Sai Parenteral’s Limited is a pharmaceutical formulations company engaged in research, development and manufacturing of medicines. The company operates through two key verticals: Branded Generic Formulations and Contract Development and Manufacturing Organisation (CDMO) services for domestic and international markets. Its product portfolio covers therapeutic areas such as cardiovascular, neuropsychiatry, anti-diabetic, respiratory, antibiotics, gastroenterology, vitamins, analgesics and dermatology. These medicines are supplied in various dosage forms including injectables, tablets, capsules, liquid orals and ointments. The company earns revenue by selling its branded generics to hospitals, government agencies, pharmaceutical companies and distributors, while also providing CDMO services such as product development, regulatory filings and commercial manufacturing for global clients.

The company serves a wide customer base including central and state government agencies, pharmaceutical companies, hospitals and super stockists in India, while exports are done through distributors in markets such as Australia, New Zealand, Southeast Asia, Middle East and Africa. The company owns five manufacturing facilities in India. Four units are located in Hyderabad, Telangana, while one facility is owned by its subsidiary Revat Laboratories in Ongole, Andhra Pradesh. These plants are certified under regulatory standards such as WHO-GMP, PIC/S and TGA-Australia. The combined manufacturing area is 1,14,540 sq. ft. with an installed capacity of around 1,160 million units per annum on a single shift basis, enabling production of generics and complex pharmaceutical formulations.

Sai Parenteral’s product portfolio consists of over 302 pharmaceutical products across different therapeutic categories. These products include antibiotics, analgesics, anti-ulcer drugs and dietary supplements. The company operates through two main segments – Domestic Branded Generic Formulations and Export Formulations, along with its CDMO business that provides services such as product development, validation batches, stability studies and regulatory documentation. These services help pharmaceutical clients bring new products to market faster while ensuring regulatory compliance. The company’s manufacturing and R&D capabilities support the lifecycle of pharmaceutical products from development to commercial manufacturing.

The company has expanded through strategic acquisitions and investments. It acquired Unit III in 2022 and Unit IV in 2023, which enhanced its manufacturing capabilities and regulatory reach. In February 2024, Revat Laboratories became a wholly owned subsidiary, strengthening its oral dosage manufacturing capabilities. More recently, the company acquired a 74.60% controlling stake in Noumed Pharmaceuticals Pty Ltd, Australia for AUD 22 million, which operates in OTC pharmaceutical supply in Australia and New Zealand. This acquisition expands the company’s presence in regulated international markets and strengthens its CDMO business.

The company has a skilled workforce supporting its manufacturing, R&D and regulatory operations. The IPO is being managed by Arihant Capital Markets Limited as the Book Running Lead Manager, while Bigshare Services Private Limited is acting as the registrar to the issue. The company plans to use IPO proceeds primarily for capacity expansion, establishment of a new R&D centre, repayment of borrowings and working capital requirements.

Employee and Banker
As of December 31, 2025, the company had 298 full time employees. The Banker to the Company is HDFC Bank Limited, The Hongkong and Shanghai Banking Corporation Limited, Union Bank of India, AXIS Bank Ltd, Kotak Mahindra Bank Ltd.

Management and Growth Vision

Sai Parenteral’s Limited is promoted by Anil Kumar Karusala, Vijitha Gorrepati and Karusala Aruna. The management has focused on building a diversified pharmaceutical manufacturing platform with strong regulatory compliance and global capabilities. Their strategy includes strengthening branded generics in India while expanding CDMO services for international clients.

The company aims to increase manufacturing capacity and upgrade facilities to meet international regulatory standards such as EU-GMP and PIC/S certifications. Expansion of Unit I, Unit II and Unit III is planned to increase production capacity significantly, which will help the company serve more global pharmaceutical clients and participate in international tenders.

Another key focus area for management is international expansion and acquisitions. The recent acquisition of Noumed Pharmaceuticals provides access to over 451 approved dossiers and marketing authorisations in Australia and New Zealand, along with supply agreements with pharmacy chains. This strengthens the company’s export capabilities and allows it to enter highly regulated markets.

To fund future growth and capital expenditure, the company plans to utilise IPO proceeds, internal cash flows and bank borrowings. A portion of the IPO proceeds will also be used to repay existing debt, which will improve the company’s balance sheet and reduce interest costs.

