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Sudarshan Pharma Industries Ltd (543828)

📊 BSE: 543828 🏢 Specialty Chemicals 📢 Latest filing: 07 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Sudarshan Pharma's revenue was ₹174 Cr (+20.3% year on year, -21.1% on the previous quarter), and net profit ₹5.9 Cr (+46.4% year on year); the operating margin was 9.1%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹174	+20.3%	-21.1%
Operating profit	₹15.9	+44.5%	-20.5%
Net profit	₹5.9	+46.4%	-46.8%
EPS (₹)	0.23	+35.3%	-48.9%
Operating margin	9.1%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Sudarshan Pharma Terminates 9.50% Stake Acquisition in US-Based Med Therapy Biotechnology

🟡 NEUTRAL ⭐ 6/10

M&A 📅 07 Oct 2026, 02:35 PM

Sudarshan Pharma Industries has called off its proposed acquisition of a 9.50% equity stake in USA-based Med Therapy Biotechnology Inc. Additionally, the proposal for company promoters Mr. Hemal Mehta (CMD) and Mr. Sachin Mehta (Joint MD) to acquire a 1.50% stake each in the target firm has also been terminated. The original transaction discussions, initiated in September 2026, stand completely terminated without financial consideration disclosed.

Proposed acquisition of 9.50% equity stake in Med Therapy Biotechnology Inc., USA stands terminated
Promoters' planned acquisition of 1.50% equity shares each in Med Therapy also called off
Termination follows prior disclosure letters dated 5th September 2026 and 15th September 2026
Financial deal value and termination reasons were not disclosed in the filing

💡 Track subsequent management commentary on overseas expansion strategy and capital allocation plans regarding other potential M&A targets in the pipeline.

Sudarshan Pharma Completes 51% Stake Sale in Ishwari Healthcare for ₹1.40 Cr

🟡 NEUTRAL ⭐ 4/10

M&A 📅 28 Sep 2026, 05:38 PM

Sudarshan Pharma Industries has completed the sale of its entire 51.00% equity stake in its subsidiary, Ishwari Healthcare Private Limited, for a cash consideration of ₹1.40 crore. The company transferred 2,09,100 equity shares of face value ₹10 each to Mr. Amit Jatin Mehta. Following this transaction, Sudarshan Pharma's holding in Ishwari Healthcare is reduced to nil, and Ishwari has ceased to be a subsidiary. Compared to the company's TTM revenue of ₹732 crore, the divestment size is immaterial at under 0.2%.

Sold 2,09,100 equity shares of Rs. 10 each in Ishwari Healthcare Private Limited
Divested entire 51.00% controlling stake to Mr. Amit Jatin Mehta
Total consideration received is Rs 1.40 Crores
Ishwari Healthcare ceases to be a subsidiary with shareholding dropping to Nil

💡 Track the upcoming quarterly results to observe any one-off gain or loss on the disposal of this subsidiary.

Sudarshan Pharma Industries Submits FY2025-26 Annual Report Under Regulation 34

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Aug 2026, 02:49 PM

Sudarshan Pharma Industries Limited has submitted its 18th Annual Report for FY 2025-26 pursuant to Regulation 34 of SEBI LODR. The report highlights strategic progress, including the acquisition of capital assets at a manufacturing facility in Medchal, Telangana, aimed at expanding its high-value Active Pharmaceutical Ingredients (API) footprint. Management reshuffles noted during the year include the appointment of Mr. Sharad Kathawate as CFO and Mr. Sanat Bhat as Independent Director effective May 1, 2026.

Published 18th Annual Report for the fiscal year 2025-26 pursuant to Regulation 34
Highlighted asset acquisition of operational Medchal Plant in Telangana for high-value API manufacturing
Appointed Mr. Sharad Kathawate as Chief Financial Officer effective May 1, 2026
Appointed Mr. Sanat Bhat and Dr. Vinay Pandey to the Board of Directors effective May 1, 2026

💡 Review the full annual report disclosures, including detailed management commentary and notes to accounts, ahead of the upcoming Annual General Meeting.

