| Event | Date |
|---|---|
| Open Date | 24-03-2026 , Tuesday |
| Close Date | 27-03-2026 , Friday |
| Tentative Allotment | 30-03-2026 , Monday |
| Tentative Listing Date | 02-04-2026 , Thursday |
| Retail Appl. Cut Off Time | 27-03-2026 , Friday 05:00 PM |
| Non Retail Appl. Cut Off Time | 27-03-2026 , Friday 04:00 PM |
| Anchor Allotment | 23-03-2026 , Monday |
| Initiation Of Refund | 01-04-2026 , Wednesday |
| Credit Of Share To Demat | 01-04-2026 , Wednesday |
SAI Parenteral’s Limited is a diversified pharmaceutical formulations company with capabilities in research, development and manufacturing. The company operates mainly in Branded Generic Formulations and CDMO products and services for domestic and international markets.
The company manufactures pharmaceutical formulation products across multiple therapeutic areas such as cardiovascular, neuropsychiatry, anti-diabetic, respiratory health, antibiotics, gastroenterology, vitamins, minerals and supplements, analgesics and dermatology.
Its product portfolio includes different dosage forms such as injectables, tablets, capsules, liquid orals and ointments. In the injectables segment, the company has sterile manufacturing capabilities for critical care and antibiotics.
SAI Parenteral’s operates through two main business verticals: Branded Generic Formulations and CDMO products and services.
These are off-patent pharmaceutical products manufactured and sold by the company under its own brand names. The company sells these products to government agencies, hospitals, pharma companies and super stockists.
CDMO means Contract Development and Manufacturing Organisation. Under this business, the company supports other pharma companies with product development, regulatory filings and commercial manufacturing.
| Particulars | 6M Sep 2025 | % Revenue | FY2025 | % Revenue | FY2024 | % Revenue | FY2023 | % Revenue |
|---|---|---|---|---|---|---|---|---|
| Branded Generic Formulations | Rs. 625.81 million | 72.00% | Rs. 1,272.56 million | 80.29% | Rs. 1,310.95 million | 87.49% | Rs. 914.79 million | 94.51% |
| CDMO | Rs. 243.37 million | 28.00% | Rs. 312.46 million | 19.71% | Rs. 187.37 million | 12.51% | Rs. 53.17 million | 5.49% |
| Total | Rs. 869.18 million | 100.00% | Rs. 1,585.02 million | 100.00% | Rs. 1,498.32 million | 100.00% | Rs. 967.96 million | 100.00% |
| Dosage Form | 6M Sep 2025 | % Revenue | FY2025 | % Revenue | FY2024 | % Revenue | FY2023 | % Revenue |
|---|---|---|---|---|---|---|---|---|
| Injectables | Rs. 221.95 million | 25.54% | Rs. 709.75 million | 44.78% | Rs. 713.85 million | 47.64% | Rs. 890.83 million | 92.03% |
| Tablets | Rs. 517.47 million | 59.53% | Rs. 574.27 million | 36.23% | Rs. 555.82 million | 37.10% | Rs. 34.06 million | 3.52% |
| Liquid Orals | Rs. 109.96 million | 12.65% | Rs. 146.08 million | 9.22% | Rs. 153.55 million | 10.25% | Rs. 39.22 million | 4.05% |
| Ointments | Rs. 2.65 million | 0.30% | Rs. 8.66 million | 0.55% | Rs. 14.12 million | 0.94% | - | - |
| Capsules | Rs. 17.15 million | 1.97% | Rs. 42.09 million | 2.66% | Rs. 35.84 million | 2.39% | - | - |
| Others* | - | - | Rs. 104.17 million | 6.57% | Rs. 25.14 million | 1.68% | Rs. 3.84 million | 0.40% |
| Total | Rs. 869.18 million | 100.00% | Rs. 1,585.02 million | 100.00% | Rs. 1,498.32 million | 100.00% | Rs. 967.96 million | 100.00% |
*Others constitute product development revenue and are part of CDMO revenues.
