💰 Financial Performance

Revenue Growth by Segment

The company operates in a single business segment, 'Pharmaceutical Business'. For Q3 2025, revenue was INR 233.9 Cr, representing a 46% YoY growth. For the nine months ended September 2025, revenue reached INR 627.4 Cr, up 13% YoY.

Geographic Revenue Split

In Q3 2025, Domestic sales grew by 20% YoY, while Export sales grew by 1031% YoY on a low base. For the nine-month period, Domestic sales grew by 1% and Export sales grew by 96% YoY.

Profitability Margins

For CY 2024, the Operating Profit Margin was 35% (down from 39% in 2023) and the Net Profit Margin was 25% (down from 30% in 2023). Q3 2025 Net Profit was INR 62.9 Cr, a 40% increase YoY.

EBITDA Margin

In CY 2024, the company achieved an EBITDA of INR 255.2 Cr with an EBITDA margin of 35%. Core profitability remains strong despite a slight margin compression compared to the restated 2023 figures.

Credit Rating & Borrowing

Not disclosed in available documents; however, the company reported a Debt-Equity ratio of 'NA', indicating a debt-free balance sheet.

⚙️ Operational Drivers

📈 Strategic Growth

Expected Growth Rate

13%

Growth Strategy

Growth is driven by the 'India for India' strategy, leveraging global Opella expertise to implement local Consumer Healthcare (CHC) strategies. Key drivers include the successful re-establishment of voluntarily recalled products and active engagement with regulators to shape OTC regulations in India. The transition to a standalone entity under CD&R ownership (50% stake) aims to enhance local agility and decision-making.

Products & Services

Consumer healthcare and pharmaceutical products (OTC medicines).

New Products/Services

The company focused on re-establishing voluntarily recalled products within the year, which have successfully regained market presence.

Market Expansion

Focus on the Indian domestic market, which saw 20% growth in Q3 2025, and expanding export reach from a low base.

Strategic Alliances

The company demerged from Sanofi India Limited in June 2024. Globally, Sanofi sold a 50% controlling stake in the parent Opella group to Clayton, Dubilier & Rice (CD&R) in April 2025.

🌍 External Factors

Industry Trends

The Indian consumer healthcare sector is shifting toward standalone specialized entities. Regulatory evolution in OTC frameworks is a key trend, with the company actively participating in shaping these norms to increase self-care accessibility and market reach.

Competitive Moat

The moat is derived from global science-based self-care expertise via the Opella group and a resilient brand portfolio that successfully recovered from product recalls. The 'India for India' strategy provides local agility while maintaining global quality standards.

Consumer Behavior

Increasing consumer demand for simpler, more accessible, and more effective self-care solutions.

⚖️ Regulatory & Governance

Industry Regulations

The company is actively engaged with regulatory authorities to help shape Over-the-Counter (OTC) regulations in India, which is critical for its standalone consumer healthcare strategy.

Legal Contingencies

No material fines, penalties, or settlement amounts were paid to regulators or law enforcement agencies in CY 2024.

⚠️ Risk Analysis

Key Uncertainties

Key risks include regulatory shifts in OTC drug classifications and potential product quality issues or recalls, which can disrupt market presence for up to a year.

Geographic Concentration Risk

Primarily concentrated in India, with domestic sales being the dominant revenue driver despite high percentage growth in exports.

Third Party Dependencies

Dependency on value chain partners for manufacturing and distribution, managed through rigorous HSE and CSR assessments.

Credit & Counterparty Risk

High debtors turnover ratio of 31.99 indicates strong receivables quality and efficient collection processes.