Senores Pharma Q3 results: Shares fall 6% despite strong operating performance, margin expansion

Senores Pharmaceuticals Limited posted a strong operating performance for the third quarter of FY26, even as its shares came under pressure in trade on Tuesday. The company’s net profit jumped 88% year-on-year to ₹32 crore, compared with ₹17 crore in the year-ago period, while revenue surged 69.4% to ₹174.5 crore.

EBITDA more than doubled to ₹54 crore from ₹25.4 crore a year earlier, with margins expanding sharply to 31% from 25%, reflecting operating leverage and an improved product mix. Cash flow

from operations stood at about ₹19 crore in Q3FY26, taking nine-month operating cash flows to nearly ₹51 crore, marking a sharp improvement over last year.

During the quarter, Senores continued to strengthen its regulated markets pipeline, with 46 approved ANDAs covering 137 strengths, and over 100 strengths yet to be launched. A further 22 ANDAs, involving more than 50 strengths, remain under development, providing long-term visibility for growth in regulated markets.

The company also reported its highest-ever quarterly revenue and EBITDA in emerging markets. Revenue from this segment rose nearly 48% year-on-year, while EBITDA margins expanded to around 13% from about 1% in Q3FY25, aided by a shift towards niche products. Importantly, the emerging markets business turned cash flow positive during the quarter.

On the acquisition front, Senores completed the first phase of its Apnar Pharmaceuticals acquisition, acquiring a 75% stake, with the remaining 25% expected to be completed by Q2FY27. Three of Apnar’s five approved ANDAs are slated for launch in Q4FY26, and the integration and scale-up are progressing faster than anticipated, the company said.

Commenting on the performance, Managing Director Swapnil Shah said the company’s growth was supported by new ANDA launches, expansion of manufacturing capabilities and strong traction in branded generics, which saw revenue grow more than six-fold year-on-year.

He added that Senores remains on track to meet its full-year guidance, with focus on expanding its ANDA portfolio, scaling up CDMO operations, improving emerging markets profitability and growing its branded generics business in India.

As of 1:52 pm, shares of Senores Pharmaceuticals were trading over 6% lower at ₹756.10 on the NSE.