Remus Pharmaceuticals Limited (REMUS)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Remus Pharmaceuticals' revenue was ₹453 Cr (+30.3% year on year, +13.2% on the previous half-year), and net profit ₹25.0 Cr (+21.5% year on year); the operating margin was 6.6%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹453 | +30.3% | +13.2% |
| Operating profit | ₹30.0 | +22.3% | +11.5% |
| Net profit | ₹25.0 | +21.5% | +15.8% |
| EPS (₹) | 16.54 | — | -9.8% |
| Operating margin | 6.6% | — | — |
No EPS growth against H2 FY25: 1:1 bonus in Jul 2025.
REMUS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 75.68% of the REMUS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 73.13%. That is close to its usual level. Turnover was only ₹37 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 69.2% · 76.5% · 71.7% · 55.0% · 75.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Remus Pharmaceuticals shareholders have approved a special resolution via postal ballot to migrate the company's equity shares from the NSE Emerge platform to the Main Boards of NSE and BSE. Out of 2,38,600 public votes polled (representing 2.0248% of total outstanding shares), 100% voted in favor, with zero votes against. Promoters, holding 83,61,200 shares (70.95%), did not vote as required by ICDR regulations for migration proposals. The resolution satisfies SEBI ICDR Regulation 277 requirements, paving the way for official stock exchange migration.
- Special resolution to migrate from NSE Emerge to NSE & BSE Main Boards passed with 100.0000% votes in favor.
- A total of 2,38,600 votes were polled, all cast in favor, with 0 votes against.
- Promoter group abstained from voting on their 83,61,200 shares in compliance with SEBI ICDR norms.
- Public institutions cast 15,400 votes and public non-institutions cast 2,23,200 votes, both supporting the resolution unanimously.
Remus Pharmaceuticals has announced the voting results and Scrutinizer's Report for its 11th Annual General Meeting held on September 29, 2026. All four ordinary resolutions were approved by shareholders with the requisite majority, including the declaration of a ₹0.50 (5%) dividend per share for FY26. Shareholders also approved the re-appointment of director Mrs. Anar Swapnil Shah and the appointment of Mr. Ashutosh Naginbhai Valani as Non-Executive Independent Director for five years. Total voter turnout stood at 70.95% of outstanding shares, heavily driven by promoter participation.
- Declared dividend of ₹0.50 (5%) per equity share of face value ₹10 for FY26
- All 4 ordinary resolutions approved with 100% or near-100% favorable votes cast
- Total 83,60,700 votes polled out of 1,17,84,000 total shares, representing 70.9496% voter turnout
- Appointed Mr. Ashutosh Naginbhai Valani as Non-Executive Independent Director for a 5-year term
- 3 promoter group members abstained from voting on the re-appointment of Mrs. Anar Swapnil Shah
Remus Pharmaceuticals has fixed Tuesday, September 22, 2026, as the record date for determining shareholder eligibility for a final dividend of Rs 0.50 per equity share (face value Rs 10) for FY 2025-26. The dividend is subject to approval at the Annual General Meeting scheduled for September 29, 2026. If approved, the payout will be completed within 30 days of the AGM. At the current share price of Rs 890, this represents a modest dividend yield of under 0.1%.
- Final dividend of Rs 0.50 per equity share of face value Rs 10 announced for FY26
- Record date set for September 22, 2026
- Annual General Meeting scheduled for September 29, 2026
- Dividend payment to be disbursed within 30 days of shareholder approval at the AGM
Remus Pharmaceuticals has scheduled its 11th Annual General Meeting for September 29, 2026, through video conferencing. The cut-off date to determine eligibility for the final dividend and e-voting has been fixed as September 22, 2026. Standalone highlights disclosed within the accompanying Annual Report for FY25-26 show revenue from operations of ₹93.99 crore (up 18.7% YoY) and PAT of ₹24.7 crore (up 24.2% YoY). The company expanded into 4 new commercial markets during the fiscal year, with 850+ dossiers ready to file.
- 11th AGM scheduled for September 29, 2026, at 11:30 AM IST via Video Conferencing
- Record/cut-off date for final dividend and e-voting fixed as September 22, 2026
- FY25-26 Standalone revenue reported at ₹93.99 crore, an 18.7% YoY growth
- FY25-26 Standalone PAT reported at ₹24.7 crore, up 24.2% YoY with RoE at 8.70% and RoCE at 10.67%
- 850+ dossiers ready to file across global markets, with B2C contributing 14% to FY25-26 business
Remus Pharmaceuticals has issued a Postal Ballot notice seeking shareholder approval to migrate its equity shares from the NSE Emerge platform to the Main Boards of both NSE and BSE. The company originally listed on NSE Emerge on May 29, 2023, meeting the required listing track record under SEBI ICDR Regulations. E-voting will take place from September 07, 2026, to October 06, 2026, with results expected on or before October 08, 2026. The resolution requires public shareholder votes in favor to be at least twice the votes cast against.
