifications
1st
In India to have USFDA
approval for mineral-based
ingredients
Proprietary Technologies are critical for sectors like critical nutrition & infant nutrition where adherence to stringent quality & safety standards is paramount^
Comprehensive in-house testing facility includes a fully equipped quality control laboratory
*As of 30-Sept-25 ^ Source: F&S Report
13
4. Proprietary Technologies
Encapsulation
Spray Drying
Granulation
Blending
Liposomal Preparation
Trituration
Expertise In:
Extending Product Shelf-life
Target, Controlled and Sustained Release
Address Taste and Odor Challenges
Particle Engineering
Enhance Ingredient Bio-Availability
Improved Product Stability
14
5. Strong Research & Development Capabilities
420
41
R&D Projects
R&D Personnel
127
6
Products Commercialised
Proprietary Technologies
R&D Expenses (% of Revenue from Operations)
1.96%
1.71%
1.24%
R&D Initiatives Assist in^ :
0.91%
Extending Product Shelf-life & Vitality
Ensuring Targeted Release of excipients
FY23
FY24
FY25
H1FY26
Undertaking Particle Engineering
Developing market-ready solutions
Integrating technological developments in Our manufacturing capabilities
Improving Ingredient Absorption
Improving Nutrient Bio-Availability
Resolving Formulation Challenges
Equipped with Advanced Machinery including ▪ ▪ ▪
Fluidized Bed Coaters, Spray Dryers, Tablet Compression Machines
^ Source: F&S Report
15
6. Distinguised global customer base with long standing relationships with Key Customers
1,100+ Customers served^
40+ Blue-chip multinational companies in Customer base²^
83.17% Of revenue* as repeat¹ business^
14 Global Fortune 500 companies as customers^
^
14.58% Single Largest Customer
7.08 Years Avg. tenure of relationship with 5 largest customers^
~100 Countries Global presence as of 30-Jun-25
^
^
34.08% Top 5 Customers
42.10% Top 10 Customers
• • •
*Revenue from operations for 3 months ended June 2025 ^ as on 30th June 2025 Note: The Brand Names mentioned are the property of their respective owners and are used here for identification purpose only
2. across the pharmaceutical, food & nutrition industries
1.
Repeat customers are calculated as customers with whom we have conducted business during the preceding Fiscal
16
7. Proven Credentials and Leading Accolades
Key Awards
Key Certifications
FRK Manufacturing Excellence Award
By Millers for Nutrition
Suppliers Summit 2023 Award
By Herbalife Nutrition
Global Indian MSME of the year in Manufacturing
By Economic Times
Customer Centric Business Partner Award
By Abbott
Excellence in Innovative Ingredients Manufacturing
By ASSOCHAM
Certificate of Appreciation
By FTCCI
17
8. Experienced Board and Senior Management Team
Promoters & Directors
Board Members
Mr. Ajay Kandelkar- Director of Operations Dairy technology from Dr. Panjabrao Deshmukh KV 23
years of experience in production & operations Past
Association - Drytech, Taiyo-Kagaku
Independent Director
Mr. Sujit Bhayani –
Chairman & Managing Director
Mr. Shanil Bhayani –
Whole Time Director
▪
Strong focus on product development and market need analysis, enabling a diversified and resilient portfolio
▪ Holds a B.Sc. in Chemistry from the
University of Tulsa
•
•
Drives sales and marketing strategies, strong emphasis on business diversification and entry into new markets
Holds a B.Sc. in Business Administration from Drexel University
Mr. Samaresh Parida Post-graduate- management- IIM Ahmedabad Prior directorship - IDBI Bank LTD, Matrix Comsec Pvt. Ltd., Avesta Good Earth Foods Pvt. Ltd.
Mr. Raghunandan Rao
Master’s– BITS; PGDM - IIM Calcutta
Past Association - Dabur, Hindustan Lever, Reckitt Benckiser (India) Ltd.
