SMS Pharmaceuticals Ltd
SMSPHARMASMS Pharmaceuticals Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.
Biggest watch item: the P/E sits at the 76th percentile of its own range — the multiple has already done part of the work.
The price is in a confirmed uptrend (48 weeks in) while the P/E sits at the 76th percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +5.0% year on year, and 86% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.
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.
SMS Pharmaceuticals Ltd trades at ₹361, in a confirmed uptrend and 48 weeks into that stage. That is +1.2% against its own 200-day average. It sits at 62% of a 52-week range of ₹252 to ₹429. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (2 weeks and counting).
Today the stock is in a confirmed uptrend — week 48 of stage 2, confirmed. At ₹361 it trades +1.2% versus its 200-day average and sits at 62% of its 52-week range (₹252–₹429).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +436% while the NIFTY 500 moved +284% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (2 weeks and counting; last ahead the week of 2026-07-31) — 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.
Story check
SMS Pharmaceuticals Ltd's story is not scored yet against the markers our research file set on 17 May 2026. Where it sits in its own cycle: FULLY_EXPANDED. Still open: PE at 41x vs 21x median (90th percentile); any quarterly miss, capex delay, or margin plateau triggers de-rating; 41x→25x alone implies 40% downside at flat earnings.
Our read, 17 May 2026. Margin-recovery story already priced at 90th-percentile PE — wait for de-rating before entry; operational proof points are real but the multiple leaves no margin of safety.
From the numbers. PE at 41x is the 90th percentile of 10-year range vs 21x median. The stock re-rated from 11x (Mar-22) through 62x peak (Jun-23) and has since compressed to 41x — still expensive relative to history. ROCE at 12.5% and…
From the price. Price stage 2, week 48 — above its 200-day line, relative strength falling.
From the research. Margin-recovery story already priced at 90th-percentile PE — wait for de-rating before entry; operational proof points are real but the multiple leaves no margin of safety.
🚨 Where they disagree. PE at 41x is the 90th percentile of 10-year range vs 21x median. The stock re-rated from 11x (Mar-22) through 62x peak (Jun-23) and has since compressed to 41x — still expensive relative to history. ROCE at 12.5% and ROE at 11.8% do not justify a 41x PE on business quality grounds; the multiple is pricing in execution of the backward integration thesis and continued 20%+ growth. FIIs hold only 0.28% — institutional appetite is muted, not a strong positive signal. Promoters are the buyers: 64.3%→68.1% over 8 quarters.
What is proven. Margin-recovery story already priced at 90th-percentile PE — wait for de-rating before entry; operational proof points are real but the multiple leaves no margin of safety.
What is not proven yet. PE at 41x vs 21x median (90th percentile); any quarterly miss, capex delay, or margin plateau triggers de-rating; 41x→25x alone implies 40% downside at flat earnings.
The test written in advance. Valuation at 90th Percentile — De-rating Risk — Valuation at 90th Percentile — De-rating Risk Quarterly PAT trajectory; Dec-25 already showed QoQ revenue -13.2% (242→210 Cr) — demand lumpiness is a yellow flag by the next result.
The test written in advance. Capex Revenue Timeline Slippage (FY27→FY28) — Capex Revenue Timeline Slippage (FY27→FY28) Q4 FY26 concall (Mar-26) capex progress update; revenue start date for new capacity by the next result.
The test written in advance. Ibuprofen Production Execution Shortfall — Ibuprofen Production Execution Shortfall Q3 FY26 (Dec-25) monthly production data; management commentary on FY26 Ibuprofen volume achievement by the next result.
