Sanofi India Limited (SANOFI)
₹2,942.10 -0.51% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Sanofi India's revenue was ₹438 Cr (+7.8% year on year, -7.3% on the previous quarter), and net profit ₹83.5 Cr (+19.3% year on year); the operating margin was 26.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹438 | +7.8% | -7.3% |
| Operating profit | ₹115 | +21.4% | -19.4% |
| Net profit | ₹83.5 | +19.3% | -18.9% |
| EPS (₹) | 36.26 | +20.0% | -18.7% |
| Operating margin | 26.3% | — | — |
SANOFI delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 51.88% of the SANOFI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.27%. That is close to its usual level. 2 bulk or block deals were reported in SANOFI in the last 60 days: ₹1,068 Cr bought and ₹1,068 Cr sold.
Delivery in the last 5 sessions: 51.6% · 53.5% · 55.6% · 56.6% · 51.9%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 24 Sep | Buy | Sanofi Healthcare India Private Limited | ₹1,068.20 Cr | ₹3,052.00 | 3,500,000 | Block |
| 24 Sep | Sell | Hoechst Gmbh | ₹1,068.20 Cr | ₹3,052.00 | 3,500,000 | Block |
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
Sanofi India Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 3, 2026, confirms that security certificates received for dematerialisation were processed and confirmed or rejected within timelines. It further confirms that processed physical share certificates were duly mutilated and cancelled. This is a recurring regulatory filing with no financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Confirmation issued by RTA MUFG Intime India Private Limited dated October 3, 2026
- Official exchange intimation submitted on October 9, 2026
- Confirms mutilation and cancellation of dematerialised share certificates within prescribed timelines
Sanofi India has received a Show Cause Notice dated September 28, 2026, from the Gujarat GST Authority proposing a demand of ₹16.40 Cr encompassing tax, interest, and penalties for FY 2022-23. The notice cites discrepancies in E-Way bills versus GSTR-1, turnover reconciliation issues between GSTR-9C and GSTR-1, and alleged ineligible input tax credit reversals. The demanded sum represents approximately 8.8% of the company's TTM PAT of ₹185 Cr. Sanofi stated it is preparing a response and does not anticipate an adverse impact on its operations or financial performance.
- Proposed aggregate demand of ₹16,40,07,641 (tax, interest, and penalty)
- Show Cause Notice received on September 28, 2026, from Gujarat GST authorities
- Pertains to reconciliation, E-Way bills, and ineligible ITC for FY 2022-23
- Demanded amount equals ~8.8% of TTM PAT (₹185 Cr)
Sanofi Healthcare India Private Limited acquired 3,500,000 equity shares, representing 15.20% of the equity share capital of Sanofi India Limited, from fellow promoter Hoechst GmbH on 24th September 2026. The transaction was conducted via a block deal mechanism on the stock exchanges under Regulation 10(1)(a)(iii) of SEBI SAST Regulations. The overall holding of the promoter and promoter group remains unchanged following the transfer. A prior intimation under Regulation 10(5) was previously filed on 17th September 2026.
- Inter-se transfer of 3,500,000 equity shares between promoter entities
- Transferred shares represent 15.20% of Sanofi India Limited's equity share capital
- Acquisition completed on 24th September 2026 through an exchange block deal mechanism
- Aggregate promoter and promoter group shareholding remains completely unchanged
- Prior notification was submitted on 17th September 2026 under Regulation 10(5)
Sanofi Healthcare India Private Limited, part of the promoter group, acquired 35,00,000 equity shares (representing a 15.20% stake) of Sanofi India Limited from promoter Hoechst GmbH. The transaction was executed on September 24, 2026, through an inter-se transfer block deal on the National Stock Exchange for a total consideration of ₹1,068.20 crore. This internal reorganization among promoter entities does not alter the overall promoter group shareholding, which stood at 60.4%.
- Inter-se promoter transfer of 3,500,000 equity shares (15.20% of share capital)
- Transaction executed at a total value of ₹1,068,20,00,000 (₹1,068.2 Cr)
- Block deal executed on NSE on September 24, 2026
- Acquirer Sanofi Healthcare India Private Limited held Nil shares prior to this transaction
Sanofi Healthcare India Private Limited acquired 35,00,000 equity shares (15.20% stake) of Sanofi India Limited for ₹1,068.20 crore via an inter-se promoter transfer on the NSE. The block deal transaction took place on September 24, 2026, transferring shares from existing promoter Hoechst GmbH. Because this is an internal transfer among promoter group entities, overall promoter group ownership remains unchanged at 60.4%. The transaction value represents approximately 14.9% of the company's market capitalization of ₹7,153 crore.