The company has developed a diversified portfolio of pharmaceutical products covering both high-value and high-volume categories. Its products address critical therapeutic needs across multiple disease areas.
SAI Parenteral’s sells branded generic formulations in the domestic market to central and state government agencies, pharmaceutical companies, public and private hospitals and super stockists.
The company started its export business in FY2023 after acquiring two internationally accredited manufacturing units in Hyderabad, Telangana. It exports products to regulated and semi-regulated markets.
The company’s CDMO business includes product development and manufacturing support for other pharmaceutical companies. This business can help the company build long-term partnerships if it delivers quality, compliance and timely execution.
CDMO can become a scalable business if the company receives repeat contracts and regulatory approvals from customers in regulated and semi-regulated markets.
| Entity | Relationship | Investor Meaning |
|---|---|---|
| Revat Laboratories Private Limited | Wholly owned subsidiary | Part of the company’s pharma group structure. |
| Sai Parenterals Pte Limited | Wholly owned Singapore entity | Used for international expansion and acquisition structure. |
| SP Analytics Private Limited | 75% owned | Subsidiary / group entity with majority ownership. |
| Noumed Pharmaceuticals Pty Limited | Australian entity, 74.64% held through Singapore entity | Provides exposure to Australia pharma market. |
| Noumed Pharmaceuticals Limited | New Zealand entity, wholly owned subsidiary of Australian entity | Provides exposure to New Zealand pharma market. |
| Particulars | 6M Sep 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue from Operations | Rs. 869.18 million | Rs. 1,631.06 million | Rs. 1,537.61 million | Rs. 967.96 million |
| EBITDA | Rs. 162.36 million | Rs. 394.35 million | Rs. 317.00 million | Rs. 176.41 million |
| EBITDA Margin | 18.68% | 24.18% | 20.62% | 18.22% |
| PAT | Rs. 77.64 million | Rs. 144.54 million | Rs. 84.15 million | Rs. 43.76 million |
| PAT Margin | 8.93% | 8.88% | 5.47% | 4.52% |
| Total Borrowings | Rs. 760.69 million | Rs. 939.54 million | Rs. 1,187.85 million | Rs. 685.47 million |
| Net Worth | Rs. 2,093.71 million | Rs. 957.79 million | Rs. 764.01 million | Rs. 314.85 million |
| Particulars | 6M Sep 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Return on Net Worth | 5.09%* | 15.09% | 11.01% | 13.90% |
| Return on Capital Employed | 9.28%* | 28.92% | 20.52% | 21.04% |
| Fixed Assets Turnover Ratio | 2.02x* | 3.76x | 2.56x | 2.22x |
*Not annualised.
The company offers products across multiple therapeutic areas and dosage forms.
The company earns revenue from its own brands as well as contract development and manufacturing services.
The company exports to regulated and semi-regulated markets including Australia, New Zealand, Southeast Asia, Middle East and Africa.
Injectables require strict sterile manufacturing standards, which can create entry barriers.
PAT margin improved from 4.52% in FY2023 to 8.88% in FY2025.
The Noumed acquisition provides exposure to Australia and New Zealand pharmaceutical markets.
Revenue contribution has shifted significantly from injectables to tablets. Investors should check whether this shift is sustainable.
CDMO share is rising, but investors should check repeat business, customer concentration and regulatory approvals.
Pharma businesses are highly dependent on manufacturing quality, inspections, approvals and compliance in each market.
Investors should track borrowings, receivables, inventory cycle and cash flow quality.
SAI Parenteral’s Limited is a pharmaceutical formulations company operating in branded generics and CDMO services. It manufactures products across injectables, tablets, capsules, liquid orals and ointments.
The company has shown improving profitability, growing CDMO contribution and international expansion through exports and the Noumed acquisition. However, investors should carefully analyse product mix, debt, regulatory risk, export growth and valuation before making an IPO decision.
This content is prepared only for educational and informational purposes for IPORupee users. It is intended to help retail investors understand the business overview of SAI Parenteral’s Limited in simple language. This should not be treated as investment advice, stock recommendation, IPO recommendation, research report, buy/sell/hold advice, or any form of financial advisory.
