Solara Active Pharma Sciences has announced its audited financial results for the quarter and year ended March 31, 2026. The Board of Directors approved the results at its meeting held on May 15, 2026. The company subsequently published an extract of the audited financial results (Standalone & Consolidated) for the year ended March 31, 2026, and unaudited financial results for the quarter ended March 31, 2026, as a newspaper advertisement in 'Business Standard' and 'Pratahkal' on May 16, 2026.
On a consolidated basis, the company reported a net profit of Rs. 9.60 crores for the quarter ended March 31, 2026, compared to a net loss of Rs. 2.10 crores in the corresponding quarter of the previous year. For the full financial year, the company reported a net loss of Rs. 7.41 crores, compared to a net profit of Rs. 0.54 crores in the previous year. Revenue from operations for the year grew to Rs. 1,368.98 crores from Rs. 1,283.76 crores, while total income stood at Rs. 1,375.14 crores.
Management Commentary
MD & CEO Sandeep Shashikantha Rao stated that Q4 FY26 overall performance reflects a sequential growth of 12% and a year-on-year growth of 40%, adding that the company recorded its highest revenue, gross margin, and EBITDA in the last eight quarters. The management's remarks underscore the significance of the quarter's results as a meaningful operational milestone for the company.
Consolidated Financial Performance
Revenue from operations for Q4 FY26 stood at Rs. 387.29 crores, up from Rs. 273.01 crores in the same period of the previous year, reflecting a strong 40% year-on-year growth. Q4 EBITDA rose to Rs. 61 crores from Rs. 45.70 crores in Q4 FY25, though the EBITDA margin contracted to 14.90% from 16.62% over the same period. The statutory auditors, M/s. Deloitte Haskins & Sells LLP, issued an unmodified opinion on the audited consolidated and standalone financial results. Total expenses for the full year were Rs. 1,376.66 crores, against Rs. 1,291.54 crores in the previous year. Finance costs for the year declined to Rs. 94.75 crores from Rs. 114.81 crores, while depreciation and amortisation expenses stood at Rs. 99.68 crores. An exceptional loss of Rs. 5.89 crores for the year related to the impact of gratuity and compensated absences under new labour codes.
The following table summarises the key consolidated financial metrics for the quarter and full year:
| Metric: |
Q4 FY26 |
Q4 FY25 |
FY26 (Audited) |
FY25 (Audited) |
| Revenue from Operations (Rs. Cr): |
387.29 |
273.01 |
1,368.98 |
1,283.76 |
| Total Income (Rs. Cr): |
391.98 |
278.96 |
1,375.14 |
1,292.08 |
| Total Expenses (Rs. Cr): |
383.24 |
281.06 |
1,376.66 |
1,291.54 |
| EBITDA (Rs. Cr): |
61.00 |
45.70 |
— |
— |
| EBITDA Margin (%): |
14.90 |
16.62 |
— |
— |
| Net Profit/(Loss) (Rs. Cr): |
9.60 |
(2.10) |
(7.41) |
0.54 |
| Basic EPS (Rs.): |
2.20 |
(0.93) |
(1.68) |
0.14 |
Standalone Financial Performance
On a standalone basis, the company reported total income from operations of Rs. 381.66 crores for the quarter ended March 31, 2026, compared to Rs. 812.14 crores for the quarter ended March 31, 2025. For the full year ended March 31, 2026, standalone total income from operations stood at Rs. 1,372.80 crores, against Rs. 1,388.50 crores in the previous year. Standalone net profit after tax for the full year was Rs. 31.90 crores, compared to Rs. 36.23 crores in the previous year. The following table presents the key standalone financial metrics:
| Metric: |
Q4 FY26 (Audited) |
Q3 FY26 (Unaudited) |
Q4 FY25 (Audited) |
FY26 (Audited) |
FY25 (Audited) |
| Total Income from Operations (Rs. Cr): |
381.66 |
125.74 |
812.14 |
1,372.80 |
1,388.50 |
| Net Profit/(Loss) before tax (before exceptional items) (Rs. Cr): |
(20.38) |
1.24 |
7.93 |
41.60 |
39.63 |
| Net Profit/(Loss) after tax (Rs. Cr): |
(7.78) |
0.94 |
6.23 |
31.90 |
36.23 |
| Total Comprehensive Income (Rs. Cr): |
30.53 |
0.94 |
6.23 |
31.90 |
74.54 |
| Equity Share Capital (Rs. Cr): |
903.47 |
903.47 |
903.47 |
903.47 |
903.47 |
| Basic EPS (Rs.): |
(0.09) |
0.01 |
0.07 |
0.35 |
0.40 |
Segment Performance
The company's operations relate to a single reportable segment — Active Pharmaceutical Ingredient (API). The Base business, excluding commodity Ibuprofen, demonstrated strong momentum in Q4 FY26 with revenue growth of 24% QoQ and 36% YoY. This segment reported a Gross margin of ~54% and EBITDA of ~26%. In contrast, the commodity Ibuprofen business faced persistent headwinds, reporting a negative EBITDA of Rs. 17.90 crores for the quarter. The Board has appointed bankers to evaluate strategic options for the Ibuprofen business to ensure optimal long-term value creation. Consequently, the carve-out of the polymers and CRAMS business has been put on hold until strategic options for the Ibuprofen business are finalised in H1 FY27.
Balance Sheet and Rights Issue
As at March 31, 2026, consolidated total assets stood at Rs. 2,332.59 crores. Total equity increased to Rs. 1,255.55 crores from Rs. 1,096.91 crores. Current borrowings declined to Rs. 554.09 crores from Rs. 662.20 crores. To address accumulated losses of Rs. 319.33 crores and net current liabilities exceeding net current assets by Rs. 35.81 crores, the company has sent a second and final call notice for the balance amount of Rs. 134.99 crores under its rights issue. The rights issue, offered at Rs. 375 per equity share, has so far raised Rs. 312.79 crores out of a total issue size of Rs. 449.95 crores, comprising Rs. 157.48 crores from application money and Rs. 155.31 crores from the first call made on May 6, 2025, with Rs. 2.17 crores still unpaid. The Board of Directors has approved the preparation of financial results on a going concern basis.
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