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HomeIPOSai Parenteral's

About Sai Parenteral's

Established in 2001, Sai Parenteral's Ltd. is a diversified pharmaceutical formulations company with expertise in research and development and manufacturing. The company has two business segments: Branded Generic Formulations and Contract Development and Manufacturing Organisation (CDMO) products and services. The company’s product portfolio covers a wide spectrum of pharmaceutical formulations in various therapeutic areas such as cardiovascular, neuropsychiatry, anti-diabetic agents, respiratory health, antibiotics, gastroenterology, vitamins, minerals, and supplements (VMS), analgesics, and dermatology in various dosage forms such as injectables, tablets, capsules, liquid orals, and ointments. The company’s customer base comprises central and state government departments, pharmaceutical companies, public and private sector hospitals, and super stockists across India. Sai Parenteral’s started its export business in FY 2023 after acquiring two international accredited facilities in Hyderabad, Telangana, and currently serves regulated and semi-regulated markets such as Australia, New Zealand, Southeast Asia, Middle East, and Africa. The company has five manufacturing facilities in India. Four are located in Hyderabad, Telangana. These are a GMP compliant injectable facility, a WHO-GMP injectable facility, a TGA-Australia and PIC/S accredited solid oral dosage facility, and a WHO-GMP cephalosporin facility. The company’s wholly owned subsidiary has a GMP certified facility located in Ongole, Andhra Pradesh. As of August 31, 2025, Sai Parenteral's Ltd. had 277 full-time employees.

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National Stock Exchange of India

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Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
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Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
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Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Sai Parenteral's

Sai Parenteral's

Open Date

Mar 24, 2026

Close Date

Mar 27, 2026

listed

Min Investment

₹14,896

Lot Size

38 Shares

Issue Size

₹408.79 Cr

Price Range

₹372 - ₹372

Listing Date

Apr 2, 2026

IPO Doc

RHP PDF

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

Sai Parenteral's IPO - Issue Objectives

₹110.80 cr for capacity expansion and facility upgrade. The company will use ₹18.02 crore for the establishment of a new R&D centre. ₹14.30 cr for company loan and ₹35.64 cr for subsidiary bridge loan repayment. The company will use ₹33 crore for the working capital requirements of the business. Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

Capacity expansion

38.8%

Establishment of R&D Centre

6.3%

Repayment of loan

17.5%

Working capital

11.5%

General corporate purposes

25.9%

1

Capacity expansion

₹110.80 cr for capacity expansion and facility upgrade.

38.80%
2

Establishment of R&D Centre

The company will use ₹18.02 crore for the establishment of a new R&D centre.

6.30%
3

Repayment of loan

₹14.30 cr for company loan and ₹35.64 cr for subsidiary bridge loan repayment.

17.50%
4

Working capital

The company will use ₹33 crore for the working capital requirements of the business.

11.50%
5

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

25.90%

IPO Subscription Status

QIB
1.73x
NII
2.45x
Individual
0.12x
Total
1.08x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Sai Parenteral's

In Cr.

Key Performance Indicator30-Sep-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue89.43163.74155.1897.03
EBITDA16.2439.4431.7017.64
Expenses
Profit After Tax7.7614.438.424.38
Assets376.24272.39268.10133.96
Net Worth209.3795.7876.4031.49
Reserves188.8480.3661.3024.34
Borrowing76.0793.95118.7968.55

Sai Parenteral's - Promoter(s)

Anil Kumar Karusala

Vijitha Gorrepati

Karusala Aruna

Pre Issue Share Holding

N/A

Post Issue Share Holding

N/A

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Scaled & diversified formulations platform

The Company has evolved from a niche injectable manufacturer by increasing revenue around 190x i.e. from ₹86 lakhs pre FY16 to ₹163.11 crore in FY25. The portfolio now includes a range of dosage forms (injectables, tablets, capsules etc.) across a range of well-established high-demand therapeutic categories. Also, non-parenteral contribution increased from 7.97% in FY23 to 55.22% in FY25.

