Sanjivani Paranteral in Q4 FY26: A sharp export disruption, and a FY27 pivot to IV fluids

Sanjivani Paranteral Limited ended Q4 FY26 with a weak standalone quarter after a disruption in exports during March 2026. Standalone revenue from operations fell to INR 10.5 crore, down 42.2% year on year. EBITDA including other income came in at INR 1.7 crore and PAT at INR 0.9 crore.

For FY26, the picture was more stable but still softer. Standalone revenue from operations was INR 64.8 crore, down 7.6% year on year. EBITDA including other income was INR 10.6 crore and PAT was INR 6.9 crore.

Management’s explanation was direct. The export environment was normal through January and most of February, but towards end-February, Iran-related geopolitical conflict disrupted trade activity across the Middle East. Shipping routes, vessel movement, and cargo handling were impacted. Since the Middle East is a key export market, management said the company could not execute exports in March 2026. That lost dispatch window pulled down Q4 revenues.

At the same time, management flagged an increase in raw material and packing input costs during March. The combination of higher inputs and weaker operating leverage also hurt gross margins.

What changed in Q4: mix shift, and operating leverage

The segment mix shifted sharply in Q4 FY26. On a standalone basis, tablets formed 52.0% of revenue, while injectables fell to 44.4%. In Q4 FY25, injectables had been the dominant category.

Geographically, exports remained the mainstay. In Q4 FY26, exports contributed 85.26% of standalone revenue from operations, while domestic contributed 14.74%. Region-wise for Q4 FY26, Latin America and Middle East and Africa were both in the mid-30% range, with India and subcontinent at about 24%.

The quarterly P&L also shows why profitability moved down. Standalone gross margin in Q4 FY26 was 47.3% versus 50.7% in Q4 FY25. EBITDA margin (including other income) was 15.8% versus 16.8% a year ago, while PAT margin dropped to 8.3% from 11.8%.

Financial snapshot

The FY27 narrative: base recovery plus a visible IV fluids ramp

The management commentary positioned FY26 as a transition year from a single-engine base business to a multi-vertical platform. The key new vertical is the Pune IV fluids facility, which has started contributing to consolidated revenues.

On the call, management said the Pune infusion facility reported revenue contribution of about INR 1.2 crore in Q3 FY26, increasing to about INR 2.7 crore in Q4 FY26. Management also clarified that while the facility is approved and commercialized, product-wise approvals are ongoing, and commercial scale-up depends on approvals for individual products.

They provided a clear view of where this could go in FY27. Revenue guidance for the base business was around INR 80 crore to INR 85 crore for FY27, and for the Pune IV business around INR 60 crore to INR 65 crore annually. On utilization, management said the Pune plant started commercial production in December 2025 and is expected to ramp through the year, reaching about 70% utilization by Q4 of FY27.

Margins were also guided with ranges. Management stated the baseline business EBITDA margin should be around 15.5% to 16.5%. For the Pune IV business, management guided an annualized EBITDA margin of around 17% to 18%. They also said that while EBITDA targets have been met, the interest and depreciation burden is heavier in the early phase and should normalize as operations scale, with break-even expected in FY27.

Prague nutraceuticals and the export risk lens

Sanjivani also has an overseas nutraceutical venture in Prague through a JV, with Sanjivani owning 45%. Management said sales from that JV do not reflect in Sanjivani’s revenue due to minority ownership and that only profit would flow to the parent. They indicated the JV generated about EUR 0.5 million to EUR 0.6 million revenue in the last calendar year. However, they also said first-year profit was not remitted to Sanjivani due to European Union restrictions on taking dividend in the first year, and that remittance is expected in the current year.

The quarter also highlighted a structural risk the company needs to manage: export concentration and exposure to volatile regions. In FY26 standalone, exports were 78.5% of revenue. Management said Middle East and Africa together account for around 40% to 45% of topline. After the March disruption, management said it implemented alternative routes, including shipping through Saudi Arabia and Turkey and an alternative via Southeast Asia. They acknowledged logistics challenges could persist for 1 to 3 months, but stated export execution has started improving and expects broader recovery in Q1 FY27.

Takeaways

Q4 FY26 was a reminder that Sanjivani’s earnings can be sensitive to export logistics, especially when a key dispatch month is disrupted. The management response was to reroute shipments and stabilize execution, and the near-term expectation is recovery in Q1 FY27.

The larger shift is strategic. With the Pune IV fluids facility now commercial, FY27 is positioned as the first full year where the base export business and a scaling IV vertical can both contribute meaningfully. If product-wise approvals and utilization ramp track management commentary, the company’s revenue mix and growth profile could look different by the end of FY27.