Industry Overview

Sai Parenteral’s operates in the pharmaceutical formulations and CDMO industry, which is a rapidly growing sector globally. Pharmaceutical formulations involve converting active pharmaceutical ingredients into final dosage forms such as tablets, injections or capsules.

The global pharmaceutical formulations market has been expanding steadily due to rising healthcare demand, ageing population and increasing prevalence of chronic diseases. Injectable drugs alone account for approximately 29% of the global pharmaceutical market by value in 2024, making them one of the most important drug delivery systems globally.

The demand for contract development and manufacturing organisation (CDMO) services is also increasing as global pharmaceutical companies outsource manufacturing and product development to specialised manufacturers. CDMO companies help pharmaceutical firms reduce costs, speed up product launches and focus on research and marketing.

India plays a significant role in this industry. The country is known as the “pharmacy of the world”, supplying generic medicines to many countries. Indian pharmaceutical manufacturers benefit from lower production costs, strong scientific talent and regulatory capabilities, making them preferred partners for global pharmaceutical companies.

The industry is expected to continue growing due to factors such as:

• Increasing demand for generic medicines worldwide
• Growth in biologics and injectable drug delivery systems
• Expansion of pharmaceutical outsourcing and CDMO services
• Rising healthcare spending in emerging economies

Major global pharmaceutical companies and CDMO leaders include Lonza, Catalent, Samsung Biologics and Thermo Fisher, while in India companies like Divi’s Laboratories, Laurus Labs and Syngene are key players in the pharmaceutical manufacturing and CDMO space.

Major Risk Factors

1. Regulatory Compliance Risk
The pharmaceutical industry is heavily regulated. Sai Parenteral’s must obtain approvals from authorities such as drug regulators in India and international markets. Failure to comply with regulations may lead to penalties, suspension of licenses or delays in product approvals.

2. Dependence on Manufacturing Facilities
The company relies heavily on its manufacturing plants for production. Any operational disruptions, equipment failure or regulatory action against these facilities could negatively impact production capacity and revenue generation.

3. International Expansion Risk
The company is expanding globally through acquisitions such as Noumed Pharmaceuticals in Australia. Managing overseas operations involves complex regulatory requirements and operational challenges, which could affect financial performance if not managed efficiently.

4. Competition in Pharmaceutical Industry
The pharmaceutical sector is highly competitive with many global and domestic manufacturers producing similar generic medicines. Intense competition could lead to pricing pressure and reduced profit margins.

5. Dependence on Government and Institutional Orders
A significant portion of revenue comes from government agencies and institutional buyers. Changes in procurement policies or loss of government contracts could affect the company’s revenue stability.

6. Product Approval and Development Risk
The development of new pharmaceutical products requires extensive testing, regulatory approvals and significant investment. Delays or failure in product approvals could impact the company’s growth strategy.

7. Foreign Market Risks
Export operations expose the company to risks such as currency fluctuations, trade restrictions, geopolitical issues and different regulatory standards across countries.

Key Strengths and Opportunities

1. Diversified Product Portfolio
The company offers a wide range of pharmaceutical products across several therapeutic categories such as antibiotics, cardiovascular drugs, diabetes medicines and dermatology products. This diversified portfolio reduces dependence on any single product segment.

2. Strong Manufacturing Infrastructure
Sai Parenteral’s operates five manufacturing facilities with global regulatory accreditations such as WHO-GMP, PIC/S and TGA-Australia. These certifications allow the company to supply medicines in both domestic and international regulated markets.

3. Growing CDMO Business
The CDMO segment provides high-value services including product development, regulatory filings and commercial manufacturing. With increasing outsourcing by global pharmaceutical companies, this business offers significant long-term growth opportunities.

4. Strategic Global Expansion
The acquisition of Noumed Pharmaceuticals in Australia provides access to regulated markets and a portfolio of 451 approved dossiers. This strengthens the company’s export capabilities and expands its international presence.

5. Strong Relationships with Institutional Buyers
The company has established relationships with government agencies, hospitals and pharmaceutical companies, which helps secure recurring orders and provides stable revenue streams.

6. Capacity Expansion Plans
The company plans to expand manufacturing capacity and establish a new R&D centre using IPO proceeds. This will enhance product development capabilities and enable entry into new therapeutic segments.