Sudarshan Pharma Submits FY26 Annual Report; Details Medchal Plant Integration

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Aug 2026, 02:47 PM

Sudarshan Pharma Industries Limited has submitted its 18th Annual Report for FY 2025-26 pursuant to Regulation 34 of SEBI LODR Regulations. The management highlighted the strategic acquisition of a manufacturing facility in Medchal, Telangana, aimed at expanding production of high-value APIs including Sitagliptin, Apixaban, and Rivaroxaban. Financially, FY26 revenue stood at Rs 703.0 Cr with a net profit of Rs 23.0 Cr, reflecting ongoing efforts to shift from trading to higher-margin chemical and API manufacturing. The report also includes transition disclosures and reconciliations under Ind AS accounting standards.

Published 18th Annual Report for the financial year 2025-26 under SEBI Regulation 34
Highlighted acquisition of operational capital assets at Medchal, Telangana facility for key APIs
Company reported FY26 annual revenue of Rs 703.0 Cr and net profit of Rs 23.0 Cr (OPM at 7.25%)
First-time adoption notes and reconciliations to Ind AS presented in standalone statements

💡 Track the upcoming Annual General Meeting (AGM) voting outcomes and quarterly operational ramp-up at the newly integrated Medchal manufacturing facility.

Sudarshan Pharma Convenes 18th AGM on September 22, 2026 via Video Conferencing

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Aug 2026, 02:31 PM

Sudarshan Pharma Industries Limited has issued the notice for its 18th Annual General Meeting (AGM) scheduled for Tuesday, September 22, 2026, at 3:00 PM IST through video conferencing. The agenda includes ordinary business matters, such as the adoption of audited financial statements for the year ended March 31, 2026, and the re-appointment of Dr. Anil Ghogare, who retires by rotation. Remote e-voting facilities will be provided to shareholders via NSDL. The filing represents standard annual compliance with no special business or material corporate actions proposed.

18th Annual General Meeting to be held on Tuesday, 22nd September 2026 at 3:00 p.m. IST via VC/OAVM.
Adoption of audited standalone and consolidated financial statements for the financial year ended 31st March 2026.
Proposed re-appointment of Dr. Anil Ghogare (DIN: 00432659), Non-Executive Non-Independent Director (age 65), retiring by rotation.
Remote e-voting facility arranged through National Securities Depository Limited (NSDL).

💡 Shareholders may review the Annual Report FY26 and cast their votes via NSDL e-voting prior to or during the AGM on September 22, 2026.

Sudarshan Pharma: Promoters Create Pledge on Equity Shares under SEBI SAST

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 26 Aug 2026, 07:31 PM

Sudarshan Pharma Industries Ltd has submitted a disclosure under Regulation 31(1) and 31(2) of SEBI (SAST) Regulations, 2011 on August 26, 2026. The filing reports the creation of a pledge on equity shares held by promoters Hemal V Mehta and Sachin V Mehta. Specific quantities and percentages within the enclosed table are rendered illegible due to document formatting issues. Promoter holding as of the latest quarter stood at 57.39%.

Disclosure submitted under Regulation 31(1) & 31(2) of SEBI (SAST) Regulations, 2011 on August 26, 2026
Pledge created on equity shares held by promoters Hemal V Mehta and Sachin V Mehta
Total promoter holding stood at 57.39% prior to the transaction
Detailed pledge share quantity not disclosed due to corrupted document scan

💡 Track subsequent exchange disclosures or quarterly shareholding patterns to assess the total encumbered promoter share percentage and purpose of the pledge.

