WANBURY - Wanbury
📢 Recent Corporate Announcements
Wanbury Limited has received ANVISA approval from Brazil for Sertraline Form II, which complements its existing Form I approval. The company currently holds a dominant 75% market share for Sertraline in Brazil, and this new approval is expected to further consolidate its position. Additionally, the company secured approval from a major customer for a special Metformin DC grade, representing a potential revenue opportunity of Rs 15 crore per annum. Both manufacturing sites in Patalganga and Tanuku remain cGMP compliant, ensuring steady production capabilities.
- Received ANVISA (Brazil) approval for Sertraline Form II to strengthen market dominance.
- Currently holds a 75% market share for Sertraline in the Brazilian market.
- Secured a new Metformin DC grade approval with an estimated Rs 15 crore annual business potential.
- Manufacturing facilities at Patalganga and Tanuku confirmed as cGMP compliant.
- Approval for Form II is expected to further consolidate the company's share of business in Brazil.
Wanbury Limited has successfully executed a major financial turnaround, reducing its peak debt of ₹700 crore by approximately 75% and lowering borrowing costs from 22.5% to 12.5%. The company achieved its highest-ever operational EBITDA of ₹80 crore in FY25, driven by a dominant 30% global market share in Sertraline and 11% in Metformin. The formulations business reached financial break-even in 9MFY26, with a scale-up strategy planned for FY27. Future growth is anchored by a pipeline of four new molecule commercializations annually starting in FY27, supported by a ₹127 crore CAPEX plan for FY26-27.
- Debt reduced by ~75% from peak levels with interest rates slashed from 22.5% to 12.5% effective March 2025.
- Global market leadership established with a 30% share in Sertraline and 11% share in Metformin APIs.
- Formulations segment achieved financial break-even in 9MFY26 after years of turnaround efforts.
- Aggressive CAPEX plan of ₹64 Cr for FY26 and ₹63 Cr for FY27 focusing on new product blocks and clean rooms.
- Operational EBITDA scaled approximately 3X between FY23 and FY25, reaching a record ₹80 crore.
Wanbury Limited has officially released its un-audited financial results for the third quarter and nine-month period ending December 31, 2025 (FY26). The announcement was communicated via a formal press release dated February 6, 2026. This filing is a standard regulatory requirement providing transparency into the company's recent operational performance. Investors should now examine the detailed profit and loss statements to evaluate the company's growth trajectory in the pharmaceutical sector.
- Release of un-audited financial results for the quarter ended December 31, 2025.
- Consolidated and standalone performance for the 9-month (9M) period of FY26 included.
- Official press release issued on February 6, 2026, to provide management context.
- Compliance with SEBI Listing Obligations and Disclosure Requirements confirmed.
Wanbury Limited has announced the grant of 60,000 new stock options to employees at an exercise price of Rs. 130 per share. Concurrently, the company allotted 47,400 equity shares following the exercise of previously vested options under its 2016 ESOP plan. This allotment has increased the total paid-up share capital to Rs. 34.94 crore. The company realized a total of Rs. 4.74 lakh from the exercise of these options.
- Grant of 60,000 stock options at an exercise price of Rs. 130 per share.
- Allotment of 47,400 equity shares of face value Rs. 10 each.
- Total paid-up share capital increased to Rs. 34,93,93,980 from Rs. 34,89,19,980.
- Vesting schedule for new grants spans between 1 to 4 years based on loyalty and performance.
- Realized Rs. 4.74 lakh in cash from the exercise of 47,400 options.
Wanbury Limited has announced the allotment of 47,400 equity shares to employees who exercised their vested options under the WANBURY ESOP 2016 plan. This allotment has increased the company's total paid-up share capital to Rs. 34.94 crore. Simultaneously, the Board has approved a fresh grant of 60,000 stock options at an exercise price of Rs. 130 per share. These new grants are structured with loyalty and performance-based vesting schedules spanning three to four years.
- Allotment of 47,400 equity shares of Rs. 10 face value following ESOP exercise.
- Total paid-up capital increased from 3,48,91,998 to 3,49,39,398 equity shares.
- Grant of 60,000 new stock options at an exercise price of Rs. 130 per share.
- New grants are split into Loyalty (40%) and Performance (60%) components.
- Vesting for new grants ranges from 1 to 4 years from the date of grant.