- Inter-se promoter transfer of 35,00,000 equity shares (15.20% of total equity)
- Transaction executed at a total value of ₹1,068,20,00,000 via NSE block deal mechanism
- Acquisition completed on September 24, 2026, and intimated to the company on September 25, 2026
- Buyer Sanofi Healthcare India Private Limited held nil shares prior to this transaction
Sanofi India has received a Show Cause Notice dated September 25, 2026, under Section 73 of the Karnataka Goods and Services Tax Act, 2017. The Commercial Tax Officer, Bengaluru, has alleged an excess claim of Input Tax Credit for FY 2022-23. The notice proposes a tax liability of Rs 14.43 crore and interest of Rs 9.31 crore, totaling Rs 23.74 crore. This aggregate claim represents ~12.8% of the company's TTM PAT of Rs 185 crore and ~2.4% of TTM revenue (Rs 988 crore).
- Received Show Cause Notice dated September 25, 2026, under Section 73 of KGST Act, 2017
- Total proposed demand aggregates to Rs 23,73,76,507 (~Rs 23.74 crore)
- Demand comprises Rs 14,43,01,828 in tax liability and Rs 9,30,74,679 in interest
- Pertains to alleged excess claim of Input Tax Credit for FY 2022-23
- Company states it does not envisage any adverse operational or financial impact and plans to reply within the prescribed time
Sanofi India Limited has received an order from the State Tax Officer, Tiruvallur Assessment Circle, dropping a tax demand of Rs 1,06,78,760 (approx. Rs 1.07 Cr) along with interest and penalty for FY 2022-23. The proceedings were initiated under Section 73 of the TNGST/CGST Act, 2017 regarding discrepancies in GSTR filings. The tax authority accepted the company's submissions, concluding the proceedings with zero additional dues pending. The dropped demand represents approximately 0.11% of TTM revenue (Rs 988 Cr) and 0.58% of TTM PAT (Rs 185 Cr), presenting no material financial impact.
- Tax demand of Rs 1,06,78,760 along with interest and penalty dropped by tax authorities
- Proceedings under Section 73 of TNGST/CGST Act, 2017 for FY 2022-23 officially concluded
- Order received by the company on 21st September 2026
- No additional dues pending and zero material impact on operations or financials
Sanofi Healthcare India Private Limited, part of the promoter group of Sanofi India Limited, has filed a Regulation 10(5) disclosure to acquire up to 3,500,000 equity shares from promoter entity Hoechst GmbH. This transaction represents up to 15.20% of the target company's existing paid-up equity share capital. The transfer is scheduled to take place on or after September 24, 2026, as an inter-se transfer among promoters exempt under SEBI Takeover Regulations. The overall promoter holding in the company remains unchanged as this is an internal restructuring.
- Sanofi Healthcare India Private Limited to acquire up to 3,500,000 equity shares
- Acquisition represents up to 15.20% of paid-up equity share capital
- Shares to be acquired from fellow promoter Hoechst GmbH
- Proposed transaction date is on or after September 24, 2026
The Supreme Court of India on September 7, 2026, dismissed Sanofi India Limited's petition seeking to quash criminal proceedings initiated by the Central Bureau of Investigation (CBI). The matter pertains to pharmaceutical supplies made to Bhabha Atomic Research Centre (BARC), Mysore between 2012 and 2015, alleging conspiracy to influence procurement decisions. The Supreme Court ruled that criminal prosecution against the company is maintainable even if no individual employee is arraigned, without ruling on the merits or finding guilt. The criminal complaint remains pending for trial, and no monetary penalty or operational restriction has been imposed at this stage.
- Supreme Court order passed and received on September 7, 2026, dismissing the petition to quash criminal proceedings
- Complaint relates to pharmaceutical supplies made to BARC Mysore between 2012 and 2015
- Ruling confirms maintainability of prosecution against the corporate entity even without individual employees arraigned
- No guilt adjudicated, no penalty or operational restriction imposed at this stage, with the criminal case pending for trial
Sanofi India Limited received a Show Cause Notice dated August 28, 2026, from the Additional Commissioner of CGST and CX, Mumbai East. The notice alleges misclassification of certain products at a 5% GST rate instead of 12% during FY 2020-21. The authority has proposed a tax demand of ₹36.39 Cr along with an equal penalty of ₹36.39 Cr, totaling ₹72.77 Cr. The total proposed demand represents approximately 39.2% of Sanofi's TTM net profit (₹185 Cr), though the company intends to contest the notice within prescribed timelines.
