STAR
Micro CapStrides Pharma Science Limited
Pharma
Strides, a global pharmaceutical company headquartered in Bengaluru, India, is listed on the BSE and NSE. It operates in regulated markets like the US, Other Regulated Markets (ORM), and Growth Markets, with manufacturing facilities in India, Italy, Kenya, and the US.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 67/100Rev +11% YoY · PAT +50% YoY · +11% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,323 Cr | +11.2% | +10.7% |
| EBITDA | ₹240 Cr | +10.1% | +1.7% |
| Operating margin | 18.0% | +0 bps | -200 bps |
| PAT | ₹129 Cr | +50.0% | -38.0% |
| PAT margin | 9.8% | +252 bps | -766 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Strides Pharma reports strong FY26 performance with 15.3% YoY EBITDA growth to 9,253m and 50.3% YoY Operational PAT growth to 5,181m, driven by 21% YoY revenue growth in Ex-US markets. EBITDA margin expanded to 19%.
Strides delivered robust FY26 results, primarily fueled by strong Ex-US market growth and improved profitability. Gross and EBITDA margins expanded significantly. While US market remained stable, management's focus on calibrated strategy and portfolio expansion in Ex-US markets is yielding results, supporting the long-term growth thesis.
FY26 Revenue by Market
Latest issuer-disclosed distribution across 4 reported categories.
Ex-US Market Performance
Ex-US markets recorded a growth of 21% YoY, outpacing overall company growth.
Other Regulated Markets (ORM) Expansion
ORM revenue grew 21% YoY, with growth across markets including B2B partnership in Australia and front-end markets of UK and Nordics.
Growth Markets (Africa & New Geographies)
Growth Market Revenue grew 22% YoY, led by Africa operations.
US Portfolio Relaunch & Expansion
Multiple products from dormant and acquired ANDAs are under regulatory phases for relaunch to achieve $400m US revenue by FY28.
Strong Customer Advocacy & Supply
Strong customer advocacy and dependable supply enabled expansion in front-end markets like UK and Nordics.
Sandoz Acquired Portfolio
Sandoz acquired portfolio to start contributing from H2FY27 onwards in Growth Markets.
Weaker Flu Season (US)
The US business was impacted by a weaker flu season in the second half of FY26.
Slower Quota Allocation (US)
Slower-than-expected quota allocation is impacting Controlled Substances revenue growth in the US.
Geopolitical Uncertainties & Challenging Environment
Despite ongoing geopolitical uncertainties and a challenging external environment, the company is committed to growth.
Regulatory Timelines in Growth Markets
Significant regulatory filings in new territories have commenced; however, the regulatory timelines in most markets are longer.
Cash to Cash Cycle Elongation
External challenging environment is leading to elongated cash to cash cycles.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company emphasizes full-year (FY26 vs FY25) and quarterly (Q4FY26 vs Q4FY25) comparisons, highlighting annual growth rates for key financial metrics and market segments. This is typical for assessing business cycles and strategic execution in pharma.
Domestic Formulations Growth (Ex-US)
Ex-US Market Revenue at 22,404m ($254m), reported a strong growth of 21% YoY.
US Market Revenue Growth
US Market Revenue at 24,897m ($284m), Grew 2% YoY.
Gross Margin %
Gross Margin % increased to 59.7% in FY26 from 56.6% in FY25 (310bps YoY expansion).
EBITDA Margin %
EBITDA % improved to 19.0% in FY26 from 17.6% in FY25 (140bps YoY improvement).
Commitment to Sustainable Growth
Committed to delivering to long term sustainable and profitable growth despite external challenges.
US Business Aspiration
Aspire to focus on North America Business Revenue of ~$400m by FY28.
Strategic Portfolio Investment
Investing in building portfolio of Control Substances, Nasal Sprays, Transdermal Patches and Films as part of a long-term strategy.
Focus on Operating Cashflow
Remain focused on improving the Net Debt/EBITDA ratio and operating cashflow generation.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| US Market Revenue | $284m (FY26) | Growth to be back by H2FY27 and progress towards ~$400m by FY28, especially from relaunched ANDAs. |
| Ex-US Market Growth | 21% YoY (FY26) | Continued momentum in filings, expansion of product portfolio, and contribution from Sandoz acquired portfolio from H2FY27. |
| EBITDA Margin | 19.0% (FY26) | Sustained margin expansion, reflecting strong operating leverage and profitability focus. |
| Net Debt to EBITDA | 1.55x (FY26) | Further improvement in the ratio, indicating effective working capital management and operating cashflow generation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +22.3% / mo
Technical chart
STARweekly · 1Y+15.2%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 47. Wait for confirmation.
- SMA20 rising (~18.2% over last month) — short-term momentum positive.
- RSI(14) at 47 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 17% off 52W high · 32% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 5.7%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 59.9%.
Main drags
- Promoter pledge is 27.3%.
- Balance sheet is weaker at 3/15; verify the latest quarterly trend.
- Valuation is weaker at 18/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 73rd percentile of the scored universe and 64th percentile within Pharma. Main check: promoter alignment is weak at 46/100.
Healthy Trust Lite: FCF yield is positive at 5%. Key concern: Promoter pledge is elevated at 27.3%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 64th pctile, median 70 · Micro: 60th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸FCF yield is positive at 5%.
- ▸7 years of positive FCF.
- ▸8/8 recent quarters had positive YoY revenue growth.
- ▸5/6 recent quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter pledge is elevated at 27.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 16.00
- P/B
- 2.99
- EV/EBITDA
- 9.80
- Market Cap
- 9284.00Cr
Profitability
- ROE
- 20.40%
- ROCE
- 18.60%
- ROA
- 8.30%
- Dividend Y
- 0.40%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 21.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 71.00%
Balance Sheet
- Debt/Equity
- 0.57
- Interest Coverage
- 5.17×
- Altman Z
- 3.37
- Book Value
- 337.00
Cash Flow
- FCF Yield
- 5.71%
- FCF Positive Y
- 7/5
- OCF
- 703.00 Cr
- EPS TTM
- 60.34
Shareholding
- Promoter Hold
- 27.91%
- Promoter Pledge
- 27.30%
- Momentum 52W
- 51%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.