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 50.00 % | 52,14,143 | 204.39 Cr |
Retail | 35.00 % | 36,49,901 | 143.08 Cr |
Total HNI | 15.00 % | 15,64,244 | 61.32 Cr |
SHNI | 5.00 % | 5,21,415 | 20.44 Cr |
BHNI | 10.00 % | 10,42,829 | 40.88 Cr |
Sai Parenteral's Limited allotted 31,28,485 equity shares to anchor investors at ₹392 per share on 23 Mar 2026 before the IPO opening. The total anchor allocation stood at 122.64 Cr across 5 anchor investors.
Mutual funds received 9,18,384 shares worth 36.00 Cr, representing 29.36% of the total anchor investor allocation. Within the mutual fund portion, Quant Mutual Fund had the highest fund-house level allocation with 9,18,384 shares worth 36.00 Cr across 1 scheme.
At scheme level, the largest mutual fund allocations included QUANT MUTUAL FUND - QUANT MOMENTUM FUND.
The largest anchor investor received 29.36% of the anchor portion. The top five anchor investors together received 31,28,485 shares, representing about 100.00% of the total anchor allocation.
| Rank | Anchor Investor Name | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|
| 1 | QUANT MUTUAL FUND - QUANT MOMENTUM FUND | 9,18,384 | 29.36 % | 36.00 Cr |
| 2 | KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. | 7,65,320 | 24.46 % | 30.00 Cr |
| 3 | KOTAK LIFE SCIENCES FUND I | 7,65,282 | 24.46 % | 30.00 Cr |
| 4 | MORGAN STANLEY ASIA (SINGAPORE) PTE. | 3,82,650 | 12.23 % | 15.00 Cr |
| 5 | INDIA EMERGING GIANTS FUND LIMITED | 2,96,849 | 9.49 % | 11.64 Cr |
| Rank | Mutual Fund Scheme | AMC | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|---|
| 1 | QUANT MUTUAL FUND - QUANT MOMENTUM FUND | Quant Mutual Fund | 9,18,384 | 29.36 % | 36.00 Cr |
The figures are based on the company’s stock exchange anchor allotment intimation. Anchor allocation is only an informational disclosure and does not indicate future listing performance.
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 38 (1) | ₹ 14,896 |
Retail MAX | - | 494 (13) | ₹ 1,93,648 |
SHNI MIN | - | 532 (14) | ₹ 2,08,544 |
SHNI MAX | - | 2546 (67) | ₹ 9,98,032 |
BHNI MIN | - | 2584 (68) | ₹ 10,12,928 |
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | - | 285.00 Cr |
Offer for Sale | 31,57,880 | 123.79 Cr |
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
Arihant Capital Markets Limited | Amol Kshirsagar / Satish Kumar Padmanabhan | +91-22-4225 4800 | mbd@arihantcapital.com | www.arihantcapital.com |
Understand company details, IPO size, price band, lot size, exchange listing, fresh issue and Offer for Sale (OFS) in simple language for retail investors.
This IPO is of Sai Parenteral's Limited. The issue is scheduled to open on Tuesday, 24 March 2026 and closes on Friday, 27 March 2026.
After the IPO process is completed, the shares are proposed to be listed on both NSE and BSE.
IPO size means the total amount offered to investors through the public issue.
For Sai Parenteral's Limited IPO, the total issue size is Rs 408.79 crore, consisting of a fresh issue of Rs 123.79 crore and an Offer for Sale (OFS) of Rs 285 crore.
Price band is the price range within which investors can bid for shares in a book-built IPO.
For this IPO, the lower price band is Rs 372 per share and the upper price band is Rs 392 per share.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Sai Parenteral's Limited IPO, the minimum lot size is 38 shares. At the upper price band of Rs 392 per share, the minimum application amount is Rs 14,896. Applications must be made in multiples of 38 shares.
Fresh Issue means the company issues new shares to investors and receives money from that part of the IPO.