Wanbury Limited's board met on February 5, 2026, to approve the un-audited financial results for the quarter ended December 31, 2025. The company announced the grant of 60,000 new stock options to employees at an exercise price of ₹130 per share. Additionally, the board approved the allotment of 47,400 equity shares following the exercise of previously vested options, generating ₹4.74 lakh in capital. As a result, the company's total paid-up share capital has increased to ₹34.94 crore.
- Approved un-audited financial results for the third quarter and nine months ended December 31, 2025
- Granted 60,000 new stock options under ESOP 2016 at a pricing formula of 50% of the closing market price (₹130 per share)
- Allotted 47,400 equity shares of face value ₹10 each to employees upon exercise of vested options
- Total paid-up share capital increased from ₹34,89,19,980 to ₹34,93,93,980
- Realized ₹4,74,000 in cash from the exercise of 47,400 options
Wanbury Limited's board met on February 5, 2026, to approve the un-audited financial results for the quarter and nine months ending December 31, 2025. The company announced a fresh grant of 60,000 stock options to employees at an exercise price of Rs. 130 per share. Additionally, the board allotted 47,400 equity shares following the exercise of vested options under the 2016 ESOP plan. This allotment has marginally increased the company's total paid-up share capital to Rs. 34.94 crore.
- Approved un-audited financial results for Q3 and the nine-month period ended December 31, 2025
- Granted 60,000 new ESOPs at an exercise price of Rs. 130 per share, representing 50% of the closing market price
- Allotted 47,400 equity shares of Rs. 10 each, realizing Rs. 4,74,000 from the exercise of options
- Total paid-up share capital increased from Rs. 34,89,19,980 to Rs. 34,93,93,980
- The total number of equity shares outstanding now stands at 3,49,39,398
Wanbury Limited has successfully commenced commercial shipments of its new high-demand Anaesthetic API from its Tanuku facility in Andhra Pradesh. The first sale and invoicing milestone was achieved on January 30, 2026, for a leading European customer. This move marks the company's entry into a high-growth segment just months after the initial product launch. Management expects this to signal rapid growth and production ramp-up, strengthening its global API portfolio which already serves over 50 countries.
- Achieved first sales and invoicing of a new high-demand Anaesthetic API on January 30, 2026
- Commenced commercial shipments to a leading European customer from the USFDA/EUGMP approved Tanuku facility
- Commercialization achieved within just months of the product launch, indicating high operational efficiency
- Management signals rapid growth ahead with plans to multiply production capacity and scaling fast
Wanbury Limited has commenced commercial production of a high-potent anaesthetic API at its Tanuku facility in Andhra Pradesh. This move is expected to generate incremental revenues of approximately ₹18 crore in Q4 FY26 and over ₹100 crore in FY 2026-27. The company is also expanding its capacity with a multi-purpose intermediate block scheduled for completion by March 2026. This expansion aims to capture a share of the global market for these new APIs, which is currently valued at over ₹5,000 crore.
- Commenced commercial production of a key anaesthetic API at the state-of-the-art Tanuku facility.
- Projected incremental revenue of over ₹100 crore in FY 2026-27 from the new API production.
- Expected immediate revenue contribution of approximately ₹18 crore in Q4 FY 2025-26.
- On track to launch four additional high-value APIs (Antidiabetic, Anticoagulant, etc.) by March 2026.
- Targets a global market opportunity for these molecules valued at over ₹5,000 crore.
Wanbury Limited has commenced commercial production of a high-potent anaesthetic API at its Tanuku facility in Andhra Pradesh. The company expects this launch to generate incremental revenues of approximately Rs. 18 crore in Q4 FY26 and over Rs. 100 crore in FY 2026-27. Furthermore, a new multi-purpose production block is on track for completion by March 2026, which will facilitate the production of four additional high-value APIs. These strategic moves target a global market opportunity valued at over Rs. 5,000 crore, significantly strengthening the company's API portfolio.
- Commenced commercial production of a key anaesthetic API at the state-of-the-art Tanuku facility.
- Projected incremental revenue of over Rs. 100 crore for FY 2026-27 and Rs. 18 crore for Q4 FY26.
- Multi-purpose intermediate production block for four additional APIs expected to be ready by March 2026.
- New products target high-value therapeutic categories including Anticoagulants and Antidepressants.
- The global market for the upcoming pipeline of APIs is currently valued at over Rs. 5,000 crore.
