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Solara Active Pharma Sciences Results: Latest Quarterly Results & Analysis

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Solara Active Pharma Sciences Ltd. 15 May 2026 14:52 PM
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Q4FY26 & FY26 Result Announced for Solara Active Pharma Sciences Ltd.

Pharmaceuticals company Solara Active Pharma Sciences announced Q4FY26 & FY26 results

Consolidated Financial Highlights:

  • Revenue from Operations:
    • For Q4FY26, revenue stood at Rs. 387.29 crore, representing a YoY increase of 41.86% from Rs. 273.01 crore in Q4FY25 and a QoQ increase of 10.97% from Rs. 349.00 crore in Q3FY26.
    • For the full year FY26, revenue was Rs. 1,368.98 crore, a YoY increase of 6.64% compared to Rs. 1,283.76 crore in FY25.
  • Total Income:
    • Total income for Q4FY26 was Rs. 391.98 crore, compared to Rs. 278.96 crore in Q4FY25 (YoY increase of 40.51%) and Rs. 349.00 crore in Q3FY26 (QoQ increase of 12.32%).
    • Annual total income for FY26 reached Rs. 1,375.14 crore versus Rs. 1,292.08 crore in FY25.
  • Net Profit / Loss:
    • The Group reported a Net Profit of Rs. 9.60 crore in Q4FY26, compared to a Net Loss of Rs. 2.10 crore in Q4FY25 and a Net Loss of Rs. 17.43 crore in Q3FY26.
    • For the full year FY26, the Group incurred a Net Loss of Rs. 7.41 crore, compared to a Net Profit of Rs. 0.54 crore in FY25.
  • Total Comprehensive Income:
    • Total comprehensive income for Q4FY26 was Rs. 10.10 crore, compared to a loss of Rs. 2.72 crore in Q4FY25.
    • For FY26, total comprehensive loss stood at Rs. 4.56 crore versus an income of Rs. 1.52 crore in FY25.

Standalone Financial Highlights:

  • Revenue from Operations:
    • Standalone revenue for Q4FY26 was Rs. 387.29 crore, up 41.86% YoY from Rs. 273.01 crore and up 10.97% QoQ from Rs. 349.00 crore.
    • Annual revenue for FY26 stood at Rs. 1,368.98 crore compared to Rs. 1,283.76 crore in FY25.
  • Total Income:
    • Total income for Q4FY26 was Rs. 391.71 crore, compared to Rs. 278.96 crore in Q4FY25 and Rs. 349.00 crore in Q3FY26.
  • Net Profit / Loss:
    • Standalone Net Profit for Q4FY26 was Rs. 9.73 crore, as against a Net Loss of Rs. 4.88 crore in Q4FY25 and a Net Loss of Rs. 17.42 crore in Q3FY26.
    • For the full year FY26, the company reported a Net Loss of Rs. 7.24 crore compared to a Net Loss of Rs. 1.08 crore in FY25.

Business Highlights:

  • Segment Performance: The Group’s operations relate to only one reportable segment, namely Active Pharmaceutical Ingredient (API).
  • Strategic Initiatives: The Board has discussed a proposal to explore the ‘demerger of the CRAMS and Polymers business into an independent listed entity’ and granted in-principle approval for the same.
  • Rights Issue:
    • The company offered 1,19,98,755 equity shares at Rs. 375 per share, aggregating to Rs. 449.95 crore.
    • As of March 31, 2026, the company has raised Rs. 312.79 crore from the issue, with a final call notice sent for the remaining balance of Rs. 134.99 crore.
  • Subsidiary Developments:
    • Incorporated a wholly owned subsidiary, Synthix Global Pharma Solutions Limited, on April 29, 2025.
    • Approved the closure of Solara Active Pharma Sciences LTDA, Brazil, effective September 16, 2025, as there were no operations.
  • Exceptional Items: The Group recorded an exceptional item impact of Rs. 5.89 crore for the year FY26 related to gratuity and compensated absences impact under new labour codes.

Sandeep Rao Managing Director & CEO said: "Our overall performance for Q4'26 reflects a sequential growth of 12% and YoY growth of 40%. We recorded the highest Revenue, Gross margin & EBITDA in the last eight quarters.

