Annual reportSep 2026
Sep 2026 · Copy of Newspaper Publication 8 Sep - Published newspaper notice for 11th AGM, FY26 annual report dispatch, and e-voting details on September 8, 2026.
Source: Nse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:51 pm ISTDetails
Quote21 Oct, 03:51 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result20 May, 10:49 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
90Strong Bullfull bull SMA stack · SMA20 +3.6% / mo · MACD + · near 52W high · sector +4.9pp vs Nifty 500 (3M)
Stock trend: 84
Sector RS: 100
Sector 3M: -0.7% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
REMUSD candles · FIT view+49.6%TODAY · PROVISIONALLatest price ₹984.50 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
+3.3%
RSI
57
MACD hist
6.33
52W pos
88%
2026-10-21O ₹953.05H ₹984.50L ₹906.00C ₹984.50Vol 3,400 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
REMUSNifty PharmaNifty 500
- REMUS
- +37.0%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +42.5 pp
Chart stats
19 Oct 2026- From 52W high
- -5.2%
- 52W range position
- 88%
- ATR (14)
- 4.9%
- Volume vs 20D
- 0.34x
- Avg traded value
- ₹0.9 Cr
- 20D price channel
- ₹837 - ₹1,039
₹1,039
₹580 - ₹1,039
₹48.3
Latest completed session
20-session average
71.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST44
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good62
Revenue +144.9% · PAT +31.6% YoY
Technical
Strong Bull90
Price trend and sector-relative-strength timing.
Valuation
Legacy model+30.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Good · 62/100Rev +145% YoY · PAT +32% YoY · +13% QoQ · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹453 Cr | +144.9% | +13.3% |
| EBITDA | ₹30 Cr | NDF | +11.1% |
| Operating margin | 7.0% | NDF | +0 bps |
| PAT | ₹25 Cr | +31.6% | +13.6% |
| PAT margin | 5.5% | NDF | +2 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 27.60
- P/B
- 2.91
- EV/EBITDA
- 17.50
- Market Cap
- 1023.00Cr
Profitability
- ROE
- 12.20%
- ROCE
- 16.80%
- ROA
- 7.94%
- Dividend Y
- 0.12%
Growth (CAGR)
- Revenue 5Y
- 100.23%
- EPS 5Y
- 38.44%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 11.00%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- 57.00×
- Altman Z
- 5.53
- 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
- 67%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 854+37.7% vs prev
Net Profit
₹ CrLatest: 46.0+21.1% vs prev
Return on Equity
%Latest: 13.1-11.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 57.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~3.3% over last month) — short-term momentum positive.
- RSI(14) at 57 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 5% off 52W high · 70% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
90
RS percentile
Stage 2 UptrendEstablished S2
1M return
+0.6%
3M return
+37.0%
6M return
+54.1%
1Y return
+48.0%
RS 1D
+1
RS 20D
+9
Sector rank
#1
Industry rank
#11
Stage evidence
- Price is 25.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.3%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
12 Aug 2026
S2 age
47 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
256 observations
19 Oct 2026Value 138.3-0.73%
RS vs Nifty 500138
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation8/30
Growth14/25
Quality4/20
Balance Sheet12/15
Cash Flow1/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
44
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
44/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 30.3%.
- 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 8/30; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
27.6
PB
2.9
EV/EBITDA
17.5
ROE
12.2%
ROCE
16.8%
FCF Yield
0.3%
Debt/Equity
0.1
MoS
+30.3%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
44
Previous: 44
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+30.3%
Previous: +30.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
44
44
44
45
45
44
44
44
44
44
44
44
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹458.77
-114.6% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹1,412.55
+30.3% MoS
PEG
1.01
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ANUHPHR
Small
Anuh Pharma Limited
Pharmaceuticals
match 160
40
19.5
10.7%
+40%
WATCHLIST
BAFNAPH
Small
Bafna Pharmaceuticals Limited
Pharmaceuticals
match 160
27
—
-6.2%
—
OVERVALUED
BAJAJHCARE
Small
Bajaj Healthcare Limited
Pharmaceuticals
match 159
24
19.7
8.3%
-1505%
OVERVALUED
ACCPL
SME
Accretion Pharmaceuticals Ltd.
Pharmaceuticals
match 159
58
22.2
27.6%
+51%
FAIR VALUE
AMANTA
Small
Amanta Healthcare Limited
Pharmaceuticals
match 159
39
48.2
10.3%
+3%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-08-22T07:50:43.173Z
Management commentary snapshot
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.
Current business mix
FY26 Business Distribution by Revenue
Latest issuer-disclosed distribution across 2 reported categories.
B2B86.0%
B2C14.0%
Growth engines
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.
Capacity and execution
Asset-Light Model
No internal manufacturing capacity additions disclosed; company operates on an asset-light model leveraging 30+ global manufacturing partners.
Tailwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
9 docs text-extracted · 4 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Pharma: 50th pctile, median 70 · SME: 81st pctile, median 64
Evidence depth
Financial-only
9 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
53
watch · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
45
watch · quarterly consistency
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.
Continue researching Remus Pharmaceuticals Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Concall transcriptMay 2026
May 2026 · Analysts/Institutional Investor Meet/Con. Call Updates 28 May 2026 - Remus Pharmaceuticals released H2 FY26 and FY26 earnings call transcript; FY26 consolidated revenue 854 crore, PAT 46 crore.
Source: Nse
Annual report
Annual Report 2026
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationAug 2025
Aug 2025 · PPT
Source: Nse
Concall transcriptMay 2025
May 2025 · Transcript
Source: Nse
Investor presentationMay 2025
May 2025 · PPT
Source: Nse
Annual report
Annual Report 2025
Source: Nse
Concall transcriptNov 2024
Nov 2024 · Transcript
Source: Company Ir
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.