Sai Parenteral’s IPO is a book-built public issue aggregating to ₹408.79 crore. The IPO comprises a fresh issue of 0.73 crore equity shares amounting to ₹285.00 crore and an Offer for Sale (OFS) of 0.32 crore shares aggregating to ₹123.79 crore.
The IPO will open for subscription on March 24, 2026, and close on March 27, 2026. The allotment is expected to be finalised on March 30, 2026. The shares are proposed to be listed on BSE and NSE on April 2, 2026.
The price band has been fixed at ₹372 to ₹392 per share. Investors must apply in a minimum lot size of 38 shares. At the upper price band, the minimum investment required for retail investors is ₹14,896.
For Non-Institutional Investors (NIIs):
- sNII: Minimum 14 lots (532 shares) – ₹2,08,544
- bNII: Minimum 68 lots (2,584 shares) – ₹10,12,928
Arihant Capital Markets Ltd. is the Book Running Lead Manager, and Bigshare Services Pvt. Ltd. is the registrar to the issue.
(Source: RHP)
Company Overview
Incorporated in 2001, Sai Parenteral’s Ltd. is a pharmaceutical formulations company engaged in research, development, and manufacturing.
The company operates through two key segments:
- Branded Generic Formulations
- CDMO (Contract Development and Manufacturing Organisation)
| Category | Details |
|---|---|
| Therapeutic Coverage | Cardiovascular • Neuropsychiatry • Anti-diabetic • Respiratory • Antibiotics • Gastroenterology • VMS • Analgesics • Dermatology |
| Dosage Forms | Injectables • Tablets • Capsules • Liquid Orals • Ointments |
| Export Markets | Australia • New Zealand • Southeast Asia • Middle East • Africa |
| Export Entry | Entered exports in FY23 post acquisition of internationally accredited facilities |
| Manufacturing Facilities | 5 Units total: 4 in Hyderabad (GMP, WHO-GMP, TGA-Australia & PIC/S accredited) and 1 in Ongole (Revat Laboratories) |
| Employee Strength | 298 full-time employees (as of Dec 31, 2025) |
Industry Context
India’s pharmaceutical industry continues to expand, supported by:
- Rising domestic healthcare expenditure
- Growing penetration of branded generics
- Strong demand from regulated export markets
- Increasing outsourcing to CDMO players
- Government initiatives such as PLI schemes
However, the sector faces challenges including:
- Pricing controls under DPCO
- Regulatory compliance requirements
- Currency volatility in exports
- Competitive intensity in generics
(Source: RHP)
Business Strengths
- Diversified generic and CDMO portfolio
- Strategically located and accredited facilities
- Strong distribution network in India and overseas
- Track record of value-accretive acquisitions
- Experienced promoters and management team
(Source: RHP)
Financial Performance
Sai Parenteral’s Ltd – Financials (₹ in crore)
| Particulars | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 376.24 | 272.39 | 268.10 | 133.96 |
| Total Income | 89.43 | 163.74 | 155.18 | 97.03 |
| Profit After Tax | 7.76 | 14.43 | 8.42 | 4.38 |
| EBITDA | 16.24 | 39.44 | 31.70 | 17.64 |
| Net Worth | 209.37 | 95.78 | 76.40 | 31.49 |
| Reserves & Surplus | 188.84 | 80.36 | 61.30 | 24.34 |
| Total Borrowings | 76.07 | 93.95 | 118.79 | 68.55 |
(Source: RHP)
Key Ratios & Metrics
| KPI | 30 Sep 2025 | 31 Mar 2025 |
|---|---|---|
| ROE | 5.13% | 16.82% |
| ROCE | 9.28% | 28.92% |
| RoNW | 5.09% | 15.09% |
| PAT Margin | 8.93% | 8.88% |
| EBITDA Margin | 18.68% | 24.18% |
| Price to Book Value | – | 10.89 |
IPO Objects
The net proceeds from the fresh issue will be utilised towards:
- Capacity expansion & facility upgradation – ₹110.80 Cr
- Establishment of new R&D centre – ₹18.02 Cr
- Repayment/prepayment of borrowings – ₹14.30 Cr
- Working capital requirements – ₹33.00 Cr
- Investment in Singapore subsidiary for proposed acquisition – ₹35.64 Cr
- General corporate purposes
Total proposed utilisation: ₹211.76 Cr
(Source: RHP)
Market Outlook & GMP Trends
As of the latest available updates, grey market activity for Sai Parenteral’s IPO has not shown a clear premium trend. GMP movements remain limited at this stage.
With the upper price band fixed at ₹392, listing performance will depend on subscription levels and overall market sentiment closer to the listing date.
Grey market data is unofficial and should not be considered a reliable indicator of actual listing performance.
(Source: Market updates)
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 24 – 27 March, 2026 |
| Listing Date | April 2, 2026 |
| Face Value | ₹5 per share |
| Price Band | ₹372 – ₹392 |
| Lot Size | 38 Shares |
| Issue Type | Book Building IPO |
| Sale Type | Fresh Issue + OFS |
| Total Issue Size | ₹409 Cr |
| Min Retail Investment | ₹14,896 |
| Max Retail Investment | ₹1,93,648 |
| Listing Exchange | BSE, NSE |
Conclusion
Sai Parenteral’s IPO offers exposure to India’s growing pharmaceutical formulations and CDMO market. The company benefits from diversified therapeutic presence, accredited manufacturing facilities, and expanding export footprint.
However, the IPO is priced at a relatively high earnings multiple compared to recent financial performance. Investors should evaluate growth visibility, capacity expansion benefits, CDMO scalability, and valuation comfort before participating.
Disclaimer: Investment in securities market is subject to market risks. Read all the related documents carefully before investing. This content is purely for information purpose only and in no way is to be considered as an advice or recommendation. The securities are quoted as an example and not as a recommendation. Investors are requested to do their own due diligence before investing.
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