Solara Active Pharma Sciences Ltd.

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solara.co.inBSE: 541540NSE: SOLARA

Market Cap₹ 3,088 Cr.

Current Price

High / Low₹ 712 / 422

Stock P/E—

Book Value₹ 263

Price to Book1.52

Dividend Yield0.00 %

ROCE4.6 %

ROE-0.6 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Healthcare

Buy

This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.

Confidence

50%

View full sector analysis →

PROS

Promoters have been increasing their shareholding - up 4.7pp over 2 years
Latest quarter profit grew 55.0% YoY, showing strong momentum
Operating margins have improved to 13.2% from 9.3%
Company generates healthy free cash flow

CONS

Company is loss-making at the operating / net level
Recent results are weak - TTM profit is down 109.6% versus prior year
Company has a low return on equity of -15.7% over last 3 years
Company has a low return on capital employed of -2.2%
Receivables are growing faster than sales - a possible quality concern
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.83x)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

HealthcareHealthcarePharmaceuticals & Drugs

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SUNPHARMA	1899.00	37.67	455633.71	0.84	2901.23	26.53	15299.88	10.98	19.11	28.81
2.	DIVISLAB	9100.00	82.59	241576.41	0.33	902.00	65.50	3080.00	27.80	21.51	40.75
3.	TORNTPHARM	4850.00	84.58	184478.41	0.78	566.00	3.28	4921.00	57.32	19.27	33.81
4.	CIPLA	1385.00	33.19	111888.39	0.94	785.55	-39.18	7119.28	4.13	16.00	16.73
5.	ZYDUSLIFE	1121.00	24.78	111820.18	0.09	990.20	-34.90	8017.00	23.97	21.39	24.54
6.	LAURUSLABS	1840.00	90.93	99417.45	0.11	362.07	123.94	2026.31	29.10	18.20	31.50
7.	LUPIN	2111.00	17.46	96528.82	0.85	1416.98	16.01	8276.89	34.28	28.86	29.59
8.	DRREDDY	1154.00	29.89	96322.06	0.69	435.60	-69.10	8099.80	-5.21	13.75	10.63
9.	MANKIND	2328.55	47.09	96179.61	0.04	574.09	29.12	4030.59	12.89	13.24	26.30
10.	AUROPHARMA	1653.30	25.62	95127.23	0.24	1032.03	25.22	9150.35	17.44	12.76	20.54
11.	GLENMARK	2427.00	38.10	68495.93	0.10	482.83	927.88	4018.48	31.35	20.35	20.03
12.	SOLARA	640.00	0.00	3088.03	0.00	163.10	1450.38	3816.00	1095.68	4.61	16.24

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	352	425	212	299	363	347	300	273	319	314	349	387	382
	333	388	374	290	322	286	243	228	262	279	312	330	368
Operating Profit	19	38	-162	10	42	61	58	45	57	35	37	58	14
OPM %	5.43%	8.85%	-76.29%	3.26%	11.53%	17.67%	19.21%	16.62%	17.87%	11.08%	10.70%	14.89%	3.57%
	2	-4	-62	-120	1	0	1	6	1	0	-7	6	3
Interest	25	24	25	31	31	28	27	29	24	21	22	28	22
Depreciation	26	26	26	25	25	25	25	24	24	24	26	26	27
Profit before Tax	-29	-17	-275	-167	-13	8	8	-2	11	-10	-17	10	16
Tax %	34.91%	-0.00%	-0.00%	-53.28%	-0.00%	0.00%	0.00%	-0.00%	0.00%	-0.00%	-0.00%	0.00%	0.00%
Net Profit	0	0	0	0	-13	8	8	-2	11	-10	-17	10	16
	-5.00	-4.47	-72.07	-66.83	-3.50	2.54	2.03	-0.93	2.46	-2.36	-3.98	2.20	3.52