For Sai Parenteral's Limited IPO, the Fresh Issue size is Rs 123.79 crore. The company can use these funds for purposes mentioned in the IPO documents, such as business growth, repayment of borrowings, working capital, capital expenditure, or general corporate purposes.
Offer for Sale (OFS) means existing shareholders sell their shares to the public through the IPO.
For Sai Parenteral's Limited IPO, the Offer for Sale (OFS) size is Rs 285 crore. In an OFS, the selling shareholders receive the money, and the company usually does not receive funds from that portion.
Understand the important IPO dates, allotment process, refund schedule and listing timeline in a retail-friendly format.
The IPO opening date is the first day on which investors can apply for the public issue.
For Sai Parenteral's Limited IPO, the IPO opens on Tuesday, 24 March 2026.
The IPO closing date is the last day on which investors can submit, modify, or cancel their IPO applications.
Sai Parenteral's Limited IPO closes on Friday, 27 March 2026.
The tentative allotment date is the expected date on which the registrar finalizes the share allotment for valid IPO applications.
For Sai Parenteral's Limited IPO, the tentative allotment date is Monday, 30 March 2026.
The tentative listing date is the expected date on which IPO shares begin trading on the stock exchanges.
Sai Parenteral's Limited IPO is expected to list on Thursday, 02 April 2026.
After allotment, funds are unblocked or refunds are initiated for non-allotted investors, while allotted shares are credited to investors' demat accounts before listing.
For Sai Parenteral's Limited IPO, refund initiation is expected on Wednesday, 01 April 2026, and credit of shares to demat accounts is expected on Wednesday, 01 April 2026.
Understand IPO category-wise reservation, QIB quota, retail quota, HNI allocation, shareholder reservation and the meaning of structure columns in a simple format.
IPO structure shows how shares are divided among different categories of investors, such as QIB, Retail, NII/HNI, Employees, and Shareholders.
For Sai Parenteral's Limited IPO, the available categories in the structure table include QIB, Retail, Non-Institutional Investors (NII/HNI). The NII/HNI category includes SHNI and BHNI sub-categories. Investors can use this table to understand category-wise allocation before applying.
QIB stands for Qualified Institutional Buyers. This category includes mutual funds, banks, insurance companies, and other large financial institutions.
In Sai Parenteral's Limited IPO, 50% shares are reserved under the QIB category, with 52,14,143 shares offered, and an allocation amount of ₹204.39 crore.
The Retail category is reserved for individual investors and HUFs applying for up to Rs 2 lakh within the retail investment limit allowed under IPO rules.
In Sai Parenteral's Limited IPO, 35% shares are reserved under the Retail category, with 36,49,901 shares offered, and an allocation amount of ₹143.08 crore.
NII/HNI stands for Non-Institutional Investors / High Net-Worth Individuals. This category generally includes investors applying for more than Rs 2 lakh, above the retail investment limit.
In Sai Parenteral's Limited IPO, 15% shares are reserved under the NII/HNI category, with 15,64,244 shares offered, and an allocation amount of ₹61.32 crore.
SHNI stands for Small HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 2 lakh but not exceeding Rs 10 lakh.
In Sai Parenteral's Limited IPO, 5% shares are reserved under the SHNI sub-category, with 5,21,415 shares offered, and an allocation amount of ₹20.44 crore.
BHNI stands for Big HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 10 lakh.
In Sai Parenteral's Limited IPO, 10% shares are reserved under the BHNI sub-category, with 10,42,829 shares offered, and an allocation amount of ₹40.88 crore.
Understand retail lot size, HNI application limits, employee category, shareholder category and investment amount calculations using the IPO lot table.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Sai Parenteral's Limited IPO, the minimum lot size is 38 shares. At the upper price band of Rs 392 per share, the minimum application amount is Rs 14,896. Applications must be made in multiples of 38 shares.
Retail minimum application shows the minimum application size for retail investors.
For Sai Parenteral's Limited IPO, the Retail minimum application is 38 shares (1 lot) for about Rs 14,896.
Retail maximum application shows the maximum application size generally available under the retail category.