What the company does. OPM expanded from 16% (Mar-25) to 21% (Dec-25) across four consecutive quarters as backward integration into API intermediates reduced input costs; TTM PAT Rs 88 Cr (+35% YoY) confirms structural improvement. PE sits at 90th percentile of 10-year range (41x vs 21x median), FULLY_EXPANDED — the operational story is real but already priced with execution perfection required. Four Tijori-confirmed management inconsistencies (capex timeline, ibuprofen volumes, margin timing, anti-diabetic narrative) limit the trust premium; deploy only on a de-rating to 25-30x PE range.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Operating Leverage Inflection (Backward… | HIGH | — | Backward integration into API intermediates drove 500 bps OPM expansion (16%→21%) over four consecutive quarters; 30% of Q2 FY26… | Quarterly PAT trajectory; Dec-25 already showed QoQ revenue -13.2% (242→210 Cr) — demand lumpiness is a yellow flag |
| China+1 Market Share Gains | MEDIUM | — | Global customers actively seeking non-Chinese API sources; 30-year track record positions SMS as a credible alternative in… | Quarterly PAT trajectory; Dec-25 already showed QoQ revenue -13.2% (242→210 Cr) — demand lumpiness is a yellow flag |
| Value-Added Product Mix Shift (Ibuprofen +… | MEDIUM | — | Ibuprofen production scaling from 2,200 MT (FY25) to 5,000 MT (FY26 target) with EDQM certification for Europe; regulated market… | Quarterly PAT trajectory; Dec-25 already showed QoQ revenue -13.2% (242→210 Cr) — demand lumpiness is a yellow flag |
| R&D Pipeline Expansion (DMFs + Peptides) | MEDIUM | — | 100+ scientists today with plan to double; 120+ DMFs filed with 30 more targeted in 24-30 months; peptide CRO subsidiary… | Quarterly PAT trajectory; Dec-25 already showed QoQ revenue -13.2% (242→210 Cr) — demand lumpiness is a yellow flag |
Lever 1 · Operating leverage — BUILDING. Backward integration into API intermediates drove 500 bps OPM expansion (16%→21%) over four consecutive quarters; 30% of Q2 FY26 gross margin improvement attributed to this lever. What proves it keeps working: Operating Leverage Inflection (Backward Integration). It stops working if Quarterly PAT trajectory; Dec-25 already showed QoQ revenue -13.2% (242→210 Cr) — demand lumpiness is a yellow flag.
Lever 15 · Market-share gains — BUILDING. Global customers actively seeking non-Chinese API sources; 30-year track record positions SMS as a credible alternative in anti-inflammatory, ARV, and anti-diabetic segments. What proves it keeps working: China+1 Market Share Gains. It stops working if Quarterly PAT trajectory; Dec-25 already showed QoQ revenue -13.2% (242→210 Cr) — demand lumpiness is a yellow flag.
Lever 2 · Value-added mix — BUILDING. Ibuprofen production scaling from 2,200 MT (FY25) to 5,000 MT (FY26 target) with EDQM certification for Europe; regulated market share target 60-70% in FY26. What proves it keeps working: Value-Added Product Mix Shift (Ibuprofen + Regulated Markets). It stops working if Quarterly PAT trajectory; Dec-25 already showed QoQ revenue -13.2% (242→210 Cr) — demand lumpiness is a yellow flag.
Lever 5 · Regulatory approval — BUILDING. 100+ scientists today with plan to double; 120+ DMFs filed with 30 more targeted in 24-30 months; peptide CRO subsidiary incorporated with commercial operations targeted FY29. What proves it keeps working: R&D Pipeline Expansion (DMFs + Peptides). It stops working if Quarterly PAT trajectory; Dec-25 already showed QoQ revenue -13.2% (242→210 Cr) — demand lumpiness is a yellow flag.
Sources: our stock research file (17 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
SMS Pharmaceuticals Ltd reported ₹207 Cr of revenue in the Jun 26 quarter, +5.6% year on year. Over 10 years it has compounded at 3.8% a year. The last full year, FY26, came in at ₹887 Cr. The last four reported quarters add to ₹897 Cr.
Why this happened. The structural tailwind is real: major pharma buyers are diversifying away from Chinese API suppliers after supply chain disruptions. SMS's backward integration into intermediates (reducing China dependency) compounds this advantage. Management notes 'global customers are actively seeking dependable non-Chinese sources'. The moat is narrow — API markets remain pricing-competitive — but the tailwind supports above-market volume growth. ARV segment has 'good visibility for next 3 quarters driven by customer tender wins'. The risk: anti-diabetic market share is conceding ground to new entrants.
FY26 revenue came in at ₹887 Cr (+13.3% on the year), capping 10 years at 3.8% compound. The latest quarter (Jun 26) printed ₹207 Cr, +5.6% year on year.
Pace check: the last four quarters averaged +11.5% growth against the decade's 3.8% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +10.2% over the last 4 quarters against +10.2%/yr over the last 8 — stabilising; TTM profit +41.7% vs +35.0%/yr — accelerating.
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.
SMS Pharmaceuticals Ltd's operating margin is 20.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 14 fiscal years the operating margin has ranged 10.0% to 25.0%. The current quarter sits inside that band.
Why this happened. This is the central earnings driver. SMS invested Rs 150 Cr over 12-18 months to build in-house manufacturing capabilities for critical intermediates across its API portfolio. The benefits started showing in Jun-25 quarter (OPM 20% vs 16% in Mar-25). By Sep-25 the full quarterly contribution was visible: gross margins hit 32%, up 300 bps YoY. Management confirms 30% of gross margin improvement attributed to backward integration in Q2 FY26. The caveat: the impact delivery was 1-2 quarters later than the Jun-25 guidance implied. The benefits are still 'rolling out' — management expects further improvement as plants optimize. Additional margin expansion room confirmed by management for coming…
The latest quarter's operating margin is 20.0%, +0.0 pp against the same quarter a year ago. Across 14 fiscal years the operating margin has ranged 10.0%–25.0%.
