Sai Parenteral's Ltd IPO
Pharmaceuticals
Price Band
₹372 – ₹392
Lot Size
38
Minimum Bid Quantity
38
Minimum Investment
₹14896
Issue Size
₹408.79Cr
Opens
2026-03-24
Closes
2026-03-27
Listing
02-04-2026
Subscription Status
Qualified Institutional Buyers
1.71 x
Non-Institutional Investor
2.36 x
Retail Individual Investor
0.12 x
Total
1.05 x
IPO Details
Issue Type
EQUITY
Face Value
₹5
Tick Size
1
ISIN
INE0H9F01037
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Sai Parenteral’s Limited is a pharmaceutical formulations company engaged in the research, development, and manufacturing of pharmaceutical products. The company operates in two main segments: branded generic formulations and contract development and manufacturing organisation (CDMO) services for domestic and international markets. Its product portfolio covers multiple therapeutic areas, including cardiovascular, neuropsychiatry, anti-diabetic, respiratory health, antibiotics, gastroenterology, vitamins and supplements, analgesics, and dermatology. The company manufactures products in several dosage forms such as injectables, tablets, capsules, liquid orals, and ointments. Sai Parenterals supplies its branded generic formulations to customers, including government agencies, pharmaceutical companies, hospitals, and distributors in India, and also exports products to markets such as Australia, New Zealand, Southeast Asia, the Middle East, and Africa. The company operates five manufacturing facilities in India, four of which are located in Hyderabad, Telangana, while another facility owned by its subsidiary Revat Laboratories is located in Ongole, Andhra Pradesh. These facilities manufacture pharmaceutical formulations in compliance with applicable regulatory standards.
Pros
- • 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.
Cons
- • 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.
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