Sudarshan Pharma Promoters Disclose Creation of Pledge Under SEBI SAST Regulations

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 22 Aug 2026, 10:13 AM

Sudarshan Pharma Industries Limited has submitted a regulatory disclosure under Regulation 31(1) and 31(2) of SEBI (SAST) Regulations, 2011 on August 21, 2026. The intimation pertains to the creation of pledge on equity shares by promoters Hemal V Mehta and Sachin V Mehta. Detailed share count numbers within the disclosure table are obscured due to document formatting issues. Promoters held a 57.39% aggregate stake in the company as of the latest shareholding data.

Disclosure filed under Regulation 31(1) and 31(2) of SEBI SAST Regulations, 2011 on August 21, 2026
Pledge creation initiated by promoters Hemal V Mehta and Sachin V Mehta
Company total promoter holding stood at 57.39% as of the latest reported quarter
Detailed pledge quantum and encumbered share percentage not decipherable due to document scan quality

💡 Track subsequent shareholding pattern filings to determine the exact proportion of promoter shares pledged and ensure pledge levels do not pose encumbrance risks.

Sudarshan Pharma allots 48.12 lakh shares on conversion of $1.5M FCCBs

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 19 Aug 2026, 06:44 PM

Sudarshan Pharma Industries has approved the allotment of 48,11,730 equity shares of face value Re 1 each following the conversion of Foreign Currency Convertible Bonds (FCCBs) worth USD 1.5 million (USD 15,00,000). The shares were allotted at an issue price of Rs 30.19 per share (including a premium of Rs 29.19 per share). This conversion expands the company's total issued equity share base by ~1.93% from 24,96,58,870 to 25,44,70,600 shares.

Allotted 48,11,730 equity shares of face value Re 1 upon conversion of FCCBs worth USD 15,00,000
Shares issued at Rs 30.19 per share (face value Re 1 + premium Rs 29.19 per share)
Total paid-up equity share capital increases from Rs 24.97 Cr to Rs 25.45 Cr
In-principle approval from BSE was received on 26th September 2025

💡 Track subsequent shareholding pattern updates to assess promoter stake dilution and monitor any remaining outstanding FCCBs that could cause future equity dilution.

Sudarshan Pharma Updates Investor Deck; Targets Min Rs 100 Cr FY27 Exports

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Aug 2026, 12:39 PM

Sudarshan Pharma Industries has issued an updated corporate investor presentation detailing its ongoing transition toward high-margin manufacturing. The company highlighted FY26 export revenues of Rs 21.85 Cr and set a target of minimum Rs 100 Cr for FY27 by penetrating regulated markets. Operational updates include the turnaround of Ratna Lifesciences (FY26 revenue of Rs 35.30 Cr), a Rs 25.50 Cr capex acquisition from Srigen Lifesciences, and a proposed USD 20 Million FCCB raise.

Targeting min Rs 100 Cr export turnover in FY27, compared to Rs 21.85 Cr in FY26
Ratna Lifesciences turned around to Rs 35.30 Cr revenue and Rs 7.8 Cr PAT in FY26
Acquired manufacturing capex for Rs 25.50 Cr from Srigen Lifesciences for Hyderabad unit
Proposed USD 20 Million Foreign Currency Convertible Bond (FCCB) allotment
Secured GMP and ISO 9001:2015 certifications for the Hyderabad manufacturing facility

💡 Track quarterly export revenue progression against the Rs 100 Cr FY27 target and monitor conversion terms of the proposed USD 20 Million FCCB.

Sudarshan Pharma Submits SEBI SAST Reg 31 Disclosure on Promoter Encumbrance

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 17 Aug 2026, 08:23 AM

Sudarshan Pharma Industries Limited has submitted a regulatory disclosure under Regulation 31(1) and 31(2) of the SEBI (SAST) Regulations, 2011 on August 14, 2026. The submission pertains to equity share encumbrance or changes in encumbrance by promoter entity Vasantrai Ratilal. Detailed share pledge quantities in the filing table are largely illegible in the exchange extract. As of recent shareholding data, the promoter group holds a 57.39% stake in the Rs 870 Cr market-cap company.