🚨 Why the margin moved: operating margin went −0.3 pp year on year while gross margin went +2.2 pp — the loss came mostly from the gross line: input costs and pricing.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
SMS Pharmaceuticals Ltd earned ₹21.0 Cr of net profit in the Jun 26 quarter, +5.0% year on year. It is the 11th consecutive quarter of growth. Full-year FY26 profit was ₹102 Cr. The 10-year compound rate is 9.5%. That is 10.1% of the quarter's revenue. The same quarter a year earlier earned ₹20.0 Cr.
Jun 26 profit was ₹21.0 Cr, +5.0% year on year — the 11th consecutive quarter of growth. On the full year, FY26 printed ₹102 Cr (+47.8%), and the 10-year compound rate is 9.5%.
Why profit moved: revenue contributed +5.6% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +44.1% vs revenue +11.5%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
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 3 fiscal years 86% of SMS Pharmaceuticals Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹59.0 Cr of operating cash against ₹102 Cr of profit. After ₹128 Cr of capital spending, ₹−69.0 Cr was left as free cash.
FY26: operating cash of ₹59.0 Cr against reported profit of ₹102 Cr, leaving free cash of ₹−69.0 Cr after ₹128 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 86% 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 86%: the cash cycle stretched 114 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: the bigger cash user is investment — capital spending ran 3.0× depreciation over three years, so the next section's job is to check what that build-out is buying.
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).
SMS Pharmaceuticals Ltd's cash conversion cycle runs 260 days in FY26, up from 146 days in FY21. Capital spending ran ₹317 Cr over the last 3 years. At FY26 sales of ₹887 Cr each day of that cycle holds about ₹2.4 Cr, so roughly ₹632 Cr sits inside the business at any moment.
FY26: debtors at 89 days, inventory at 260 days — roughly 8.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 260 days, looser than FY21's 146.
The full loop: cash goes out to suppliers and production on day 0; stock waits 260 days to sell; customers pay about 89 days after that; and suppliers themselves are paid at 89 days — netting out to the 260-day cycle.
In money terms: at FY26 sales of ₹887 Cr, each day of the cycle holds about ₹2.4 Cr — so the 260-day loop keeps roughly ₹632 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹317 Cr over the last 3 fiscal years against ₹106 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹122 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
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.
SMS Pharmaceuticals Ltd earns a ROCE of 13% in FY26. That is up from a trough of 4% in FY23. Return on invested capital clears the cost of that capital by −2.7 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 11.5% net margin on 0.65× asset turns.
FY26 ROCE is 13%, recovered from a FY23 trough of 4% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 11.5% net margin × 0.65× asset turns × 1.74× balance-sheet leverage ≈ 13.0% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 9.3% − 12.0% = a −2.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
SMS Pharmaceuticals Ltd carries total debt of ₹365 Cr against shareholder equity of ₹786 Cr as of Mar 26, a debt-to-equity of 0.46. On the annual view that ratio went from 0.56 in FY22 to 0.46 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹365 Cr against shareholder equity of ₹786 Cr — a debt-to-equity of 0.46. On the annual view, debt-to-equity went from 0.56 (FY22) to 0.46 (FY26). Read the returns on this page with that leverage in mind.
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.
Promoters added 3.4 points of SMS Pharmaceuticals Ltd over 8 quarters, the biggest move on the register. That takes promoters to 68.1% of the company. Domestic institutions moved +0.7 points over the same window, to 2.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Promoters: +3.4 points over 8 quarters to 68.1%; Domestic institutions: +0.7 points over 8 quarters to 2.8%; Foreign institutions: +0.5 points over 8 quarters to 0.7%.
Why the register moved: promoters drove it (+3.4 points), alongside domestic institutions (+0.7 points) — steady accumulation by institutions reading the same numbers this page reads.
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.
SMS Pharmaceuticals 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.
Why this happened. R&D expansion is medium-term — commercial impact is FY29+ for peptides. But the DMF filing momentum (30 additional filings in 24-30 months) broadens the product pipeline systematically. The Chemo JV has delivered first-mover positioning in Europe for anti-diabetics. New products in anti-epileptic and anti-erectile dysfunction segments showing traction. The peptide initiative is early-stage R&D investment — classified as BUILDING rather than ACTIVE as revenue impact is multi-year.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
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.
SMS Pharmaceuticals Ltd trades at 33.0× P/E, at the pricey end of its own range (76th percentile). Its long-run median P/E is 23.7×, measured across 10.5 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 33.0× is at the pricey end of its own range (76th percentile), against a long-run median of 23.7× measured over 10.5 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 +39.6% against a +53.9% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +14.8%/yr price move, ~+3.2%/yr came from earnings growth and ~+11.6 pp from the multiple (expanding); over 10y, of the +16.7%/yr price move, ~+8.5%/yr came from earnings growth and ~+8.2 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: Consistent 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).
