Strides Pharma Science financials and balance sheet

NSE: STARBSE: 532531Pharmaceuticals & BiotechnologySmall Cap

Formerly Strides Shasun

₹1,014.80₹16.40 (1.64%)BSE ₹1,012.15

Share price at the NSE close on 23 Oct 2026. Previous close ₹998.40.

52-week range of traded prices to 23 Oct 2026

₹768.65Low, 29 Jan 2026₹1,260.90High, 21 Sep 2026

Next results date: the board meets on 29 Oct 2026 to consider: financial results.

Market cap: ₹9,354 Cr580th largest listed
P/E: 15.2
P/B: 3.0
Dividend yield: 0.49%
ROE: 21.7%
ROCE: 15.1%
Debt to equity: 0.53
Volume, NSE: 3,12,38541.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Strides Pharma Science annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 3 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 5.8% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, the company's revenue for that year, ₹2,839 Cr, differs from its quarters added, ₹3,251 Cr. From the year to Mar 2019, the company reports a discontinued business. From the year to Mar 2024, the company reports the part of the business demerged on 6 Dec 2024 as discontinued, and figures before the change include it. From the year to Mar 2025, the company's revenue for that year, ₹4,565 Cr, differs from its quarters added, ₹4,633 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue4,859
Materials and goods−1,959
Employee costs−929
Other expenses−1,046
Operating profit925
Depreciation−202
Other income+151
One-off items−27
Finance costs−179
Profit before tax668
Tax−94
Joint ventures+0.5
Net profit575

What the company owns

Plant, investments and other assets₹3,790 Cr
Inventory₹1,635 Cr
Receivables₹1,289 Cr
Cash and bank₹213 Cr

What pays for it: net worth and liabilities

Net worth₹3,149 Cr
Borrowings₹1,669 Cr
Owed to suppliers₹1,310 Cr
Other liabilities₹800 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Strides Pharma Science quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 21 May	Mar 2021Filed 27 May	Mar 2022Filed 25 May	Mar 2023Filed 25 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 Jul
Revenue from operations	3,483	2,839	3,012	2,752	3,316	3,070	3,688	4,051	4,565	4,859
	2,841	2,443	2,557	2,236	2,681	3,090	3,258	3,308	3,763	3,933
Materials and goods bought	1,536	1,379	1,466	1,122	1,333	1,502	1,627	1,641	1,980	1,959
Employee costs	588	434	443	443	550	647	732	751	863	929
Other expenses	716	630	648	671	798	941	899	916	920	1,046
Operating profit before depreciation	643	397	455	516	635	−20	430	743	803	925
Operating margin	18.5%	14.0%	15.1%	18.7%	19.1%	−0.7%	11.7%	18.3%	17.6%	19.0%
Materials, % of revenue	44.1%	48.6%	48.7%	40.8%	40.2%	48.9%	44.1%	40.5%	43.4%	40.3%
Employee costs, % of revenue	16.9%	15.3%	14.7%	16.1%	16.6%	21.1%	19.8%	18.5%	18.9%	19.1%
Other expenses, % of revenue	20.6%	22.2%	21.5%	24.4%	24.1%	30.7%	24.4%	22.6%	20.1%	21.5%
Depreciation and amortisation	187	154	172	174	206	233	243	221	192	202
Operating profit after depreciation	456	243	283	342	429	−253	187	523	611	723
Other income	169	94	45	53	51	132	90	40	59	151
Finance costs	227	196	205	156	150	177	261	314	249	179
Profit before one-off items and tax	397	140	123	240	330	−298	16	248	420	695
One-off items	−101	−44	−3	−78	43	−244	−17	−189	65	−27
Profit before tax	297	97	120	162	373	−542	−1	59	485	668
	47	10	13	11	32	−178	−55	32	78	94
Current tax	66	49	54	28	21	−150	−32	37	47	78
Deferred tax	−19	−39	−41	−17	10	−28	−24	−6	31	16
Share of profit of joint ventures and associates	0	−17	−48	−107	−98	−111	−285	−176	2	0
Profit from discontinued businesses	–	–	271	−13	14	–	19	54	3,188	–
	446	680	330	31	258	−474	−212	−94	3,598	575
Belonging to the company's shareholders	–	680	325	36	268	−460	−203	−71	3,593	556
Belonging to outside owners of subsidiaries	–	–	5	−6	−11	−14	−10	−24	4	18
Other comprehensive income	–	–	−64	37	17	49	8	−55	150	44
Total comprehensive income	–	–	266	68	274	−425	−204	−149	3,747	619
Net margin	12.8%	24.0%	–	–	7.8%	−15.4%	−5.8%	–	–	11.8%
Net margin without joint ventures and associates	12.8%	24.6%	–	–	10.7%	−11.8%	2.0%	–	–	11.8%

Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state. Net margin is left blank for the years to Mar 2019, Mar 2020, Mar 2024 and Mar 2025: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 10 May	Mar 2020Filed 21 May	Mar 2021Filed 27 May	Mar 2022Filed 25 May	Mar 2023Filed 25 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 Jul
	2,802	2,595	2,814	2,383	2,173	2,072	2,586	3,149
	2,649	2,527	2,777	2,359	2,212	2,126	2,552	3,108
Share capital	90	90	90	90	90	92	92	92
Reserves	2,559	2,438	2,687	2,269	2,122	2,034	2,460	3,015
Belonging to outside owners of subsidiaries	153	67	37	24	−39	−54	35	42
	3,146	1,833	1,906	2,792	2,774	2,415	1,796	1,669
Repayable after a year	1,807	604	883	836	1,140	671	571	552
Repayable within a year	1,339	1,229	1,024	1,956	1,635	1,743	1,224	1,116
	2,703	2,545	2,738	3,412	2,990	2,879	2,592	2,895
Trade payables	894	798	1,179	1,072	982	852	1,032	1,310
Other financial liabilities	174	284	312	162	148	104	139	250
Other liabilities	76	71	64	76	76	69	80	75
Provisions	162	126	124	123	122	72	81	96
Tax owed	58	38	35	24	27	40	34	48
	2,501	1,012	1,463	1,181	1,475	889	871	882
Other financial liabilities	457	322	286	244	216	85	66	83
Other liabilities	10	2	181	2	2	0	0	–
Provisions	22	64	67	64	73	92	114	126
Deferred tax	206	21	46	36	45	40	119	121
	8,006	6,152	7,015	6,976	6,638	5,840	6,049	6,927
Held for sale or for a demerger	–	2	–	–	108	–	–	1
	4,960	3,780	4,198	3,614	3,395	2,871	2,950	3,314
Plant in use, after depreciation	1,037	1,316	1,272	1,457	1,324	879	881	992
Plant being built	102	148	228	56	48	80	100	161
Intangible assets	1,161	281	399	390	460	445	461	513
Goodwill	1,369	429	481	486	514	529	547	594
Intangible assets being developed	404	265	220	235	103	82	107	286
Property held to earn rent	77	73	68	13	13	12	11	0
Investments	11	1	598	540	53	8	329	279
Stakes in joint ventures and associates	406	429	0	0	386	189	11	12
Loans given	68	39	39	3	0	50	0	0
Other financial assets	2	417	541	45	41	192	167	475
Deferred tax	152	199	198	215	265	267	269	–
Other assets	170	183	155	173	188	138	68	–
	3,045	2,371	2,817	3,362	3,135	2,969	3,099	3,613
Inventories	871	783	1,201	1,174	1,147	1,126	1,278	1,635
Trade receivables	987	932	1,107	1,207	1,299	1,142	1,203	1,289
Cash and cash equivalents	366	182	126	171	304	161	113	189
Other bank balances	151	55	54	17	12	30	24	24
Current investments	285	119	99	0	51	106	70	0
Loans given	54	15	4	5	8	13	10	8
Other financial assets	81	7	20	592	92	120	174	468
Other assets	251	278	207	197	223	272	227	–
Net debt	2,344	1,477	1,627	2,605	2,408	2,118	1,589	1,456

