Solara Active Pharma Sciences Limited — Investor Meet, 21-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Solara Active Pharma Sciences reported margin expansion and debt reduction despite subdued revenue from Ibuprofen due to market oversupply and competition. Gross margin rose sharply to 51.5% (+1,370 bps YoY) and EBITDA margin to 16.5%, driven by a shift to higher-margin derivatives and non-Ibuprofen products. Regulated markets made up 76% of revenue. Operating costs fell 22% YoY, aiding margin recovery. Debt decreased to INR776 Cr from ~INR1,000 Cr, targeting INR650 Cr after rights issue. Capacity utilization was ~60%, with management guiding 10% revenue and 15–20% EBITDA growth for FY26. CRAMS and polymers unit (INR100 Cr base) is being spun off as Synthix Global Pharma Solutions to unlock value. Confidence remains on regaining Ibuprofen competitiveness and driving profitable growth with a stronger balance sheet.