Senores Pharmaceuticals Limited successfully concluded its Extra-Ordinary General Meeting (EGM) on January 31, 2026, securing shareholder approval for a significant capital raising initiative through convertible equity warrants. Following the successful EGM, the company has now submitted important amendments and clarifications to the original EGM notice under regulatory compliance requirements.

EGM Proceedings and Voting Results

The EGM was conducted at 12:30 P.M. through Video Conferencing (VC) and Other Audio-Visual Means (OAVM), with proceedings concluding at 12:55 P.M. The meeting addressed a single special resolution regarding the issuance of convertible equity warrants to the promoter and promoter group.

Warrant Issuance Approval

Shareholders overwhelmingly approved the special resolution for issuing 11,70,000 convertible equity warrants by way of preferential issue on private placement basis to persons belonging to the promoter and promoter group category. The resolution received strong support across all shareholder categories.

Regulatory Clarifications and Amendments

On February 04, 2026, Senores Pharmaceuticals submitted amendments and clarifications to Item No. 1 of the explanatory statement annexed to the EGM Notice dated January 07, 2026, under Regulation 30 of SEBI LODR Regulations. The company clarified that while the quantum of the proposed issue is less than 5% of the post-issue fully diluted share capital, making Regulation 166A of SEBI ICDR Regulations non-applicable, the company's Articles of Association require obtaining a valuation report from a registered valuer for determining the floor price.

Valuation Methodology

The registered valuer considered three valuation approaches: Asset Approach (Net Asset Value Method), Income Approach (Profit Earning Capacity Value Method), and Market Approach (Market Price Method). Since values calculated under the Profit Earning Capacity Value Method and Net Asset Value Method were less than the Market Price Method value, which also represents the Floor Price as per SEBI ICDR Regulations, the valuer assigned nil weightage to the first two methods and 100% weightage to the market approach.

Regulatory Compliance

Mukesh H. Shah & Co., Company Secretaries, served as the scrutinizer for the voting process, ensuring compliance with Section 108 of the Companies Act, 2013 and Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The clarification document was signed by Vinay Kumar Mishra, Company Secretary and Compliance Officer, and made available on the company's website and stock exchange platforms for stakeholder access.

Senores Pharmaceuticals Limited showcased robust financial performance in Q3FY26, delivering strong growth across all business segments while maintaining healthy profitability margins. The pharmaceutical company's diversified approach across regulated markets, emerging markets, and branded generics continues to drive sustainable expansion.

Strong Financial Performance Across Segments

The company reported consolidated revenue of INR175 crores for Q3FY26, representing a substantial 64% year-on-year growth. This broad-based growth was complemented by an impressive 86% increase in EBITDA to INR54 crores, with margins expanding by 360 basis points to 30.9%.

For the nine-month period, the company achieved revenue of INR474 crores (65% growth) with EBITDA reaching INR138 crores, reflecting an 87% year-on-year increase. PAT more than doubled to INR84 crores with margins improving to 17.7%.

Regulated Markets Drive Growth Momentum

The regulated markets segment emerged as the primary growth driver, contributing INR113 crores in Q3FY26 with 60.5% year-on-year growth. For nine months, this segment generated approximately INR310 crores in revenue, supported by strategic portfolio expansion and enhanced market penetration.

The company's ANDA portfolio has experienced remarkable growth, expanding from 12 approved ANDAs in December 2024 to 46 approved ANDAs by December 2025. This portfolio encompasses more than 137 ANDA product strengths, providing substantial commercialization opportunities.

The business maintains a balanced revenue mix with approximately 55% contribution from own products and 45% from CDMO-CMO operations, with expectations of shifting toward 60-40% in favor of own products by year-end.

Strategic Acquisition Enhances Manufacturing Capabilities

Senores completed the acquisition of 75% stake in Apnar Pharma, a US FDA-approved facility with expansion-ready infrastructure. This strategic move provides immediate access to regulated markets including the US, UK, and Canada while adding five approved ANDAs to the portfolio.

The facility enables geographic diversification of manufacturing operations and provides flexibility to shift production of select products from the US to India, optimizing cost structures while maintaining regulatory compliance.

Emerging Markets Show Significant Improvement

The emerging markets segment demonstrated strong momentum with Q3FY26 revenue of INR38 crores, marking 47.5% year-on-year growth. More importantly, the segment achieved its highest-ever quarterly performance while becoming cash-flow positive.

During the quarter, the company received approval for 56 new products, bringing the total registered portfolio to 450 products with over 850 products currently under registration. The business has improved its per-unit realization to approximately INR2, supporting enhanced profitability.

India Business Accelerates Growth

The branded generics business in India continued its impressive trajectory with Q3FY26 revenue of INR10.5 crores, representing over 6x year-on-year growth. For nine months, this segment generated INR31 crores, growing more than 7x compared to the previous year.

Outlook and Strategic Priorities

Management maintains confidence in achieving FY26 targets of 50% topline growth and 100% PAT growth. The company expects to launch all 28 approved ANDAs within the next six to eight quarters, while approximately 10 products from the 22 ANDAs under development are anticipated to launch within the same timeframe.

For FY27, management projects emerging markets revenue of INR170-180 crores and branded generics revenue of INR40-50 crores, with potential for INR80+ crores in subsequent years. The company's strong pipeline visibility and diversified manufacturing capabilities position it well for sustained growth across all business segments.