AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - Sudeep Pharma to host investor/analyst plant visit in Gujarat on 23rd-24th September 2026.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result04 Aug, 11:42 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
65BullishSMA20 -6.7% / mo · MACD − · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 43
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
SUDEEPPHRMD candles · FIT view+47.2%Latest close ₹1003.30 on 2026-10-19
Daily history is available from 2025-11-28; the requested 1Y window is partially covered.
Bar
+0.4%
RSI
36
MACD hist
-18.68
52W pos
56%
2026-10-19O ₹999.00H ₹1016.80L ₹964.70C ₹1003.30Vol 1.9L 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
SUDEEPPHRMNifty PharmaNifty 500
- SUDEEPPHRM
- +15.8%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +21.4 pp
Chart stats
19 Oct 2026- From 52W high
- -27.2%
- 52W range position
- 56%
- ATR (14)
- 6.2%
- Volume vs 20D
- 0.88x
- Avg traded value
- ₹24.4 Cr
- 20D price channel
- ₹964.7 - ₹1,249.8
₹1,378
₹524.1 - ₹1,378
₹62.2
Latest completed session
20-session average
49.3% annualized volatility
Research snapshot
What the evidence says now
Mixed 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
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · FAIR VALUE49
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good57
Revenue +26.4% · PAT +32.3% YoY
Technical
Bullish65
Price trend and sector-relative-strength timing.
Valuation
Legacy model-32.5%
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 +26% YoY · PAT +32% YoY · operating leverage · margin compression
Filed 04 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 65.40
- P/B
- 13.55
- EV/EBITDA
- 48.58
- Market Cap
- 11947.00Cr
Profitability
- ROE
- 25.20%
- ROCE
- 28.20%
- ROA
- 15.67%
- Dividend Y
- 0.15%
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
- 63%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 158-13.2% vs prev
Net Profit
₹ CrLatest: 41.0-16.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
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
NeutralTrend is undirectional — long-term uptrend intact. RSI 36.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~7.2% over last month) — short-term momentum negative.
- RSI(14) at 36 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 27% off 52W high · 91% 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
86
RS percentile
Stage 2 UptrendEstablished S2
1M return
-13.1%
3M return
+15.8%
6M return
+48.6%
1Y return
-
RS 1D
0
RS 20D
-6
Sector rank
#1
Industry rank
#17
Stage evidence
- Price is 14.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +8.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 observed by
23 Jul 2026
S2 age
61 trading sessions
Sector
leading
Industry
leading
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
220 observations
19 Oct 2026Value 140.72+1.30%
RS vs Nifty 500141
Valuation & peers
U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth19/25
Quality14/20
Balance Sheet10/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
49
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
49/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 19/25 to the score.
- Quality contributes 14/20 to the score.
Main drags
- Fair-value margin of safety is negative at -32.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; 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
65.4
PB
13.6
EV/EBITDA
48.6
ROE
25.2%
ROCE
28.2%
FCF Yield
—
Debt/Equity
0.2
MoS
-32.5%
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
49
Previous: 49
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-32.5%
Previous: -32.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
49
49
49
49
49
49
49
49
49
49
49
49
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
₹172.08
-483.0% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹757.35
-32.5% MoS
PEG
1.66
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
MARKSANS
Micro
Marksans Pharma Limited
Healthcare Services
match 170
53
27.3
15.2%
+41%
FAIR VALUE
STAR
Micro
Strides Pharma Science Limited
Healthcare Services
match 168
69
16.6
20.0%
+65%
UNDERVALUED
SPARC
Micro
Sun Pharma Advanced Research Company Limited
Healthcare Services
match 167
56
3.8
279.0%
+11%
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 2026-06-11T07:25:38.138Z
Management commentary snapshot
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.
Current business mix
Revenue by vertical (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Specialty Ingredients56.0%
Pharma & Food Nutrition44.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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)
Management forward view
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.
Thesis monitor
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.
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: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
18 docs text-extracted · 6 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
18 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
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
87
strong · quarterly consistency
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.
Continue researching Sudeep Pharma Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Sep - Analyst and investor plant visit scheduled for 23-24 September 2026 cancelled due to exigencies.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep - The officials of the Company will be attending the Investor Conference organized by Nuvama Emerging India CEO Forum 2026 on 28th September 2026 at 10:00 …
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Annual reportAug 2026
Aug 2026 · Reg. 34 (1) Annual Report. 10 Jul - Sudeep Pharma released FY2025-26 annual report and scheduled AGM on 4 August 2026.
Source: Bse
Annual reportAug 2026
Aug 2026 · Letter To Shareholders In Relation To Integrated Annual Report Of The Company For The Financial Year 2025-26 10 Jul - Sudeep Pharma schedules 37th AGM on 4 Aug 2026; final dividend record date 23 Jul, payment 7 Aug.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Aug - Submission of newspaper publication of Financials as on 30.06.2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jul - Submission of Newspaper Advertisement for 37th AGM, E-voting and dividend information published in Business Standard (English) and Vadodara Samachar (regional language) on Saturday, 11th July, …
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 26 Jun - Board appointed Milin Mehta as additional non-executive non-independent director from 26 June 2026, pending shareholder approval.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.