SMS Pharmaceuticals Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 15.1% and holding. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +13.3% | +19.3% | +9.5% | +3.8% |
| Profit | +47.8% | — | +10.1% | +9.5% |
| EPS | +39.6% | — | +8.1% | +8.5% |
| Share price | +53.9% | +41.0% | +14.8% | +16.7% |
4-Factor Sector Score
46.3/100 — rank 15 of 24 in Pharma - API & CRAMS · 100% evidence confidence
SMS Pharmaceuticals Ltd scores 46.3 out of 100 against the 24 companies it is compared with in Pharma - API & CRAMS, ranking 15. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 19.1 + 11.3 + 10.9 + 5 = 46.3. 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.
Said versus delivered
What SMS Pharmaceuticals Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
🚨 CAPEX Revenue Timeline Delayed · 11 November 2025. Management guided in the June 2025 call that the new INR 250 crore capex project would begin generating revenue in early FY27. However, in the November 2025 call, the revenue timeline for this expanded INR 280 crore capex was pushed out by at least a full year to FY28, with no explanation for the significant delay in expected returns. Earlier call (Jun 2025): “And coming to this year, we are adding INR250 crores approximately...we are anticipating that commercials to start in early FY”. Later call (Nov 2025): “So this will be completed in November 2026, and we are anticipating revenues coming in from FY28.”
🚨 Ibuprofen Volume Target At Risk · 11 November 2025. In the June 2025 call, management set an ambitious target to produce 5,000 tons of Ibuprofen in FY26. However, in the November 2025 call, halfway through the fiscal year, they revealed a current production run-rate of only 350 tons per month, which annualizes to 4,200 tons, putting the full-year target in jeopardy and indicating a significant execution shortfall. Earlier call (Jun 2025): “Any target for ibuprofen volumes this fiscal? ... So we are targeting close to around 5,000 tons this year.” Later call (Nov 2025): “So, 5,000 tons means an average of around 450 tons per month. So right now we are at almost around 350 tons number at this point of time.”
Delayed Impact from Backward Integration · 11 November 2025. Management guided in June 2025 that its backward integration projects would begin to 'materially improve margins starting Q2 FY '26'. In the November 2025 call reporting on Q2 FY26, management contradicted this by stating in the Q&A that the financial impact has not yet been realized and would only be seen 'in the next coming quarters'. Earlier call (Jun 2025): “Commercial production of key intermediates is set to begin this quarter. This will help materially improve margins starting Q2 FY”. Later call (Nov 2025): “The project just got commercialized a couple of months back...So that impact you will probably see in the next coming quarters.”
Deteriorating Anti-Diabetic Market Narrative · 11 November 2025. In June 2025, management projected confidence, stating they were able to 'retain the market share and retain the volume' in the anti-diabetic segment despite patent expiries. This narrative shifted negatively in the November 2025 call, where they conceded that they 'saw more players coming in and obviously getting some market share' and now expect volumes to 'dip slightly'. Earlier call (Jun 2025): “But still, we were able to retain the market share and retain the volume, which was a very good thing.” Later call (Nov 2025): “definitely we saw more players coming in and obviously getting some market share...Obviously it”.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Neuland Laboratories LtdNEULANDLAB | 82.7/100Sector-leading setup100% evidence | LEADER | 33.6/35 Revenue 78.3% · PAT 100% · OPM change 23 pp 100% evidence | 19.7/25 ROCE 26.5% · OPM 35% 100% evidence | 11.8/20 P/E 60.1× · PEG 1.05 100% evidence | 17.6/20 RS sector 19.2% · RS bench 44.6% · 1Y 78%12 of 12 weeks ahead 100% evidence |
