INFINIUM - Infinium Pharma

📊 NSE: INFINIUM 🏢 Pharmaceuticals - Indian - Bulk Drugs 📅 Last Updated: 12/14/2025 8:04

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 14.78% YoY to INR 155.71 Cr in FY25. H1FY26 revenue grew 1% YoY to INR 84.05 Cr, indicating a stabilization in sales volume despite global pricing pressures.

Geographic Revenue Split

The company exports to 63 global partners including China, Italy, Bangladesh, and Korea. It has set a target revenue of approximately INR 10 Cr from the EU market for FY26 following REACH registration.

Profitability Margins

Gross Profit Margin improved from 21.68% in H1FY25 to 24.41% in H1FY26. However, FY25 PAT margin was 5.03%, down from 8.48% in FY24 due to a 54.60% increase in employee and other costs.

EBITDA Margin

EBITDA margin for H1FY26 was 13.46%, an improvement of 289 bps YoY from 11.36%. Full-year FY25 EBITDA margin was 11.74%, down from 14.63% in FY24.

Capital Expenditure

In FY25, the company invested INR 4.30 Cr in the purchase of tangible fixed assets to support its manufacturing capabilities at the GIDC Sojitra facility.

Credit Rating & Borrowing

Finance costs increased significantly by 67.58% YoY to INR 3.67 Cr in FY25, reflecting higher borrowing requirements or interest rate impacts on working capital.

⚙️ Operational Drivers

Raw Materials

Iodine and iodine-based derivatives (e.g., iodobenzene diacetate, methyl iodide, N-iodosuccinimide) are the primary raw materials, with Cost of Goods Sold (COGS) representing 75.5% of total revenue in FY25.

Import Sources

Not disclosed in available documents, though the company notes competition from large-scale imports as a threat.

Capacity Expansion

The company operates a manufacturing facility at GIDC Sojitra, Gujarat, which recently received FDA India approval for manufacturing APIs, enabling a shift toward higher-value pharmaceutical products.

Raw Material Costs

COGS stood at INR 117.60 Cr in FY25, a 14.06% increase YoY, closely tracking revenue growth and maintaining a stable COGS-to-revenue ratio of approximately 75-76%.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Growth will be driven by a 5-year exclusive distribution agreement with K Sakai & Company to market iodine derivatives in Japan, targeting high-tech sectors like semiconductors and solar. Additionally, the company is leveraging REACH registration to target INR 10 Cr in EU revenue and utilizing its new FDA India API approval.

Products & Services

Iodine derivatives, organo-inorganic compounds, and APIs including iodobenzene diacetate, methyl iodide, and N-iodosuccinimide.

Brand Portfolio

Infinium Pharmachem (The INSIDE of APIs).

New Products/Services

New API manufacturing at the Sojitra facility following FDA India approval is expected to contribute to higher-margin revenue streams.

Market Expansion

Targeting the Japanese market through K Sakai and the European market through REACH registration for FY26.

Strategic Alliances

Exclusive 5-year distribution agreement with K Sakai & Company (Japan) and a 51% joint venture with Shanghai Witofly Chemical Co. Ltd for trading purposes.

🌍 External Factors

Industry Trends

India is emerging as a global manufacturing hub for pharma chemicals due to cost-effective production and skilled manpower; the industry is shifting toward specialized iodine derivatives where Infinium is positioned.

Competitive Landscape

Faces intense competition from multinational corporations and large-scale imports, requiring continuous capital investment in technology.

Competitive Moat

Moat is based on specialization in iodine derivatives and organo-inorganic compounds, supported by a 21-year operational history and new regulatory approvals (FDA, REACH).

Macro Economic Sensitivity

Highly sensitive to global pharmaceutical demand and Indian export momentum, which saw a narrowing trade deficit in the chemical sector to US$ 2 billion in FY24.

Consumer Behavior

Increasing global preference for India as an alternative manufacturing hub ('China Plus One' strategy) is driving demand for Infinium's intermediates.