Notably, the Base business is already demonstrating superior profitability, operating at a ~26% EBITDA margin with gross margins of ~54% which reinforces the objective we established at the start of the year to pivot the business from a phase of reset to one defined by sustainable, profitable and reliable growth.

However, we continue to be challenged by the Ibuprofen business which is demonstrating weak profitability, operating at a negative 21% EBITDA margin with gross margins of ~23%. Given the persistent headwinds on this business, we have appointed bankers to evaluate strategic options for this business to ensure optimal long-term value creation.

Despite the significant crisis in the middle east and its impact on global business, the underlying fundamentals of the base business continue to remain strong, supported by a resilient operating model and a healthy product mix across regulated markets."

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Pharmaceuticals company Solara Active Pharma Sciences announced Q3FY26 results

  • Revenue: Rs 3,490 million against Rs 3,018 million during Q3FY25, change 16%.
  • EBITDA: Rs 374 million against Rs 591 million during Q3FY25, change -37%.
  • EBITDA Margin: 10.7% for Q3FY26.
  • PAT: Rs -174 million against Rs 81 million during Q3FY25, change -315%.
  • EPS: Rs -3.98 for Q3FY26.

Sandeep Rao Managing Director & CEO, said: Our performance for Q3FY26 reflects a modest sequential growth, as the build out in our growth business continues to gain momentum while the Ibuprofen base business continues to experience challenges and pricing pressure.

Notably, the Growth API business is already demonstrating superior profitability, operating at a ~25% EBITDA margin with gross margins of ~55% which reinforces the objective we established at the start of the year to pivot the business from a phase of reset to one defined by sustainable, and reliable growth.

The underlying fundamentals of the business remain strong, supported by a resilient operating model and a healthy product mix across regulated markets.

Given the persistent headwinds and the commodity-driven nature of the Ibuprofen base APIs, we are currently evaluating strategic options for this business to ensure optimal long-term value creation and capital allocation.

Result PDF

Pharmaceuticals company Solara Active Pharma Sciences announced Q2FY26 results

  • Q2FY26 Revenue at Rs 3,140 million vs Rs 3,472 million in Q2FY25; down by 10% YoY.
  • Q2FY26 Gross Margin at Rs 1,599 million (51%) vs Rs 1,753 million (50.5%) in Q2FY25 and Rs 1,732 million (54.1%) in Q1FY26.
  • Operating Costs at Rs 1,246 million in Q1FY26 vs Rs 1,138 million in Q2FY25 and Rs 1,157 million in Q1FY26; increased by Rs 108 million YoY.
  • Q2FY26 EBITDA at Rs 352 million (11.3%) vs Rs 615 million (17.7%) in Q2FY25 and Rs 575 million (18%) in Q1FY26.
  • Gross Debt as on 30-Sep-25 at Rs 6,233 million vs Rs 7,760 million at end of FY25; reduced by Rs 1,527 million.

Sandeep Rao, MD & CEO, said: "We commenced FY26 with a clear objective: to pivot the business from a phase of reset to one characterized by sustainable, scalable, and reliable growth. Whilst our transformation journey remains intact, our financial performance during this quarter was primarily impacted by short-term disruptions arising from an unscheduled operational shutdown at Mangalore on account of facility upgradation resulting in delayed deliveries and reduced sales volumes during the quarter.

While these factors influenced current quarter results, they are transitory. The underlying fundamentals of the business remain strong, supported by a resilient operating model, robust compliance framework, and a diversified portfolio across key markets.

Regulated markets and a healthy product mix continue to be a hallmark of the business. We are also actively working to strengthen the balance sheet, aiming to reduce debt through a combination of rights issue and operating leverage, resulting in a lighter and healthier financial position."