Mrs. Reshma Suresh Patel
Graphical Arts Technical Foundation, Pittsburgh Prior directorship- Shreno Publications Limited, Shri Dinesh Mills Limited, Shilchar Technologies Limited
Mr. Sujit Gulati
IAS Officer, Mechanical engineering- IIT Delhi Additional Chief Secretary’ to the Govt of Gujarat Past Association - ‘Director’ with Gujarat Gas Limited, Indian Potash Limited, GSFC Limited
Mr. Serkan Celebi – MD at Sudeep Pharma B.V (Europe)
Mr. Sendhil Kumar Pani – MD – Sudeep Pharma USA Inc
Senior Management Team
▪
▪
▪
Business development, Strategy and Planning
14 years of business experience
Past Association - Vaneeghen & Co. BV
Mr. Ketan Vyas - Chief Financial Officer ▪
Financial management from the University of Mumbai
▪
▪
22 years of experience in finance
Past Association - Neogen Chemicals Limited, Arcelor Mittal
Currently responsible for overseeing strategic development & monitoring financial performance and operations for Sudeep Pharma USA Inc.
Past Association – IMCD US LLC, US Nutraceuticals LLC (Valensa International)
Mr. Julian Dunn - Vice President - Sudeep Advanced Materials
Business Development, Strategy & Planning for SAMPL
Master’s degree from the University of Warwick
Past Association – British Volt, Ricardo
18
9. Healthy Improvement in Performance with Disciplined Balance Sheet
Total Income
EBITDA & Margin %
Rs. Cr.
Rs. Cr.
+8%
465.4
511.3
438.3
302.9
22.5%
40.3%
39.0%
37.9%
+42%
187.8
199.3
98.6
114.7
FY23
FY24
FY25
H1FY26*
FY23
FY24
FY25
H1FY26*
PAT & Margin %
Net Debt & Net Debt / Equity (x)
Rs. Cr.
Rs. Cr.
14.2%
28.6%
27.1%
25.8%
+49%
133.2
138.7
62.3
78.0
0.3x
0.2x
72.0
61.1
0.2x
83.4
0.1x
73.3
FY23
FY24
FY25
H1FY26*
FY23
FY24
FY25
H1FY26*
*NSS has started contributing to the revenue from 22nd May 2025
19
10. Backed by Healthy Growth in End User Industries
Speciality Ingredients
Pharmaceutical Excipients
Food Ingredients
Nutritional Ingredients
Encapsulated Ingredients
Micronutrient Ingredients
Granulated Ingredients
Global Excipients
India Excipients
Market Size (CY24)
USD 85.0 Bn
USD 13.6 Bn
USD 5.5 Bn
USD 6.9 Bn
USD 277 Mn
USD 10.4 Bn
USD 856 Mn
CAGR Growth (CY24 – CY29F)
~ 6.8 % (USD 118.0 Bn)
~ 7.2 % (USD 19.3 Bn)
~ 8.0 % (USD 8.0 Bn)
~ 7.2 % (USD 9.7 Bn)
~ 7.0 % (USD 389 Mn)
~ 4.7 % (USD 13.0 Bn)
~ 11.0 % (USD 1.4 Bn)
•
• • • • • •
Bakery, Confectionary & Cereals Beverages Dairy Product Processed Food & Meat Others
•
• •
•
•
Dietary Supplement Infant Nutrition Sports Nutrition Functional Foods & Beverages Others
• • •
•
• •
Beverages Dairy Bakery & Confectionery Dietary Supplement Food Products Others
• • •
•
• •
Beverages Dairy Bakery & Confectionery Dietary Supplement Food Others
•
•
Dietary Supplement Others
• • • • •
Oral Solid Oral Liquid Parenteral Topical Inhalation
• • • •
Oral Solid Oral Liquid Parenteral Others
20
Application Industry
Source: F&S Report
Growth Levers
1. Organic Growth – Upcoming Greenfield Expansion
Upcoming Greenfield at Nandesari, Gujarat
Location Nandesari GIDC, Gujarat
Total Capex ~ 150 Crores INR
Capacity 51,200 MT Annually
Focused Segment Pharmaceutical Excipients, Actives and
Food and Nutrition Minerals
Mode of Financing Internal Accruals and Debt Financing
Expected Commissioning By Q4 FY 2026
22
2. Organic Growth – Leveraging Mineral Chemistry Expertise for Battery Materials
Leveraging Decade of expertise in Iron Phosphate
One of the First & Largest Outside China
Positioned to Play a key role in Global EV and ESS Segments
Key Pillar
Our Advantage
FEOC-Compliant Supply Chain
Fully aligned with FEOC compliance norms, helping customers meet regulations under the US IRA & EU Critical Raw Materials Act. ^
Global Shift from China
As customers actively diversify supply chains away from China, we emerge as the preferred & credible alternative supplier^
Only Scalable Producer Outside China
We are one of the first and probably to be the largest manufacturer outside China for iron phosphate, ensuring volume reliability and positioning India as a self-reliant hub for key battery precursors..^
