Senores Pharmaceuticals Limited has announced the outcome of its postal ballot, with shareholders approving all eight resolutions put to vote through the remote e-voting process. The e-voting window remained open from July 5, 2026 at 9:00 a.m. (IST) to August 3, 2026 at 5:00 p.m. (IST). The scrutinizer's report, prepared by Mukesh H. Shah & Co., Company Secretaries, was issued on August 4, 2026, confirming that all resolutions were passed with the requisite majority. The record date for the postal ballot was June 30, 2026, with a total of 36,498 shareholders on record as of that date.

Voting Process and Administration

The postal ballot notice, dated June 29, 2026, was dispatched electronically on July 2, 2026 to members whose e-mail addresses were registered with the Company, Share Transfer Registrar, or Depositories as on the cut-off date of June 30, 2026. In accordance with MCA Circulars, the notice was sent only in electronic form, with no hard copies dispatched. An advertisement was published in the English newspaper Financial Express and the Vernacular (Gujarati) newspaper Financial Express on July 3, 2026, notifying members of the e-voting facility. The e-voting platform was provided by MUFG Intime India Pvt. Ltd. (formerly known as Link Intime India Pvt. Ltd.), and the votes were unblocked after the conclusion of the e-voting period in the presence of two independent witnesses, Mr. Bharat Chaudhary and Mr. Dhruv Todi.

The scrutinizer noted that there were 11 invalid votes (18,085,228 shares) in Resolutions 1 to 5, attributable to related parties, while Resolutions 6 to 8 recorded no invalid votes. Additionally, one shareholder holding 160 shares voted for only 1 share.

Resolution-wise Voting Results

All eight resolutions were passed with the requisite majority. The following table summarises the voting outcome for each resolution:

Category-wise Participation

For Resolutions 1 to 5, the promoter and promoter group (holding 21,100,357 shares) did not participate in the voting, as they were classified as interested parties. Public Institutions holding 7,547,516 shares polled 3,313,297 votes (43.8992% of shares held), while Public Non-Institutions holding 17,405,715 shares polled 5,354,851 votes (30.7649% of shares held). The total shares on record stood at 46,053,588, with 8,668,148 total valid votes polled, representing 18.8219% of outstanding shares for these resolutions.

For Resolutions 6 to 8, the promoter and promoter group participated actively, polling 18,085,228 votes out of 21,100,357 shares held (85.7105%). Total valid votes polled for these resolutions stood at 26,753,376, representing 58.0918% of outstanding shares.

Key Resolutions: Related Party Transactions and Corporate Approvals

Resolutions 1 through 5 pertained to material related party transactions and were classified as ordinary resolutions requiring prior shareholder approval under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These covered transactions with:

• Havix Group INC. d/b/a Aavis Pharmaceuticals (direct RPT and inter-subsidiary RPT with Senores Pharmaceuticals INC.)
• Ratnatris Pharmaceuticals Private Limited
• Apnar Pharma Private Limited (direct RPT and inter-subsidiary RPT with Havix Group INC. d/b/a Aavis Pharmaceuticals)

Resolutions 6 and 7 were special resolutions seeking enhancement of existing limits for advancing loans, giving guarantees, and providing security under Sections 185 and 186 of the Companies Act, 2013, respectively. Resolution 8, also a special resolution, approved the variation in the objects and terms of utilisation of IPO proceeds along with an extension of the time limit for their utilisation. All three special resolutions saw no participation from interested promoter/promoter group shareholders, and all were passed with the requisite majority.

Senores Pharmaceuticals reported a consolidated net profit of ₹31 crore for the quarter ended June 30, 2026 (Q1FY27), marking a 56% year-on-year increase. The strong performance was driven by a 42% surge in revenue from its Regulated Markets segment and steady expansion in Emerging Markets, positioning the company to achieve its long-term revenue target of ₹2,500 crore to ₹3,000 crore within three to four years.