Disclosure submitted under Regulation 31(1) and 31(2) of SEBI (SAST) Regulations, 2011 on August 14, 2026
Encumbrance disclosure pertains to promoter group person/entity Vasantrai Ratilal
Overall promoter holding in the company stands at 57.39% as of recent shareholding filings

💡 Monitor subsequent shareholding patterns and BSE corporate filings to assess the total percentage of promoter shares pledged against borrowings.

Sudarshan Pharma FCCB Committee to Meet on Aug 19, 2026 for Equity Share Conversion

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 14 Aug 2026, 04:28 PM

Sudarshan Pharma Industries has scheduled an FCCB Committee meeting on Wednesday, August 19, 2026. The committee will consider and approve the conversion of a portion of funds raised through Foreign Currency Convertible Bonds (FCCBs) into equity shares and their subsequent allotment. The company currently carries total debt of ₹285 Cr against a net worth of ₹155 Cr (D/E ratio of 1.84). The exact quantum of conversion and the number of shares to be issued were not disclosed in this notice.

FCCB Committee meeting scheduled for Wednesday, 19th August, 2026
Agenda includes considering and approving conversion of a portion of FCCB funds into equity shares
Allotment of resulting equity shares to be finalized at the meeting

💡 Track the outcome of the August 19, 2026 committee meeting for the conversion price, number of shares allotted, and the resulting equity dilution percentage.

Sudarshan Pharma details acquisition of 584 KL USFDA-approved API plant

🟢 POSITIVE ⭐ 9/10

M&A 📅 14 Aug 2026, 12:46 PM

Sudarshan Pharma has released technical details for its proposed acquisition of a 14-acre API manufacturing facility near Visakhapatnam. The plant has a total capacity of 584 KL across four manufacturing blocks and is equipped with USFDA (2024) and ANVISA (2025) approvals. This acquisition is part of a larger Rs 355 Cr strategic plan to transition from trading to high-margin manufacturing, targeting an EBITDA margin improvement from 4.9% to over 8.4%. The facility currently serves major clients including Cipla, Dr. Reddy's, and Laurus Labs.

Total manufacturing capacity of 584 KL across 4 multi-product blocks and a solvent recovery system
Facility holds major regulatory approvals including USFDA (2024), WHO Geneva (2024), and ANVISA (2025)
Site spans 14 acres and employs 200 personnel across operations, R&D, and quality control
Planned total acquisition outlay of Rs 355 Cr represents approximately 48.5% of TTM revenue
Established customer base featuring 19 domestic majors like Mylan and Glenmark, plus 11 export clients

💡 Watch for the final acquisition price and funding structure, as the company's current Debt-to-Equity ratio is already high at 1.84. Monitor the timeline for operational integration and its impact on quarterly OPM.

76% Acquisition of Vizag Pharma Co with Rs 154 Cr Revenue and US FDA Plant

🟢 POSITIVE ⭐ 9/10

M&A 📅 13 Aug 2026, 05:34 PM

Sudarshan Pharma Industries Ltd (SPIL) has signed an MoU to acquire a 76% stake (1.24 crore shares) in a Vizag-based pharmaceutical manufacturing company. The target entity reported FY26 revenue of Rs 154.37 Cr, which is approximately 21% of SPIL's TTM revenue, indicating a significant scale-up. The facility includes 4 manufacturing blocks with a 576.10 KL capacity and holds prestigious approvals including US FDA and WHO Geneva. The transaction involves cash and a transfer of 40 lakh shares from SPIL's promoters, with a target completion date of October 10, 2026.

Acquisition of 76% stake in a target company with a manufacturing capacity of 576.10 KL
Target company revenue of Rs 154.37 Cr in FY26, representing ~21% of SPIL's TTM revenue
Facility holds high-value accreditations including US FDA, WHO Geneva, and Anvisa
Deal structure includes cash consideration and 40 lakh shares offered by SPIL promoters
Expected completion of the acquisition process by October 10, 2026

💡 Investors should monitor the final valuation disclosure and the successful completion of due diligence by the October 10 deadline. The integration of a US FDA-approved plant is a key milestone for SPIL's transition from trading to manufacturing.

