🔍

Senores Pharmaceuticals Limited (SENORES)

₹1,318.40 +4.73% last close, 16 Oct

📊 NSE: SENORES 🏢 Pharmaceuticals - Indian - Formulations 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Senores Pharmaceuticals' revenue was ₹180 Cr (+30.6% year on year, +3.0% on the previous quarter), and net profit ₹30.4 Cr (+43.8% year on year); the operating margin was 29.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹180	+30.6%	+3.0%
Operating profit	₹53.8	+57.4%	+14.4%
Net profit	₹30.4	+43.8%	-17.7%
EPS (₹)	6.61	+43.7%	-3.6%
Operating margin	29.8%	—	—

Full quarterly financials → Results calendar →

SENORES delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 43.4% of the SENORES shares traded on NSE were taken to delivery, against the stock's own 20-session average of 46.56%. That is close to its usual level.

43.4%Delivery, 16 Oct

46.56%Own 20-session average

1.2×Volume vs its average

₹1,318.40NSE close · +4.73%

Delivery in the last 5 sessions: 43.8% · 46.5% · 60.8% · 40.3% · 43.4%

Delivery across the market →

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

Senores Pharma Postal Ballot: Re-appointment of MD and WTD, Revising Remuneration to ₹1.90 Cr

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 16 Oct 2026, 03:56 PM

Senores Pharmaceuticals has issued a postal ballot notice seeking shareholder approval via special resolutions to re-appoint Mr. Swapnil Jatinbhai Shah as Managing Director and Mr. Chetan Bipinchandra Shah as Whole Time Director & COO. The company proposes to revise Mr. Chetan Shah's remuneration to ₹1.90 crore per annum effective October 01, 2026, representing an ~11.76% hike. Remote e-voting is scheduled from October 19, 2026 to November 17, 2026, with results due by November 19, 2026. The approval is sought under Schedule V due to inadequate standalone profits in FY26, although consolidated operations remain profitable (FY26 consolidated PAT of ₹121.88 crore).

Re-appointment of Managing Director Swapnil Jatinbhai Shah and Whole Time Director Chetan Bipinchandra Shah via Special Resolutions
Proposed revision in remuneration for Chetan Bipinchandra Shah to ₹1.90 Cr per annum (an increase of ~11.76%) effective October 01, 2026
E-voting starts on Monday, October 19, 2026 (09:00 AM IST) and concludes on Tuesday, November 17, 2026 (05:00 PM IST)
Cut-off date for voting eligibility was Friday, October 09, 2026; voting results to be declared on or before November 19, 2026

💡 Track the announcement of postal ballot results on or before November 19, 2026, to verify formal shareholder approval for the executive terms and remuneration.

Senores Pharma Re-Appoints MD Swapnil Shah and WTD Chetan Shah for 3-Year Terms

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Oct 2026, 12:26 PM

Senores Pharmaceuticals' Board of Directors approved the re-appointment of Mr. Swapnil Jatinbhai Shah as Managing Director for a 3-year term starting October 15, 2026. The Board also approved the re-appointment of Mr. Chetan Bipinchandra Shah as Whole Time Director for a 3-year term effective November 10, 2026. Both appointments are subject to shareholder approval via postal ballot. These extensions provide leadership continuity as the company targets a 25% growth rate and expands its US manufacturing footprint.

Re-appointment of Managing Director Swapnil Jatinbhai Shah for a 3-year term starting October 15, 2026
Re-appointment of Whole Time Director Chetan Bipinchandra Shah for a 3-year term starting November 10, 2026
Both re-appointments are subject to shareholder approval via postal ballot
Swapnil Shah has over 15 years of industry experience; Chetan Shah has over 30 years of experience

💡 Track the upcoming postal ballot notice and shareholder voting results for formal confirmation of the re-appointments.

Senores Pharma Re-Appoints MD Swapnil Shah and WTD Chetan Shah for 3-Year Terms

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Oct 2026, 12:20 PM

Re-appointment of Managing Director Swapnil Jatinbhai Shah for a 3-year term starting October 15, 2026
Re-appointment of Whole Time Director Chetan Bipinchandra Shah for a 3-year term starting November 10, 2026
Both re-appointments are subject to shareholder approval via postal ballot
Swapnil Shah has over 15 years of industry experience; Chetan Shah has over 30 years of experience

💡 Track the upcoming postal ballot notice and shareholder voting results for formal confirmation of the re-appointments.

