Sudeep Pharma Limited (SUDEEPPHRM)
Micro CapPharma stocks · Micro cap · NSE
Sudeep Pharma is a technology-led Specialty Ingredients manufacturer for Pharmaceutical, Food & Nutrition industries, founded in 1989. It is a leading player in Excipients & Mineral actives, building next-generation capabilities under Sudeep Advanced Materials for battery-grade iron phosphate.
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 supportive, price trend is neutral, and recent execution is consistent.
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 30 Jun 2026
Good · 57/100Rev +26% YoY · PAT +32% YoY · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹158 Cr | +26.4% | -13.2% |
| EBITDA | ₹55 Cr | +25.0% | -12.7% |
| Operating margin | 35.0% | +0 bps | +100 bps |
| PAT | ₹41 Cr | +32.3% | -16.3% |
| PAT margin | 25.9% | +115 bps | -97 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
Sudeep Pharma reported strong FY26 with highest-ever revenue of Rs. 642.3 Cr (+28% YoY) and PAT of Rs. 174.3 Cr (+26% YoY). Q4FY26 revenue grew 16% YoY to Rs. 182.3 Cr, with PAT up 10% YoY to Rs. 48.5 Cr, despite Q4 disruptions from gas supply, raw material price hikes, and West Asia conflict.
While FY26 results show robust growth, Q4FY26 performance was impacted by external factors, leading to margin compression. Significant investments in new projects (Battery Materials, Nandesari Greenfield) and the NSS acquisition are compressing return ratios and increasing working capital, posing execution and integration risks. The long gestation period for new capacities requires close monitoring.
Revenue by vertical (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Battery Materials Business
Groundbreaking for Battery Materials Plant at Dahej, targeting 25,000 MT Phase 1 capacity by March 2027. Received qualification orders from Korean customers and a 500 MT purchase order from a leading Indian player.
NSS Acquisition
Acquired 85% stake in Nutrition Supplies Services (NSS), strengthening advanced formulation capabilities and expanding customer reach in Europe. NSS started contributing to revenue from May 22, 2025.
Greenfield Expansion (Nandesari)
Greenfield project at Nandesari progressing well, completed Internal Validation and Qualification. Customer Validation Trials and Approval process ongoing. Capacity of 51,200 MT annually for Pharma Excipients, Actives, Food & Nutrition Minerals.
Geographic Expansion
Expanded presence in Peru; existing markets in US and Europe witnessing encouraging traction and improving customer engagement.
Battery Materials Plant (Dahej)
Phase 1 capacity of 25,000 MT under construction, estimated project completion by March 2027. Target 100,000 MT by 2030. Existing pharma Iron Phosphate capacity enhanced to produce 5,000 MT battery-grade material.
Greenfield Project (Nandesari)
Upcoming facility (Unit IV) with an annual capacity of 51,200 MT for Phosphates, Gluconates, Glycinates, and Citrates. Internal Validation completed, Customer Validation in progress.
NSS Capacity Addition
Acquisition of NSS added 7,500 MT manufacturing capacity for vitamin & mineral blends.
Global Supply Chain Diversification
Witnessing growing engagement from global OEMs, cell manufacturers, and cathode players as supply chains diversify beyond China, particularly for battery materials.
Healthy Demand
Company delivered resilient operational performance supported by healthy demand across business verticals.
NSS Integration Contribution
Contribution from NSS integration supported operational performance and is expected to enhance Nutrition business and regulated market presence.
Price Revisions
Implemented necessary price revisions with customers, helping mitigate impact of raw material price increases.
Gas Supply Issues
During Q4FY26, the business witnessed temporary disruptions arising from gas supply issues.
Raw Material Price Increases
Sharp increases in sulphuric and phosphoric acid prices impacted Q4FY26.
Supply Chain Disruptions
Supply chain disruptions due to the West Asia conflict caused temporary disruptions in Q4FY26 and extended lead times.