| Exact sum: 33.6 + 19.7 + 11.8 + 17.6 = 82.7 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2IOL Chemicals & Pharmaceuticals LtdIOLCP | 73.8/100Favorable setup100% evidence | LEADER | 28.5/35 Revenue 18.5% · PAT 60% · OPM change 3 pp 100% evidence | 12.5/25 ROCE 11.3% · OPM 14% 100% evidence | 13.8/20 P/E 27.5× · PEG 0.66 100% evidence | 19.0/20 RS sector 33.1% · RS bench 59.6% · 1Y 78.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 28.5 + 12.5 + 13.8 + 19 = 73.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Gland Pharma LtdGLAND | 72.4/100Favorable setup100% evidence | LEADER | 26.4/35 Revenue 17.6% · PAT 46.4% · OPM change 3 pp 100% evidence | 13.9/25 ROCE 15.1% · OPM 27% 100% evidence | 13.7/20 P/E 42.8× · PEG 1.45 100% evidence | 18.4/20 RS sector 22.4% · RS bench 48.5% · 1Y 53.5%12 of 12 weeks ahead 100% evidence |
| Exact sum: 26.4 + 13.9 + 13.7 + 18.4 = 72.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Acutaas Chemicals Ltd543349 | 72.0/100Favorable setup82% evidence | LEADER | 31.9/35 Revenue 41% · PAT 100% · OPM change 9 pp 95% evidence | 20.1/25 ROCE 31.6% · OPM 34% 76% evidence | 7.9/20 P/E 68.6× · PEG — 50% evidence | 12.1/20 RS sector 17.1% · RS bench 41.3% · 1Y 152.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 31.9 + 20.1 + 7.9 + 12.1 = 72 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 5Laurus Labs LtdLAURUSLABS | 70.6/100Favorable setup93% evidence | LEADER | 32.2/35 Revenue 22.6% · PAT 100% · OPM change 8 pp 100% evidence | 18.2/25 ROCE 17.8% · OPM 32% 100% evidence | 5.3/20 P/E 88.3× · PEG 3.33 65% evidence | 14.9/20 RS sector 26.7% · RS bench 53.3% · 1Y 117.5%12 of 12 weeks ahead 100% evidence |
| Exact sum: 32.2 + 18.2 + 5.3 + 14.9 = 70.6 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 6Granules India LtdGRANULES | 64.5/100Mixed-positive evidence100% evidence | LEADER | 26.4/35 Revenue 24.8% · PAT 38.1% · OPM change 3 pp 100% evidence | 15.8/25 ROCE 15.5% · OPM 23% 100% evidence | 10.1/20 P/E 32.7× · PEG 1.27 100% evidence | 12.2/20 RS sector 7.7% · RS bench 30.8% · 1Y 95.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 26.4 + 15.8 + 10.1 + 12.2 = 64.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Divis Laboratories LtdDIVISLAB | 64.4/100Mixed-positive evidence100% evidence | BREAKING OUT | 26.5/35 Revenue 16.4% · PAT 26.8% · OPM change 11 pp 100% evidence | 19.1/25 ROCE 22% · OPM 41% 100% evidence | 3.8/20 P/E 75.5× · PEG 3.45 100% evidence | 15.0/20 RS sector 4.4% · RS bench 27.5% · 1Y 43.3%7 of 12 weeks ahead 100% evidence |
| Exact sum: 26.5 + 19.1 + 3.8 + 15 = 64.4 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 8Sai Life Sciences LtdSAILIFE | 63.5/100Mixed-positive evidence93% evidence | LEADER | 27.2/35 Revenue 17.6% · PAT 48% · OPM change 3 pp 100% evidence | 16.6/25 ROCE 19.6% · OPM 27% 100% evidence | 5.0/20 P/E 83.7× · PEG 3.46 65% evidence | 14.7/20 RS sector 16.1% · RS bench 41.1% · 1Y 75.1%12 of 12 weeks ahead 100% evidence |
| Exact sum: 27.2 + 16.6 + 5 + 14.7 = 63.5 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 9Shilpa Medicare LtdSHILPAMED | 63.3/100Mixed-positive evidence97% evidence | LEADER | 27.1/35 Revenue 28% · PAT 100% · OPM change 1 pp 95% evidence | 10.4/25 ROCE 11% · OPM 29% 95% evidence | 5.8/20 P/E 56.5× · PEG 6.86 100% evidence | 20.0/20 RS sector 59% · RS bench 90.7% · 1Y 97.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 27.1 + 10.4 + 5.8 + 20 = 63.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Anthem Biosciences LtdANTHEM | 54.7/100Mixed-positive evidence77% evidence | BREAKING OUT | 12.7/35 Revenue -2.1% · PAT 14.1% · OPM change 1 pp 100% evidence | 22.0/25 ROCE 30.4% · OPM 36% 100% evidence | 9.1/20 P/E 84.5× · PEG — 15% evidence | 10.9/20 RS sector -1.9% · RS bench 19.6% · 1Y 22%7 of 12 weeks ahead 70% evidence |
