Sai Parenteral's Limited Q2 profit reaches Rs 10.51 crore

Sai Parenteral's Limited reported consolidated profit after tax of Rs 10.51 crore for the quarter ended 30 September 2026, compared with Rs 6.35 crore a year earlier. Sai Parenterals recorded revenue from operations of Rs 194.02 crore, versus Rs 53.53 crore in the comparable quarter, while first-half operating cash flow was an outflow of Rs 205.46 crore.

How did Sai Parenterals perform in Q2?

Sai Parenterals reported higher consolidated revenue and profit for the quarter ended 30 September 2026. Revenue from operations was Rs 194.02 crore, compared with Rs 178.67 crore in the quarter ended 30 June 2026 and Rs 53.53 crore in the quarter ended 30 September 2025. Total income, including other income, reached Rs 198.64 crore, against Rs 182.01 crore sequentially and Rs 54.86 crore a year earlier.

Sai Parenterals’ profit after tax exceeded profit before tax in the latest quarter because current tax of Rs 1.62 crore was more than offset by a deferred-tax credit of Rs 2.24 crore. Basic and diluted earnings per share were Rs 2.38, compared with Rs 1.79 in the June 2026 quarter and Rs 0.48 in the September 2025 quarter. The company said quarterly earnings per share were not annualised.

What changed in Sai Parenterals’ expenses during Q2?

Sai Parenterals’ total expenses were Rs 188.71 crore in the September 2026 quarter, compared with Rs 172.62 crore in the June 2026 quarter and Rs 45.71 crore a year earlier. Cost of materials consumed declined sequentially to Rs 82.24 crore from Rs 116.12 crore, but was above Rs 20.04 crore in the September 2025 quarter. Other expenses rose to Rs 38.81 crore from Rs 37.39 crore sequentially and Rs 3.76 crore year on year.

Sai Parenterals recorded finance costs of Rs 8.98 crore and depreciation and amortisation expense of Rs 25.09 crore in Q2. In the preceding quarter, those items were Rs 9.36 crore and Rs 8.11 crore respectively, while the September 2025 quarter included Rs 2.17 crore of finance costs and Rs 1.44 crore of depreciation and amortisation. The filing reported no exceptional or extraordinary items for the quarter ended 30 September 2026.

What do Sai Parenterals’ half-year results show?

Sai Parenterals generated consolidated revenue from operations of Rs 373.59 crore for the half year ended 30 September 2026, compared with Rs 86.92 crore in the corresponding 2025 period. Profit after tax rose to Rs 18.43 crore from Rs 7.76 crore, while profit before tax increased to Rs 19.68 crore from Rs 11.16 crore. The September quarter contributed more than half of the reported first-half revenue and profit after tax.

Sai Parenterals disclosed one reportable segment under Indian Accounting Standard 108: branded generic formulations and contract development and manufacturing organisation, or CDMO, products and services in domestic and international markets. Its chief operating decision-maker evaluates performance on that single-segment basis, so the filing does not provide separate revenue, profit or asset figures for branded generics and CDMO activities. The audit committee reviewed the results and the board approved them on 1 November 2026, with statutory auditors issuing an unmodified limited-review conclusion.

Why did Sai Parenterals report negative operating cash flow?

Sai Parenterals recorded net cash outflow from operating activities of Rs 205.46 crore for the half year ended 30 September 2026, compared with an outflow of Rs 66.01 crore in the comparable 2025 period. Operating profit before working-capital changes was Rs 53.19 crore, up from Rs 17.96 crore. However, working-capital movements resulted in cash generated from operations of negative Rs 201.30 crore before tax payments.

The largest disclosed working-capital movement was a Rs 73.49 crore increase in trade and other receivables, compared with a Rs 24.48 crore increase in the prior-year half. Other financial liabilities declined by Rs 113.14 crore, other current liabilities declined by Rs 25.28 crore and inventories increased by Rs 7.49 crore. Loans and advances generated Rs 17.31 crore, while net taxes paid added a Rs 4.16 crore outflow.

Sai Parenterals also reported investing cash outflow of Rs 69.84 crore for the six months, compared with Rs 4.80 crore a year earlier. Purchases of property, plant and equipment were Rs 20.48 crore, capital work-in-progress increased by Rs 29.17 crore and financial assets increased by Rs 23.84 crore. Financing activities used Rs 12.34 crore, against an inflow of Rs 84.15 crore in the prior-year period, leaving cash and cash equivalents at Rs 129.33 crore on 30 September 2026, down from Rs 416.97 crore at 31 March 2026.

Conclusion

Sai Parenterals’ September-quarter figures show revenue above both the June 2026 and September 2025 quarters, while profit after tax reached Rs 10.51 crore. First-half revenue and profit also increased from the prior-year period, but the cash-flow statement shows that higher receivables, lower liability balances and investment spending accompanied the reported earnings.

The next disclosed matter to watch is Sai Parenterals’ proposed cash acquisition of the remaining 25% stake in SP Analytics Private Limited for Rs 25,000. The related-party transaction would make SP Analytics a wholly owned subsidiary, and the company said completion is planned on or before 31 December 2026.