Solara Active Pharma Sciences Ltd.
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ABOUT
AI Sector View
AI GENERATEDHealthcare
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.
PROS
- Promoters have been increasing their shareholding - up 4.7pp over 2 years
- Latest quarter profit grew 61.3% YoY, showing strong momentum
- Operating margins have improved to 13.2% from 9.3%
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
CONS
- Company is loss-making at the operating / net level
- Recent results are weak - TTM profit is down 105.5% 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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUNPHARMA | 1904.00 | 37.77 | 456833.38 | 0.84 | 2901.23 | 26.53 | 15299.88 | 10.98 | 19.11 | 28.81 |
| DIVISLAB | 9245.00 | 83.91 | 245425.70 | 0.32 | 902.00 | 65.50 | 3080.00 | 27.80 | 21.51 | 40.75 |
| TORNTPHARM | 4924.70 | 85.89 | 187319.76 | 0.77 | 566.00 | 3.28 | 4921.00 | 57.32 | 19.27 | 33.81 |
| ZYDUSLIFE | 1135.00 | 25.09 | 113216.68 | 0.09 | 990.20 | -34.90 | 8017.00 | 23.97 | 21.39 | 24.54 |
| CIPLA | 1389.00 | 33.29 | 112211.54 | 0.94 | 785.55 | -39.18 | 7119.28 | 4.13 | 16.00 | 16.73 |
| LAURUSLABS | 1872.15 | 92.52 | 101154.55 | 0.11 | 362.07 | 123.94 | 2026.31 | 29.10 | 18.20 | 31.50 |
| LUPIN | 2135.00 | 17.66 | 97626.26 | 0.84 | 1416.98 | 16.01 | 8276.89 | 34.28 | 28.86 | 29.59 |
| MANKIND | 2345.00 | 47.42 | 96859.07 | 0.04 | 574.09 | 29.12 | 4030.59 | 12.89 | 13.24 | 26.30 |
| DRREDDY | 1155.00 | 29.92 | 96405.53 | 0.69 | 435.60 | -69.10 | 8099.80 | -5.21 | 13.75 | 10.63 |
| AUROPHARMA | 1627.00 | 25.22 | 93613.98 | 0.25 | 1032.03 | 25.22 | 9150.35 | 17.44 | 12.76 | 20.54 |
| GLENMARK | 2458.80 | 38.60 | 69393.40 | 0.10 | 482.83 | 927.88 | 4018.48 | 31.35 | 20.35 | 20.03 |
| SOLARA | 630.05 | 0.00 | 3040.02 | 0.00 | 163.10 | 1450.38 | 3816.00 | 1095.68 | 4.61 | 16.24 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 321 | 286 | 243 | 230 | 262 | 279 | 312 | 330 | 367 | |
| Operating Profit | 19 | 38 | -162 | 10 | 42 | 61 | 58 | 43 | 57 | 35 | 37 | 58 | 15 |
| OPM % | 5.43% | 8.86% | -76.28% | 3.27% | 11.62% | 17.67% | 19.21% | 15.60% | 17.87% | 11.08% | 10.70% | 14.86% | 3.95% |
| 2 | -2 | -62 | -122 | 1 | 0 | 1 | 6 | 1 | 0 | -7 | 5 | 2 | |
| Interest | 26 | 24 | 25 | 31 | 31 | 28 | 27 | 29 | 24 | 21 | 22 | 27 | 20 |
| Depreciation | 26 | 26 | 26 | 25 | 25 | 25 | 25 | 24 | 24 | 24 | 26 | 26 | 27 |
| Profit before Tax | -30 | -15 | -275 | -168 | -12 | 8 | 8 | -5 | 11 | -10 | -17 | 10 | 17 |
| Tax % | 34.02% | -0.00% | -0.00% | -52.97% | -0.00% | 0.00% | 0.00% | -0.00% | 0.00% | -0.00% | -0.00% | 0.00% | 0.00% |
| Net Profit | -20 | -15 | -275 | -256 | -12 | 8 | 8 | -5 | 11 | -10 | -17 | 10 | 17 |
| -5.20 | -3.99 | -72.07 | -67.11 | -3.20 | 2.11 | 2.47 | -1.65 | 2.46 | -2.36 | -3.97 | 2.23 | 3.67 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
| 457 | 1,165 | 1,065 | 1,232 | 1,188 | 1,310 | 1,384 | 1,080 | 1,182 | 1,287 | |
| Operating Profit | 64 | 222 | 257 | 385 | 80 | 134 | -95 | 204 | 187 | 145 |
| OPM % | 12.34% | 15.98% | 19.41% | 23.83% | 6.34% | 9.28% | -7.38% | 15.88% | 13.64% | 10.11% |
| 2 | 12 | 28 | 28 | 15 | 22 | -184 | 9 | 0 | 1 | |
| Interest | 25 | 82 | 78 | 84 | 75 | 90 | 106 | 115 | 94 | 91 |
| Depreciation | 34 | 83 | 94 | 108 | 112 | 111 | 103 | 99 | 100 | 103 |
| Profit before Tax | 8 | 68 | 112 | 221 | -92 | -45 | -488 | -1 | -7 | -1 |
| Tax % | 0.00% | 2.94% | 0.00% | 0.00% | 36.11% | 50.40% | -16.08% | -0.00% | -0.00% | -0.00% |
| Net Profit | 8 | 66 | 112 | 221 | -59 | -22 | -567 | -1 | -7 | -1 |
| EPS | 1.74 | 21.39 | 41.90 | 61.50 | -16.27 | -6.17 | -157.46 | -0.27 | -1.63 | — |
| Dividend Payout % | 0.00% | 19.42% | 4.77% | 11.38% | 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
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 745 | 830 | 963 | 1,553 | 1,490 | 1,466 | 900 | 1,053 | 1,206 | |
| 633 | 595 | 642 | 556 | 927 | 895 | 878 | 705 | 581 | |