To Produce Precursor for LFP & LMFP chemistries with Proprietary Green technology
Strategically positioned to serve Global cell makers & OEMs
Port & Location Advantage
Located close to two of India’s largest ports, we offer fast, cost-effective global connectivity, enabling quicker fulfillment across the US, EU, and Asian markets. ^
Particulars
Key Product
Capacity
Details
Iron Phosphate
25,000 MT in Phase 1
End User Industries
Lithium Iron Phosphate (LFP)
Location
Dahej, Gujarat
China dominates global market for Lithium Iron Phosphate (LFP) Precursor & Cathode Material Production, accounting for nearly 100% of global supply^
LFP is expected to be widely used in 3W & PVs automobile
^ Source: FCS Report
Market Size (LFP vs NMC) (USD Bn)^:
2024: USD 14.4 bn
2030e USD 115.2 bn
23
3. Inorganic Growth – Vitamin & Mineral Blends Business Acquisition
Integrate Recently Acquired Entities & Continue Evaluating Inorganic Growth Opportunities
May 2025
Acquired 85.00%
Shareholding
Engaged in business of manufacturing of vitamin & mineral blends in form of dry blends, water soluble blends, oil soluble blends, amino acid & nucleotide blends for high care infant nutrition & critical care segments
Key Details
Key Synergies
1977
Year of Incorporation
7,500+
Metric Tones (“MT”) Manufacturing Capacity^
Strengthen presence in Europe
Expand product offerings leading to new revenue streams
Access to a domestic manufacturing facility in Europe
35% Utilized Capacity
200
Tailored Premix Products
€5.01 mn
H1 CY25 Revenue
Increased cross-selling opportunities
Access to several customer approvals & novel formulations
UK & Ireland’s
Only IMF grade premix manufacturing facility
16
Years of Average relationship
with Top 10 Customers
24
Recent Updates and Progress
•
The Company has initiated the purchase of industrial land at Dahej, Gujarat, to set up a commercial manufacturing facility for battery-grade precursor materials, primarily iron phosphate, along with associated capital expenditure requirements.
Customer Connect 36 Customers Globally
Global Customer Reach USA, Europe, Korea, Japan, Indonesia, India
Positive Product Performance Customer validation of strong product performance & confidence
•
The NSS business is integrating smoothly with Sudeep Pharma, with early synergies already visible. These operational and commercial benefits are expected to start reflecting in the Company’s financial performance over the near term.
Human Resources New Hirings & Team integration Completed
Finance Successful Integration Completed
Driving Margins Through Supply Chain Integration
25
Key Capacity Expansion
Key Segments
FY25 Existing
FY26e
FY27e
FY28e
FY29e
FY30e
1) Pharma, Food & Nutrition
35,000
86,000
86,200
86,200
86,200
86,200
Capacity Visibility (in MT)*
- Greenfield Project Addition
51,200
2) Speciality Ingredients
30,000
37,500
37,500
37,500
37,500
37,500
- NSS Capacity Addition
7,500
3) Battery Materials – Iron Phosphate
25,000
50,000
75,000
100,000
- Phase 1
- Phase 2
- Phase 3
- Phase 4
25,000
25,000
25,000
25,000
Total Capacity (1+2+3)
65,000
1,23,700
1,48,700
1,73,700
1,98,700
2,23,700
*Based on Management Estimates and can vary
26
Q2 & H1FY26 Performance Highlights
MD’s Message
Mr. Sujit Bhayani Managing Director
“With the Company’s successful listing on the stock exchanges, we express our sincere gratitude to our shareholders, employees, and all other stakeholders for their continued trust and support.
We are pleased to report healthy performance in H1 FY26, supported by sustained demand and higher volumes across both business segments. During this period, we continued to invest strategically in the future growth of the business— strengthening our global sales presence, expanding capacities, and enhancing last-mile serviceability for customers across Europe, North America, and Latin America. As these investments progress and customer activity continues to build, we expect the second half of the financial year to reflect stronger momentum than the first.
