Sudeep Pharma (SUDEEPPH IN) – Q4FY26 Result Update – Phase-1 of pCAM to commission by April’27 – REDUCE
Published on 22 May 2026
Sudeep Pharma reported consolidated revenue of Rs1.8bn in Q4FY26, registering growth of 16% YoY and 6% QoQ, while FY26 revenue increased 28% YoY to Rs6.4bn. The Specialty Ingredients (SI) segment reported revenue growth of 105% YoY and 26% QoQ, driven by higher demand across infant nutrition, medical nutrition and dietary supplements. The SI business contributed around 44% to FY26 revenue, EBIT margins remained largely stable. The Pharmaceutical, Food & Nutrition (PFN) segment declined 20% YoY and 9% QoQ; The management expects EBITDA growth of ~15% in the PFN business over FY27 and FY28, supported by higher capacity utilization. The company’s pCAM project remains on track for Phase-1 commissioning by April’27, supported by rising global demand and China+1 sourcing opportunities.
Management has guided FY27 EBITDA margins of around 37%, while inventory levels to remain high to support customer demand and ensure raw material availability. The commissioning of the PFN expansion has been delayed due to customer validation timelines, which are expected to take around 6–12 months. The stock is currently trading at 35x FY28E EPS. We value the company at 33x FY28E EPS and maintain our ‘Reduce’ rating with a target price of Rs627.