| Exact sum: 12.7 + 22 + 9.1 + 10.9 = 54.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Windlas Biotech LtdWINDLAS | 53.7/100Mixed-positive evidence77% evidence | TURNING | 16.7/35 Revenue 18.8% · PAT 9.8% · OPM change -2 pp 83% evidence | 14.5/25 ROCE 15.9% · OPM 11% 95% evidence | 11.6/20 P/E 29.5× · PEG — 50% evidence | 10.9/20 RS sector -1.8% · RS bench 10.3% · 1Y 3.3%3 of 10 weeks ahead 70% evidence |
| Exact sum: 16.7 + 14.5 + 11.6 + 10.9 = 53.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Morepen Laboratories LtdMOREPENLAB | 49.1/100Mixed-negative evidence94% evidence | BREAKING OUT | 20.3/35 Revenue 9.5% · PAT 51.6% · OPM change 8 pp 100% evidence | 8.2/25 ROCE 8.1% · OPM 14% 100% evidence | 10.4/20 P/E 39.3× · PEG 1.68 100% evidence | 10.2/20 RS sector -16.2% · RS bench 77.6% · 1Y 78.6%8 of 10 weeks ahead 70% evidence |
| Exact sum: 20.3 + 8.2 + 10.4 + 10.2 = 49.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Supriya Lifescience LtdSUPRIYA | 47.7/100Mixed-negative evidence100% evidence | LEADER | 16.1/35 Revenue 28.2% · PAT 11.2% · OPM change -11 pp 100% evidence | 17.1/25 ROCE 25.1% · OPM 25% 100% evidence | 7.4/20 P/E 32.1× · PEG 3.11 100% evidence | 7.1/20 RS sector -14.3% · RS bench 4.2% · 1Y 20.4%12 of 12 weeks ahead 100% evidence |
| Exact sum: 16.1 + 17.1 + 7.4 + 7.1 = 47.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Blue Jet Healthcare LtdBLUEJET | 46.9/100Mixed-negative evidence94% evidence | BREAKING OUT | 5.6/35 Revenue -27.5% · PAT -34.6% · OPM change -1 pp 100% evidence | 21.1/25 ROCE 26.5% · OPM 33% 100% evidence | 14.0/20 P/E 47.1× · PEG 1.39 100% evidence | 6.2/20 RS sector -39.2% · RS bench 9.1% · 1Y -27.4%10 of 10 weeks ahead 70% evidence |
| Exact sum: 5.6 + 21.1 + 14 + 6.2 = 46.9 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 15SMS Pharmaceuticals Ltdthis pageSMSPHARMA | 46.3/100Mixed-negative evidence100% evidence | ASLEEP | 19.1/35 Revenue 10.2% · PAT 41.7% · OPM change 0 pp 100% evidence | 11.3/25 ROCE 13.3% · OPM 20% 100% evidence | 10.9/20 P/E 33× · PEG 1.53 100% evidence | 5.0/20 RS sector -15.7% · RS bench 3.4% · 1Y 61.1%0 of 12 weeks ahead 100% evidence |
| Exact sum: 19.1 + 11.3 + 10.9 + 5 = 46.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Concord Biotech LtdCONCORDBIO | 38.5/100Mixed-negative evidence94% evidence | BREAKING OUT | 9.0/35 Revenue -6.7% · PAT -23.3% · OPM change 2 pp 100% evidence | 14.9/25 ROCE 17.1% · OPM 32% 100% evidence | 6.8/20 P/E 54.6× · PEG 5.67 100% evidence | 7.8/20 RS sector -23.6% · RS bench 7.4% · 1Y -9.2%8 of 10 weeks ahead 70% evidence |
| Exact sum: 9 + 14.9 + 6.8 + 7.8 = 38.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Piramal Pharma LtdPPLPHARMA | 34.7/100Adverse evidence71% evidence | LEADER | 13.0/35 Revenue 0.8% · PAT -80% · OPM change 3 pp 74% evidence | 1.4/25 ROCE 2.5% · OPM 9% 100% evidence | 10.0/20 P/E — · PEG — 0% evidence | 10.3/20 RS sector -5.3% · RS bench 15.6% · 1Y 8.7%10 of 12 weeks ahead 100% evidence |
| Exact sum: 13 + 1.4 + 10 + 10.3 = 34.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Jubilant Pharmova LtdJUBLPHARMA | 34.6/100Adverse evidence93% evidence | ASLEEP | 11.8/35 Revenue 16.3% · PAT -23% · OPM change -4 pp 100% evidence | 6.8/25 ROCE 9% · OPM 11% 100% evidence | 13.8/20 P/E 35.5× · PEG 1.17 65% evidence | 2.2/20 RS sector -30.5% · RS bench -14.8% · 1Y -21.5%7 of 12 weeks ahead 100% evidence |
