Sun Pharma Advanced Research Company Ltd
SPARC NSE
Sun Pharma Advanced Research Company Ltd
HealthcareNSE: SPARC BSE: 532872 Pharmaceuticals & Biotechnology
Key Fundamentals
MicrocapPharmaceuticalsHealthcareMarket Cap
₹6,406 Cr
Volatility
Moderate
P/E Ratio
3.95
EBITDA
₹1,610 Cr
Return on Equity
116.01%
Debt to Equity
0.42
Book Value
₹41.26
EPS
₹0
52W High
₹289
52W Low
₹108
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Sun Pharma Advanced Research Company Ltd insights
40 extracted metrics + investor summaries across FY13–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
1- Company has delivered good profit growth of 65.3% CAGR over last 5 years
Weaknesses
2- Stock is trading at 4.80 times its book value
- Working capital days have increased from -770 days to 214 days
Growth Rate
Revenue Growth
2468.07% ↗
Net Income Growth
-553.49% ↘
Cash Flow Change
33.73% ↗
ROE
-26.52% ↗
ROCE
-87.01% ↗
EBITDA Margin (Avg.)
-119.49% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 42d agoAI opinion · based on fundamentals
Risk high
Sun Pharma Advanced Research Company (SPARC) is a clinical-stage biopharma that swung to a large profit in FY26 with operating revenue of ₹1,879 Cr (up 2,518% YoY) driven by licensing/milestone income, after years of sustained losses. The company trades at a market cap of ~₹8,200 Cr with a PE of ~5x and PB of ~5.8x, while carrying ₹46 million in debt and refocusing its pipeline on oncology and immunology.
Bull Case 8
- FY26 operating revenue surged 2,518% YoY to ₹1,879 Cr from ₹71.77 Cr in FY25, marking a transformative revenue inflection
- Profit before tax swung to ₹1,553 Cr in FY26 versus a loss of ₹342.78 Cr in FY25, delivering EPS of ₹47.83
- Compounded profit growth CAGR of 65% over 5 years and 108% over 3 years demonstrates accelerating monetization of R&D assets
- EBITDA margin of 85.66% in FY26 TTM indicates extremely high operating leverage once licensing revenues flow through
- ROE of 276.89% in the latest year reflects strong return on a thin equity base after the profit swing
- Stock CAGR of 51% over 1 year shows market re-rating following the profit turnaround
- Pipeline refocused on high-value oncology (MUC1 ADC/SBO-154) and immunology (SCD153 for alopecia areata/vitiligo) with clear clinical milestones ahead
- R&D consolidation in Vadodara targeting $10 million in annual cost savings improves cash burn profile going forward
Bear Case 8
- FY26 profit was driven by exceptional gains (likely asset sale or one-time licensing monetization), not recurring operational revenue — Q4 FY26 revenue actually fell 51% QoQ to ₹13.2 Cr
- Stock trades at 5.82x book value despite a historically loss-making business with accumulated losses of ₹2,325 Cr on retained earnings
- Working capital days deteriorated sharply from -770 days to +214 days, signaling potential cash flow strain
- Company carries $46 million (~₹380 Cr) in debt with a debt-to-equity ratio of 0.42x for a clinical-stage company with no stable recurring revenue
- Revenue was only ₹71.77 Cr in FY25 and ₹75.55 Cr in FY24, indicating that ex-milestone income the base business generates minimal revenue
- Zero dividend yield — the company has never paid dividends, offering no income return to shareholders
- Long-term stock CAGR is negative at -1% over 5 years and -4% over 10 years, indicating prolonged wealth destruction for long-term holders
- Clinical-stage pipeline carries binary risk — failure in lead programs (MUC1 ADC, SCD153, Vibozilimod) could leave the company with no near-term commercial products
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 42d ago Headwinds 1
- COO retirement creates leadership gap Jun 26
Dr. Nitin Dharmadhikari (COO) retires on June 30, 2026. Losing a senior operations leader at a research-focused pharma company poses execution risk during ongoing programs.
Neutral 2
- 21st AGM scheduled August 10 Jul 6
SPARC will hold its 21st AGM on August 10, 2026 via video conference. Cut-off date for shareholder eligibility is August 3, 2026.
- HR Head succession announced Jun 26
Ms. Shanta Gupta (HR Head) retires June 30; Mr. Prasanna Deshmukh takes over as new HR Head from July 1, 2026, ensuring smooth transition.