Senores Pharma Submits Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 01:10 PM

Senores Pharmaceuticals Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, on October 3, 2026. It confirms that securities received for dematerialisation were processed, confirmed or rejected, and mutilated according to regulatory timelines. This is a standard quarterly administrative filing with no impact on business operations or financials.

Compliance certificate submitted for the quarter ended September 30, 2026
Issued by RTA MUFG Intime India Private Limited dated October 3, 2026
Regulation 74(5) SEBI Depositories and Participants confirmation submitted to BSE and NSE on October 8, 2026

💡 No action required; this is a routine regulatory filing. Investors should monitor upcoming quarterly financial results for material operational updates.

USFDA Inspection at Vadodara Facility Concluded with 1 Minor Procedural Observation

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 11 Sep 2026, 01:45 PM

Senores Pharmaceuticals announced that the USFDA completed its inspection of subsidiary Apnar Pharma's Vadodara manufacturing facility between September 7 and September 11, 2026. The audit concluded with one minor procedural observation and zero GMP-related observations. The company stated that Apnar Pharma will submit its response within the stipulated timeframe. Given that the US is Senores' primary market (supporting its TTM revenue of ₹692 Cr), maintaining compliant facilities is critical to sustaining growth.

Inspection conducted from September 7, 2026, to September 11, 2026
Completed with 1 minor procedural observation
0 GMP-related observations reported
Inspection target: Vadodara manufacturing facility of subsidiary Apnar Pharma Private Limited

💡 Track the formal submission of Apnar Pharma's response and receipt of the final Establishment Inspection Report (EIR) from the USFDA confirming clearance.

Senores Pharmaceuticals Convenes 9th AGM on September 25, 2026; Files FY26 Annual Report

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 05:14 PM

Senores Pharmaceuticals Limited has issued the notice for its 9th Annual General Meeting (AGM), scheduled for September 25, 2026, via video conferencing. The cut-off date for determining member voting entitlement is September 18, 2026, with the remote e-voting window open from September 22 to September 24, 2026. The company has also submitted its Annual Report and Business Responsibility and Sustainability Report for FY2025-26. This is a routine statutory filing containing no unexpected operational developments.

9th AGM scheduled for Friday, September 25, 2026, at 11:30 A.M. IST via VC/OAVM
Record/cut-off date for e-voting eligibility set as Friday, September 18, 2026
Remote e-voting opens on September 22, 2026 (09:00 A.M. IST) and closes on September 24, 2026 (05:00 P.M. IST)
Published Annual Report for FY2025-26, where the company recorded annual revenue of ₹649.31 Cr and net profit of ₹121.88 Cr

💡 Eligible shareholders may participate in remote e-voting between September 22 and September 24, 2026, and track AGM outcomes for any strategic updates on US expansion and CDMO projects.

Senores Pharma to Attend Elara Capital Investor Conference on September 2, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Aug 2026, 12:46 PM

Senores Pharmaceuticals Limited has scheduled an interaction with institutional investors and analysts at an Investor Conference hosted by Elara Capital on September 2, 2026, from 11:00 AM IST onwards. The meetings will be held physically in Mumbai in a group/1-on-1 format. The company clarified that discussions will be restricted to publicly available information without any unpublished price-sensitive information (UPSI).

Investor conference scheduled for September 2, 2026, starting at 11:00 AM IST
Hosted by Elara Capital in Mumbai via physical group and 1x1 meetings
Discussions to be strictly based on publicly available information with no UPSI shared

💡 Track post-meet investor presentations or transcript disclosures, if any, for updates regarding the company's US capacity expansion and ANDA commercialization pipeline.

Senores Pharma to Incorporate Subsidiaries in Mexico and Canada, Approves ESOS 2026

🟡 NEUTRAL ⭐ 5/10

EXPANSION 📅 26 Aug 2026, 06:50 PM

Senores Pharmaceuticals' Board has approved the incorporation of a 100% Wholly Owned Subsidiary (WOS) in Mexico and a subsidiary (with >=51% holding) in Canada to expand international pharmaceutical distribution. The Board also approved the Senores Pharmaceuticals Employee Stock Option Scheme 2026 (ESOS 2026), subject to shareholder approval. Additionally, Mrs. Shilpa Sharma was appointed as Company Secretary & Compliance Officer, and Mr. Viranchi Arvindbhai Shah was appointed as an Independent Director for a 5-year term w.e.f. August 26, 2026.