| Exact sum: 11.8 + 6.8 + 13.8 + 2.2 = 34.6 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 19Hikal LtdHIKAL | 30.0/100Adverse evidence81% evidence | FADING | 11.3/35 Revenue -5.4% · PAT -80% · OPM change 2.6 pp 74% evidence | 4.3/25 ROCE 3.5% · OPM 9.2% 100% evidence | 6.6/20 P/E 63.4× · PEG — 50% evidence | 7.8/20 RS sector -19.1% · RS bench -1.1% · 1Y -25%7 of 12 weeks ahead 100% evidence |
| Exact sum: 11.3 + 4.3 + 6.6 + 7.8 = 30 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20OneSource Specialty Pharma LtdONESOURCE | 27.3/100Adverse evidence71% evidence | ASLEEP | 11.3/35 Revenue 4.3% · PAT -80% · OPM change 0 pp 74% evidence | 3.3/25 ROCE 0.6% · OPM 27% 100% evidence | 10.0/20 P/E — · PEG — 0% evidence | 2.7/20 RS sector -24.1% · RS bench -7.3% · 1Y -17.6%5 of 12 weeks ahead 100% evidence |
| Exact sum: 11.3 + 3.3 + 10 + 2.7 = 27.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21Syngene International LtdSYNGENE | 24.8/100Adverse evidence100% evidence | ASLEEP | 6.7/35 Revenue -3.4% · PAT -56.4% · OPM change -11.3 pp 100% evidence | 8.6/25 ROCE 10% · OPM 12.3% 100% evidence | 7.9/20 P/E 54.7× · PEG 7.87 100% evidence | 1.6/20 RS sector -38.7% · RS bench -24.5% · 1Y -38.7%1 of 12 weeks ahead 100% evidence |
| Exact sum: 6.7 + 8.6 + 7.9 + 1.6 = 24.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22Cohance Lifesciences LtdCOHANCE | 23.1/100Adverse evidence82% evidence | ASLEEP | 3.7/35 Revenue -19.8% · PAT -80% · OPM change -19.7 pp 95% evidence | 7.2/25 ROCE 8.3% · OPM 0.3% 76% evidence | 6.5/20 P/E 157× · PEG — 50% evidence | 5.7/20 RS sector -32.5% · RS bench -18% · 1Y -52.8%9 of 12 weeks ahead 100% evidence |
| Exact sum: 3.7 + 7.2 + 6.5 + 5.7 = 23.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Solara Active Pharma Sciences LtdSOLARA | 22.7/100Adverse evidence83% evidence | ASLEEP | 7.9/35 Revenue 15.6% · PAT -80% · OPM change -2 pp 100% evidence | 3.8/25 ROCE 4.9% · OPM 16% 100% evidence | 8.5/20 P/E 573× · PEG — 15% evidence | 2.5/20 RS sector -24.7% · RS bench -8% · 1Y -12.8%8 of 12 weeks ahead 100% evidence |
| Exact sum: 7.9 + 3.8 + 8.5 + 2.5 = 22.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24Dishman Carbogen Amcis LtdDCAL | 22.2/100Adverse evidence87% evidence | ASLEEP | 7.0/35 Revenue 0.2% · PAT -80% · OPM change -11 pp 100% evidence | 4.8/25 ROCE 3.1% · OPM 9% 100% evidence | 6.2/20 P/E 165× · PEG 2.65 65% evidence | 4.2/20 RS sector -31% · RS bench -13.2% · 1Y -19.3%6 of 10 weeks ahead 70% evidence |
| Exact sum: 7 + 4.8 + 6.2 + 4.2 = 22.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is SMS Pharmaceuticals Ltd's share price today?
SMS Pharmaceuticals Ltd trades at ₹361, +53.9% over the past year. The company is valued at ₹3,384 Cr. The stock sits at 62% of its 52-week range of ₹252–₹429, +1.2% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 48 weeks in. — as of 14 August 2026.
What were SMS Pharmaceuticals Ltd's latest quarterly results?
SMS Pharmaceuticals Ltd reported revenue of ₹207 Cr and net profit of ₹21.0 Cr for the Jun 26 quarter. Revenue rose 5.6% and profit rose 5.0% year on year. Earnings per share were ₹2.23. The operating margin was 20.0%, 0.0 pp higher than a year earlier. — as of 14 August 2026.
What is SMS Pharmaceuticals Ltd's revenue?
SMS Pharmaceuticals Ltd reported revenue of ₹207 Cr in the Jun 26 quarter, +5.6% year on year. For the full FY26 fiscal year, revenue was ₹887 Cr (+13.3%). Over the last 10 years revenue compounded at 3.8% a year. — as of 14 August 2026.
What is SMS Pharmaceuticals Ltd's profit?
SMS Pharmaceuticals Ltd earned ₹21.0 Cr of net profit in the Jun 26 quarter, +5.0% year on year — the 11th straight quarter of growth. Full-year FY26 profit was ₹102 Cr. The operating margin ran 20.0% in the latest quarter. — as of 14 August 2026.
What is SMS Pharmaceuticals Ltd's market cap?