- Received Show Cause Notice under Section 74 of the CGST Act dated 28th August 2026
- Alleged misclassification of products at 5% rate instead of 12% for FY 2020-21
- Proposed tax liability determined at Rs. 36,38,70,979
- Proposed penalty of Rs. 36,38,70,979, bringing total potential claim to Rs. 72.77 Cr
Sanofi India has received a favorable order from the Deputy Commissioner of Central GST, Goa, regarding a refund application. The authority sanctioned a GST refund of ₹1.33 Cr and dropped a proposed adjustment against an outstanding demand of ₹0.76 Cr. While positive, the total refund amount is immaterial, representing approximately 0.13% of the company's TTM revenue of ₹988 Cr. The company stated there is no material impact on financial or operational activities.
- GST refund of ₹1,32,93,535 sanctioned by the CGST authority in Margao-Goa.
- Proposed adjustment of an outstanding demand worth ₹75,63,190 has been dropped.
- The order was received by the company on August 12, 2026.
- The refund amount represents approximately 0.72% of TTM PAT (₹185 Cr).
Sanofi India has received a favorable order from the Assistant Commissioner of Income Tax (TDS) for Assessment Year 2019-20. The order gives effect to a previous appellate decision from July 2026, which dropped proceedings related to the alleged non-deduction of TDS on year-end provisions. As a result, a tax demand of ₹72,71,510 has been officially vacated. Given the company's TTM PAT of ₹185 Cr, this amount represents less than 0.4% of annual profits and is considered immaterial.
- Tax demand of ₹72,71,510 (approximately ₹0.73 Cr) has been vacated.
- The order pertains to Assessment Year (AY) 2019-20 regarding Section 201 of the Income-tax Act.
- The final order was received by the company on August 11, 2026.
- The dispute originated from alleged non-deduction of TDS on year-end provisions.
- The company had previously intimated the favorable appellate order on July 3, 2026.
Sanofi India reported a 7% growth in total income for Q2 2026, driven by a 14% increase in its core diabetes business. The company maintains a dominant 58% value share in the basal analog market, with its innovative product Soliqua growing 16% sequentially. While YTD sales remain down 4% due to Q1 transition issues, management highlighted a significant 70% growth in public sector accounts. The company is also restructuring its export strategy to offset losses in the Australian market by targeting France, Italy, and Russia.
- Diabetes business unit achieved ~14% double-digit growth in Q2 2026, outperforming market growth.
- Public sector segment saw a 70% growth through expansion into new state accounts and care segments.
- Maintained a consolidated leadership in the basal analog segment with 58% value share and 61% volume share.
- Soliqua continues to grow at 16% quarter-on-quarter despite competitive pressures in the GLP-1 market.
- Total income for the quarter increased by 7% year-on-year, helping offset a weak Q1 performance.
Sanofi India has released the video recording of its investor call held on August 5, 2026, regarding the unaudited financial results for the quarter and half-year ended June 30, 2026. The call likely detailed the company's 'pivotal transformation' strategy, including the partnership with Emcure and the launch of Soliqua. Management is currently focusing on a ₹450-500 Cr market opportunity in human insulin cartridges following a competitor's exit. This filing is a standard regulatory procedure to ensure equitable access to management commentary.
- Investor call conducted on August 5, 2026, at 4:00 p.m. IST
- Update covers financial results for the quarter and half-year ended June 30, 2026
- Company is targeting a human insulin cartridge market size of ₹450 Cr to ₹500 Cr
- Transformation strategy involved a ₹27 Cr exceptional restructuring cost in a previous period
- AI tools are being deployed to achieve forecasting accuracy within +/- 1%
Sanofi India reported a strong Q2 2026 with Profit Before Tax (PBT) rising 19% YoY to ₹112.3 crore, despite a modest 6% growth in domestic sales to ₹416.2 crore. The performance was driven by a 17% growth in the Diabetes business unit during H1 2026 and a 5% reduction in operating expenses. The company maintained a dominant 58% value market share in the basal analog insulin segment and saw a 70% acceleration in public sector accounts for key products Toujeo and Soliqua. However, export sales faced headwinds, declining 7% YoY in H1 2026.