Coming to our growth plans, we have entered into an agreement through our wholly owned subsidiary Sudeep Pharma B.V., to acquire an 85% stake in Nutrition Supplies Services (NSS) and it has started consolidating from 22nd May 2025. This acquisition enhances our advanced formulation capabilities, expands our global customer reach, and provides a strong platform for growth in regulated markets.
Our greenfield manufacturing facility at Nandesari, with an annual capacity of 51,200 MT, is progressing as planned and is expected to be commissioned by Q4 FY26. In parallel, we have incorporated a wholly owned subsidiary, Sudeep Advanced Materials Private Limited, to manufacture battery-grade iron phosphate for lithium iron phosphate (LFP) batteries used in electric vehicles and energy storage systems. This initiative leverages our deep expertise in mineral chemistry and precision processing, positioning us to participate in high-growth, next-generation applications.
The increasing global focus on health and wellness continues to drive demand for nutritional supplements, reflecting a broader shift towards preventive healthcare. Supported by an expanding customer base and a growing product portfolio, we remain confident in our ability to deliver long-term, sustainable growth for all stakeholders.”
28
Q2 & H1FY26 Performance Highlights
Total Income
EBITDA & Margin %
PAT & Margin %
Rs. Cr.
Rs. Cr.
Rs. Cr.
43.4%
38.0%
40.9%
37.9%
32.4%
27.1%
28.4%
25.8%
302.9
232.0
150.7
172.8
114.7
95.0
78.0
65.8
65.3
65.6
48.7
46.8
Q2FY25
Q2FY26*
H1FY25
H1FY26*
Q2FY25
Q2FY26*
H1FY25
H1FY26*
Q2FY25
Q2FY26*
H1FY25
H1FY26*
Revenue Breakup %
Geographical Breakup %
34%
66%
44%
56%
34%
66%
40%
60%
29%
71%
37%
63%
32%
68%
39%
61%
Q2FY25
Q2FY26*
H1FY25
H1FY26*
Q2FY25
Q2FY26*
H1FY25
H1FY26*
Speciality Ingredients
Pharma & Food Nutrition
Domestic
Exports
*NSS has started contributing to the revenue from 22nd May 2025
29
Key Factors Driving Higher Working Capital Days
Net Working Capital Days#
184
195
107
128
FY23
FY24
FY25
H1FY26*
ROCE & ROE %
29.69%
27.91%
41.46%
37.41%
30.03%
28.13%
24.47%
21.13%
FY23
FY24
FY25
H1FY26*
RoCE
RoE
▪ The Company has recently set up warehousing operations in the USA and Europe, with
inventory expected to start turning over in the next six months.
▪ Additionally, NSS inventory has been consolidated as on date, while sales contribution
has been for only four months.
▪ With normalization of these factors, the working capital cycle is expected to moderate
over the medium term.
▪ Return ratios are compressed primarily due to ongoing investments in the greenfield
project at Gujarat and the recently acquired NSS business.
#Working Capital Days are calculated on sales *NSS has started contributing to the revenue from 22nd May 2025
30
Consolidated Profit & Loss Statement
Particulars (Rs. Crs)
Q2FY26
Q2FY25
YoY
H1FY26
H1FY25
YoY
Revenue from Operations
Other Income
Total Income
Cost of materials consumed
Employee Expenses
Other Expenses
EBITDA
162.7
10.2
172.8
60.9
14.1
32.2
65.6
148.8
1.9
150.7
49.7
9.2
26.4
65.3
EBITDA Margin (%)
38.0%
43.4%
Depreciation
EBIT
Finance Cost
Profit before Tax
Tax
Profit After Tax
PAT Margin (%)
EPS
3.8
61.8
2.3
59.5
12.8
46.8
27.1%
4.20
2.6
62.8
1.0
61.7
13.0
48.7
32.4%
4.49
15%
0%
-4%
287.6
15.3
302.9
103.3
26.3
58.7
114.7
37.9%
7.1
107.6
4.0
103.6
25.6
78.0
25.8%
7.05
228.9
3.1
232.0
67.1
17.7
52.2
95.0
40.9%
5.1
89.9
2.6
87.3
21.5
65.8
28.4%
6.07
31%
21%
19%
FY25
502.0
9.3
511.3
164.8
38.3
108.9
199.3
39.0%
10.6
188.7
5.8
182.8
44.2
138.7
27.1%
12.79
Financials on a YoY basis are not comparable due to changes in business mix, upfront capex for organic growth, the acquisition of the business, expansion of the global team, and investments in new warehouses in the USA and Europe.