| Trade Payables | 313 | 243 | 216 | 306 | 269 | 301 | 308 | 242 | 268 |
| 102 | 263 | 303 | 134 | 161 | 118 | 225 | 186 | 178 | |
| Total Liabilities | 1,817 | 1,957 | 2,152 | 2,585 | 2,882 | 2,816 | 2,347 | 2,225 | 2,277 |
| 1,057 | 1,182 | 1,362 | 1,349 | 1,325 | 1,333 | 1,259 | 1,185 | 1,231 | |
| Capital Work in Progress | 70 | 39 | 40 | 88 | 239 | 238 | 256 | 280 | 205 |
| 19 | 18 | 18 | 18 | 15 | 16 | 14 | 2 | 2 | |
| 188 | 214 | 280 | 295 | 576 | 558 | 360 | 318 | 318 | |
| 0 | 0 | 230 | 484 | 490 | 540 | 351 | 327 | 439 | |
| Cash & Bank | 47 | 76 | 57 | 198 | 47 | 9 | 8 | 4 | 4 |
| 437 | 427 | 166 | 152 | 192 | 122 | 98 | 110 | 78 | |
| Total Assets | 1,817 | 1,957 | 2,152 | 2,585 | 2,882 | 2,816 | 2,347 | 2,225 | 2,277 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 53 | 180 | 242 | 154 | -242 | 156 | 111 | 213 | 153 | |
| Cash from Investing | -85 | -116 | -359 | -105 | -243 | -81 | -5 | -37 | -50 |
| Cash from Financing | 67 | -23 | 97 | 92 | 334 | -113 | -107 | -180 | -103 |
| 31 | 27 | -20 | 142 | -151 | -38 | -0 | -5 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | |||||||||
| EPS (₹) | 3.07 | 25.75 | 41.90 | 61.50 | -16.27 | -6.17 | -157.46 | -0.27 | -1.63 |
| Book Value (₹) | 312.02 | 332.19 | 368.74 | 442.25 | 423.90 | 417.24 | 259.94 | 271.53 | 280.84 |
| Dividend per Share (₹) | 0.00 | 5.00 | 2.00 | 7.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 15.47 | 53.34 | 70.77 | 84.46 | 13.68 | 22.71 | -118.75 | 24.39 | 20.77 |
| PROFITABILITY | |||||||||
| Operating Margin % | 12.77% | 15.98% | 19.41% | 23.83% | 6.34% | 9.28% | -6.85% | 14.82% | 13.19% |
| Net Margin % | 1.45% | 4.78% | 8.51% | 13.67% | -4.62% | -1.54% | -40.83% | -0.08% | -0.51% |
| ROE % | 0.98% | 8.16% | 12.19% | 17.13% | -3.76% | -1.47% | -46.51% | -0.11% | -0.62% |
| ROCE % | 2.33% | 10.39% | 11.54% | 15.28% | -0.69% | 1.79% | -17.22% | 5.97% | 4.65% |
| 0.42% | 3.52% | 5.48% | 9.33% | -2.14% | -0.78% | -21.96% | -0.05% | -0.32% | |
| EFFICIENCY | |||||||||
| Debtor Days | 185 | 73 | 72 | 81 | 140 | 130 | 117 | 90 | 99 |
| Inventory Days | 131 | 53 | 68 | 65 | 125 | 143 | 121 | 90 | 82 |
| Payable Days | 420 | 144 | 140 | 131 | 160 | 132 | 138 | 160 | 136 |
| -104 | -18 | 0 | 14 | 105 | 142 | 100 | 20 | 45 | |
| FINANCIAL HEALTH | |||||||||
| Debt to Equity (x) | 0.82x | 0.63x | 0.71x | 0.38x | 0.67x | 0.67x | 1.07x | 0.71x | 0.49x |
| Interest Coverage (x) | 1.30x | 1.83x | 2.44x | 3.62x | -0.22x | 0.50x | -3.61x | 0.99x | 0.92x |
| 0.83x | 1.00x | 0.93x | 1.35x | 1.17x | 1.09x | 0.64x | 0.78x | 0.91x | |
| 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% | 251.00% | 21.61% | 45.66% | -76.05% | 57.58% | -157.43% | 337.46% | -9.58% |
| Net Profit Growth % | 0.00% | 775.33% | 69.54% | 96.43% | -126.50% | 62.07% | -2452.32% | 99.81% | -570.37% |
| 0.00% | 738.09% | 62.72% | 46.79% | -126.45% | 62.07% | -2452.34% | 99.83% | -506.26% | |
| VALUATION | |||||||||
| P/E (x) | 0.00x | 16.28x | 9.75x | 20.90x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 1.26x | 1.20x | 3.15x | 1.57x | 0.79x | 1.43x | 1.89x | 1.51x |
| Dividend Yield % | 0.00% | 1.19% | 0.45% | 0.50% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 6.60x | 6.48x | 13.10x | 34.02x | 13.92x | -26.00x | 13.31x | 13.00x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - 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 - Solara Active Pharma Sciences Limited has informed the Exchange about Business Responsibility and Sustainability Report for the financial year 2025-26.
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 - 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 - 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 - Solara Active Pharma Sciences Limited has informed the Exchange regarding allotment of 2250 equity shares pursuant to exercise of ESOP options.
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 - 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
News
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