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 27 May	Mar 2022Filed 25 May	Mar 2023Filed 25 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 Jul
	481	−258	44	701	684	703
	325	−260	−43	677	617	774
	−319	−190	−424	−61	−164	−83
Receivables	−125	−59	−347	39	−52	−109
Inventories	−414	28	−8	31	−217	−285
Payables	211	−159	−102	−149	105	311
Other working capital	9	0	34	17	0	0
Tax paid	157	2	88	24	67	−71
Capital spending	297	143	95	118	242	423
Free cash flow	184	−401	−51	583	442	280
	−521	−119	302	−150	−90	−173
Plant and property sold	4	12	7	89	68	119
Companies bought	0	−220	0	0	0	0
Interest received	7	7	7	15	0	0
Dividends received	0	0	0	0	13	5
	−16	421	−214	−693	−643	−453
Borrowings raised	567	907	330	350	171	171
Borrowings repaid	−393	−268	−305	−734	−764	−383
Interest paid	−139	−154	−224	−292	0	−168
Lease payments	−37	−45	−53	−56	−33	−37
Dividends paid	18	22	0	14	23	37
Shares bought back	0	0	0	0	0	0
Shares issued	4	4	38	53	6	0
Net change in cash	−55	45	133	−143	−48	76

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Strides Pharma Science dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 21 May	Mar 2021Filed 27 May	Mar 2022Filed 25 May	Mar 2023Filed 25 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 Jul
Earnings per share	₹44.73	₹73.81	₹36.25	₹4.06	₹29.96	−₹51.28	−₹22.49	−₹7.76	₹390.54	₹60.34
Diluted earnings per share	₹44.64	₹73.76	₹36.24	₹4.06	₹29.92	−₹51.28	−₹22.49	–	₹390.50	₹60.34
Dividend per share	₹4.50	₹2.00	₹3.00	₹14.00	₹2.50	–	₹1.50	₹2.50	₹4.00	₹5.00
Book value per share	–	–	₹295.78	₹282.17	₹309.62	₹262.75	₹244.98	₹231.29	₹276.88	₹337.14
Dividend payout	–	2.6%	8.3%	344.7%	8.4%	–	–	–	1.0%	8.3%
Shareholder yield	–	–	–	–	0.2%	0.6%	−1.5%	−0.5%	0.3%	0.4%
Market cap at the year end (₹ crore)	9,817	5,989	4,230	2,885	7,572	3,112	2,586	7,210	6,168	8,643