Sai Parenteral’s Limited is a pharmaceutical formulations company engaged in research, development and manufacturing of medicines. The company operates through two key verticals: Branded Generic Formulations and Contract Development and Manufacturing Organisation (CDMO) services for domestic and international markets. Its product portfolio covers therapeutic areas such as cardiovascular, neuropsychiatry, anti-diabetic, respiratory, antibiotics, gastroenterology, vitamins, analgesics and dermatology. These medicines are supplied in various dosage forms including injectables, tablets, capsules, liquid orals and ointments. The company earns revenue by selling its branded generics to hospitals, government agencies, pharmaceutical companies and distributors, while also providing CDMO services such as product development, regulatory filings and commercial manufacturing for global clients.

The company serves a wide customer base including central and state government agencies, pharmaceutical companies, hospitals and super stockists in India, while exports are done through distributors in markets such as Australia, New Zealand, Southeast Asia, Middle East and Africa. The company owns five manufacturing facilities in India. Four units are located in Hyderabad, Telangana, while one facility is owned by its subsidiary Revat Laboratories in Ongole, Andhra Pradesh. These plants are certified under regulatory standards such as WHO-GMP, PIC/S and TGA-Australia. The combined manufacturing area is 1,14,540 sq. ft. with an installed capacity of around 1,160 million units per annum on a single shift basis, enabling production of generics and complex pharmaceutical formulations.

Sai Parenteral’s product portfolio consists of over 302 pharmaceutical products across different therapeutic categories. These products include antibiotics, analgesics, anti-ulcer drugs and dietary supplements. The company operates through two main segments – Domestic Branded Generic Formulations and Export Formulations, along with its CDMO business that provides services such as product development, validation batches, stability studies and regulatory documentation. These services help pharmaceutical clients bring new products to market faster while ensuring regulatory compliance. The company’s manufacturing and R&D capabilities support the lifecycle of pharmaceutical products from development to commercial manufacturing.

The company has expanded through strategic acquisitions and investments. It acquired Unit III in 2022 and Unit IV in 2023, which enhanced its manufacturing capabilities and regulatory reach. In February 2024, Revat Laboratories became a wholly owned subsidiary, strengthening its oral dosage manufacturing capabilities. More recently, the company acquired a 74.60% controlling stake in Noumed Pharmaceuticals Pty Ltd, Australia for AUD 22 million, which operates in OTC pharmaceutical supply in Australia and New Zealand. This acquisition expands the company’s presence in regulated international markets and strengthens its CDMO business.

The company has a skilled workforce supporting its manufacturing, R&D and regulatory operations. The IPO is being managed by Arihant Capital Markets Limited as the Book Running Lead Manager, while Bigshare Services Private Limited is acting as the registrar to the issue. The company plans to use IPO proceeds primarily for capacity expansion, establishment of a new R&D centre, repayment of borrowings and working capital requirements.

Employee and Banker
As of December 31, 2025, the company had 298 full time employees. The Banker to the Company is HDFC Bank Limited, The Hongkong and Shanghai Banking Corporation Limited, Union Bank of India, AXIS Bank Ltd, Kotak Mahindra Bank Ltd.

Management and Growth Vision

Sai Parenteral’s Limited is promoted by Anil Kumar Karusala, Vijitha Gorrepati and Karusala Aruna. The management has focused on building a diversified pharmaceutical manufacturing platform with strong regulatory compliance and global capabilities. Their strategy includes strengthening branded generics in India while expanding CDMO services for international clients.

The company aims to increase manufacturing capacity and upgrade facilities to meet international regulatory standards such as EU-GMP and PIC/S certifications. Expansion of Unit I, Unit II and Unit III is planned to increase production capacity significantly, which will help the company serve more global pharmaceutical clients and participate in international tenders.

Another key focus area for management is international expansion and acquisitions. The recent acquisition of Noumed Pharmaceuticals provides access to over 451 approved dossiers and marketing authorisations in Australia and New Zealand, along with supply agreements with pharmacy chains. This strengthens the company’s export capabilities and allows it to enter highly regulated markets.

To fund future growth and capital expenditure, the company plans to utilise IPO proceeds, internal cash flows and bank borrowings. A portion of the IPO proceeds will also be used to repay existing debt, which will improve the company’s balance sheet and reduce interest costs.

