Sanofi India Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Sanofi India Ltd trades at ₹3,414, in a downtrend and 49 weeks into that stage. That is −12.8% against its own 200-day average. It sits at 15% of a 52-week range of ₹3,097 to ₹5,231. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a downtrend — week 49 of stage 4, confirmed. At ₹3,414 it trades −12.8% versus its 200-day average and sits at 15% of its 52-week range (₹3,097–₹5,231).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +27% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 11th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Sanofi India Ltd trades at 17.6× P/E, near the bottom of its own range — cheaper only 11% of the time. Its long-run median P/E is 31.1×, measured across 2.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 17.6× is near the bottom of its own range — cheaper only 11% of the time, against a long-run median of 31.1× measured over 2.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved −31.4% against a −42.6% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 45% on reported income across 6 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Sanofi India Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

50.1/100 — rank 8 of 8 in Pharma - MNC bulk Drugs · 41% evidence confidence · provisional, ranked below fully-evidenced peers

Sanofi India Ltd scores 50.1 out of 100 against the 8 companies it is compared with in Pharma - MNC bulk Drugs, ranking 8. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 17.9 + 15.3 + 13.9 + 3 = 50.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Sanofi India Ltd reported ₹515 Cr of revenue in the Dec 24 quarter, +9.8% year on year. That is the 2nd straight quarter of year-on-year growth. Over 1 years it has compounded at 0.9% a year. The last full year, FY24, came in at ₹2,013 Cr. The last four reported quarters add to ₹2,014 Cr.

Sanofi India Ltd reported ₹515 Cr of revenue in the Dec 24 quarter, +9.8% year on year. That is the 2nd straight quarter of year-on-year growth. Over 1 years it has compounded at 0.9% a year. The last full year, FY24, came in at ₹2,013 Cr. The last four reported quarters add to ₹2,014 Cr.

FY24 revenue came in at ₹2,013 Cr (+0.9% on the year), capping 1 years at 0.9% compound. The latest quarter (Dec 24) printed ₹515 Cr, +9.8% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +2.2% growth against the decade's 0.9% — the current year is running faster than its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 23.0% this quarter (+2.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Sanofi India Ltd's operating margin is 23.0% in the Dec 24 quarter, +2.0 percentage points against the same quarter a year ago.

Sanofi India Ltd's operating margin is 23.0% in the Dec 24 quarter, +2.0 percentage points against the same quarter a year ago.

The latest quarter's operating margin is 23.0%, +2.0 pp against the same quarter a year ago. Across 2 fiscal years the operating margin has ranged 24.0%–24.0%.

Why the margin moved: operating margin went +1.8 pp year on year while gross margin went −1.8 pp — the gain came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit −34.1% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Sanofi India Ltd earned ₹91.0 Cr of net profit in the Dec 24 quarter, −34.1% year on year. Full-year FY24 profit was ₹413 Cr. The 1-year compound rate is −31.5%. That is 17.7% of the quarter's revenue. The same quarter a year earlier earned ₹138 Cr.

Sanofi India Ltd earned ₹91.0 Cr of net profit in the Dec 24 quarter, −34.1% year on year. Full-year FY24 profit was ₹413 Cr. The 1-year compound rate is −31.5%. That is 17.7% of the quarter's revenue. The same quarter a year earlier earned ₹138 Cr.

Dec 24 profit was ₹91.0 Cr, −34.1% year on year. On the full year, FY24 printed ₹413 Cr (−31.5%), and the 1-year compound rate is −31.5%.

🚨 Why profit moved: revenue contributed +9.8% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit −32.2% vs revenue +2.2%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 68% of the last 2 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 2 fiscal years 68% of Sanofi India Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY24 that was ₹462 Cr of operating cash against ₹413 Cr of profit. After ₹36.0 Cr of capital spending, ₹426 Cr was left as free cash.

FY24: operating cash of ₹462 Cr against reported profit of ₹413 Cr, leaving free cash of ₹426 Cr after ₹36.0 Cr of capital spending. Across the last 2 fiscal years the conversion rate is 68% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 68%: the cash cycle tightened 90 days between FY23 and FY24 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 77-day cycle and ₹36.0 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Sanofi India Ltd's cash conversion cycle runs 77 days in FY24, down from 167 days in FY23. Capital spending ran ₹36.0 Cr over the last 1 years. At FY24 sales of ₹2,013 Cr each day of that cycle holds about ₹5.5 Cr, so roughly ₹425 Cr sits inside the business at any moment.

FY24: debtors at 42 days, inventory at 186 days — roughly 6.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 77 days, tighter than FY23's 167.

The full loop: cash goes out to suppliers and production on day 0; stock waits 186 days to sell; customers pay about 42 days after that; and suppliers themselves are paid at 151 days — netting out to the 77-day cycle.

In money terms: at FY24 sales of ₹2,013 Cr, each day of the cycle holds about ₹5.5 Cr — so the 77-day loop keeps roughly ₹425 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹36.0 Cr over the last 1 fiscal years against ₹37.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹18.0 Cr (FY24) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 49%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Sanofi India Ltd earns a ROCE of 49% in FY24. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 20.5% net margin on 1.25× asset turns.

FY24 ROCE is 49%.

Why the return is what it is — the wiring (FY24): 20.5% net margin × 1.25× asset turns × 1.87× balance-sheet leverage ≈ 47.9% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 45% on reported income across 6 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.02.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Sanofi India Ltd carries ₹19.0 Cr of borrowings against ₹861 Cr of equity in FY24, a debt-to-equity of 0.02. Operating profit covers the interest bill north of 100×. Over 1 years borrowings went from ₹19.0 Cr to ₹19.0 Cr. Capital spending ran ₹36.0 Cr across the last 1 of those years.

FY24: borrowings of ₹19.0 Cr against equity of ₹861 Cr — a debt-to-equity of 0.02. Operating profit covers the interest bill north of 100×. Over 1 years borrowings went from ₹19.0 Cr to ₹19.0 Cr while capital spending ran ₹36.0 Cr in just the last 1 — the build-out is being paid for out of cash, not debt.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 45% on reported income across 6 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions cut 2.7 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 2.7 points of Sanofi India Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 19.9% of the company. Foreign institutions moved −0.1 points over the same window, to 5.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −2.7 points over 8 quarters to 19.9%; Foreign institutions: −0.1 points over 8 quarters to 5.7%; Promoters: +0.0 points over 8 quarters to 60.4%.

🚨 Why the register moved: domestic institutions drove it (−2.7 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Sanofi India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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