For Sai Parenteral's Limited IPO, the Retail maximum application is 494 shares (13 lots) for about Rs 1,93,648.
SHNI minimum application shows the minimum application size for the Small HNI category.
For Sai Parenteral's Limited IPO, the SHNI minimum application is 532 shares (14 lots) for about Rs 2,08,544.
SHNI maximum application shows the maximum application size available under the Small HNI category, when provided.
For Sai Parenteral's Limited IPO, the SHNI maximum application is 2,546 shares (67 lots) for about Rs 9,98,032.
BHNI minimum application shows the minimum application size for the Big HNI category.
For Sai Parenteral's Limited IPO, the BHNI minimum application is 2,584 shares (68 lots) for about Rs 10,12,928.
Understand important financial figures in simple language using the financial statement data available for the IPO.
Financial Highlights show important numbers from the company's financial statements. These may include income, expenses, profit, assets, liabilities, cash flow and other financial information, depending on the data available for the IPO.
The table displays available financial data based on the IPO information currently available. Fields may differ from company to company depending on disclosures and reporting format.
Investors should read the table to understand the company's financial performance and financial position over different periods.
The table may help users review income, expenses, profitability, balance sheet position, cash movement or other financial information, depending on the available data.
Financial statement line items may differ because companies operate in different industries and may follow different reporting formats.
Some companies may provide detailed financial breakup, while others may present broader financial categories.
Investors should review income, expenses, profitability, debt position, asset base, liabilities and cash flow position together.
A single financial figure should not be used alone to judge the company.
Profit is important, but it does not show the full financial picture.
Investors should also review revenue quality, expenses, debt, assets, liabilities, cash flow, valuation and business risks.
Cash flow helps investors understand how money moves in and out of the business.
A company may report profit but still face cash flow pressure, so cash flow should be reviewed along with profit, debt and balance sheet information.
No. Financial Highlights are useful, but investors should also review valuation, peer comparison, KPI data, business risks, IPO pricing, management discussion and official offer documents such as the RHP or DRHP.
Understand how the company may be compared with similar businesses using the peer comparison data available for the IPO.
Peer Comparison means comparing the IPO company with businesses operating in a similar sector or industry.
It helps investors understand the company in a broader industry context.
Peer Comparison helps investors understand how the company can be compared with similar businesses using available financial or valuation metrics.
It is useful for context, but it should not be treated as a final investment conclusion.
Peer comparison metrics may differ depending on the companies selected, accounting format, business model and available public information.
Investors should compare only relevant and similar metrics.
Investors should use the peer comparison table as a reference point.
Available metrics should be read together with business model, scale, profitability, margins, debt, growth, valuation and IPO pricing.
No. Peer Comparison does not directly decide whether an IPO is good or bad.
It only provides context for comparison. Final analysis should include financial statements, KPI data, valuation, risk factors and official offer documents.
No. Peer Comparison is only one part of IPO analysis.
Investors should also review financial statements, KPI data, business risks, valuation, IPO pricing and company fundamentals.
Understand important KPI metrics in simple language using the key performance indicator data available for the IPO.
Key Performance Indicators, or KPIs, are financial and valuation metrics used to understand profitability, efficiency, leverage, return-based ratios and earnings performance.
They help investors understand the company beyond basic financial figures.
KPIs help investors assess profitability, capital efficiency, leverage, valuation and earnings quality.
They should be reviewed together with financial statements, peer comparison and IPO pricing.
KPI data may differ depending on the company, industry, financial disclosures and available offer document information.
Not every IPO may provide every KPI, and some metrics may not be applicable to every business.
Investors should read KPI metrics together instead of relying on one ratio.
A single KPI may not give the full picture unless it is reviewed with financial statements, peer comparison, business model and valuation.
No. High or low KPI values need context.
The meaning of a ratio may differ depending on industry, business model, debt level, growth stage, profitability and IPO valuation.
No. KPI data is useful, but it should not be used alone.
Investors should also review financial statements, peer comparison, business risks, valuation, IPO pricing and official offer documents such as the RHP or DRHP.