Supriya Lifescience Q4 FY26: A record quarter, with FY27 growth plans taking shape

Supriya Lifescience ended FY26 with a sharp Q4. Revenue from operations rose to INR 276.5 crore in Q4 FY26, up 50.2% year on year. EBITDA grew 44.4% to INR 97.6 crore, while profit after tax increased 47.4% to INR 74.2 crore. The company also reported that the quarter delivered its highest ever quarterly revenue.

For the full year, revenue grew 18.9% to INR 827.9 crore, broadly aligning with management commentary that FY26 growth was in line with its guided range. EBITDA increased 12.8% to INR 294.1 crore and PAT rose 11.3% to INR 209.1 crore.

Even with the strong Q4, margins softened versus last year. FY26 EBITDA margin came in at 35.5% versus 37.4% in FY25, while PAT margin was 25.3% versus 27.0%. In the concall, management pointed to costs beginning at the Ambernath facility while meaningful revenue from that site is still ramping up.

What changed in the geography mix

Exports continued to dominate the revenue profile. The presentation states exports were 82% of FY26 revenue, after peaking at 85% in FY25. Importantly, the company emphasised that it does not rely on one geography.

In Q4 FY26, Europe expanded to 44% of revenue from 36% in Q4 FY25. Asia also increased to 34% from 30%. LATAM reduced to 17% from 26%, while North America remained small at 1% in Q4.

For the full year, the Europe share rose to 40% from 37% in FY25, while Asia stayed constant at 33% and LATAM declined to 20% from 22%. On the call, management attributed Europe’s strength to improved customer additions enabled by CEP approvals for products already in the portfolio.

Therapy mix: anesthetics remain the anchor

The therapy chart in the presentation indicates anesthetics contributed 54% of FY26 revenue, up from 49% in FY25. Vitamins increased to 12% from 11%, while anti-histamines reduced to 9% from 11%. Analgesics fell sharply to 4% from 8%.

Management commentary added that FY26 included a cardiovascular advanced intermediate launch in Q3, which began contributing from Q4, and an ADHD product that saw strong demand in LATAM and Europe.

Financial snapshot (standalone level not stated)

Capacity and compliance: the two operating pillars

A key theme in both the presentation and the concall is the company’s operating model built around compliance and integration.

The investor presentation states 20 products are backward integrated as of March 31, 2026, contributing 76% of FY26 revenue. The company positions this as a way to improve supply security, reduce market price risk, and maintain cost competitiveness.

In the concall, management also highlighted the February 2026 USFDA inspection at the Lote facility, describing it as a surprise inspection that concluded with only one minor observation. The company stated that the observation was proactively addressed, underscoring its quality systems and compliance culture. The presentation also notes four USFDA approvals.

Growth investments: Ambernath, debottlenecking, and what comes next

Supriya Lifescience is funding multiple expansion vectors.

The Ambernath facility is positioned as a finished dosage and R and D hub. The presentation lists dosage formats including tablets, capsules, liquids, nasal, inhalation and injections, alongside validation and registration batches for dossier submissions. Management indicated Ambernath has started contributing to revenue, but the full effect will take 2 to 3 years, and in another response, 3 to 4 years. Management also indicated the EU audit is expected in H2 FY27, while the USFDA audit date is awaited.

At the Lote site, the company is planning debottlenecking across production blocks and addition of a new Block F. In the Q and A, management said Block F will add 150 to 200 KL of capacity over the next two years, with capex of INR 40 to 50 crore. Management also warned that FY27 quarter-on-quarter growth will not be linear, since an annual maintenance shutdown is scheduled in August for older blocks A and D.

A longer runway capex lever is Patalganga. Management stated all clearances for the Patalganga land have been secured and Phase 1 development will begin in FY27. It also stated the project will include two API or advanced intermediate blocks and two formulation blocks, with capex to the tune of about INR 200 crore over the next two years.

Working capital remains heavy as scale rises

The working capital chart shows FY26 net working capital days at 170, up from 158 in FY25 and 124 in FY24. Receivables rose to 78 days and inventory stayed elevated at 197 days.

On the concall, the CFO stated the company expects working capital days around 170 to 180 going forward. Management attributed higher inventory needs to backward integration and higher volume products where intermediates must be carried at scale.

Outlook: guided growth remains intact, but quarter volatility is expected

Management reiterated its guidance of approximately 20% annual revenue growth and EBITDA margin guidance of 33% to 35%. It also reiterated that the company remains on track to reach INR 1,000 crore revenue by FY27.

On products, the company stated it will continue to add 3 to 4 products annually. It also said it plans about two launches each in anesthetic and ADHD in FY27. The contrast media product has been deferred, with management indicating it is expected to launch in H2 FY27 after further process enhancement to improve economics.

The overall picture is of a company that delivered a strong Q4 and a full-year performance broadly consistent with its guidance, while also entering a phase where new facilities and capacity programs will shape execution quality. The near-term trade-off is visible: investments and working capital intensity may temper margin expansion, but the strategy remains anchored in regulated market capabilities, backward integration, and a broadened product pipeline.