Higher Working Capital Days
Net Working Capital Days increased to 213 in FY26 from 184 in FY25 due to NSS inventory consolidation, warehousing operations, and West Asia conflict.
Raw Material Price Volatility
Sharp increases in phosphoric acid and sulphuric acid prices impacted Q4FY26 margins, despite price pass-through efforts.
Working Capital Management
Working capital days increased significantly due to inventory build-up from NSS and supply chain issues, impacting cash flow.
Project Execution & Ramp-up
Large capex projects (Dahej Battery Materials, Nandesari Greenfield) require successful execution, customer qualification, and utilization ramp-up to realize returns.
Integration Risk of Acquisitions
Integration of NSS is progressing, but successful realization of synergies and customer approvals is crucial for sustained benefits.
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 company provides both Q4 and full-year results compared to the prior year, indicating a focus on annual performance and quarterly trends against a comparable period. The business is not explicitly seasonal, but YoY comparison helps normalize any short-term fluctuations.
Revenue from Operations (FY26)
Rs. 642.3 Cr, +28% YoY (FY25: Rs. 502.0 Cr)
EBITDA (FY26)
Rs. 221.9 Cr, +17% YoY (FY25: Rs. 190.0 Cr)
EBITDA Margin (FY26)
UNDER_STRESS34.6% (FY25: 37.8%)
PAT (FY26)
Rs. 174.3 Cr, +26% YoY (FY25: Rs. 138.7 Cr)
Benefits of Price Revisions
Benefits of implemented price revisions with customers are expected to progressively reflect in the coming quarters.
Working Capital Cycle Improvement
With gradual normalization of factors like West Asia conflict, the working capital cycle is expected to improve over the medium term.
Long-term Growth Confidence
Management remains confident about the long-term growth trajectory with expanding global reach, strengthening customer engagement, and focused investments.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 34.6% (FY26) | Improvement in margins reflecting the full impact of price revisions and easing raw material costs. |
| Working Capital Days | 213 days (FY26) | Reduction in working capital days as supply chains normalize and inventory turnover improves. |
| Battery Materials Project Progress | Phase 1 construction, orders for long lead items placed, 700 MT commercial purchase orders secured. | Timely commissioning of Dahej plant by early CY27 and further customer qualifications/orders. |
| Nandesari Greenfield Project | Customer Validation Trials and Approval process ongoing. | Completion of customer validation and commencement of customer qualification trials (6-12 months). |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
60BullishSMA20 +31.8% / mo · RSI overbought · MACD + · near 52W high · sector +2.2pp vs Nifty (3M)
Technical chart
SUDEEPPHRMdaily · 1Y · AUTO+127.4%Daily history is available from 2025-11-28; the requested 1Y window is partially covered.
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 85. Wait for confirmation.
- SMA20 rising (~24.1% over last month) — short-term momentum positive.
- RSI(14) at 85 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
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 8/9.
- Growth contributes 18/25 to the score.
- Quality contributes 14/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -75.5%.
- Valuation is weaker at 0/30; 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: -1 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 78th percentile of the scored universe and 69th percentile within Pharma. Main check: cash conversion is weak at 43/100.
High Trust Lite: Promoter holding is 76.2%. Key concern: Only 1 years of positive FCF.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 69th pctile, median 70 · Micro: 60th pctile, median 73
18 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 76.2%.
- ▸Promoter pledge is zero.
- ▸ROCE is 28.2%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸ROCE trend is -9.5%.
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
- 82.20
- P/B
- 16.99
- EV/EBITDA
- 60.90
- Market Cap
- 15014.00Cr
Profitability
- ROE
- 25.20%
- ROCE
- 28.20%
- ROA
- 15.67%
- Dividend Y
- 0.11%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 39.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- 40.00%
Balance Sheet
- Debt/Equity
- 0.17
- Interest Coverage
- 29.13×
- Altman Z
- 8.54
- Book Value
- 78.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 70.00 Cr
- EPS TTM
- 16.83
Shareholding
- Promoter Hold
- 76.16%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 97%
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.