SMS Pharmaceuticals Ltd's market capitalisation is ₹3,384 Cr at a share price of ₹361. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.
What is SMS Pharmaceuticals Ltd's P/E ratio?
SMS Pharmaceuticals Ltd trades at a P/E of 33.0×, at the 76th percentile of its own 11-year range, against a long-run median of 23.7×. This is a comparison with the stock's own history, not a value call — as of 14 August 2026.
Does SMS Pharmaceuticals Ltd pay a dividend?
Yes — SMS Pharmaceuticals Ltd's dividend payout was 4% of profit in FY26, and it recorded a payout in 13 of its last 14 reported fiscal years. One of those years shows a negative ratio because profit itself was negative. This page holds the payout ratio, not a per-share amount. — as of 14 August 2026.
Is SMS Pharmaceuticals Ltd overvalued?
On its own history, SMS Pharmaceuticals Ltd looks expensive: its P/E of 33.0× sits at the 76th percentile of its 11-year range (long-run median 23.7×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 14 August 2026.
Is SMS Pharmaceuticals Ltd growing?
Yes — SMS Pharmaceuticals Ltd is growing: latest-quarter revenue +5.6% year on year, profit +5.0%, and the margin +0.0 pp at 20.0%. The 10-year compound rates are 3.8% (revenue) and 9.5% (profit). The earnings engine currently reads: improving — as of 14 August 2026.
How is SMS Pharmaceuticals Ltd performing?
SMS Pharmaceuticals Ltd is in a confirmed uptrend, 48 weeks in. Its latest quarter's revenue rose 5.6% and profit rose 5.0% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 2 weeks. This describes what the data did, not a rating. — as of 14 August 2026.
What stage is SMS Pharmaceuticals Ltd in?
Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 15.1% and holding. The read comes from the last 12 quarters of growth (revenue growth +10.2% latest, profit growth +41.7% latest, eps growth +30.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 14 August 2026.
Is SMS Pharmaceuticals Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 48 of stage 2), trading +1.2% versus its 200-day average and at 62% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 14 August 2026.
Is SMS Pharmaceuticals Ltd beating the market?
Not lately — on a trailing-13-week view SMS Pharmaceuticals Ltd is currently behind the NIFTY 500 (2 weeks and counting; last ahead the week of 2026-07-31), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +436% against the NIFTY 500's +284% — ahead of the index over the full window. — as of 14 August 2026.
Will SMS Pharmaceuticals Ltd's share price go up?
This page publishes no price forecast for SMS Pharmaceuticals Ltd. What it measures instead: the share price is ₹361, the price is in a confirmed uptrend 48 weeks in. Its P/E of 33.0× sits at the 76th percentile of its own 11-year range. — as of 14 August 2026.
Who owns SMS Pharmaceuticals Ltd?
Promoters hold 68.1% of SMS Pharmaceuticals Ltd, foreign institutions 0.7%, domestic institutions 2.8% and the public 28.4% (latest quarter). The biggest move on the register over the last two years: Promoters added 3.4 points over 8 quarters. — as of 14 August 2026.
Does SMS Pharmaceuticals Ltd have too much debt?
It is moderate — SMS Pharmaceuticals Ltd's debt-to-equity is 0.46, and operating profit covers the interest bill 7×. FY26 borrowings were ₹365 Cr against equity of ₹785 Cr. Read the returns on this page with that leverage in mind — as of 14 August 2026.
What is SMS Pharmaceuticals Ltd's capex?
SMS Pharmaceuticals Ltd spent ₹317 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹128 Cr, with ₹122 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 14 August 2026.
What is SMS Pharmaceuticals Ltd's cash flow?
SMS Pharmaceuticals Ltd generated ₹59.0 Cr of operating cash flow in FY26 and ₹−69.0 Cr of free cash flow after ₹128 Cr of capital spending. Reported profit that year was ₹102 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 14 August 2026.
Is SMS Pharmaceuticals Ltd's profit real cash?
Yes — over the last 3 fiscal years, 86% of SMS Pharmaceuticals Ltd's reported profit arrived as operating cash. Though the latest year ran at 58% — the trend is the thing to watch. In FY26, operating cash was ₹59.0 Cr against reported profit of ₹102 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 14 August 2026.
Where is SMS Pharmaceuticals Ltd in its business cycle?
SMS Pharmaceuticals Ltd's FY26 operating margin was 19.0%, against a 14-year band of 10.0%–25.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 20.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 14 August 2026.
What could break the SMS Pharmaceuticals Ltd story?
Biggest watch item: the P/E sits at the 76th percentile of its own range — the multiple has already done part of the work. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 14 August 2026.
Is SMS Pharmaceuticals Ltd a stock worth studying right now?
This is not investment advice. The machine read: SMS Pharmaceuticals Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 14 August 2026.