Result PDF

Pharmaceuticals company Solara Active Pharma Sciences announced Q1FY26 results

  • Q1FY26 Revenue at Rs 3,201 million vs Rs 3,641 million in Q1FY25; down by 12% YoY.
  • Q1FY26 Gross Margin at Rs 1,732 million (54.1%) vs Rs 1,622 million (44.5%) in Q1FY25 and Rs 1,605 million (57.5%) in Q4FY25, Significant improvement by 960 bps YoY.
  • Operating Costs at Rs 1,157 million in Q1FY26 vs Rs 1,200 million in Q1FY25 and Rs 1,095 million in Q4FY25; reduced by Rs 43 million YoY.
  • Q1FY26 EBITDA at Rs 575 million (18%) vs Rs 422 million (11.6%) in Q1FY25 and Rs 510 million (18.3%) in Q4FY25; Significant improvement by 639 bps YoY.
  • Gross Debt as on 30-Jun-25 at Rs 6,327 million vs Rs 7,760 million in FY25; reduced by Rs 1,433 million.
  • Q1FY26 PAT at Rs 105 million; Highest in the last 12 quarters.

Sandeep Rao, MD & CEO, said: We kickstarted our journey into FY26 with an objective of repivoting the business from Reset to a Sustainable, Scalable and Reliable Growth and I am glad to share that we have started this journey on the right note.

The Revenues have grown QoQ by ~15% with a healthy margin profile resulting in QoQ Margin growth of 8%. Although the Opex on a QoQ basis reflects a marginal increase with respect to the increased level of operations, the Business clocked EBITDA growth of ~13% on QoQ basis.

Regulated markets and a healthy product mix continue to be a consistent feature of the business.

We continue to work towards reducing our Debt through a combination of Rights issue and operating leverage resulting in a lighter and healthier balance sheet.

Solara has recorded the highest PAT in the last 12 quarters on account of EBITDA growth led by positive business outcomes and reduced finance cost.

Result PDF

Pharmaceuticals company Solara Active Pharma Sciences announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Q4 Revenues at Rs 2,790 million;
  • Q4 Gross Margin at Rs 1,605 million (57.5%);
  • Q4 EBITDA at Rs 510 million (18.3%);

FY25 Financial Highlights:

  • FY25 Revenues at Rs 12,921 million vs Rs 12,943 million in FY24; Flat YoY
  • FY25 Gross Margin at Rs 6,649 million (51.5%) vs Rs 4,891 million (37.8%) in FY24; improvement by 1,370 bps YoY
  • FY25 EBITDA at Rs 2,138 million (16.5%) vs. negative Rs 917 million (-7%) in FY24; significant improvement by 2,360 bps YoY

Sandeep Rao, MD & CEO stated: "FY25 was a Reset year for Solara. While we regrettably missed our guidance both on Revenues and EBITDA, we continued to focus on profitable high margin and high quality business which led to Gross Margin expansion from 37.8% in FY24 to 51.5% in FY25 and EBITDA margin expansion from -7.1% in FY24 to 16.5% in FY25.

The miss on the Revenue and EBITDA guidance is attributable to intense competition on the Ibuprofen range of products. We continued to do better than expected on the remainder of our portfolio.

Our product mix continues to be healthy with a majority of Revenues coming from the Regulated markets.

Going ahead, we will continue our ongoing actions on improving profitability through cost improvement programs, operating cost optimization, optimizing working capital and debt as we pivot the organization from reset to growth."

Result PDF

Pharmaceuticals company Solara Active Pharma Sciences announced Q3FY25 results

  • Gross Margins at 55%; at historical levels
  • Revenues at Rs 3,018 million; 21 % YoY
  • Muted QoQ Revenue growth with a strong focus on margin expansion
  • EBITDA margins at 19.6%, up by 180 bps QoQ and significant improvement YoY
  • Maintaining full year FY25 EBITDA guidance of ~Rs 2,300 to Rs 2,600 million

Poorvank Purohit, MD & CEO of the Company, remarked, “We are pleased with our Q3 performance. While our Revenues are muted for the quarter, our relentless focus on profitable growth resulted in Gross margins of 55.4% reaching the historical levels. This initiative includes letting go off certain non-profitable businesses which were bringing down our margin profile.

As an outcome of course correction measures, the Company is pleased to report an improved EBITDA margin of 19.6% inching closer towards the Q4 exit quarter guidance. Our ongoing actions on improving profitability through cost improvement programs, operating cost optimization, enhancing R&D productivity, optimizing working capital and debt will continue to yield benefits.

Our Regulated market revenues continue to be at 76% of total revenues. We are confident in continuing the growth momentum and are on track to continuously improve the quality of our earnings while strengthening our balance sheet.”

