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Sai Parenteral's Ltd IPO
Sai Parenteral's Ltd
₹14,136 /38 sharesMinimum investment
IPO listing details
Listed on
2 Apr '26
Issue price
₹392.00
Listing price
₹400.00
Listing gains
₹8.00 (2.04%)
Exchange
BSE
IPO details
Minimum investment
₹14,136
Price range
₹372 - ₹392
Lot size
38
Issue size
408.79 Cr
Face value
5
IPO document
Subscription rate
Qualified Institutional Buyers1.71x
Non-Institutional Investor2.36x
Retail Individual Investor0.12x
Total1.05x
As of 27 Mar'26, 05:31 PM
Schedule
24 Mar 2026
IPO open date
27 Mar 2026
IPO close date
30 Mar 2026
Allotment date
30 Mar 2026
Funds unblock or debit
2 Apr 2026
Tentative listing date
About
Founded in
2001
MD/CEO
Mr Anil Kumar Karusala
Parent organisation
Sai Parenteral's Ltd
Sai Parenteral's Ltd IPO
https://www.youtube.com/watch?v=sY4BAkPGyDc
Sai Parenteral's Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
Sai Parenterals Limited has expanded from an injectables-focused business into a broader pharmaceutical formulations company with capabilities across injectables, tablets, capsules, liquid orals, and ointments.
The company claims to have a diversified presence across both branded generic formulations and CDMO operations, which gives it exposure to more than one business segment. The share of CDMO revenue has increased over the last few years, which indicates a broader operating mix beyond its traditional formulations business.
The company claims to own and operate five manufacturing facilities in India, with four located in Hyderabad, Telangana, and one in Ongole, Andhra Pradesh. As of March 31, 2025, these facilities had a combined installed capacity of 1,160 million units per year on a single-shift basis, covering injectables as well as oral dosage forms.
The company’s manufacturing facilities carry specific regulatory accreditations that support its operations in regulated and semi-regulated markets. Unit I is GMP certified, Unit II is WHO-GMP certified, Unit III is accredited by TGA Australia and PIC/S, and Unit IV is WHO-GMP certified and PIC/S accredited.
Sai Parenterals Limited claims to have in-house formulation research and development (R&D) and quality control capabilities. Its FR&D facility at Unit III had a team of 34 personnel as of December 31, 2025, while its dedicated quality control function had 41 qualified personnel supporting product testing, regulatory documentation, and compliance processes.
The company has built a distribution presence across both domestic institutional channels and export markets. It supplies to government procurement agencies, PMBJP locations, ESI hospitals, and super stockists in India, and as of December 31, 2025, it had supplied branded generic formulations to 10 countries through a network of seven distributors.
The company has followed an acquisition-led expansion strategy to strengthen its manufacturing base and international presence. Its acquisitions of Units III and IV, Revat Laboratories, and a 74.60% stake in Noumed appear to have helped expand its dosage capabilities, regulatory reach, export presence, and CDMO platform.
The company has seen a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 96.80 crore in FY23 to Rs 153.76 crore in FY24 to Rs 163.11 crore in FY25, while PAT increased from Rs 4.38 crore in FY23 to Rs 8.41 crore in FY24 to Rs 14.45 crore in FY25.
The company’s manufacturing facilities are geographically concentrated in Telangana and Andhra Pradesh. It operates five manufacturing facilities, of which four are located in Hyderabad, Telangana, and one in Ongole, Andhra Pradesh, through its subsidiary Revat Laboratories. Any adverse political, economic, social, or regulatory developments in this region, or disruptions such as natural disasters or infrastructure failures, could adversely affect the company’s business, operations, and financial condition.
A substantial portion of the company’s revenue has historically been derived from injectable formulations. Revenue from injectables amounted to Rs 22.19 crore (25.54%), Rs 70.97 crore (44.78%), Rs 71.38 crore (47.64%), and Rs 89.08 crore (92.03%) during the six months ended September 30, 2025, and FY25, FY24, and FY23, respectively. Any reduction in demand for injectable products or regulatory restrictions affecting these products could adversely affect the company’s business and financial performance.
The company derives a significant portion of its revenue from a limited number of customers. The top 10 customers in the branded generics segment contributed Rs 57.46 crore (66.11%), Rs 110.11 crore (69.47%), Rs 121.28 crore (80.95%), and Rs 78.81 crore (81.42%) to revenue during the six months ended September 30, 2025, and FY25, FY24, and FY23, respectively. Any failure to retain these customers or a reduction in orders from them could adversely impact the company’s revenue and profitability.