TL;DR: SPARC has a quiet news cycle with only routine corporate governance updates. The COO retirement is a mild concern given the company's R&D-heavy model where operational leadership matters. No new pipeline updates, partnerships, or clinical trial readouts were reported. Investors should watch for any strategic updates at the August 10 AGM.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 24 | 21 | 14 | 17 | 17 | 13 | 15 | 27 | 10 | 8 | 8 | 1,853 | 40 |
| Expenses | 126 | 113 | 116 | 124 | 112 | 117 | 89 | 81 | 62 | 74 | 65 | 80 | 74 |
| Operating Profit | -102 | -91 | -103 | -108 | -95 | -104 | -74 | -54 | -52 | -66 | -57 | 1,773 | -34 |
| OPM % | -427% | -432% | -740% | -649% | -566% | -808% | -499% | -198% | -543% | -838% | -673% | 96% | -86% |
| Other Income | 10 | 8 | 6 | 4 | 2 | 0 | 0 | 0 | 9 | 0 | -12 | 2 | 24 |
| Interest | 0 | 0 | 0 | 1 | 1 | 1 | 3 | 5 | 6 | 8 | 9 | 12 | 8 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 2 | 2 |
| PBT | -95 | -86 | -100 | -107 | -97 | -108 | -80 | -61 | -52 | -76 | -81 | 1,761 | -21 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Profit | -95 | -86 | -100 | -107 | -97 | -108 | -80 | -61 | -52 | -76 | -81 | 1,761 | -21 |
| EPS in Rs | -2.94 | -2.66 | -3.07 | -3.29 | -2.98 | -3.32 | -2.46 | -1.88 | -1.6 | -2.34 | -2.48 | 54.26 | -0.65 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 156 | 161 | 181 | 78 | 183 | 77 | 253 | 137 | 239 | 76 | 72 | 1,879 | 1,909 |
| Expenses | 191 | 224 | 304 | 321 | 334 | 387 | 388 | 324 | 453 | 479 | 399 | 281 | 294 |
| Operating Profit | -35 | -63 | -123 | -243 | -151 | -310 | -135 | -187 | -214 | -404 | -327 | 1,598 | 1,616 |
| OPM % | -23% | -39% | -68% | -310% | -83% | -404% | -53% | -136% | -90% | -534% | -456% | 85% | 85% |
| Other Income | 3 | 3 | 14 | 54 | 14 | 10 | 5 | 7 | 11 | 29 | 2 | -2 | 13 |
| Interest | 0 | 2 | 2 | 0 | 0 | 3 | 11 | 13 | 8 | 2 | 9 | 34 | 36 |
| Depreciation | 7 | 8 | 8 | 8 | 8 | 9 | 11 | 10 | 12 | 12 | 11 | 10 | 10 |
| PBT | -40 | -70 | -119 | -197 | -145 | -312 | -151 | -203 | -223 | -388 | -345 | 1,552 | 1,583 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
| Net Profit | -40 | -70 | -119 | -197 | -145 | -312 | -151 | -203 | -223 | -388 | -345 | 1,552 | 1,583 |
| EPS in Rs | -1.6 | -2.83 | -4.82 | -7.85 | -5.55 | -11.92 | -5.77 | -7.48 | -6.86 | -11.96 | -10.64 | 47.83 | 48.79 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 24 | 24 | 25 | 25 | 26 | 26 | 26 | 27 | 32 | 32 | 32 | 32 |
| Reserves | 76 | 8 | 133 | 160 | 270 | -45 | -194 | 4 | 480 | 92 | -253 | 1,301 |
| Borrowings | 4 | 56 | 3 | 2 | 2 | 67 | 236 | 79 | 16 | 56 | 265 | 559 |
| Other Liabilities | 39 | 75 | 111 | 122 | 101 | 224 | 162 | 170 | 302 | 305 | 284 | 275 |
| Total Liabilities | 143 | 163 | 273 | 309 | 398 | 273 | 230 | 280 | 830 | 486 | 329 | 2,168 |
| Fixed Assets | 67 | 70 | 69 | 52 | 58 | 104 | 91 | 92 | 106 | 103 | 95 | 85 |
| CWIP | 0 | 1 | 1 | 3 | 24 | 32 | 5 | 26 | 27 | 44 | 54 | 72 |
| Investments | 0 | 0 | 10 | 108 | 211 | 8 | 6 | 12 | 291 | 2 | 0 | 0 |
| Other Assets | 76 | 92 | 192 | 146 | 106 | 128 | 127 | 150 | 406 | 338 | 179 | 2,011 |
| Total Assets | 143 | 163 | 273 | 309 | 398 | 273 | 230 | 280 | 830 | 486 | 329 | 2,168 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -41 | -44 | -128 | -183 | -172 | -211 | -152 | -208 | -69 | -429 | -362 | -239 |
| Investing | 53 | -13 | -7 | -105 | -102 | 155 | 2 | -29 | -548 | 391 | 158 | -24 |
| Financing | -1 | 51 | 194 | 224 | 274 | 55 | 159 | 229 | 617 | 43 | 201 | 262 |
| Net Cash Flow | 11 | -7 | 60 | -63 | 0 | 0 | 9 | -8 | -1 | 4 | -4 | -1 |
| Free Cash Flow | -49 | -56 | -136 | -200 | -184 | -264 | -153 | -233 | -84 | -455 | -372 | -262 |