Approved incorporation of 100% Wholly Owned Subsidiary in Mexico for pharma distribution
Approved incorporation of Canada subsidiary with 51% or more equity holding
Approved adoption of ESOS 2026 scheme subject to shareholder approval
Appointed Mr. Viranchi Arvindbhai Shah as Independent Director for a 5-year term w.e.f. August 26, 2026
Appointed Mrs. Shilpa Sharma as Company Secretary and Compliance Officer w.e.f. August 26, 2026

💡 Track shareholder approval for the ESOS 2026 scheme and monitor commercial rollout timelines and regulatory filings in the Canadian and Mexican markets.

Senores Pharma Approves Mexico & Canada Subsidiaries, Appoints CS & Director, Adopts ESOS 2026

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 26 Aug 2026, 06:50 PM

Senores Pharmaceuticals' Board of Directors approved key corporate and international expansion decisions at its meeting on August 26, 2026. The company approved the incorporation of a 100% Wholly Owned Subsidiary in Mexico and a 51%+ subsidiary in Canada to handle pharma supply and distribution. Additionally, Mrs. Shilpa Sharma was appointed as Company Secretary & Compliance Officer and Mr. Viranchi Arvindbhai Shah as Independent Director for a 5-year term. The Board also approved the Senores Pharmaceuticals Employee Stock Option Scheme 2026 (ESOS 2026), subject to shareholder approval.

Approved incorporation of 100% Wholly Owned Subsidiary (WOS) in Mexico for pharma distribution
Approved incorporation of a Canadian subsidiary with 51% or more shareholding
Appointed Mrs. Shilpa Sharma as Company Secretary & Compliance Officer effective August 26, 2026
Appointed Mr. Viranchi Arvindbhai Shah as Non-Executive Independent Director for a 5-year term
Approved adoption of Senores Pharmaceuticals Employee Stock Option Scheme 2026 (ESOS 2026)

💡 Track the completion of entity incorporations in Mexico and Canada along with shareholder approval timelines for ESOS 2026.

Senores Pharma to Incorporate Subsidiaries in Mexico & Canada, Approves ESOS 2026 Scheme

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 26 Aug 2026, 06:50 PM

Senores Pharmaceuticals' Board has approved the incorporation of a 100% Wholly Owned Subsidiary in Mexico and a 51%+ subsidiary in Canada to handle pharma supply and distribution. The Board also approved the Senores Pharmaceuticals Employee Stock Option Scheme 2026 (ESOS 2026), subject to shareholder approval. Additionally, Mrs. Shilpa Sharma was appointed as Company Secretary & Compliance Officer, and Mr. Viranchi Arvindbhai Shah was appointed as an Independent Director for a 5-year term.

Approved incorporation of a 100% Wholly Owned Subsidiary in Mexico for pharma supply and distribution
Approved incorporation of a subsidiary in Canada with 51% or more shareholding
Adopted ESOS 2026 scheme for employees of the company and subsidiaries, subject to shareholder vote
Appointed Mr. Viranchi Arvindbhai Shah as Independent Director for a 5-year term w.e.f. August 26, 2026
Appointed Mrs. Shilpa Sharma as CS and Compliance Officer w.e.f. August 26, 2026

💡 Track upcoming shareholder voting for ESOS 2026 approval and subsequent regulatory filings on the exact capitalization and operational rollout in Mexico and Canada.

Senores Pharma to Incorporate Subsidiaries in Canada (>=51% Stake) and Mexico (100% Stake)

🟡 NEUTRAL ⭐ 5/10

EXPANSION 📅 26 Aug 2026, 06:50 PM

Senores Pharmaceuticals' Board of Directors has approved the incorporation of two international entities to expand its global footprint: a 100% wholly owned subsidiary in Mexico and a subsidiary in Canada with 51% or more equity holding. Both entities will focus on the supply and distribution of pharmaceutical products in their respective regional markets. Additionally, the Board approved the Senores Employee Stock Option Scheme 2026 (ESOS 2026) and appointed a new Independent Director and Company Secretary effective August 26, 2026.

Approved incorporation of a Wholly Owned Subsidiary in Mexico holding 100% share capital for cash consideration
Approved incorporation of a Canadian subsidiary holding 51% or more share capital directly or via a WOS
Both entities aimed at establishing direct pharmaceutical supply and distribution channels
Appointed Viranchi Arvindbhai Shah as Independent Director for a term of 5 consecutive years w.e.f. August 26, 2026
Approved Senores Pharmaceuticals Employee Stock Option Scheme 2026 (ESOS 2026) subject to shareholder approval

💡 Track subsequent filings regarding capital infusion amounts, regulatory clearances in Canada and Mexico, and operational rollout timelines for product distribution in these geographies.