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	521	1,387	1,322	1,617	1,268	1,444	1,289	1,284	1,369	1,431
	458	1,166	1,062	1,231	1,188	1,310	1,384	1,077	1,182	1,288
Operating Profit	62	221	259	386	80	134	-95	206	187	143
OPM %	11.99%	15.92%	19.63%	23.87%	6.31%	9.27%	-7.38%	16.07%	13.64%	10.01%
	2	12	28	29	17	23	-185	8	0	2
Interest	25	82	78	84	75	90	105	115	95	92
Depreciation	34	83	94	109	112	111	103	99	100	103
Profit before Tax	6	68	115	222	-91	-45	-488	1	-7	-2
Tax %	-2.40%	0.86%	0.34%	0.07%	36.02%	50.36%	-16.08%	0.00%	-0.00%	-0.00%
Net Profit	6	67	115	221	-58	-22	-567	1	-7	-2
EPS	0.33	21.72	42.69	61.62	-16.15	-6.16	-157.61	0.13	-1.66	—
Dividend Payout %	0.00%	21.65%	4.69%	11.36%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: -3%
3 Years:: -2%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: -16%
3 Years:: 24%
1 Year:: -4%

RETURN ON EQUITY

10 Years:: —
5 Years:: -10%
3 Years:: -16%
Last Year:: -1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	25	26	27	36	36	36	36	40	45
Minority Interest	4	4	4	4	2	2	3	3	3
	739	824	958	1,549	1,488	1,463	896	1,051	1,203
	633	596	643	556	927	895	878	705	630
Trade Payables	313	244	216	309	276	306	313	248	274
	107	266	305	133	160	118	225	186	178
Total Liabilities	1,821	1,960	2,153	2,588	2,890	2,821	2,351	2,232	2,333
	1,063	1,189	1,368	1,356	1,332	1,340	1,266	1,191	1,238
Capital Work in Progress	71	40	40	88	239	238	256	280	205
	1	0	0	0	0	2	2	2	5
	188	214	280	295	576	558	360	318	318
	0	0	227	484	490	537	349	327	439
Cash & Bank	47	76	57	199	47	9	9	4	50
	451	440	181	166	206	137	111	110	79
Total Assets	1,821	1,960	2,153	2,588	2,890	2,821	2,351	2,232	2,333

