SENΟRES PHARMA | FY25 ANNUAL REPORT 🔍

SENΟRES PHARMA | FY25 ANNUAL REPORT 🔍

A strong growth story — but with a few things investors should watch. Senores Pharmaceuticals delivered a breakout year as it entered the public markets. 📈 Revenue +92% YoY 🔥 EBITDA +148% YoY 📊 EBITDA Margin: 27% — +640 bps 🇺🇸 US contributes ~70% of revenue 🚀 What is driving the story? The company is focusing on specialty, niche and complex generics, targeting segments where competition is relatively lower. Its CDMO/CMO business is another growth lever, with 22 commercial products and 69 in the pipeline. The company has also started manufacturing at its new Gujarat API facility, expanding capacity from 25 MTPA → 169 MTPA. 💰 Capital Allocation FY25 capex including WIP stood at ₹49.12 Cr. IPO proceeds are being directed toward: ➡️ New sterile facility ➡️ API capacity expansion ➡️ Backward integration ⚠️ What investors should monitor 🇺🇸 US concentration: ~70% revenue from the US creates regulatory and protectionism risks. 👔 Management remuneration: KMP remuneration reached ₹8.49 Cr, while MD remuneration rose sharply YoY — faster than PAT growth. 📌 Contingent liabilities: ₹20.93 Cr consolidated, largely related to disputed income-tax demands. 🏭 Execution risk: New API and sterile capacities need to translate into sustainable commercial growth. 🧠 NEHA GUPTA'S VIEW Senores has moved from a high-growth private pharma company → listed, vertically integrated pharma platform. Strong revenue growth, margin expansion, US opportunity and backward integration are positives. But at this stage, the key question is not just “How fast can Senores grow?” It is: “Can the company convert its expanding pipeline and capacity into sustainable cash flows and returns?” That’s what I would watch over the next few quarters. — Neha Gupta SEBI Registered Research Analyst For educational purposes only. Not investment advice.