Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Strides Pharma Science Limited (STAR)
Micro CapPharma stocks · Micro cap · NSE
Strides Pharma Science Limited is an Indian pharmaceutical company with a diversified business model across US and Ex-US markets. It focuses on profitability and portfolio quality in the US, with a growing presence in regulated and growth markets globally, including Europe, UK, Nordics, and Africa. The company emphasizes sustainable business practices.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:51 pm ISTDetails
Quote19 Oct, 03:51 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result31 Jul, 06:07 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 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
74BullishSMA20 +2.7% / mo · MACD − · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 58
Sector RS: 98
Sector 3M: -1.8% 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
STARD candles · FIT view-3.5%Latest close ₹1029.30 on 2026-10-19
Bar
-2.0%
RSI
33
MACD hist
-13.28
52W pos
53%
2026-10-19O ₹1050.00H ₹1050.00L ₹1015.90C ₹1029.30Vol 2.2L sh
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
STARNifty PharmaNifty 500
- STAR
- -2.9%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +2.7 pp
Chart stats
19 Oct 2026- From 52W high
- -18.4%
- 52W range position
- 53%
- ATR (14)
- 3.7%
- Volume vs 20D
- 0.97x
- Avg traded value
- ₹25.7 Cr
- 20D price channel
- ₹1,015.9 - ₹1,260.9
₹1,260.9
₹768.7 - ₹1,260.9
₹37.8
Latest completed session
20-session average
26.1% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED69
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good57
Revenue +12.9% · PAT +55.7% YoY
Technical
Bullish74
Price trend and sector-relative-strength timing.
Valuation
Legacy model+65.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence75
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 30 Jun 2026
Good · 57/100Rev +13% YoY · PAT +56% YoY · operating leverage · margin compression
Filed 31 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,265 Cr | +12.9% | -4.4% |
| EBITDA | ₹228 Cr | +4.6% | -5.0% |
| Operating margin | 18.0% | -100 bps | +0 bps |
| PAT | ₹165 Cr | +55.7% | +27.9% |
| PAT margin | 13.0% | +358 bps | +329 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 16.60
- P/B
- 3.10
- EV/EBITDA
- 9.95
- Market Cap
- 9634.00Cr
Profitability
- ROE
- 20.00%
- ROCE
- 18.30%
- ROA
- 9.31%
- Dividend Y
- 0.48%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 20.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 71.00%
Balance Sheet
- Debt/Equity
- 0.57
- Interest Coverage
- 5.44×
- Altman Z
- 3.54
- Book Value
- 337.00
Cash Flow
- FCF Yield
- 5.50%
- FCF Positive Y
- 7/5
- OCF
- 703.00 Cr
- EPS TTM
- 66.56
Shareholding
- Promoter Hold
- 29.00%
- Promoter Pledge
- 33.80%
- Momentum 52W
- 56%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 4,859+6.4% vs prev
Net Profit
₹ CrLatest: 575-84.0% vs prev
Return on Equity
%Latest: 625+439.7% 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
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 33. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~2.6% over last month) — short-term momentum positive.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 18% off 52W high · 34% 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 & peers
U-Score 69 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 69 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · UNDERVALUEDValuation18/30
Growth21/25
Quality15/20
Balance Sheet3/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
69
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
69/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 5.5%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 65.1%.
Main drags
- Promoter pledge is 33.8%.
- Balance sheet is weaker at 3/15; verify the latest quarterly trend.
- Valuation is weaker at 18/30; 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
16.6
PB
3.1
EV/EBITDA
9.9
ROE
20.0%
ROCE
18.3%
FCF Yield
5.5%
Debt/Equity
0.6
MoS
+65.1%
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
69
Previous: 69
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+65.1%
Previous: +65.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
69
69
69
69
68
68
69
69
69
69
69
69
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
₹710.42
-47.1% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹2,995.2
+65.1% MoS
PEG
0.52
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
SUDEEPPHRM
Micro
Sudeep Pharma Limited
Healthcare Services
match 168
49
65.4
25.2%
-32%
FAIR VALUE
SPARC
Micro
Sun Pharma Advanced Research Company Limited
Healthcare Services
match 167
56
3.8
279.0%
+11%
FAIR VALUE
MARKSANS
Micro
Marksans Pharma Limited
Healthcare Services
match 166
53
27.3
15.2%
+41%
FAIR VALUE
YATHARTH
Micro
Yatharth Hospital & Trauma Care Services Limited
Healthcare Services
match 165
37
52.6
10.2%
-15%
WATCHLIST
SUPRIYA
Micro
Supriya Lifescience Limited
Healthcare Services
match 164
52
35.9
19.1%
+19%
FAIR VALUE
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 2026-10-12T07:46:31.696Z
Management commentary snapshot
Q1 FY27 revenue grew 13% YoY, driven by strong Ex-US performance (+17% YoY). EBITDA margin was maintained at 18.2% despite geopolitical headwinds and increased costs. PAT increased 56.7% YoY, aided by a divestment gain.
Management maintains its FY28 North America revenue target of $375M, despite Q1 FY27 US revenue being stable but soft. Ex-US markets are performing strongly, validating diversification. Geopolitical issues impact costs and supply. USFDA observations on the Bangalore plant add uncertainty, though management anticipates no impact on US growth aspirations.
Growth engines
Ex-US Markets
This segment continues to be one of the most exciting and important drivers of our growth, delivering 17% YoY growth and expected to grow faster than company average.