51% Stake Divestment: Sudarshan Pharma to Exit Ishwari Healthcare Subsidiary

🟡 NEUTRAL ⭐ 5/10

M&A 📅 13 Aug 2026, 05:27 PM

Sudarshan Pharma Industries Ltd (SPIL) has approved the divestment of its 51% stake (2,09,100 equity shares) in its subsidiary, Ishwari Healthcare Private Limited. The subsidiary reported a total income of Rs 7.46 crore for FY26, which represents approximately 1.02% of SPIL's TTM revenue of Rs 732 crore. The transaction is expected to be completed by December 31, 2026, with the final sale price to be determined after a formal valuation. This move appears to be a minor portfolio rationalization as the company focuses on its larger manufacturing and export expansion goals.

Divestment of 2,09,100 equity shares representing 51.00% of Ishwari Healthcare's paid-up capital
Ishwari Healthcare contributed Rs 7.46 crore in total income during FY26
Target completion date for the divestment is set for December 31, 2026
Ishwari Healthcare will cease to be a subsidiary of the company upon completion
Management has been delegated powers to find a buyer at a competitive price

💡 Monitor the final valuation and sale consideration to see if the proceeds are used for debt reduction, given the company's high Debt-to-Equity ratio of 1.84.

Sudarshan Pharma to Acquire 30% Stake in Sudarshan Maven Pharma to make it a WOS

🟡 NEUTRAL ⭐ 4/10

M&A 📅 13 Aug 2026, 05:22 PM

Sudarshan Pharma Industries Ltd (SPIL) has approved the acquisition of 3,000 equity shares (30% stake) of its subsidiary, Sudarshan Maven Pharma Private Limited. Upon completion, the target will become a wholly-owned subsidiary (WOS). The target company was incorporated in August 2024 and has reported zero revenue for FY25 and FY26. The acquisition is expected to be completed by December 31, 2026, and aligns with SPIL's strategy of vertical integration in the pharmaceutical sector.

Acquisition of 3,000 equity shares representing 30.00% of the paid-up capital
Target company reported Nil revenue for both FY25 and FY26
Target's total paid-up share capital is Rs 1,00,000
Acquisition expected to be completed by 31st December 2026
Target will transition from a subsidiary to a wholly-owned subsidiary

💡 Investors should monitor the commencement of commercial activities at Sudarshan Maven Pharma, as it currently contributes zero revenue to the consolidated entity.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 9.0% YoY to INR 505.0 Cr in FY25 from INR 463.5 Cr in FY24. The API, Intermediate & Active Pharmaceutical Ingredients segment is projected to grow 20.0% YoY in FY26 to INR 609.08 Cr.

Geographic Revenue Split

Domestic sales contributed 92.3% of total revenue in FY25, while export revenue increased to 7.7% (INR 38.9 Cr) from 2.4% in FY24. The company targets 30% export revenue in FY26 and 50% by FY30.

Profitability Margins

Gross Profit Margin improved from 8.9% in FY24 to 12.9% in FY25. PAT Margin increased from 2.5% (INR 11.5 Cr) in FY24 to 3.2% (INR 16.0 Cr) in FY25 due to a shift toward manufacturing sales.

EBITDA Margin

EBITDA Margin grew significantly from 4.9% (INR 22.8 Cr) in FY24 to 7.9% (INR 39.9 Cr) in FY25, a 75% YoY increase in absolute EBITDA value, driven by margin optimization in local API resale and increased manufacturing output.

Capital Expenditure

Planned strategic acquisitions for 2025-2026 total INR 355 Cr, including a Hyderabad Unit (INR 35 Cr), Gujarat Unit 1 (INR 30 Cr), a USFDA Plant (INR 250 Cr), and Gujarat Unit 2 (INR 40 Cr).