Senores Pharma Issues ₹62 Cr Corporate Guarantee for Subsidiary Apnar Pharma

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Aug 2026, 05:46 PM

Senores Pharmaceuticals Limited has issued a corporate guarantee of ₹62 crore in favor of ICICI Bank Limited to secure credit facilities availed by its subsidiary, Apnar Pharma Private Limited. The transaction was executed on August 24, 2026, at arm's length and will be classified as a contingent liability on the company's balance sheet. The guarantee value represents approximately 8.3% of Senores Pharma's net worth (₹750 crore) and ~9.0% of its TTM revenue (₹692 crore). There is no immediate financial cash outflow for the parent company.

Issued ₹62 crore corporate guarantee to ICICI Bank for subsidiary Apnar Pharma Private Limited
Guarantee executed on August 24, 2026, and valid until closure of credit facilities
Transaction confirmed at arm's length; promoters' interest limited to directorships in the subsidiary
Creates a contingent liability representing ~8.3% of Senores' net worth of ₹750 crore

💡 Track subsequent quarterly financial statements for changes in contingent liabilities and overall debt levels across operating subsidiaries.

Senores Pharma to Attend Antique Stock Broking Investor Conference on August 25, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Aug 2026, 06:36 PM

Senores Pharmaceuticals Limited has scheduled an interaction with analysts and institutional investors on August 25, 2026, starting at 11:00 AM IST. The conference is hosted by Antique Stock Broking and will consist of physical group and 1-on-1 meetings in Mumbai. The company affirmed that discussions will rely strictly on publicly available information without any unpublished price-sensitive information (UPSI).

Meeting scheduled for August 25, 2026, starting from 11:00 AM IST onwards
Investor conference hosted by Antique Stock Broking
Format includes physical Group and 1x1 Meetings in Mumbai
No unpublished price sensitive information (UPSI) will be shared

💡 Track post-meet investor presentations or transcripts, if published, for management commentary on US capacity expansion and ANDA commercialization timelines.

Senores Pharma Shareholders Approve IPO Proceed Variation and Enhanced Loan Limits

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 04 Aug 2026, 05:55 PM

Senores Pharmaceuticals has received shareholder approval via postal ballot for several key resolutions, including the variation and extension of IPO proceed utilization. The company originally earmarked Rs 154.8 Cr of IPO proceeds for inorganic growth, and this approval allows for changes in the objects and timeline. Notably, while the resolution to enhance loan and guarantee limits under Section 185 passed, it faced significant institutional opposition with 65.79% of institutional votes cast against it. Additionally, material related-party transactions with entities like Havix Group and Ratnatris Pharmaceuticals were approved.

Resolution to vary IPO proceed utilization and extend the timeline passed with 99.99% overall majority.
Institutional investors showed high dissent on Section 185 loan limit enhancement, with 65.79% voting against.
Material Related Party Transaction with Ratnatris Pharmaceuticals saw 21.04% of total votes cast against it.
Enhancement of Section 186 investment limits passed with 98.96% majority despite 8.32% institutional dissent.
The voting process concluded on August 03, 2026, with results finalized on August 04, 2026.

💡 Investors should monitor the specific revised allocation of the Rs 154.8 Cr IPO proceeds and watch for any large inter-corporate loans or guarantees that may now be issued under the newly enhanced limits.

Senores Pharma Guides for 50-60% PAT Growth in FY27; Portfolio Expands to 58 Approved ANDAs

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 03 Aug 2026, 03:23 PM

Senores Pharmaceuticals has issued aggressive growth guidance for FY27, targeting 30-40% revenue growth and 50-60% PAT growth. The company has nearly doubled its approved ANDA portfolio from 30 to 58 over the last 12 months, with 35 approved products slated for commercialization within the next 18-20 months. Management is expanding its Apnar facility with 3rd and 4th production lines to support a long-term revenue target of Rs 2,500 crore, which is approximately 3.8x its current TTM revenue. The regulated market segment showed strong momentum with 42% YoY growth in Q1 FY27.

Management guides for FY27 revenue growth of 30-40% and PAT growth of 50-60%
Approved ANDA portfolio increased from 30 in June 2025 to 58 in June 2026
Pipeline includes 39 molecules with 110+ strengths under various stages of development
Long-term revenue target set at Rs 2,500 crore, representing a significant scale-up from TTM revenue of Rs 649 crore
Regulated market business delivered 42% YoY revenue growth in Q1 FY27

💡 Watch for the successful commercialization of the 35 approved-but-not-yet-launched ANDAs and the commissioning of the 3rd and 4th production lines at the Apnar facility as key execution milestones.