02

Speedy export scale-up

Export sales increased from 2.64% in FY23 to 16.29% in FY25 due to geographic diversification improvement. Currently, the company exports to regions including Australia, Southeast Asia, Africa, and the Middle East. As there is greater attention on the international market, it may help to improve margin profiles and reduce reliance upon domestic institutional sales.

03

Integrated R&D and quality infrastructure

The company employs a team of 34 scientists for product R&D, and a team of 41 people to support QC/QA. The company has 55 in-house developed dossiers (45 with FDA approval), which provide an opportunity to move forward with commercialising products. The company is also investing ₹18.02 crore to build a new R&D centre.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Government blacklisting risk

The company has been issued two orders of blacklisting by state health departments and agencies as of December 2025, on account of alleged product deficiencies. The company currently contests these orders; however, a blacklisting from one agency could have a cascading effect that may prevent it from being awarded tenders by all other state agencies.

02

Outstanding litigation

There are currently five statutory/regulatory actions and 4 tax actions pending against the Company with an aggregate amount of ₹2.08 crores and there are also 10 statutory and regulatory actions pending against the Subsidiaries with an aggregate amount of ₹3.36 crores. These actions could result in the imposition of monetary penalties upon the company and also create reputational harm.

Contact Details

Sai Parenteral's

Plot No 39, 5th Floor, Lavanya Arcade, Jayabheri Enclave, Gachibowli, K.V. Rangareddy, Seri Lingampally, Hyderabad, Telangana - 500032.

+917997991301
cs@saiparenterals.com
https://saiparenterals.com

Registrar Contact Details

Bigshare Services Pvt.Ltd.

+91-22-6263 8200
ipo@bigshareonline.com
https://ipo.bigshareonline.com/ipo_status.html

Sai Parenteral's IPO - FAQs

Sai Parenteral's IPO is a Mainboard IPO. The issue is priced at 372-₹392. The minimum order quantity is 38 Shares. The IPO opens on 24 Mar, and closes on 27 Mar. Bigshare Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.









IPO Timeline

  • Pre Apply2026-03-21
  • Bidding Starts2026-03-24
  • Bidding Ends2026-03-27
  • Allotment Finalisation2026-03-30
  • Release of Funds2026-04-01
  • Demat Transfer2026-04-01
  • Listing2026-04-02
04

Strong institutional and distribution network

In FY25, institutional sales accounted for approx 35.68% of total revenue. The Company's participation in governmental tenders, as well as PMBJP and ESI hospitals, has supported this success. As further support for this revenue stream, the Company has established a pan-Indian super stockist network that facilitates entry into both semi-urban and rural markets.

05

Deep CDMO capability

With the company's CDMO capability supported by 55 in-house dossiers (including 14 tech-transfer dossiers), in addition to access to 451 dossiers acquired through the acquisition of Noumed Pharmaceuticals. Furthermore, many of the existing company's CDMO engagements are supported by multi-year supply agreements, providing revenue visibility.

03

Manufacturing disruption

The company intends to use the proceeds from its IPO to expand and upgrade Units I and II located in Jeedimetla, which will require the complete suspension of operations of both units for a period of ~6 months. The company anticipates a potential revenue impact of ~₹42.20 crores during this period. There are plans to increase production from Unit III but there is no assurance that the increased production from Unit III will fully offset the expected revenue loss.

04

Regulatory compliance risk

The company operates under extensive regulation from bodies including the DCA, Drugs Control Administration, Central Narcotics Commissioner, and CDSCO. Any inspection resulting in observations or sanctions could lead to withdrawal of manufacturing approvals, product recall, or suspension of operations.

05

Persistent negative operating cash flows

The company has had negative operating cash flows for 3 of the 4 most recently reported periods of time with ₹(66.01) crore for H1FY26, ₹(29.76) crore for FY24 and ₹(12.80) crore for FY23. Typically, this has resulted due to an increase in the amount of accounts receivable and business holding inventory.