Ahmedabad, Jan 21: Senores Pharmaceuticals Limited sustained its strong growth momentum in the third quarter of FY26, reporting robust financial and operational performance across regulated, emerging, and branded generics businesses. The research-driven pharmaceutical company announced its unaudited results for the quarter and nine months ended December 31, 2025.
During Q3 FY26, Senores reported consolidated revenue of ₹175 crore, marking a 64% year-on-year increase. EBITDA rose 86% to ₹54 crore, while profit after tax surged 105% to ₹34 crore. For the nine-month period ended December 2025, consolidated revenue stood at ₹474 crore, up 65% year-on-year, with EBITDA of ₹138 crore and PAT of ₹85 crore, reflecting growth of 87% and 110%, respectively.
Operating cash flow continued to strengthen, with ₹19 crore generated in Q3 FY26 and ₹51 crore in 9M FY26, supported by improved EBITDA-to-cash conversion.
Strong performance across key markets
Regulated Markets: Revenue from regulated markets reached ₹112.7 crore in Q3 FY26, growing 60.5% year-on-year, while 9M FY26 revenue rose 71.5% to ₹309.6 crore. EBITDA margin for the segment stood at 40%. During the quarter, the company launched two new ANDAs with three strengths. Senores now has 46 approved ANDAs covering 137 strengths, with 22 additional ANDAs involving over 50 strengths under development, providing strong medium-term growth visibility. The CDMO/CMO portfolio includes 16 commercial products with 34 strengths and an equally strong pipeline.
Emerging Markets: The emerging markets business recorded its highest-ever quarterly revenue and EBITDA in Q3 FY26. Revenue grew approximately 48% year-on-year, with EBITDA margin expanding sharply to around 13%, compared to about 1% in Q3 FY25. For 9M FY26, EBITDA margin stood at around 9%. The company now has 450 approved products and 858 under registration, with presence across more than 40 countries. Importantly, the business has turned cash-flow positive, supported by a shift toward niche and higher-value products.
Branded Generics: The India-focused branded generics business continued its rapid scale-up, with revenue growing over six-fold year-on-year in Q3 FY26. Several products are now approved and supplied to large multi-specialty hospital chains across India, reflecting strong product acceptance and clinician adoption.
Management commentary:
Commenting on the results, Swapnil Shah, Managing Director, Senores Pharmaceuticals Limited, said, “Q3 FY26 marked another strong quarter for us, with healthy growth across revenues, profitability, and cash flows. Our regulated markets business continues to be the primary growth engine, supported by a deep ANDA pipeline and improving operating leverage.
The acquisition of Apnar Pharmaceuticals has strengthened our manufacturing footprint and accelerated our scale-up plans. Integration is progressing faster than expected, and the business is already contributing positively.
In emerging markets, our focus on niche products has translated into meaningful margin expansion and cash-flow positivity. The branded generics business in India is also gaining traction, with growing acceptance across leading hospital networks. We remain confident of delivering on our full-year guidance and sustaining this momentum in the coming quarters.”
Strategic outlook
Senores continues to execute on its four strategic growth pillars:
- Expansion of the ANDA portfolio in regulated markets
- Steady scale-up of CDMO/CMO operations
- Portfolio expansion and profitability improvement in emerging markets
- Accelerated growth of the branded generics business in India
Ongoing investments in R&D, product development, and manufacturing capacity, including the phased acquisition of Apnar Pharmaceuticals, are expected to support consistent growth, stronger margins, and improved cash flows over the medium term.
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