Credit Rating & Borrowing

Infomerics Ratings reaffirmed the long-term bank facilities at IVR BBB-/Positive and short-term facilities at IVR A3. Working capital interest costs are projected at 10.0%.

⚙️ Operational Drivers

Raw Materials

Key raw materials include API intermediates, basic industrial chemicals, and specialty chemicals such as N-Heptane, Diethanolamine, and N-Methyl-2-pyrrolidone (NMP).

Import Sources

The company imports approximately 70-80% of its intermediates required for APIs from China, creating a high dependency on Chinese supply chains.

Capacity Expansion

Palghar Unit 2 has an oral liquid production capacity of 2,000 litres per shift (scalable to 6,000 litres). Planned expansions include four new manufacturing units in India and strategic acquisitions in Africa and Europe.

Raw Material Costs

Cost of materials consumed and stock-in-trade purchases totaled INR 494.1 Cr in FY25. COGS as a percentage of revenue is projected to decrease from 91.64% in FY25 to 87.10% by FY30 due to vertical integration.

Manufacturing Efficiency

Focusing on 'high value and low volume' products using Flow Reactor technology and continuous processes to improve efficiency and margins.

Logistics & Distribution

The company operates in over 10 countries and has a PAN India presence, exporting to regions including MENA, UK, Australia, and Southeast Asia.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Growth will be driven by vertical integration (moving from trading to manufacturing), strategic acquisitions totaling INR 355 Cr, and a target to increase export revenue to INR 100 Cr in FY26 through product registrations in non-regulated and semi-regulated markets.

Products & Services

Antibiotics, Cough Syrups, Antipyretics, Oncology APIs (Gemcitabine), Specialty Chemicals (N-Heptane, NMP), and healthcare disposables (sutures, catheters).

Brand Portfolio

Sudarshan Pharma, Ratna Lifescience, Ishwari Healthcare.

New Products/Services

New launches include a Cardiac First Aid Kit, Heart Kit, and Mouth Dissolving Strips for cold and cough, alongside new oncology molecules like Olaparib and Crizotinib.

Market Expansion

Targeting expansion into Africa for manufacturing and sales, and international acquisitions in Europe and the Gulf regions by 2025-2026.

Market Share & Ranking

India ranks 3rd by volume and 14th by value globally in pharma; SPIL is positioning itself as a key domestic manufacturer to capture share from Chinese imports.

Strategic Alliances

Strategic partnership with Amity University for R&D and a MoU with Ardes Laboratories for CDMO projects and manufacturing scale-up.

🌍 External Factors

Industry Trends

The Indian pharma market is projected to reach USD 130 billion by 2030. Trends show a shift toward domestic API manufacturing to reduce import dependency.

Competitive Landscape

Competes in the global generic space, particularly against Chinese manufacturers and large Indian pharma companies in the anti-infective and oncology segments.

Competitive Moat

Moat is built on vertical integration, PLI scheme approval for critical APIs, and a turnaround track record (e.g., Ratna Lifescience turning profitable after acquisition).

Macro Economic Sensitivity

Sensitive to government healthcare spending and the PLI scheme, which has earmarked INR 100 billion for the bulk drug industry.

Consumer Behavior

Increasing demand for affordable generic medicines and advanced healthcare solutions like mouth-dissolving strips.

Geopolitical Risks

Trade barriers or environmental shutdowns of chemical plants in China directly impact SPIL's raw material costs and supply stability.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Department of Pharmaceuticals and must comply with manufacturing standards for 50+ approved products for domestic and international markets.

Taxation Policy Impact

The company benefits from the Industrial Promotion Subsidy (IPS) equal to 100% of GST payable within Maharashtra and a 25% corporate tax rate used in financial projections.

⚠️ Risk Analysis

Key Uncertainties

Project implementation risk regarding the aggressive INR 355 Cr acquisition strategy and vulnerability to regulatory changes in the 200+ countries where Indian drugs are exported.