Wanbury Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ending December 31, 2025. The Registrar and Share Transfer Agent, Purva Sharegistry (India) Pvt. Ltd., confirmed that all share certificates received for dematerialization were processed, mutilated, and cancelled as per guidelines. The filing includes a detailed list of shareholders whose physical shares were converted to electronic form during the quarter. This is a standard administrative procedure ensuring the integrity of the company's share register.
- Compliance certificate issued by Purva Sharegistry for the quarter ended December 31, 2025.
- Confirmed that dematerialized securities are listed on the National Stock Exchange and BSE.
- Detailed list shows multiple transactions, with the largest being 400 shares for a single folio on December 31, 2025.
- Verification and cancellation of physical certificates were completed within prescribed SEBI timelines.
Wanbury Limited successfully passed a special resolution during its Extraordinary General Meeting (EGM) held on January 05, 2026. The resolution pertained to the re-appointment of Mr. Manojkumar Khubchand Gursahani as a Non-Executive Independent Director. Out of the 13,148,896 total votes polled, 13,148,070 votes (99.99%) were in favor, while only 826 votes were against. The meeting saw participation from 41 shareholders via video conferencing, representing a 37.70% turnout of the total shares.
- Special Resolution for re-appointment of Mr. Manojkumar Khubchand Gursahani as Independent Director passed successfully.
- 99.99% of valid votes (13,148,070) were cast in favor of the resolution.
- Total voter turnout represented 37.70% of the company's total equity shares.
- Remote e-voting was conducted between January 02 and January 04, 2026, prior to the EGM.
- The scrutinizer's report confirmed zero invalid votes were cast during the process.
Wanbury Limited has received shareholder approval to re-appoint Mr. Manojkumar Khubchand Gursahani as a Non-Executive Independent Director. The decision was finalized during an Extra-Ordinary General Meeting held on January 05, 2026. Mr. Gursahani will serve a one-year term effective from January 08, 2026, through January 07, 2027. This re-appointment ensures continuity in the company's independent board oversight for the upcoming year.
- Re-appointment of Mr. Manojkumar Khubchand Gursahani approved by shareholders in EGM on Jan 05, 2026.
- The new term is set for a duration of 1 year, starting January 08, 2026.
- Mr. Gursahani is a commerce graduate and holds no familial relationship with other board directors.
- The company confirmed the director is not debarred from holding office by SEBI or any other authority.
Wanbury Limited's shareholders have approved the re-appointment of Mr. Manojkumar Khubchand Gursahani as a Non-Executive Independent Director during the EGM held on January 05, 2026. The special resolution saw high consensus, with 99.99% of the 13.15 million votes cast in favor. Promoter participation was significant, contributing 13.03 million votes to the total. This approval ensures continuity in the company's board composition and governance structure.
- Special resolution for re-appointment of Mr. Manojkumar Khubchand Gursahani passed with 99.99% votes in favor.
- Total valid votes cast amounted to 13,148,896, with 13,148,070 in favor and 826 against.
- Promoter group cast 13,029,561 votes, all of which supported the resolution.
- Public institutional participation was negligible, with only 801 votes cast, all of which were against the resolution.
Wanbury Limited has informed the stock exchanges that its trading window for dealing in company securities will be closed starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the announcement of the un-audited financial results for the quarter and nine months ending December 31, 2025. The specific date for the board meeting to approve these results will be communicated separately.
- Trading window closure commences on January 1, 2026.
- Closure pertains to the un-audited financial results for the quarter and nine months ended December 31, 2025.
- Restriction applies to Directors, KMPs, Promoters, and identified employees of the company and its subsidiaries.
- The window will reopen 48 hours after the financial results are officially declared to the exchanges.
Financial Performance
Revenue Growth by Segment
API revenue grew 8.2% YoY to INR 277 Cr in H1 FY26, while Formulations revenue grew 17.6% YoY to INR 40 Cr in H1 FY26. Total revenue for H1 FY26 was INR 323.2 Cr, up 10.57% YoY from INR 292.3 Cr.
Geographic Revenue Split
80% of revenue is derived from Exports, with 65% of that comprising regulated markets. Domestic sales contribute the remaining 20% of the total revenue mix.
Profitability Margins
Gross Margin improved from 39% in FY23 to 56.11% in H1 FY26. PAT Margin turned positive from -2.08% in FY23 to 5.28% in FY24 and reached 8.87% in H1 FY26 due to operational efficiencies and debt restructuring.
EBITDA Margin
EBITDA Margin was 15.7% in H1 FY26, a significant improvement from 4.7% in FY23. EBITDA scaled up ~3X between FY23 and FY25 through de-bottlenecking and production scale-up.