The company depends on third-party suppliers for key raw materials such as APIs, excipients, and packaging materials and does not maintain long-term supply contracts with them. Purchases from the top five suppliers accounted for Rs 44.87 crore (56.68%), Rs 62.73 crore (66.84%), Rs 46.06 crore (48.52%), and Rs 29.85 crore (51.61%) of total raw material purchases during the six months ended September 30, 2025, and FY25, FY24, and FY23, respectively. Any disruption in supply or increase in prices of these materials could adversely affect the company’s manufacturing operations and margins.
The company recorded negative cash flows from operating activities amounting to Rs 66.01 crore during the six months ended September 30, 2025, Rs 29.76 crore in FY24, and Rs 12.80 crore in FY23. This was due to a significant rise in trade receivables and inventories, which used up a significant part of the operating cash. It also recorded negative cash flows from investing activities amounting to Rs 4.80 crore during the six months ended September 30, 2025, Rs 46.32 crore in FY24, and Rs 19.03 crore in FY23. Additionally, it recorded negative cash flows from financing activities amounting to Rs 35.88 crore in FY25. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
The company and its subsidiary have faced regulatory actions in the past relating to manufacturing compliance and product quality. For instance, the Drugs Control Administration directed the company’s subsidiary Revat Laboratories to cease manufacturing activities in May 2024 for alleged non-compliance with Schedule M, although the order was later stayed by the high court. Any future regulatory actions, product recalls, or suspension of licenses could adversely affect the company’s reputation and operations.
The company’s business is partly dependent on government tenders and institutional customers. It has secured tenders from government health agencies in states such as Andhra Pradesh, Telangana, Rajasthan, and Tamil Nadu. Any blacklisting by government authorities or changes in procurement policies could restrict the company’s ability to participate in future tenders and adversely affect revenue.
The company’s international business exposes it to regulatory, currency, and geopolitical risks. Export revenue amounted to Rs 20.68 crore during the six months ended September 30, 2025, Rs 25.82 crore in FY25, Rs 9.00 crore in FY24, and Rs 2.56 crore in FY23. Any changes in foreign regulatory requirements, currency fluctuations, or trade restrictions could adversely impact the company’s international operations.
The company, its promoters, directors, and subsidiary are involved in certain ongoing legal proceedings. Any adverse judgment in these matters could negatively impact the company’s financial condition and reputation.
The company has made significant R&D investments to develop new pharmaceutical formulations and dossiers. As of December 31, 2025, it had developed 55 dossiers in-house. However, delays in product development, regulatory approvals, or failure to commercialise new products could adversely affect the company’s growth prospects.
The company has recently undertaken acquisitions, including the acquisition of Revat Laboratories and a majority stake in Noumed. Such acquisitions involve integration risks, potential operational challenges, and financial exposure. Any failure to successfully integrate these businesses or realise expected benefits from the acquisitions could adversely affect the company’s performance.
Application details
For Sai Parenteral's IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹372 - ₹392 | Upto ₹2 Lakhs | 38 |
| High Networth Individual | ₹372 - ₹392 | ₹2 - ₹5 Lakhs | 38 |
About
Objective of Sai Parenterals IPO
|
Objective Category
|
Description |
Amount (Approx.)
|
| Capacity Expansion & Upgradation | Expansion and modernization of existing manufacturing facilities to increase production capabilities | ₹110.8 crore |
| Establishment of R&D Centre | Setting up a new research & development centre to enhance product innovation and pipeline | ₹18 crore |
| Repayment / Pre-payment of Borrowings | Reducing debt burden by repaying certain outstanding loans | ₹14.3 crore |
| Working Capital Requirements | Funding day-to-day operational needs including inventory, receivables, etc. | ₹33 crore |
| Investment in Subsidiary (Acquisition Funding) | Investment in Singapore subsidiary for acquisition of Noumed Pharmaceuticals (Australia) | ₹35.64 crore |
| General Corporate Purposes | Miscellaneous business needs, administrative expenses, and strategic initiatives |
Remaining proceeds
|
Sai Parenterals IPO Registrar
Bigshare Services Pvt.Ltd.
Phone No.+91-22-6263 8200
Email: [email protected]
Sai Parenterals IPO Lead Manager
Arihant Capital Markets Ltd.