NSS
31
Consolidated Balance Sheet
Assets (Rs. Crs) Non - Current Assets Property, plant and equipment Capital work-in-progress Goodwill Intangible Assets Right of-use of assets Financial Assets Investments Loans Other Financial Assets Deferred tax assets (net) Non Current Tax Asset Other non-current assets Current tax assets (net) Current Assets Inventories Financial Assets Investments Trade receivables Cash and cash equivalents Bank balances other than cash and cash equivalents Loans Other Financial Assets Other Current Assets Total Assets
Sept-25 449.1 226.4 126.3 60.9 0.2 11.6
- - 14.5 0.3 1.3 7.6
538.8 184.4
0.1 200.7 52.0 15.5 0.2 26.4 59.5 988.0
Mar-25 293.1 177.1 88.2
0.2 12.0
- - 4.2 0.3 2.1 8.9
424.1 128.7
0.1 185.4 36.8 15.0 0.3 9.9 47.9 717.2
Equity & Liabilities (Rs. Crs) Total Equity Equity share capital Instruments entirely equity in nature Other equity Non-controlling interest Non-Current Liabilities Financial Liabilities Borrowings Lease Liabilities Other financial liabilities Provisions Other Non Curent Liabilities Deferred-tax liabilities (net) Current Liabilities Financial Liabilities Borrowings Trade Payables Lease Liability Other Financial Liabilities Other Current Liabilities Provisions Current tax liabilities (net) Total Equity & Liabilities
Sept-25 738.7 9.7 2.8 711.7 14.5 45.0
34.2 1.4 - 2.0 - 7.4 204.3
106.6 73.0 0.5 8.9 6.4 0.6 8.3 988.0
Mar-25 493.1 9.7 2.3 481.1 - 49.3
39.6 1.7 - 1.8 - 6.4 174.8
95.7 60.5 0.6 5.4 8.9 0.9 2.8 717.2
32
Consolidated Cash Flow
Particulars (Rs. Crs)
Net Profit Before Tax
Adjustments for: Non -Cash Items / Other Investment or Financial Items
Operating profit before working capital changes
Changes in working capital
Cash generated from Operations
Direct taxes paid (net of refund)
Net Cash from Operating Activities
Net Cash from Investing Activities
Net Cash from Financing Activities
Net Decrease in Cash and Cash equivalents
Add: Cash & Cash equivalents at the beginning of the period
Add: Cash and cash equivalent of acquired subsidiary
Add : Effect of movement in exchange rates of cash held in Foreign Subsidiaries
Cash & Cash equivalents at the end of the period
Sept-25
Sept-24
103.6
0.0
103.6
-66.3
37.3
-19.6
17.7
-167.3
160.8
11.3
36.8
3.7
0.2
52.0
87.3
9.1
96.5
-47.5
49.0
-23.7
25.2
-28.3
7.7
4.7
14.0
0.0
0.0
18.6
33
Historical Financial Statements
Historical Profit & Loss Statement
Particulars (Rs. Crs)
Revenue from Operations
Other Income
Total Income
Cost of materials consumed
Employee Expenses
Other Expenses
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Finance Cost
Profit before Tax
Tax
Profit After Tax
PAT Margin (%)
EPS
FY25
502.0
9.3
511.3
164.8
38.3
108.9
199.3
39.0%
10.6
188.7
5.8
182.8
44.2
138.7
27.1%
12.79
FY24
459.3
6.1
465.4
165.3
29.4
82.9
187.8
40.3%
9.0
178.7
3.9
174.8
41.6
133.2
28.6%
12.28
FY23
428.7
9.5
438.3
182.5
66.1
91.1
98.6
22.5%
7.9
90.7
4.7
86.0
23.7
62.3
14.2%
5.74
35
Historical Balance Sheet Statement
Assets (Rs. Crs)
Non - Current Assets
Property, plant and equipment
Capital work-in-progress