- Proposed migration of equity shares (face value Rs 10.00) from NSE Emerge to Main Boards of NSE and BSE
- SEBI ICDR requirement: Public votes in favor must be at least 2x the votes cast against
- E-voting begins on September 07, 2026, and ends on October 06, 2026
- Cut-off record date for eligibility set as August 28, 2026; results on or before October 08, 2026
- Company originally listed on the NSE Emerge platform on May 29, 2023
Remus Pharmaceuticals' Board approved the migration of its equity shares from the NSE Emerge platform to the Main Boards of NSE and BSE, subject to shareholder and regulatory approvals. The company also approved the incorporation of a subsidiary in the Dominican Republic with a minimum 51% equity stake to drive local supply and distribution of pharma products. Additionally, Mr. Ashutosh Naginbhai Valani was appointed as a Non-Executive Independent Director for a 5-year term effective September 02, 2026.
- Approved migration of equity shares from NSE Emerge platform to the Main Boards of NSE and BSE.
- Approved incorporation of a subsidiary in Dominican Republic with Remus holding 51% or more shareholding via cash subscription.
- Appointed Mr. Ashutosh Naginbhai Valani as Non-Executive Independent Director for a 5-year term from September 02, 2026.
- Remus reported TTM revenue of Rs 1,239 Cr with net worth of Rs 326 Cr.
Remus Pharmaceuticals announced three key board approvals on September 2, 2026. The company will seek shareholder and regulatory approval to migrate its listing from the NSE Emerge platform to the Main Boards of NSE and BSE, potentially enhancing liquidity and institutional participation. Additionally, the board approved setting up a new subsidiary in the Dominican Republic with at least a 51% stake to expand its international distribution network. Serial consumer entrepreneur Ashutosh Naginbhai Valani (co-founder of Renee Cosmetics and Beardo) was appointed as an Independent Director for a 5-year term.
- Approved migration of listing from NSE Emerge to the Main Boards of NSE and BSE, subject to approvals.
- Approved incorporation of a pharmaceutical supply and distribution subsidiary in the Dominican Republic with >=51% equity holding.
- Appointed Mr. Ashutosh Naginbhai Valani as Non-Executive Independent Director for a 5-year term effective September 02, 2026.
Remus Pharmaceuticals has approved the migration of its listing from the NSE Emerge platform to the Main Boards of NSE and BSE, subject to shareholder and regulatory approvals. The Board also approved the incorporation of a subsidiary in the Dominican Republic, in which Remus will hold a 51% or higher equity stake via cash consideration. Additionally, entrepreneur Ashutosh Naginbhai Valani (co-founder of Renee Cosmetics, Beardo) was appointed as an Independent Director for a 5-year term.
- Approved migration of listing from NSE Emerge to the Main Boards of NSE and BSE
- To establish a subsidiary in Dominican Republic with >=51% equity holding for supply and distribution
- Appointed Ashutosh Naginbhai Valani as Independent Director for a 5-year consecutive term w.e.f. September 02, 2026
- Board meeting commenced at 04:30 PM and concluded at 05:30 PM on September 02, 2026
Remus Pharmaceuticals has approved the migration of its securities from the NSE Emerge SME platform to the Main Boards of both NSE and BSE, subject to shareholder and regulatory approvals. The Board also approved the incorporation of a subsidiary in the Dominican Republic (holding at least 51% equity) to expand pharmaceutical supply and distribution in the region. Additionally, Ashutosh Naginbhai Valani (Co-founder of Renee Cosmetics and former founder of Beardo) was appointed as an Independent Director for a 5-year term.
- Approved migration of equity shares from NSE Emerge SME platform to Main Boards of NSE and BSE.
- Proposed incorporation of a Dominican Republic subsidiary with a minimum 51% equity stake via cash consideration.
- Appointed Ashutosh Naginbhai Valani as Non-Executive Independent Director for a 5-year term effective September 02, 2026.
- Migration is subject to necessary shareholder and stock exchange regulatory approvals.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 46.8% YoY to INR 400.2 Cr in H1-FY26. The B2C segment witnessed strong momentum, increasing its revenue share from 4% to 13% YoY, while B2B accounts for the remaining 87%.
Geographic Revenue Split
The company operates in 40+ semi-regulated markets across Latin America, Southeast Asia, Middle East, CIS, and Africa. Direct presence is maintained through subsidiaries in Bolivia and Guatemala, with a recent foray into the U.S. market.