Controlled Substances (US)
Continues to be an important growth lever for our US business, with growth expected to start now after 1.5-2 years of demonstrating past history.
Niche Domains (US)
Focus on Nasal Sprays, Transdermal Patches, Films with multiple projects progressing, expecting additional filings, approvals and launches over coming quarters.
OTC Portfolio (US)
Working aggressively on the OTC space, expecting to see a lot of green shoots immediately.
Capacity and execution
Chestnut Ridge, US Facility
Nearly one-third of our US revenues are supplied from this facility. All key growth platforms (Controlled Substances, Nasal Sprays, Transdermal Patches, Films) are developed around this platform.
Capex Plan
We spend about INR 2.5 billion to INR 3 billion per year, a combination of maintenance capex, R&D, and hard capex on existing factories for high-impact line items. No greenfield capex planned.
Tailwinds
Diversified Business Model
The strong growth we are seeing in our Ex-US business once again validates that our diversification strategy is working as intended.
Strong Demand from Specialty Customers
We continue to see strong demand from our specialty customer base, particularly in products where we have established differentiated positions.
Improving Market Penetration (Europe/Nordics)
The business continues to benefit from portfolio expansion, customer additions and improved market penetration.
Headwinds
Geopolitical Situation
The ongoing conflict in the Middle East continues to remain volatile, causing supply chain disruptions, elevated freight costs, and longer transit times.
Inflationary Pressures
Across the industry, we continue to see inflationary pressures across multiple operating cost line items.
Increased Competition (US)
Stable US performance despite increased competition in certain products launched over the last few quarters.
Proposed US Tariffs
Proposed tariffs on generic pharmaceutical products starting August 2028; details continue to evolve with limited visibility on final implementation.
Risk radar
US Product Approval Delays
We have experienced delays in a few product approvals, which we expect to materialize over the coming quarters.
Controlled Substances Quota Allocation
Demonstrating past history for new entrants is difficult; ramp-up in quota allocations is slower than anticipated.
USFDA Regulatory Outcome
USFDA inspection at Bangalore plant in May, awaiting response. Management does not anticipate any effect on US business growth.
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
Revenue growth is primarily discussed YoY, indicating overall business expansion. However, sequential performance (QoQ) is also mentioned for EBITDA margin stability and Ex-US revenue dip due to temporary supply issues, which is important for understanding short-term momentum.
Sector KPIs management disclosed
US Revenue
Revenue for the quarter stood at ₹6,282 million or $68 million, reflecting a stable performance despite increased competition.
Ex-US Revenue Growth
Ex-US revenue grew 17% year-on-year to ₹5,875 million, with growth recorded across multiple geographies.
Product Launches (US)
During the quarter, we launched two products and increased our commercialized portfolio to 72 products. Expects 10 launches by March 2027.
USFDA Observations
Bangalore plant inspection happened in May, and we have replied to the USFDA. We expect a reply by end August or September. No effect on current supplies anticipated.
Management forward view
US Growth Trajectory
We believe the growth trajectory in the US should improve over the course of the year, with H2 expected to be stronger, supported by new approvals, launches and portfolio optimization.
Ex-US Business Growth
We continue to expect the Ex-US business to grow faster than the company average over the foreseeable future. We believe this business will remain an important driver of both growth and earnings.
Gross Margin Objective
Our objective continues to be to maintain gross margins within the 58% to 60% range.
Long-Term Revenue Aspirations
We remain committed to achieving our long-term revenue aspirations, with EBITDA margins driving operating leverage that translates into sustained EPS and PAT growth.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| US Product Approvals/Launches | 2 launches in Q1 FY27, 10 expected by March 2027. First nasal spray approval expected in H2 FY27. | Timely approvals and launches, especially for niche domains and the expected H2 FY27 ramp-up. |
| Ex-US Revenue Recovery | Q1 FY27 Ex-US revenue $63M (down QoQ due to shipment delays). | Recovery of spillover business in coming quarters to maintain growth momentum. |
| Controlled Substances Quota | Contributed ~5% of last year's revenue. June cycle results for quota allocation are pending. | Higher quota allocations from the next cycle onwards to drive anticipated growth. |
| USFDA Response on Bangalore Plant | Replied to USFDA in May, awaiting response. | USFDA communication by end August or September and any potential impact on future filings or approvals. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
75Limited 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 78th percentile of the scored universe and 69th percentile within Pharma. Main check: promoter alignment is weak at 35/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
73 docs text-extracted · 40 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
78th percentile
overall median 67 · Pharma: 69th pctile, median 70 · Micro: 60th pctile, median 73
Evidence depth
Financial-only
73 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
Can support position sizing if valuation and trend also agree.
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
35
weak · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
76
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸FCF yield is 5.4%.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Promoters have pledged 38.1% of holding.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Strides Pharma Science Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 19 Aug - Strides receives USFDA EIR for Bengaluru flagship facility after VAI inspection closure.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Restructuring 3 Jul - Strides completed Pivot Path stake sale for ₹1,000 million; ₹750 million received, ₹250 million later.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Aug - Newspaper advertisement - Unaudited Financial Results for the quarter ended June 30, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Restructuring 27 Jun - Strides to sell majority stake in Pivot Path to Ascent/Vintage for Rs 1,000 million; Rs 500 million infusion planned.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 27 Jun - Ascent Capital-led consortium invests in Pivot Path; Strides realises ₹1,000m, retains 20%, valuation ₹2,300m.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Jun
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Company Ir
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 28 May
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.