Intangible Assets
Right of-use of assets
Financial Assets
Investments Loans
Other Financial Assets
Deferred tax assets (net)
Non Current Tax Asset
Other non-current assets
Current tax assets (net)
Current Assets
Inventories
Financial Assets
Investments
Trade receivables
Cash and cash equivalents
Bank balances other than cash and cash equivalents
Loans
Other Financial Assets
Other Current Assets
Total Assets
Mar-25
Mar-24 Mar-23
Equity & Liabilities (Rs. Crs)
293.1
177.1
88.2
0.2
12.0
- -
4.2
0.3
2.1
8.9
424.1
128.7
0.1
185.4
36.8
15.0
0.3
9.9
47.9
717.2
238.5
167.0
44.7
0.3
12.9
3.0
0.2
2.5
7.9
275.4
66.6
0.1
144.6
14.0
-
1.3
1.5
47.3
513.9
190.1
149.4
26.0
0.4
8.5
2.1
0.5
0.1
3.2
230.0
71.0
3.0
93.7
10.3
-
1.0
1.1
49.9
420.1
Total Equity
Equity share capital
Instruments entirely equity in nature
Other equity
Non-Current Liabilities
Financial Liabilities
Borrowings
Lease Liabilities
Other financial liabilities
Provisions
Other Non Curent Liabilities
Deferred-tax liabilities (net)
Current Liabilities
Financial Liabilities
Borrowings
Trade Payables
Lease Liability
Other Financial Liabilities
Other Current Liabilities
Provisions
Current tax liabilities (net)
Total Equity & Liabilities
Mar-25
Mar-24 Mar-23
493.1
356.0
223.3
9.7
2.3
481.1
49.3
39.6
1.7
-
1.8
-
6.4
1.4
0.0
354.6
20.6
11.1
2.3
1.3
5.8
1.4
0.0
221.9
26.0
19.9
0.5
0.4
5.1
174.8
137.2
170.8
95.7
60.5
0.6
5.4
8.9
0.9
2.8
63.9
50.7
0.8
5.5
9.1
7.1
0.1
62.3
38.5
0.3
48.5
11.6
7.7
2.0
717.2
513.9
420.1
36
Historical Cash Flow Statement
Particulars (Rs. Crs)
Net Profit Before Tax
Adjustments for: Non -Cash Items / Other Investment or Financial Items
Operating profit before working capital changes
Changes in working capital
Cash generated from Operations
Direct taxes paid (net of refund)
Net Cash from Operating Activities
Net Cash from Investing Activities
Net Cash from Financing Activities
Net Decrease in Cash and Cash equivalents
Add: Cash & Cash equivalents at the beginning of the period
Add: Cash and cash equivalent of acquired subsidiary
Add : Effect of movement in exchange rates of cash held in Foreign Subsidiaries
Cash & Cash equivalents at the end of the period
Mar-25
Mar-24
Mar-23
182.8
15.5
198.3
-109.0
89.3
-40.6
48.7
-78.8
52.7
22.7
14.0
0.2
36.8
174.8
13.5
188.3
-77.9
110.4
-44.7
65.7
-49.3
-12.7
3.7
10.3
0.0
14.0
86.0
17.9
103.9
-33.1
70.8
-22.4
48.4
-50.0
-9.8
-11.4
21.5
0.2
10.3
37
Planned Utilization of Net Proceeds
Particulars
Amount (Rs. Crs)
Capital expenditure towards procurement of machinery for our production line located at Nandesari Facility I
General Corporate Purposes
Total
75.8
12.7
88.5
38
Thank You!
Company Details:
Investor Relations Advisor :
Sudeep Pharma Ltd. CIN – U24231GJ1989PLC013141 Ms. Dimple Mehta – Company Secretary E-mail: cs.sudeep@sudeepgroup.com Telephone: +91 265 284 0656/329 1354
Strategic Growth Advisors Pvt. Ltd. CIN - U74140MH2010PTC204285 Mr. Shrikant Sangani / Ms. Shaily Patwa Email - shrikant.sangani@sgapl.net / shaily.p@sgapl.net Mobile No – 9619595686 / 9819494608 www.sgapl.net