Ratios

Consolidated, years to March.Strides Pharma Science PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 21 May	Mar 2021Filed 27 May	Mar 2022Filed 25 May	Mar 2023Filed 25 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 Jul
Revenue growth	–	–	–	−8.6%	20.5%	−7.4%	20.1%	–	–	6.4%
Operating profit growth	–	–	–	13.4%	23.1%	–	–	–	–	15.3%
Net profit growth	–	52.6%	–	−90.7%	742.8%	–	–	–	–	−84.0%
Earnings per share growth	–	65.0%	–	−88.8%	637.9%	–	–	–	–	−84.5%
	–	–	12.3%	1.4%	10.1%	−17.9%	−8.9%	−3.3%	153.7%	19.7%
	–	–	–	−10.8 pts	8.7 pts	−28.0 pts	9.1 pts	5.6 pts	156.9 pts	−134.0 pts
From the net margin	–	–	–	–	–	−28.9 pts	11.4 pts	–	–	–
From asset turnover	–	–	–	–	–	2.4 pts	−1.5 pts	–	–	–
From borrowing	–	–	–	–	–	−1.6 pts	−0.8 pts	–	–	–
Return on capital employed	–	–	4.8%	7.7%	9.1%	−4.9%	3.8%	11.6%	13.9%	15.0%
Cash conversion	–	–	–	–	186.8%	–	–	–	19.0%	122.3%
Interest cover	2.0	1.2	1.4	2.2	2.9	–	0.7	1.7	2.5	4.0
Debt to equity	–	–	1.12	0.71	0.68	1.17	1.28	1.17	0.69	0.53
Receivable days	–	–	120	124	122	144	129	103	96	97
Inventory days	–	–	217	254	329	285	257	251	236	305
Payable days	–	–	223	259	323	260	220	189	190	244
Cash conversion cycle, days	–	–	114	119	128	168	165	164	141	157
Working capital days	–	–	107	93	91	204	140	138	122	122
Asset turnover	–	–	0.38	0.39	0.50	0.44	0.54	0.65	0.77	0.75
Assets per rupee of net worth	–	–	3.02	2.74	2.48	2.72	2.98	2.88	2.54	2.29
Sales per rupee of plant	–	–	2.90	2.09	2.61	2.11	2.79	4.61	5.18	4.90
Capital spending to depreciation	–	–	–	–	1.44	0.62	0.39	0.54	1.26	2.09
Plant being built, % of plant in use	–	–	9.8%	11.3%	17.9%	3.9%	3.6%	9.1%	11.3%	16.2%

Revenue growth and operating profit growth are left blank for the years to Mar 2018 and Mar 2025: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2019: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2020, Mar 2021, Mar 2024, Mar 2025 and Mar 2026: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Interest cover is left blank for the year to Mar 2022: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth and operating profit growth are left blank for the year to Mar 2024: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 8.6%
Cash from operations against operating profit: 75.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	7.9%	9.6%
Profit growth, yearly rate	–	15.7%	–
Return on equity, average	–	28.7%	56.7%
Return on capital employed, average	–	7.9%	13.5%
Operating margin, average	15.1%	13.2%	18.3%
Asset turnover, average	–	0.63	0.72
Cash conversion cycle, days, average	–	159	154
Interest cover, average	2.1	2.2	2.7
Debt to equity, average	–	0.97	0.80

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,875	2,088	703
Cash from investing	−229	−413	−173
Cash from financing	−1,582	−1,789	−453
Capital spending	1,022	784	423
Dividends paid	96	73	37
Shares bought back	0	0	0
Shares issued for cash	101	59	0
Borrowings raised	1,929	692	171
Borrowings repaid	2,454	1,881	383

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	2	6	6	6	7
Altman Z-scorePublished threshold 1.81	–	–	1.50	1.63	2.35	1.12	1.51	2.56	2.89	3.21
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.47	−2.64	−2.26	−3.15	−2.59	−2.49
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	4.51	−1.40	−8.22	−10.34	50.52	0.69
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	–	0.43	0.51
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	3.00	−1.69	16.48	−12.50	−21.96	−7.35	0.73
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	13.31	34.70	−14.96	−10.62	−2.60	−7.26	29.03
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.68	−1.78	18.31	−12.85	1.89	0.23	1.36
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.33	1.40	0.13	0.44	–	0.51	0.51
Effective tax ratePublished threshold 17.16 per cent	15.84	10.06	10.90	7.00	8.48	–	–	53.73	15.98	14.09
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	–	12.49	2.16	3.45

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
12 Oct 2026	CARE Ratings Limited (opens in a new tab)	Term Loan-Long TermLong-term scale	CARE A+Review, Re-affirm	Stable	457.44
12 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-Working Capital LimitsShort-term scale	CARE A1Review, Re-affirm		1,195
12 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-LT/STLong and short-term scales	CARE A+ / CARE A1Review, Re-affirm	Stable	77.56
12 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Working Capital LimitsShort-term scale	CARE A1Review, Re-affirm		470

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.