View All SENORES Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Regulated Markets grew 86.9% YoY to INR 106.9 Cr in Q2 FY26; Emerging Markets declined 13.4% YoY to INR 31.7 Cr; Branded Generics grew 1337.3% YoY to INR 11.9 Cr; API segment declined 20.5% YoY to INR 2.9 Cr.

Geographic Revenue Split

Regulated Markets (US, Canada, UK) contributed 69.7% of Q2 FY26 revenue (INR 106.9 Cr); Emerging Markets contributed 20.7% (INR 31.7 Cr); Branded Generics (India) contributed 7.8% (INR 11.9 Cr).

Profitability Margins

Gross Margin improved to 64.7% in Q2 FY26 (up 1,230 bps YoY); EBITDA Margin reached 30.6% (up 750 bps YoY); PAT Margin stood at 18.6% (up 560 bps YoY).

EBITDA Margin

EBITDA Margin was 30.6% in Q2 FY26, a 750 bps increase from 23.1% in Q2 FY25, driven by a higher share of own ANDA product launches which carry 40-42% margins.

Capital Expenditure

Planned Capex of INR 107.0 Cr for a sterile injection manufacturing facility in Atlanta; INR 154.8 Cr allocated for inorganic growth and strategic initiatives.

Credit Rating & Borrowing

Company plans to use INR 73.1 Cr for full/partial repayment of borrowings and INR 20.2 Cr for subsidiary Havix's debt repayment. Specific interest rates not disclosed.

⚙️ Operational Drivers

Raw Materials

Not disclosed in available documents; COGS represented 37.2% of revenue in Q2 FY26 (INR 57.1 Cr).

Key Suppliers

Not disclosed in available documents; management notes dependence on a limited supplier base as a risk.

Capacity Expansion

US facility expanding from 1.2 billion units to 2 billion units; 3rd manufacturing line operational in Q3 FY26 and 4th line by end of FY26.

Raw Material Costs

Total COGS for H1 FY26 was INR 118.4 Cr, representing 39.5% of total income, compared to INR 82.5 Cr in H1 FY25.

Manufacturing Efficiency

Capacity utilization is being optimized through the addition of new manufacturing lines in the US to reach 2 billion units to support a 25%+ growth target.

📈 Strategic Growth

Expected Growth Rate

25%

Growth Strategy

Growth driven by 4 pillars: (i) Expansion of ANDA portfolio in Regulated Markets; (ii) Scale-up of CDMO/CMO segment; (iii) Portfolio expansion in Emerging Markets; and (iv) Scale-up of Branded Generics in India.

Products & Services

Pharmaceutical formulations including Tablets, Capsules, Sterile Injections, and Controlled Substances; also provides CDMO/CMO services and management consultancy.

Brand Portfolio

Senores, Havix, Ratnatris.

New Products/Services

Planned new product launches every quarter for the next 4-5 quarters; 86 new approvals received in Emerging Markets during Q2 FY26.

Market Expansion

Expanding US manufacturing footprint in Atlanta and increasing penetration in Emerging Markets through 86 new product approvals.

Strategic Alliances

Utilizes profit-share models with marketing partners for own ANDA products, supplemented by licensing fees and COGS reimbursement.

🌍 External Factors

Industry Trends

Industry involves a 5-year journey from development to commercialization; shift toward own ANDA launches is driving margin expansion from 35% toward 40-42% in regulated markets.

Competitive Landscape

Competes in the global generic and CDMO markets; management focuses on 'mid-tier standardized markets' to avoid high-competition segments.

Competitive Moat

Moat built on US-based manufacturing for controlled substances, a diversified business model (CDMO + Own Products), and a strong pipeline of 86+ new approvals.

Geopolitical Risks

Geographical concentration risk in the US market; regulatory changes in pharmaceutical standards could trigger litigation or product bans.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with US FDA, Indian Accounting Standards (Ind AS), and Section 133 of the Companies Act, 2013.

Environmental Compliance

Subject to various environmental laws regarding prevention and control of pollution; specific costs not disclosed.

Taxation Policy Impact

Effective tax rate resulted in INR 15.8 Cr tax expense for H1 FY26 on PBT of INR 67.1 Cr (~23.5%).

⚠️ Risk Analysis

Key Uncertainties

Regulatory non-compliance risk could trigger product bans or penalties; 180-day exclusivity periods for generics create revenue cliffs if new products aren't launched.