SENores PHARMA | FY25 ANNUAL REPORT — WHAT INVESTORS

SENores PHARMA | FY25 ANNUAL REPORT — WHAT INVESTORS SHOULD KNOW 🔍 Senores Pharmaceuticals delivered a breakout year in its first year as a listed company. 📈 Revenue +92% YoY

🔥 EBITDA +148% YoY 📊 EBITDA Margin: 27% | +640 bps 🇺🇸 ~70% revenue from the US The strategy is clear: focus on specialty, niche & complex generics where competition is relatively lower. 🚀 Growth Engines • CDMO/CMO: 22 commercial products + 69 in pipeline • API backward integration: Gujarat capacity expanded 25 → 169 MTPA • Injectables: ₹43.55 Cr IPO allocation • Acquisitions of Havix & Ratnatris strengthening the global platform • Emerging markets targeted for higher-value niche molecules 💰 Financial & Governance Check Consolidated contingent liabilities: ₹20.93 Cr, largely disputed income-tax demands. Management remuneration stood at ₹8.49 Cr, while MD remuneration rose 236.7% YoY vs 78.3% PAT growth — worth monitoring. Auditor gave a clean/unmodified opinion, with revenue recognition identified as a key audit area. ⚠️ KEY RISK The biggest opportunity is also a major risk: ~70% revenue comes from the US. That provides scale and access to an attractive market, but increases exposure to US regulatory changes, pricing pressure and protectionist policies. 🧠 NEHA GUPTA | SEBI RA Senores is transitioning from a high-growth pharma manufacturer → vertically integrated platform through APIs, injectables, CDMO and complex generics. The numbers show strong execution. Now the real test is: Can capacity expansion + pipeline + acquisitions translate into sustainable cash flows and returns? That’s the key metric I’ll be watching. — Neha Gupta SEBI Registered Research Analyst For educational purposes only. Not investment advice.