Remus Pharmaceuticals Ltd. (REMUS)
SME CapPharma stocks · SME cap · NSE
Remus Pharmaceuticals Ltd., established in 2015, specializes in branding, marketing, and distribution of complex specialty and niche off-patent formulations globally. It operates on an asset-light model, partnering with 30+ CDMO/CMO sites, and has 903+ approved products across 40+ semi-regulated markets, with a US presence via the 2024 Espee Global acquisition.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 62/100Rev +145% YoY · PAT +32% YoY · +13% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹453 Cr | +144.9% | +13.3% |
| EBITDA | ₹30 Cr | +20.0% | +11.1% |
| Operating margin | 7.0% | +0 bps | +0 bps |
| PAT | ₹25 Cr | +31.6% | +13.6% |
| PAT margin | 5.5% | -51 bps | +2 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Consolidated FY26 revenue grew 37.6% YoY to INR 8,536 Mn, driven by strong B2B and B2C expansion. However, EBITDA margin declined to 6.64% (down 73 Bps YoY), and PAT margin compressed to 5.41% (down 78 Bps YoY), indicating cost pressures despite robust top-line growth.
The company demonstrates robust top-line growth and aggressive market expansion, particularly in semi-regulated markets and the US. However, the consistent decline in consolidated EBITDA and PAT margins YoY for FY26 and H2-FY26 raises concerns about profitability and cost management, despite the asset-light model.
FY26 Business Distribution by Revenue
Latest issuer-disclosed distribution across 2 reported categories.
First-to-market in niche therapies
Focus on identifying recently off-patent products with strong market potential and quick go-to-market strategy.
Global Market Expansion
Targeting entry into 5+ new territories including Eastern Europe, Africa, and ASEAN regions. Expanded into Myanmar, Nicaragua, North Macedonia, and Madagascar in H2-FY26.
B2C Segment Growth
600+ B2C products in development, targeting 200+ B2C launches and building strong D2C and pharmacy networks.
Strategic Acquisitions for Market Access
Foray into the U.S. through the acquisition of Espee Global Holdings LLC in 2024, a distributor of RLDs and specialty drugs.
Asset-Light Model
No internal manufacturing capacity additions disclosed; company operates on an asset-light model leveraging 30+ global manufacturing partners.
Global Generic Market Growth
Strong growth of the global generic market is a key demand driver for the pharmaceutical sector.
Increasing Prevalence of Chronic Diseases
This trend drives sustained demand in key therapy areas such as Oncology, Alimentary Tract & Metabolism, and CNS disorders.
Expansion of Health Insurance Coverage
Globally, the expansion of health insurance coverage contributes to increased pharmaceutical demand.
Regulatory Compliance
A robust regulatory affairs team is needed to ensure compliance with evolving guidelines of 35+ ROW Markets and 7+ Semi Regulated and Regulated markets.
Competition in Off-Patent Drugs
The strategy of developing recently off-patent products for 'First Mover Advantage' implies significant competition in this segment.
Supply Chain Reliance
Reliance on 30+ global manufacturing partners and an extensive distribution network introduces potential supply chain risks.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document provides both annual (FY26 vs FY25) and half-yearly (H2-FY26 vs H2-FY25 YoY, and H2-FY26 vs H1-FY26 HoH) financial data. Annual comparisons provide a full-year perspective, while half-yearly (sequential and YoY) highlight recent momentum and operational shifts, crucial for a company with active product launches and market entries.
Consolidated Operational Revenue Growth
FY26 Operational Revenue grew 37.6% YoY to INR 8,536 Mn (FY25: INR 6,204 Mn). H2-FY26 revenue grew 30.4% YoY to INR 4,534 Mn (H2-FY25: INR 3,478 Mn).
Consolidated EBITDA Margin
FY26 EBITDA Margin was 6.64% (FY25: 7.37%), a decline of 73 Bps YoY. H2-FY26 EBITDA Margin was 6.57% (H2-FY25: 7.04%), a decline of 47 Bps YoY.
Consolidated PAT Margin
FY26 PAT Margin was 5.41% (FY25: 6.19%), a decline of 78 Bps YoY. H2-FY26 PAT Margin was 5.43% (H2-FY25: 5.92%), a decline of 49 Bps YoY.
B2C Revenue Growth
B2C revenue grew from INR 34 Mn in FY25 to INR 141 Mn in FY26. Number of B2C products increased from 14 in FY25 to 41 in FY26.
Accelerate Product Registrations
Expand presence in semi-regulated and emerging markets by accelerating product registrations.
New Market Entry Targets
Targeting entry into 5+ new territories including Eastern Europe, Africa, and ASEAN regions.
B2C Product Pipeline & Launches
600+ B2C products in development, targeting 200+ B2C launches and over 2,100 new product filings.
Strengthen D2C and Pharmacy Networks
Building strong direct-to-consumer (D2C) and pharmacy networks to enhance market reach.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated EBITDA Margin | 6.64% (FY26) | Stabilization or improvement in margins, given the consistent YoY decline in FY26 and H2-FY26. |
| B2C Product Launches | 41 products (FY26) | Progress towards the target of 200+ B2C launches and the ramp-up of the 600+ product development pipeline. |
| New Market Entries | 4 new markets in H2-FY26 | Successful entry into the targeted 5+ new territories (Eastern Europe, Africa, ASEAN regions). |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
62BullishSMA20 +20.5% / mo · MACD − · sector +2.2pp vs Nifty (3M)
Technical chart
REMUSdaily · 1Y · AUTO+44.7%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 55. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~17.0% over last month) — short-term momentum positive.
- RSI(14) at 55 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 10% off 52W high · 53% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 47 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 47 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 37.0%.
- Balance sheet contributes 12/15 to the score.
Main drags
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Quality is weaker at 4/20; verify the latest quarterly trend.
- Valuation is weaker at 9/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 50th percentile within Pharma. Main check: results consistency is weak at 45/100.
Healthy Trust Lite: Promoter holding is 71%. Key concern: Only 1 years of positive FCF.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 50th pctile, median 70 · SME: 81st pctile, median 64
9 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 71%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.3%.
- ▸Debt/equity is 0.08.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸OPM spread across recent quarters is 25%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 28.40
- P/B
- 2.99
- EV/EBITDA
- 17.93
- Market Cap
- 1049.00Cr
Profitability
- ROE
- 12.20%
- ROCE
- 16.80%
- ROA
- 7.94%
- Dividend Y
- 0.06%
Growth (CAGR)
- Revenue 5Y
- 100.23%
- EPS 5Y
- 38.44%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 17.00%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- 57.00×
- Altman Z
- 5.60
- Book Value
- 298.00
Cash Flow
- FCF Yield
- 0.29%
- FCF Positive Y
- 1/5
- OCF
- 18.00 Cr
- EPS TTM
- 31.39
Shareholding
- Promoter Hold
- 70.95%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 76%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Pharma, ranked by similarity
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.