Senores Pharmaceuticals Limited, a global research-driven pharmaceutical company engaged in developing and manufacturing specialty, niche and complex products for Regulated and Emerging Markets, announced its unaudited financial results for the quarter and half year ended September 30, 2026.
The company delivered broad-based growth in Q2 and H1 FY27, recording its highest-ever quarterly revenue and EBITDA in Q2. Performance was supported by continued momentum across Regulated and Emerging Markets, improved profitability, expansion of its product portfolio and stronger cash generation.
Strong Financial Performance
In Q2 FY27, Senores reported revenue of ₹192.3 crore, up 24.9% year-on-year. EBITDA stood at ₹58 crore, an increase of 38% year-on-year, while profit after tax (PAT) reached ₹37 crore, growing 22%. EBITDA margin expanded by approximately 290 basis points year-on-year.
For H1 FY27, revenue reached ₹372.5 crore, registering 30% year-on-year growth. EBITDA increased 58% to ₹111 crore and PAT grew 31% to ₹67 crore. EBITDA margin expanded by approximately 530 basis points year-on-year. Cash from operations stood at ₹38 crore in H1 FY27, compared with ₹31 crore in the corresponding period last year.
Performance Across Key Business Segments
Regulated Markets
Regulated Markets continued to be a key growth driver, with revenue of ₹136.7 crore in Q2 FY27, up 27.9% year-on-year. For H1 FY27, revenue grew 34.3% to ₹264.5 crore.
Senores nearly doubled its Regulated Markets portfolio, expanding from 34 ANDAs as of September 2025 to 64 ANDAs as of September 2026. Of these, 23 ANDAs have been commercialized, with 41 planned launches over the next 18–24 months. The company’s CDMO/CMO pipeline includes 41 molecules covering approximately 130 strengths.
Emerging Markets
The Emerging Markets business continued on a steady growth trajectory. Revenue reached ₹38.4 crore in Q2 FY27, growing 21.2% year-on-year. H1 FY27 revenue increased 25.3% to ₹76 crore. The company continues to focus on niche products and streamlined go-to-market strategies, with improving profitability and positive cash flows.
Branded Generics and Other Revenue
The Branded Generics business recorded revenue of ₹9.5 crore in Q2 FY27, compared with ₹11.9 crore in the corresponding quarter last year. Revenue from Others stood at ₹7.8 crore in Q2 FY27, compared with ₹3.4 crore in Q2 FY26.
Operational and Strategic Developments
Senores continued to strengthen its manufacturing and commercialization platform. The scale-up of the Apnar facility and the upcoming contributions from Zoraya and Amerisyn are expected to support growth visibility and operating leverage. Initial set-up and operating costs associated with Zoraya and Amerisyn, which have not yet generated corresponding revenue, affected EBITDA during the period.
The company’s Emerging Markets business is expected to benefit from entry into Europe and anticipated PIC/S approval for its Chhatral facility. In India, investments in field-force expansion and market reach are expected to support the critical care injectables business.
Management Commentary
Commenting on the performance, Mr. Swapnil Shah, Managing Director, Senores Pharmaceuticals Limited, said:
“We delivered another robust performance in Q2 and H1 FY27, marking our 9th consecutive quarter of healthy double-digit growth. Strong execution, operational excellence and diversified business operations continue to drive growth and strengthen our business fundamentals.
Our Regulated Markets business sustained strong momentum, with our ANDA portfolio nearly doubling to 64, including 23 commercialized products and 41 planned launches over the next 18–24 months. Strong launch readiness, the scaling up of our Apnar facility, and the upcoming contributions from Zoraya and Amerisyn provide clear growth visibility. Our CDMO/CMO opportunities and pipeline of 41 molecules covering approximately 130 strengths further strengthen our growth platform.
Our Emerging Markets business continued to grow, with improving profitability and positive cash flows. Entry into Europe and the anticipated PIC/S approval for our Chhatral facility are expected to expand market access and support future growth. In India, investments in field-force expansion and market reach position our critical care injectables business for steady progress.
Operating cash flow improved to ₹38 crore in H1 FY27, compared with ₹31 crore in the previous year. While initial costs for Zoraya and Amerisyn temporarily impacted profitability, their anticipated scale-up from FY28 onwards is expected to drive operating leverage and improve margins.
Backed by a robust product pipeline, expanded manufacturing capabilities and strong commercial launch visibility, we remain on track to deliver 30–40% revenue growth and 50–60% PAT growth in FY27, followed by anticipated annual growth of 20–25% over the next two years.”
Outlook
Senores remains on track to deliver 30–40% revenue growth and 50–60% PAT growth in FY27, supported by its product pipeline, expanded manufacturing capabilities and visibility of commercial launches. The company anticipates annual growth of 20–25% over the following two years.