Capital Expenditure
Planned Capex of INR 64 Cr in FY25 (INR 38 Cr for new products, INR 14 Cr for de-bottlenecking) and INR 63 Cr in FY26 (INR 45 Cr for a new production block and clean rooms).
Credit Rating & Borrowing
Credit rating is IVR C+/Negative (Issuer Not Cooperating) as of October 2024. Borrowing costs were reduced from 22.5% to 12.5% effective March 1, 2025, following the exit of high-cost private financial agreements.
Operational Drivers
Raw Materials
Key raw materials are chemical precursors for Metformin and Sertraline; COGS represented 44% of revenue in H1 FY26 (INR 142.4 Cr).
Import Sources
Not specifically disclosed in available documents, though the company exports to 50+ countries and operates in global API markets.
Capacity Expansion
Metformin capacity is 8,500 tons per year (largest manufacturer globally). Capacity for Metformin and Sertraline increased by 25% and 20% respectively over the last 3 years through de-bottlenecking.
Raw Material Costs
COGS as a % of revenue decreased from 60.7% in FY23 to 44% in H1 FY26, reflecting efficient procurement practices and technical savings.
Manufacturing Efficiency
Capacity ramp-up achieved through de-bottlenecking projects; cumulative reactor capacity stands at 386 KL across 2 USFDA approved facilities.
Strategic Growth
Expected Growth Rate
10.60%
Growth Strategy
Growth will be driven by launching an Anaesthetic in Q4 FY26 and a pipeline of 4 new molecules commercialized each year starting next FY. Strategic focus includes brownfield expansion, entering China/Brazil markets, and scaling top brands in Formulations to achieve sustainable profitability by FY27.
Products & Services
API products including Metformin, Sertraline, and Anaesthetics. Branded Formulations include C Pink and Wanbury C RED.
Brand Portfolio
C Pink, Wanbury C RED.
New Products/Services
Launch of an Anaesthetic in Q4 FY26 and 4 new molecules per year starting FY27; Formulations business achieved financial break-even in H1 FY26.
Market Expansion
Expanding regulatory footprints in China (expecting approval for 1 more API) and Brazil (ANVISA approved in Dec 2024).
Market Share & Ranking
Largest manufacturer of Metformin globally with 8,500 tons/year; globally significant market share in Sertraline.
Strategic Alliances
Historical strategic alliance with Wyckoff Chemicals (US) for API manufacturing.
External Factors
Industry Trends
The industry is shifting toward chronic therapies; Wanbury has aligned 100% of its API portfolio to chronic segments. The company is positioned to benefit from the 10.6% growth trend seen in H1 FY26.
Competitive Landscape
Wanbury is a mid-size pharma company ranked among the Top 50 in India (ORG-IMS), competing in the global API and domestic branded formulation markets.
Competitive Moat
Moat is built on being the world's largest Metformin producer and having long-standing USFDA approvals (since 2000). This cost leadership and regulatory track record are highly sustainable due to high entry barriers in regulated API markets.
Macro Economic Sensitivity
Sensitivity to global pharmaceutical demand and regulatory changes in the US and Europe, which govern 65% of export top-line.
Consumer Behavior
Increased demand for chronic disease management (Diabetes/Metformin) is driving long-term volume growth.
Geopolitical Risks
Exposure to trade barriers in regulated markets; mitigating this by expanding into China and Brazil.
Regulatory & Governance
Industry Regulations
Subject to USFDA (last inspection 2024, zero 483), EDQM (Europe), ANVISA (Brazil), and WHO GMP regulations. Compliance is mandatory for 80% of revenue derived from exports.
Environmental Compliance
Maintains Environment, Health & Safety (EHS) standards as part of corporate profile; specific costs not disclosed.
Risk Analysis
Key Uncertainties
Regulatory risk (potential impact on 65% of exports) and high debt-to-equity levels, although gearing improved from 4.96x in FY24 to 3.25x in FY25.
Geographic Concentration Risk
80% revenue concentration in Export markets, making the company sensitive to international trade policies.
Third Party Dependencies
Low dependency on single suppliers or customers as per management commentary.
Technology Obsolescence Risk
Digital transformation status includes 'GPS reporting' to improve field force efficiency in the Formulations business.
Credit & Counterparty Risk
Trade payables stood at INR 112.53 Cr in H1 FY26; the company has exited high-cost private financial agreements to improve credit standing.