The Board of Directors approved the unaudited financial results on July 27, 2026, pursuant to Regulation 33 and Regulation 47(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by statutory auditors Pankaj R. Shah and Associates. A transcript of the earnings conference call held on July 27, 2026, was filed with stock exchanges on August 3, 2026, pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015.

Financial Performance

Consolidated revenue from operations rose 36% to ₹180.21 crore from ₹132.56 crore in Q1FY26. Consolidated EBITDA stood at ₹54 crore, reflecting an 87% year-on-year growth and an expansion of approximately 800 basis points in margins. Profit before tax was ₹39.46 crore, compared to ₹26.49 crore in the prior year quarter. Other income declined to ₹2.81 crore from ₹8.79 crore due to lower one-time gains, though operational profitability remained robust.

*Note: EBITDA for Q1FY26 derived from disclosed growth rate and current EBITDA. **Note: Prior year PAT derived from disclosed growth rate and current PAT.

On a standalone basis, the parent company reported a net profit of ₹1.03 crore, down from ₹2.70 crore in Q1FY26. Standalone revenue from operations was ₹26.99 crore, up from ₹16.13 crore in the previous year. This divergence highlights the significant contribution of subsidiaries, particularly in international markets.

Segmental Highlights

The Regulated Markets business, comprising the US and Canada, remained the primary growth driver with revenue reaching ₹127.8 crore, up 42% from ₹90.1 crore in Q1FY26. This segment contributed 71% of total revenue with an EBITDA margin of approximately 40%. The Emerging Markets segment also showed steady growth, with revenue rising 30% to ₹37.6 crore from ₹29.0 crore, contributing 21% of total revenue at an EBITDA margin of approximately 14%. Branded Generics revenue contracted slightly by 2.4% to ₹8.0 crore.

Swapnil Shah, Managing Director, attributed the performance to the expansion of the product portfolio, which has nearly doubled from 30 ANDAs as of June 2025 to 58 approved ANDAs as of June 2026, of which 23 have been commercialized. The CDMO/CMO business saw its commercialized products grow from 27 to 34, while pipeline products increased from 15 to 16.

Management Guidance

Management expects FY27 revenue growth of approximately 30% to 40% and PAT growth of about 50% to 60%, with a similar trajectory expected thereafter. Planned CapEx for FY27 is approximately ₹130 crore, primarily directed towards increasing oral solid capacity and starting a pilot injectable plant, with a run rate of ₹60 crore to ₹75 crore guided for the following year.

For the Emerging Markets business, management guided full-year FY27 EBITDA margins of 18% to 20%, despite a sequential dip to 14% in Q1FY27 from 20% in Q4FY26. The Branded Generics segment is expected to achieve 30% to 40% year-over-year growth, targeting EBITDA margins of 35% to 40% over sales volume.

IPO Fund Utilization

As of June 30, 2026, Senores Pharmaceuticals had utilized ₹399.5 crore out of the ₹500 crore raised through its IPO, with the unutilized amount standing at ₹100.5 crore. Key utilization areas included repayment of borrowings (₹73.1 crore, fully utilized), investment in subsidiary Havix for borrowing repayment (₹20.2 crore, fully utilized), working capital requirements (₹43.26 crore utilized against ₹43.3 crore proposed), inorganic growth and strategic initiatives (₹161.63 crore utilized against ₹161.9 crore proposed), and offer expenses (₹34.8 crore utilized against ₹35.0 crore proposed). Only ₹6.98 crore was utilized towards the investment in Havix for setting up a manufacturing facility for sterile injections in Atlanta, leaving ₹100.0 crore unutilized for this specific purpose.

What the Numbers Show

The significant disparity between standalone and consolidated profitability indicates that Senores Pharmaceuticals' value creation is increasingly dependent on its international subsidiaries. While the Indian entity reported modest standalone profits of ₹1.03 crore, the group delivered ₹31 crore in net profit, driven largely by the high-margin Regulated Markets segment. The sharp decline in other income did not dampen overall profit growth, suggesting that core operational efficiency improvements—evidenced by the 800-basis-point margin expansion—are sustainable drivers rather than one-off financial gains.