- Profit Before Tax (PBT) grew 19% YoY to ₹112.3 crore in Q2 2026.
- Diabetes business unit achieved 17% growth in H1 2026, outperforming market growth.
- Public sector penetration for Toujeo & Soliqua increased by 70% through new account openings.
- Maintained a leading 58% value market share (61% by volume) in the basal analog insulin market.
- Operating expenses (Employee + Other) decreased by 5% YoY to ₹97.2 crore in Q2 2026.
Financial Performance
Revenue Growth by Segment
The core business (Diabetes insulin, Cardiovascular, CNS, and Oral Anti-diabetes) grew 4% YTD September 2025 and 5% on a quarter-to-quarter basis. Partnership-led revenue grew 2% YTD and 5% quarter-to-quarter.
Geographic Revenue Split
Not disclosed in available documents; however, operations are primarily focused on the Indian market through Sanofi India Limited.
Profitability Margins
Operating margins were reported at approximately 28% for the current quarter, driven by optimization and efficiency measures.
EBITDA Margin
Operating margins of 28% reflect core profitability; the company is actively pursuing optimization to enhance these levels further from the current 28% baseline.
Operational Drivers
Key Suppliers
Emcure Pharmaceuticals is a key strategic partner for the distribution and potentially the supply chain of oral anti-diabetes products.
Manufacturing Efficiency
AI-driven forecasting has reached an accuracy level of +/- 1% compared to reality, significantly improving supply chain planning and reducing waste.
Strategic Growth
Expected Growth Rate
5%
Growth Strategy
Growth is driven by a 'pivotal transformation' in 2025 involving strategic partnerships like the one with Emcure for oral anti-diabetes. The company is also focusing on new product launches such as Soliqua and expanding the 'share of voice' for glargine products (Lantus and Toujeo). Cost optimization, including a reduction in personnel costs from INR 56 Cr to INR 42 Cr (a 25% decrease) via VRS, is intended to protect margins.
Products & Services
Insulin cartridges, DispoPens, oral anti-diabetes medications, cardiovascular drugs, and CNS (Central Nervous System) therapies.
Brand Portfolio
Lantus, Toujeo, Soliqua.
New Products/Services
Launch of Soliqua and assessment of Type 1 Diabetes (T1D) innovations for the Indian market.
Market Expansion
Targeting the human insulin cartridges and DispoPen market, which has an estimated size of INR 450 Cr to INR 500 Cr, following the exit of a major competitor (Novo Nordisk).
Strategic Alliances
Partnership with Emcure Pharmaceuticals for the oral anti-diabetes segment announced in July 2025.
External Factors
Industry Trends
The industry is shifting toward biosimilars to improve the 'share of voice' for glargine in the marketplace. Sanofi is positioning itself by innovating in the T1D segment and adopting AI for operational forecasting and regulatory affairs.
Competitive Landscape
Key dynamics include the exit of Novo Nordisk from the human insulin cartridge and DispoPen market, creating a significant vacuum for Sanofi to fill.
Competitive Moat
The company maintains a strong competitive position in the insulin market (Lantus/Toujeo) and is capitalizing on competitor exits in the human insulin cartridge segment (INR 450-500 Cr market size). Sustainability is bolstered by a global commitment to net-zero emissions by 2045.
Macro Economic Sensitivity
Sensitive to changes in the regulatory environment and geopolitical stability which can impact the timeline for achieving corporate goals.
Consumer Behavior
Increased demand for advanced insulin delivery systems like cartridges and pens over traditional methods.
Geopolitical Risks
Geopolitical stability is cited as a significant uncertainty that could prevent the company from achieving its specified metrics or targets.
Regulatory & Governance
Industry Regulations
Operations are subject to complex regulatory requirements and health and safety standards; 100% of plants and offices are assessed for compliance.
Environmental Compliance
Committed to 100% renewable electricity by 2030 and zero landfill status as part of environmental responsibility initiatives.
Risk Analysis
Key Uncertainties
Significant uncertainties inherent in forward-looking statements regarding the achievement of goals within specified timeframes due to regulatory and cost fluctuations.
Third Party Dependencies
Increased dependency on partners like Emcure for the oral anti-diabetes segment, which involves margin-sharing arrangements.
Technology Obsolescence Risk
The company is mitigating technology risks by going 'all in' on AI to amplify capabilities in finance, supply chain, and regulatory affairs.
