Strides Pharma Science Ltd. reported a robust FY26 performance, with consolidated EBITDA rising to ₹9,253 crore and operational profit after tax (PAT) at ₹5,181 crore, up 50.3% year‑on‑year. The company’s ex‑US markets outpaced the rest of the business, posting 21% YoY revenue growth, while disciplined execution expanded full‑year EBITDA margin to 19%, up 140 basis points from FY25. The board has recommended a dividend of ₹5 per share for FY26.
Q4 and full‑year financials
For Q4FY26, Strides recorded revenue of ₹13,235 crore, up 11.2% YoY and 10.8% quarter‑on‑quarter, with gross margin expanding to 59.5% and EBITDA at ₹2,397 crore. On a full‑year basis, revenue grew 6.4% to ₹48,587 crore, supported by healthy demand across regulated and donor‑funded markets. Gross margin improved 310 bps to 59.7%, while EBITDA at ₹9,253 crore marked a 15.3% YoY increase, reflecting strong operating leverage.
Operational PAT grew 50.3% YoY to ₹5,181 crore, with operational earnings per share rising to ₹56.2 from ₹37.5 in FY25. Reported PAT stood at ₹5,745 crore, up 40.3% YoY, and reported EPS at ₹60.3.
Performance by geography
US revenue for FY26 was ₹24,897 crore (≈$284 million), up 2% YoY, as the business remained stable despite a weaker flu season in the second half. Ex‑US markets, however, delivered a standout 21% YoY growth, reaching ₹22,404 crore (≈$254 million), outpacing the group’s overall growth and underscoring the success of Strides’ calibrated strategy in emerging and regulated markets.
The company also reported a RoCE of 15.8% in FY26, up from 14.9% the prior year, while net debt at ₹14,365 crore was impacted by forex depreciation of about ₹1,115 crore; net debt‑to‑EBITDA improved to 1.55x from 1.9x in FY25, reflecting better leverage management.
Management commentary and future outlook
Commenting on the results, Badree Komandur, Managing Director & Group CEO, said Strides continued to deliver strong growth and profitability, led by the ex‑US markets. “Our continued focus on profitability drove gross margin expansion of 310 bps YoY and EBITDA margin improvement to 19%, with operational PAT and EPS growing about 50% YoY, reflecting strong operating leverage,” he noted.
Komandur emphasised that the US business remained stable, with ongoing focus on complex, high‑value products, even as the group intensified its “in Africa for Africa” and donor‑funded institutional strategy. Strides operates a global manufacturing footprint across India, Italy, Kenya, and the US, focusing on “difficult‑to‑manufacture” products sold in over 100 countries.