Result PDF

Pharmaceuticals company Solara Active Pharma Sciences announced Q2FY25 results

  • Solara reports Q2FY25 Revenue at Rs 3,472 million.
  • Gross margins at 50.5%; Significant improvement in Gross margins by 620 bps YoY and 600 bps QoQ returning to historical levels.
  • EBITDA at Rs 616 million; with a growth of 46% QoQ and 61% YoY.
  • Positive PAT at Rs 80 million.

Poorvank Purohit, MD & CEO of the Company, said: “We are pleased with the positive outcomes of the course correction measures which we had initiated for the Company. The stated plan to return to growth, enhance profitability and reduce debt has made significant headway. Our efforts on the course correction measures are leading to favourable outcomes resulting in significant margin expansion, in line with the management outlook. The Company reports a strong growth of 46% QoQ and 61% YoY on EBITDA with an improved EBITDA margin of 17.7%.

While our Revenues are down by 5% QoQ, our relentless focus on profitable growth resulted in Gross margins of 50.5%. Our Regulated market revenues continue to be at around 75% of total revenues. We are confident in continuing the growth momentum and are on track to continuously improving the quality of our earnings while strengthening our balance sheet.

Our ongoing actions on improving profitability through cost improvement programs, operating cost optimization, enhancing R&D productivity, optimizing working capital and debt will continue to yield benefits in the coming quarters.

We reaffirm our FY25 outlook for Revenue of ~Rs 15,000 million & the full year EBITDA of ~Rs 2,300 to Rs 2,600 million & Q4FY25 exit quarter Revenue ~Rs 4,000 million & EBITDA of ~Rs 800 to Rs 900 million with EBITDA margins of 20-22%".

Result PDF

Pharmaceuticals company Solara Active Pharma Sciences announced Q1FY25 results:

  • Solara reports an improved Q1FY25 performance with a Revenue of Rs 3,641 million with a growth of 21% QoQ and 3% YoY
  • Adjusted EBITDA at Rs 502 million with a growth of 33% QoQ and 151% YoY
  • Reported EBITDA at Rs 421 million with a growth of 276% QoQ and 111% YoY
  • Company reaffirms FY25 guidance of Revenue ~Rs 15,000 million & the full year EBITDA ~Rs 2,300 to 2,600 million with Q4FY25 exit quarter Revenue ~ Rs 4,000 million & EBITDA of ~Rs 800 to Rs 900 million (EBITDA margins of 20-22%)
  • During the quarter, Gross debt reduced from Rs 9,994 million to Rs 8,333 million; a reduction of Rs 1,661 million partly from the Rights issue and balance from Operations
  • Partly paid-up Rights issue was fully subscribed during the quarter
  • Company has strong focus on course correction measures including right sizing of inventory, free cash generation, cost optimization and improved gross margins.
  • Our Net Debt to EBITDA guidance is ~3 times by Q4FY25. The Company is confident of beating the Net Debt to EBITDA guidance.
  • Manish Gupta joins Solara Board as a Non-Executive Non-Independent Director

Commenting on the financial performance, Poorvank Purohit, MD & CEO of the Company, remarked, “We are pleased with the course correction measures initiated for the Company, leading to favorable outcomes for Q1 with much improved EBITDA margins. We see growth both on a QoQ and YoY basis.

The Company reports an improved performance in Q1FY25 with Q-o-Q Revenue growth of 21% and Reported EBITDA growth of 276%. Adjusted for the one-off costs which will not continue in H2’25, our Adjusted EBITDA stands at Rs 502 million with EBITDA margins of 13.8%. Our Regulated market revenues have reached its historical levels of around 75% of total revenues. Our Gross margins are slightly depressed but this is more on account of aggressive inventory reduction to improve our free cash generation and will normalize in H2’25.

While we report an improved Q1 performance, we are confident that our ongoing actions on improving profitability through cost improvement programs, operating cost optimization, enhancing R&D productivity, optimizing working capital and debt will yield benefits in the coming quarters. Another important highlight for the quarter was our partly paid-up Rights issue which was fully subscribed during the quarter. Furthermore, during the quarter, we reduced our debt from Rs 9,994 million to Rs 8,333 million; a reduction of Rs 1,661 million.