| CFO/OP | 110 | 48 | 88 | 71 | 111 | 65 | 111 | 114 | 35 | 105 | 114 | -17 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 47 | 21 | 78 | 82 | 20 | 76 | 25 | 74 | 50 | 75 | 82 | 2 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — | — | — | — |
| Cash Conversion Cycle | 47 | 21 | 78 | 82 | 20 | 76 | 25 | 74 | 50 | 75 | 82 | 2 |
| Working Capital Days | 20 | -161 | -60 | -232 | -98 | -842 | -268 | -301 | -193 | -746 | -1,778 | 214 |
| ROCE % | -32% | -71% | -94% | -143% | -62% | -183% | -242% | -218% | -67% | -109% | -298% | 165% |
Documents
1
Board Meeting Intimation for Approval Of Audited Financial Results For The Quarter And Financial Year Ended March 31, 2026
8h - Board to approve audited FY26 standalone and consolidated results on May 18, 2026. 8h - Board to approve audited FY26 standalone and consolidated results on May 18, 2026.
2
Announcement under Regulation 30 (LODR)-Press Release / Media Release
30 Apr - SPARC to sell FDA priority review voucher for US$195 million, subject to closing conditions. 30 Apr - SPARC to sell FDA priority review voucher for US$195 million, subject to closing conditions.
3
Announcement under Regulation 30 (LODR)-Press Release / Media Release
30 Apr - SPARC to sell FDA priority review voucher for US$195 million, subject to closing conditions. 30 Apr - SPARC to sell FDA priority review voucher for US$195 million, subject to closing conditions.
4
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
6 Apr - Submitted Regulation 74(5) confirmation certificate for quarter ended March 31, 2026. 6 Apr - Submitted Regulation 74(5) confirmation certificate for quarter ended March 31, 2026.
5
Announcement under Regulation 30 (LODR)-Change in Management
3 Apr - Dr. Shravanti Bhowmik resigned as Head of Operations Management effective March 31, 2026. 3 Apr - Dr. Shravanti Bhowmik resigned as Head of Operations Management effective March 31, 2026.
Frequently Asked Questions about Sun Pharma Advanced Research Company Ltd
What does Sun Pharma Advanced Research Company Ltd do?
Sun Pharma Advanced Research Company Ltd is engaged in the business of research and development (R&D) of pharmaceutical products.[1]
Where is Sun Pharma Advanced Research Company Ltd (SPARC) listed?
Sun Pharma Advanced Research Company Ltd is listed on the Indian stock exchanges. It is listed on NSE: SPARC and BSE: 532872. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Sun Pharma Advanced Research Company Ltd belong to?
Sun Pharma Advanced Research Company Ltd operates in the Healthcare sector within the Pharmaceuticals & Biotechnology industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Sun Pharma Advanced Research Company Ltd?
Sun Pharma Advanced Research Company Ltd has a market capitalisation of approximately ₹6405.95 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Sun Pharma Advanced Research Company Ltd?
The Price-to-Earnings (PE) ratio of Sun Pharma Advanced Research Company Ltd is 3.95. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Sun Pharma Advanced Research Company Ltd?
Over the past 52 weeks, Sun Pharma Advanced Research Company Ltd has traded between a low of ₹108 and a high of ₹289. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Sun Pharma Advanced Research Company Ltd?
Sun Pharma Advanced Research Company Ltd has a Return on Equity (ROE) of 116.01%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Sun Pharma Advanced Research Company Ltd on Tapetide?
On Tapetide, you can view Sun Pharma Advanced Research Company Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Sun Pharma Advanced Research Company Ltd is engaged in the business of research and development (R&D) of pharmaceutical products.[1]
Website sparc.life
CEO Mr. Anilkumar Raghavan
Employees 316
Listed 2007-07-18
Face Value ₹ 1
Issued Size 32,44,99,558