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	52	181	242	155	-242	156	109	213	153
Cash from Investing	-85	-116	-359	-106	-243	-81	-4	-37	-99
Cash from Financing	68	-23	97	92	334	-113	-106	-180	-54
	31	27	-20	142	-151	-38	-0	-4	1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	0.15	23.09	42.69	61.62	-16.15	-6.16	-157.61	0.13	-1.66
Book Value (₹)	309.63	329.64	366.93	441.06	423.30	416.43	258.96	271.04	280.27
Dividend per Share (₹)	0.00	5.00	2.00	7.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	14.92	53.71	71.63	84.65	13.83	22.77	-118.69	24.79	20.73
PROFITABILITY
Operating Margin %	12.47%	15.92%	19.63%	23.87%	6.30%	9.27%	-6.85%	14.99%	13.19%
Net Margin %	1.15%	4.84%	8.66%	13.69%	-4.60%	-1.54%	-40.83%	0.04%	-0.52%
ROE %	0.78%	8.32%	12.48%	17.23%	-3.75%	-1.47%	-46.64%	0.05%	-0.63%
ROCE %	2.22%	10.38%	11.73%	15.34%	-0.67%	1.79%	-17.29%	6.07%	4.61%
	0.33%	3.55%	5.57%	9.34%	-2.13%	-0.78%	-21.93%	0.02%	-0.32%
EFFICIENCY
Debtor Days	184	73	71	80	140	130	116	90	99
Inventory Days	131	53	68	65	125	143	121	90	82
Payable Days	420	144	140	132	163	135	140	163	139
	-105	-19	-1	13	102	138	97	16	42
FINANCIAL HEALTH
Debt to Equity (x)	0.83x	0.63x	0.72x	0.38x	0.67x	0.67x	1.07x	0.71x	0.53x
Interest Coverage (x)	1.23x	1.82x	2.48x	3.62x	-0.21x	0.50x	-3.65x	1.00x	0.92x
	0.82x	0.99x	0.92x	1.34x	1.17x	1.08x	0.63x	0.77x	0.96x
GROWTH
Revenue Growth %	0.00%	166.17%	-4.68%	22.33%	-21.56%	13.83%	-10.73%	-0.40%	6.64%
Operating Profit Growth %	0.00%	259.05%	23.06%	44.49%	-75.89%	56.45%	-157.41%	338.95%	-10.11%
Net Profit Growth %	0.00%	1024.35%	70.70%	93.28%	-126.33%	61.83%	-2448.13%	100.10%	-1472.22%
	0.00%	0.00%	84.84%	44.36%	-126.21%	61.86%	-2458.12%	100.09%	-1340.89%
VALUATION
P/E (x)	0.00x	18.15x	9.57x	20.85x	0.00x	0.00x	0.00x	3821.51x	0.00x
P/B (x)	0.00x	1.27x	1.21x	3.16x	1.57x	0.79x	1.44x	1.89x	1.52x
Dividend Yield %	0.00%	1.19%	0.45%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	6.61x	6.41x	13.07x	33.72x	13.90x	-25.96x	13.21x	12.99x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	37.27	37.27	37.23	37.94	42.01	42.01	42.00	42.00	41.93
	14.00	14.25	14.67	14.63	14.25	13.58	11.98	11.59	11.52
	2.83	3.37	3.19	2.61	2.62	2.69	3.64	3.75	3.74
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	45.90	45.10	44.91	44.81	41.11	41.72	42.37	42.66	42.81

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-28

Updates

2026-08-28 - SOLARA: Solara Active Pharma Sciences Limited has informed the Exchange regarding Intimation in connection with the receipt of Rectification Order.

2026-08-26

Copy of Newspaper Publication

2026-08-26 - SOLARA: Solara Active Pharma Sciences Limited has informed the Exchange about Copy of Newspaper Publication regarding the completion of dispatch of 9th AGM Notice and Annual report

2026-08-25

General Updates

2026-08-25 - Solara Active Pharma Sciences Limited has informed the Exchange about Business Responsibility and Sustainability Report for the financial year 2025-26.

2026-08-25

Shareholders meeting

2026-08-25 - Solara Active Pharma Sciences Limited has informed the exchange about the dispatch of Notice of Ninth Annual General Meeting ("AGM") of the Company scheduled to be held on Friday, September 18, 2026.

2026-08-24

Copy of Newspaper Publication

2026-08-24 - SOLARA: Solara Active Pharma Sciences Limited has informed the Stock Exchange regarding the Newspaper Publication with respect to the Ninth Annual General Meeting.

2026-08-19

Updates

2026-08-19 - Solara Active Pharma Sciences Limited has informed the Exchange regarding Conversion of partly paid-up Rights Equity Shares into fully paid-up equity shares in Conversion of partly paid-up Rights Equity Shares into fully paid-up equity shares in relation to the rights issue by the Company, upon receipt of the Call Monies, as applicable.

2026-08-18

ESOP/ESOS/ESPS

2026-08-18 - Solara Active Pharma Sciences Limited has informed the Exchange regarding allotment of 2250 equity shares pursuant to exercise of ESOP options.

2026-08-07

Updates

2026-08-07 - SOLARA: Solara Active Pharma Sciences Limited has informed the exchange regarding the update with respect to our intimation dated July 23, 2026, regarding appointment of Chief Information Officer ("CIO") and Senior Management Personnel ("SMP")

2026-07-29

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-29 - Solara Active Pharma Sciences Limited has informed the Exchange about Transcript of Earnings conference call pertaining to financial results of the Company for the quarter ended June 30, 2026

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