Industry Overview

Sai Parenteral’s operates in the pharmaceutical formulations and CDMO industry, which is a rapidly growing sector globally. Pharmaceutical formulations involve converting active pharmaceutical ingredients into final dosage forms such as tablets, injections or capsules.

The global pharmaceutical formulations market has been expanding steadily due to rising healthcare demand, ageing population and increasing prevalence of chronic diseases. Injectable drugs alone account for approximately 29% of the global pharmaceutical market by value in 2024, making them one of the most important drug delivery systems globally.

The demand for contract development and manufacturing organisation (CDMO) services is also increasing as global pharmaceutical companies outsource manufacturing and product development to specialised manufacturers. CDMO companies help pharmaceutical firms reduce costs, speed up product launches and focus on research and marketing.

India plays a significant role in this industry. The country is known as the “pharmacy of the world”, supplying generic medicines to many countries. Indian pharmaceutical manufacturers benefit from lower production costs, strong scientific talent and regulatory capabilities, making them preferred partners for global pharmaceutical companies.

The industry is expected to continue growing due to factors such as:

• Increasing demand for generic medicines worldwide
• Growth in biologics and injectable drug delivery systems
• Expansion of pharmaceutical outsourcing and CDMO services
• Rising healthcare spending in emerging economies

Major global pharmaceutical companies and CDMO leaders include Lonza, Catalent, Samsung Biologics and Thermo Fisher, while in India companies like Divi’s Laboratories, Laurus Labs and Syngene are key players in the pharmaceutical manufacturing and CDMO space.

Major Risk Factors

1. Regulatory Compliance Risk
The pharmaceutical industry is heavily regulated. Sai Parenteral’s must obtain approvals from authorities such as drug regulators in India and international markets. Failure to comply with regulations may lead to penalties, suspension of licenses or delays in product approvals.

2. Dependence on Manufacturing Facilities
The company relies heavily on its manufacturing plants for production. Any operational disruptions, equipment failure or regulatory action against these facilities could negatively impact production capacity and revenue generation.

3. International Expansion Risk
The company is expanding globally through acquisitions such as Noumed Pharmaceuticals in Australia. Managing overseas operations involves complex regulatory requirements and operational challenges, which could affect financial performance if not managed efficiently.

4. Competition in Pharmaceutical Industry
The pharmaceutical sector is highly competitive with many global and domestic manufacturers producing similar generic medicines. Intense competition could lead to pricing pressure and reduced profit margins.

5. Dependence on Government and Institutional Orders
A significant portion of revenue comes from government agencies and institutional buyers. Changes in procurement policies or loss of government contracts could affect the company’s revenue stability.

6. Product Approval and Development Risk
The development of new pharmaceutical products requires extensive testing, regulatory approvals and significant investment. Delays or failure in product approvals could impact the company’s growth strategy.

7. Foreign Market Risks
Export operations expose the company to risks such as currency fluctuations, trade restrictions, geopolitical issues and different regulatory standards across countries.

Key Strengths and Opportunities

1. Diversified Product Portfolio
The company offers a wide range of pharmaceutical products across several therapeutic categories such as antibiotics, cardiovascular drugs, diabetes medicines and dermatology products. This diversified portfolio reduces dependence on any single product segment.

2. Strong Manufacturing Infrastructure
Sai Parenteral’s operates five manufacturing facilities with global regulatory accreditations such as WHO-GMP, PIC/S and TGA-Australia. These certifications allow the company to supply medicines in both domestic and international regulated markets.

3. Growing CDMO Business
The CDMO segment provides high-value services including product development, regulatory filings and commercial manufacturing. With increasing outsourcing by global pharmaceutical companies, this business offers significant long-term growth opportunities.

4. Strategic Global Expansion
The acquisition of Noumed Pharmaceuticals in Australia provides access to regulated markets and a portfolio of 451 approved dossiers. This strengthens the company’s export capabilities and expands its international presence.

5. Strong Relationships with Institutional Buyers
The company has established relationships with government agencies, hospitals and pharmaceutical companies, which helps secure recurring orders and provides stable revenue streams.

6. Capacity Expansion Plans
The company plans to expand manufacturing capacity and establish a new R&D centre using IPO proceeds. This will enhance product development capabilities and enable entry into new therapeutic segments.