Profitability Margins
Consolidated PAT margin stood at 5.40% in H1-FY26, down 117 bps from 6.57% YoY. Standalone PAT margin is significantly higher at 25.59% on a revenue of INR 15 Cr.
EBITDA Margin
Consolidated EBITDA margin was 6.75% in H1-FY26, a decrease of 99 bps from 7.74% YoY. Standalone EBITDA margin was 31.56%.
Capital Expenditure
The company follows an asset-light model. Major investments include INR 22.44 Cr for a 56.67% stake in Espee Global Holdings LLC (USA). Right of Use Assets were valued at INR 2.10 Cr as of March 31, 2025.
Credit Rating & Borrowing
Finance costs for H1-FY26 were INR 0.7 Cr, representing a 12.5% decrease YoY, suggesting efficient debt management or low leverage.
Operational Drivers
Raw Materials
Pharmaceutical formulations (Traded Goods) represent the primary cost component, as the company operates as a branding and distribution entity.
Import Sources
Sourced from 30+ global manufacturing partners located in various geographies to serve 40+ semi-regulated markets.
Key Suppliers
Collaborates with over 30 global manufacturing partners (CDMOs and CMOs) that hold appropriate local accreditations.
Capacity Expansion
Expansion is driven by dossier filings rather than physical plants; the company has 745+ dossiers ready-to-file and 640+ products under evaluation by Ministries of Health (MOH).
Raw Material Costs
Operating expenses (primarily traded goods) were INR 373.2 Cr in H1-FY26, representing 93.2% of consolidated revenue, up 48.4% YoY.
Manufacturing Efficiency
Efficiency is achieved through an asset-light model that avoids the high fixed costs of owning manufacturing plants, allowing for rapid scalability.
Logistics & Distribution
Distribution is handled through local distributors in 40+ markets and direct subsidiaries in Bolivia and Guatemala.
Strategic Growth
Expected Growth Rate
18-20%
Growth Strategy
Growth will be achieved by increasing the B2C segment share from 13% to 20%, leveraging 745+ ready-to-file dossiers, expanding the U.S. footprint via Espee Global, and targeting high-margin (60-70%) branded sales in Africa (Kenya and Uganda).
Products & Services
Complex specialty and niche off-patent formulations across therapeutic segments including oncology, cardiology, dermatology, and diabetes.
Brand Portfolio
Relius Pharma (Bolivia), Relius Pharmaceuticals (Guatemala), and Espee Global (USA).
New Products/Services
745+ dossier registrations in major geographies are in the pipeline to drive future revenue contribution.
Market Expansion
Foray into the U.S. market through the 2024 acquisition of Espee Global Holdings LLC and expansion in Central America via national tenders in Nicaragua.
Strategic Alliances
Partnerships with 30+ global CDMO and CMO manufacturing sites to maintain an asset-light structure.
External Factors
Industry Trends
The industry is shifting toward complex specialty and niche off-patent formulations; Remus is positioning itself by building a massive dossier library (745+) to capture this growth.
Competitive Landscape
Competes in the trading and marketing segment of the pharmaceutical industry, specifically in semi-regulated markets.
Competitive Moat
Sustainable moat built on 745+ dossier registrations, 800+ approved products, and established trademarks/IP in niche markets, which are difficult for competitors to replicate quickly.
Macro Economic Sensitivity
Sensitive to global market dynamics and supply chain uncertainties across 40+ semi-regulated countries.
Consumer Behavior
Increasing demand for direct-to-consumer (D2C) and pharmacy channels, which the company is addressing by growing its B2C segment.
Geopolitical Risks
Exposure to trade barriers and regulatory shifts in 40+ semi-regulated markets in Latin America, Africa, and Southeast Asia.
Regulatory & Governance
Industry Regulations
Subject to IND AS 115 (Revenue), IND AS 109 (Financial Instruments), and Ministry of Health (MOH) regulations in 40+ countries.
Taxation Policy Impact
Effective tax rate is approximately 22.6% based on H1-FY26 tax expense of INR 6.3 Cr on PBT of INR 27.9 Cr.
Legal Contingencies
No specific pending court cases or case values in INR were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Regulatory changes in semi-regulated markets and supply chain disruptions could impact the 46.8% revenue growth trajectory.
Geographic Concentration Risk
Revenue is diversified across 40+ markets, reducing concentration risk in any single region.
Third Party Dependencies
100% dependency on 30+ third-party manufacturing partners for product supply due to the asset-light model.
Technology Obsolescence Risk
The company is mitigating digital risks by expanding reach through D2C and pharmacy channels.
Credit & Counterparty Risk
Trade receivables stood at INR 15.67 Cr as of March 31, 2025, up from INR 14.60 Cr YoY.
