revenue
375 $million
FY 2028
management target
STRIDES PHARMA SCIENCE LIMITED
Last · NSE₹1059.90-24.90 (-2.30%)close · yahoo · 11h ago
Market cap₹97.7B92.2M sh
P/E · TTM15.9fwd 11.1 · eps 66.55
Beta0.37vs S&P 500
Div yield0.00%annual · TTM
52w range
₹768.65₹1260.90
Volume253.4Ksession
Loading chart…
OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Healthy diversification and margins are offset by a back-end-loaded US recovery and limited quantified bridge to the target.
HOLD: Q1 revenue grew 13% year over year and Ex-US grew 17%, while EBITDA margin held at 18.2% despite ₹13.1 crore of geopolitical operating and freight costs.
The investment case still depends on a stronger US second half: US revenue was $68 million versus a $375 million FY28 North America aspiration, with approvals, quotas and competition leaving execution risk high.
Themes
- Us Pharma
- Ex Us Growth
- Controlled Substances
- Product Approvals
- Freight Costs
- Net Debt
Near term
US growth is expected to improve in H2 FY27, but the catalyst set depends on delayed approvals, about 10 planned launches and higher controlled-substance quotas.
Ex-US revenue was $63 million versus $70 million in Q4 FY26; management attributes the shortfall to shipment delays and must demonstrate recovery in subsequent quarters.
The Sandoz acquisition was still awaiting permissions and, if closed in Q2, is expected to contribute in H2; timing remains uncertain.
Longer term
Ex-US diversification is becoming a genuine earnings driver: revenue grew 17% year over year and management expects it to grow faster than the company average.
The US growth platform rests on nasal sprays, transdermal patches, films and controlled substances, but the latter was only about 5% of prior-year revenue and quota allocation depends on demonstrated sales history.
Net debt was ₹1,424.6 crore and 1.52x EBITDA; management targets debt neutrality in two to three years, leaving execution and cash conversion important to equity value.
Red flags
The $375 million FY28 North America goal was described as aspirational, but management did not quantify the contribution expected from each of its five or six growth levers.
US revenue was stable despite increased competition, while product approval delays and the unresolved controlled-substance quota cycle constrain visibility.
Cash-to-cash cycle increased to 123 days, including a 24-day inventory increase, and ROCE moderated to 15.3% from 15.8%.
Forward outlook
gross margin
58–60 pct
FY 2027
management framework
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Earnings transcripts
Documents
FormReporting forFiledFlags