We reaffirm our FY’25 guidance of Revenue of ~Rs 15,000 million & the full year EBITDA of ~Rs 2,300 to Rs 2,600 million & Q4FY25 exit quarter Revenue ~Rs 4,000 million & EBITDA of ~Rs 800 to Rs 900 million with EBITDA margins of 20-22%”

Result PDF

Pharmaceuticals company Solara Active Pharma Sciences announced Q1FY24 results:

  • Q1FY24 Revenues at Rs 3,544 million up 5% YoY; Reported EBITDA at Rs 200 million up 11% YoY;
  • Gross margins at 45.5% in Q1FY24 versus 41.0% in Q1FY23; YoY Improvement in Gross margins by 445 bps
  • Reported EBITDA at Rs 200 million, EBITDA margins at 5.6%; YoY Improvement in EBITDA margins by 20 bps
  • Reduction in under-recoveries at Vizag

Commenting on the financial performance, Poorvank Purohit, MD & CEO of the Company, remarked, “We are delighted to start FY24 on a positive note, after having accomplished many of the goals we set for ourselves at the beginning of the previous year. Our current priorities are to stay focused and move forward from what we had achieved in the last fiscal year. We continue to work on our key strategic priorities, which included resetting and concentrating the base business, restoring R&D velocity, addressing under-recoveries at our newly commissioned Vizag site, and expanding into new products and geographies. We are happy with the outcome of the USFDA inspection at our Cuddalore facility with Zero 483 inspectional observations. The result of these inspections demonstrates our commitment to regulatory excellence at our global manufacturing sites and our relentless focus on world-class quality and compliance.

Coming to the Q1FY24 performance, I am pleased to report that we achieved 5% YoY growth in Revenues and 11% YoY growth in EBITDA. Our order book continues to be strong. We are pleased to note the increase in demand for Ibuprofen and Ibuprofen derivatives. We continue to focus on Operating cost reduction, continuous improvement program (CIP), and inventory management. With a Strong order book position, expansion in margins, and reduced under recovery at Vizag, we have a visible growth momentum for the forthcoming quarters.”

 

Result PDF

Pharmaceuticals company Solara Active Pharma Sciences announced Q4FY23 & FY23 results:

  • FY23 Revenues at Rs 14,663 million up 14% YoY; EBITDA at Rs 1,507 million up 63% YoY
  • Q4FY23 Revenues stood at Rs 3,853 million
  • Gross margins at 50.3% in Q4FY23 versus 47.3% in Q3FY23; QoQ Improvement in Gross margins by 300 bps
  • Reported EBITDA at Rs 515 million, EBITDA margins at 13.4%; QoQ Improvement in EBITDA margins by 70 bps
  • Reduction in under-recoveries at Vizag

Commenting on the financial performance, Jitesh Devendra, MD of the company, remarked, “We are delighted to conclude fiscal year 23 on a positive note, having accomplished many of the goals we set for ourselves at the beginning of the year. The prior fiscal year (FY22) was a difficult one for the company, prompting the board to make several important decisions to ensure Solara returns to positive growth territory with sustained profitability. We had set forth key strategic priorities, which included resetting and concentrating the base business, restoring R&D velocity, addressing under-recoveries at our newly commissioned Vizag site, and expanding into new products and geographies.

I am pleased to report that we are trending positively toward a broad range of outcomes, and our performance in FY23, particularly the second half, is indicative of the company's efforts to rebound. Additionally, to the FY23 results, we have made major strides toward founding a strong base, yielding even greater future performance as we keep expanding.

As we enter FY24, we are extremely optimistic about the business's prospects. We are confident that Solara will have another successful year. We remain committed to delivering value and thank our investors for their continued support.”

Commenting on the financial performance, Poorvank Purohit, CEO of the company, remarked “I am delighted to join Solara and be part of Solara’s 3.0 growth journey. These improved financial results are a testament to the hard work and dedication of our employees and the strength of our product portfolio. Moving forward, we will continue to focus on outcomes that deliver value to all our stakeholders. The second half of Fiscal year 2023 has brought in more confidence in the fundamentals of the business. Our margins have risen, and we are working towards building new opportunities for sustainable growth.”

 

Result PDF

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