- Price band
- ₹372 – ₹392
- Issue size
- ₹409 Cr
- Lot size
- 38 sh
- Bidding
- 24 – 27 Mar
- Grey market
- —
Face value ₹5.00
70% fresh capital
Lists 2 Apr 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Sai Parenteral's Limited, incorporated on 12 January 2001 and headquartered at Gachibowli, Hyderabad, makes finished pharmaceutical formulations at five plants in India and employs 298 people. Revenue from operations was Rs 96.80 Cr in FY23, Rs 153.76 Cr in FY24 and Rs 163.11 Cr in FY25, with profit after tax of Rs 4.38 Cr, Rs 8.42 Cr and Rs 14.45 Cr across the same three years. The Rs 408.79 Cr mainboard issue — Rs 285 Cr fresh and Rs 123.79 Cr offer for sale — was priced at a band of Rs 372 to Rs 392 and was subscribed 1.08 times overall on its closing day, 27 March 2026. It listed on 2 April 2026 at Rs 400 and last traded at Rs 461.70 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
A trade-off in both directions
63% of the scoring model was backed by disclosed data for Sai Parenteral's, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2001 · Gachibowli, Hyderabad, Telangana, India · 298 employees
Sai Parenteral's makes finished pharmaceutical formulations at five plants in India — four in Hyderabad, Telangana, and one at Ongole, Andhra Pradesh, operated by its wholly owned subsidiary Revat Laboratories. Its products span cardiovascular, neuropsychiatry, anti-diabetic, respiratory, antibiotic, gastroenterology, vitamin-and-mineral, analgesic and dermatology categories, in injectables, tablets, capsules, liquid orals and ointments; the injectable range includes dry powder injections, pre-filled syringes, ampoules and vials. It sells under its own brand names to central and state government agencies, public and private hospitals, other pharmaceutical companies and super stockists in India, and exports through distributors to Australia, New Zealand, South-East Asia, the Middle East and Africa. It also develops and manufactures products on contract for other drug companies. Combined installed capacity is 1,160 million units per annum on a single-shift basis.
Revenue comes from two lines: branded generics sold under its own labels, and CDMO work billed to other drug companies. In Fiscal 2025 branded generics were 80.29% of net revenue from operations and CDMO 19.71%, the latter up from 5.49% in Fiscal 2023. Restated revenue from operations was ₹1,631.06 million in Fiscal 2025 against ₹967.96 million in Fiscal 2023, at a 24.18% EBITDA margin. Raw materials dominate cost, at 59.18% of revenue from operations in Fiscal 2025 and 75.04% in the six months to September 30, 2025. The structural constraint is cash: domestic receivables took 282 days to realise as of September 30, 2025 versus 142 days on exports, so institutional sales tie up working capital.
The company on paper
- Legal name
- Sai Parenteral's Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 12 Jan 2001
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U24231TG2001PLC036043
- Sector
- Health Care · Branded generic pharmaceutical formulations and contract development and manufacturing (CDMO)
- Employees
- 298
- Registered office
- Gachibowli, Hyderabad, Telangana, India
- Promoters
- Anil Kumar Karusala, Vijitha Gorrepati, Karusala Aruna
- Promoter holding, pre-issue
- 61.2%
- Promoter holding, post-issue
- 51.2%
- Website
- saiparenterals.com
The numbers
Financial performance
Revenue has compounded at 29.8% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
70% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹285 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹124 Cr
- Total issue size
- ₹409 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 10.1% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹392.00
- Listed at
- ₹400.00
- Listing gain
- up 2.0%
- Since listing
- up 30.5%
- Against the issue price
- up 33.1%
Trading at ₹521.95 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 38
- At cut-off price
- ₹392.00
- Amount blocked
- ₹14,896
One lot is 38 shares at ₹14,896. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~100%
chance of one lot, per application
- Retail subscription
- 0.12×
- Applicants per share available
- 0.1× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹400.00
listed at, 2.0% against the issue price
- Issue price
- ₹392.00
- Premium said
- —
- If allotted 38 shares
- ₹304
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- EBITDA margin was higher in each year on record: 18.22% in FY23 (Rs 17.64 Cr on Rs 96.80 Cr), 20.62% in FY24 (Rs 31.70 Cr on Rs 153.76 Cr) and 24.18% in FY25 (Rs 39.44 Cr on Rs 163.11 Cr).
- Profit after tax margin was also higher in each year on record: 4.52% in FY23 (Rs 4.38 Cr on Rs 96.80 Cr), 5.48% in FY24 (Rs 8.42 Cr on Rs 153.76 Cr) and 8.86% in FY25 (Rs 14.45 Cr on Rs 163.11 Cr). In absolute terms profit after tax rose 92.24% from FY23 to FY24 and 71.62% from FY24 to FY25.
- Total borrowings measured against net worth fell in each successive year present: 2.18x in FY23 (Rs 68.55 Cr against Rs 31.49 Cr), 1.55x in FY24 (Rs 118.79 Cr against Rs 76.40 Cr) and 0.98x in FY25 (Rs 93.95 Cr against Rs 95.78 Cr). Borrowings themselves were Rs 68.55 Cr in FY23, Rs 118.79 Cr in FY24 and Rs 93.95 Cr in FY25.
- The record states that CDMO work was 19.71% of net revenue from operations in Fiscal 2025 against 5.49% in Fiscal 2023, with branded generics the remaining 80.29% in Fiscal 2025.
What to weigh against it
- The two revenue growth rates the record permits are far apart: Rs 96.80 Cr in FY23 to Rs 153.76 Cr in FY24 is 58.84%, and Rs 153.76 Cr to Rs 163.11 Cr in FY25 is 6.08%. EBITDA growth over the same two intervals was 79.71% and 24.42%.
- The record states that domestic receivables took 282 days to realise as of 30 September 2025, against 142 days on exports — a gap of 140 days between the two.
- The record puts raw materials at 59.18% of revenue from operations in Fiscal 2025 and at 75.04% in the six months to 30 September 2025. The second is a half-year figure, not a full year, and the record carries no annualised or like-for-like comparison between the two.
- The only subscription figures on record are for day three, 27 March 2026: 1.08 times overall, with QIB at 1.71 times and retail at 0.12 times. The NII figure is not recorded, and no day-one or day-two figures are present.
Easy to miss in the prospectus
- Price history on record: listed at Rs 400 on 2 April 2026 against a band top of Rs 392, a listing gain of 2.04%; closed day one at Rs 405.70; last traded at Rs 461.70 as of 23 October 2026, which is 17.78% above the band top of Rs 392 and 15.43% above the listing price of Rs 400.
- The revenue split between the two lines, which the record gives only for Fiscal 2025 (branded generics 80.29%, CDMO 19.71% of net revenue from operations) and Fiscal 2023 (CDMO 5.49%).
- Promoter holding, stated at 61.23% pre-issue and 51.16% post-issue, a reduction of 10.07 percentage points.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Arihant Capital Markets Limited
- RegistrarAllotment status is checked on the registrar's own site
- Bigshare Services Private Limited
How these figures were checked
Reconciled to Sai Parenteral's's own prospectus and to exchange disclosures, then cross-checked against 5 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Prospectus dated March 28, 2026 (filed with RoC; hosted on BSE) — 512 pp · read 16 Oct 2026
- NSE — Basis of Allotment public announcement, April 1, 2026 (official subscription and allotment figures) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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