4. Welspun Enterprise Ltd
⚡️Water and Wastewater Treatment Projects
They are involved in large-scale water supply
⚡️Large Water Treatment Plants:
A prominent example is their involvement in the 2,000 MLD (million liters per day) Water Treatment Plant at Bhandup Complex in Mumbai
👉Water treatment projects undertaken by the company
Welspun Enterprises has also secured a contract for the design and construction of a tertiary treated water conveyance tunnel from the Dharavi Wastewater Treatment Facility to the Ghatkopar Wastewater Treatment Facility
👉Water treatment growth strategies
⚡️Technological Advancement and Innovation:
Thermax invests in developing advanced water treatment technologies
👉Key metrics
⚡️Market Cap: ₹ 6,008 Cr.
⚡️Current Price: ₹ 436
⚡️Stock P/E: 18.4
⚡️ROCE: 18.4 %
⚡️ROE: 12.6 %
⚡️Debt to equity: 0.50
⚡️Profit Var 3Yrs: 31.6 %
⚡️Sales growth 3Years: 23.4 %
2. Thermax Ltd
⚡️Comprehensive Water and Wastewater Solutions:
Thermax provides a wide range of solutions, including water treatment, wastewater treatment
⚡️Industrial and Urban Focus:
Thermax is concentrating on the urban segment, which encompasses industrial
👉Water treatment projects undertaken by the company
Thermax provides a wide range of water and wastewater treatment solutions, catering to diverse industrial and municipal needs
👉Water treatment growth strategies
⚡️Technological Advancement and Innovation:
Thermax invests in developing advanced water treatment technologies
👉Key metrics
⚡️Market Cap: ₹ 39,212 Cr.
⚡️Current Price: ₹ 3,290
⚡️Stock P/E: 64.5
⚡️ROCE: 16.9 %
⚡️ROE: 14.2 %
⚡️Debt to equity: 0.32
⚡️Profit Var 3Yrs: 33.8 %
⚡️Sales growth 3Years: 24.8 %
👉Water treatment projects undertaken by the company
Welspun Enterprises has also secured a contract for the design and construction of a tertiary treated water conveyance tunnel from the Dharavi Wastewater Treatment Facility to the Ghatkopar Wastewater Treatment Facility
👉Water treatment growth strategies
⚡️Technological Advancement and Innovation:
Thermax invests in developing advanced water treatment technologies
👉Key metrics
⚡️Market Cap: ₹ 6,008 Cr.
⚡️Current Price: ₹ 436
⚡️Stock P/E: 18.4
⚡️ROCE: 18.4 %
⚡️ROE: 12.6 %
⚡️Debt to equity: 0.50
⚡️Profit Var 3Yrs: 31.6 %
⚡️Sales growth 3Years: 23.4 %
⭐️ Waste 💦 Water Treatment Has Huge Growth Opportunity in India 🇮🇳
👉 4 Stocks To Focus From Waste 💦 Water Treatment 👇
KEI IND FY27 Guidance Revenues of Rs.13400cr & PAT of Rs.1000cr - inline with MS estimates
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Expect substantial order wins over next few months between Naval Platforms, Next Gen Corvettes & the P17 Bravo Ships
Orderbook will grow from 25,000 to 40,000 cr in next 1 year with Rev CAGR of 25% PRHari of GRSEL discusses growth plans as well as export opportunity
Says export contribution will increase from 4.5% to 10%
11 Key Risks & Challenges
⚠️ Regulatory Compliance Risks – Continuous adherence to USFDA & global regulatory norms is critical
⚠️ Pricing Pressure & Competition – Generic price erosion in the US & regulated markets could impact margins
⚠️ Customer Concentration Risk – Top 5 clients contribute ~65% of revenue, making diversification essential
⚠️ Debt & Leverage Risk – D/E at 1.26, higher than ideal, but manageable for expansion
⚠️ Global Economic Conditions – Slowdowns in key export markets could impact revenue growth
📌Senores Pharma’s strong CDMO contracts, diversification strategy, and expanding product portfolio help mitigate risks
9 Valuation & Key Metrics
📢 Does It Pass Fundamental Investment Screening?
Refer below image
✅ Passes 4/9 Key Investment Filters
❌ Fails in P/E, D/E & PB Ratio
(NO buy/Sell recommendation)
📊 Positives:
✅ Exceptional Profit Growth (162.6% YoY) -Strong earnings expansion
✅ Strong ROE (25.2%) - Efficient capital utilization ✅ No Pledged Shares -Zero risk of share dilution ✅ Growing CDMO & API Business - Expansion driving future growth
⚠️ Concerns:
❌High P/E (82.3) - Valuation premium due to growth potential
❌Higher Debt to Equity (1.26) - Expansion driven leverage
❌ROCE (11.5%) Below Ideal - Needs improvement in capital efficiency
NO buy/Sell recommendation.
📌 Senores Pharma is a Not a textbook perfect fundamental stock, but a high-growth business with strong financials with strong profitability & expansion potential. Investors should monitor leverage and efficiency improvements.
7 Financial Performance
📊 Quarterly Performance (Q3 FY25)
🔹Revenue: ₹106.4 Cr (⬆️ 35.2% YoY)
🔹EBITDA: ₹29.1 Cr (⬆️ 91.8% YoY)
🔹EBITDA Margin: 27.3% (⬆️ 810 bps)
🔹Profit Before Tax (PBT): ₹22.5 Cr (⬆️ 128.1% YoY)
🔹Profit After Tax (PAT): ₹17.2 Cr (⬆️ 142.3% YoY)
🔹PAT Margin: 16.1% (⬆️ 710 bps)
🔹Earnings Per Share (EPS): ₹6.14 (vs. ₹2.52 in Q3 FY24)
📈 Nine-Month Performance (9M FY25)
🔹Revenue: ₹288.1 Cr (⬆️ 157% YoY)
🔹EBITDA: ₹74.3 Cr (⬆️ 287% YoY)
🔹EBITDA Margin: 25.8% (⬆️ 870 bps)
🔹Profit Before Tax (PBT): ₹52.9 Cr (⬆️ 305% YoY)
🔹Profit After Tax (PAT): ₹40.7 Cr (⬆️ 162% YoY)
🔹PAT Margin: 14.1% (⬆️ 30 bps)
🔹Earnings Per Share (EPS): ₹14.56 (vs. ₹5.86 in 9M FY24)
💰 Financial Strength
🔹Low Debt: Strong balance sheet with net cash-positive position .
🔹Healthy Order Book: Strong CDMO pipeline ensuring sustained growth.
📌Senores Pharmaceuticals is witnessing robust financial growth, driven by strong CDMO expansion, increasing revenue streams, and a healthy financial position.
5 Senores Key Clients & Partnerships
♻️Long-Term Partnerships Driving Growth
CDMO/CMO Revenue Contribution Growing Rapidly
🔹FY24: CDMO accounted for ~24% of regulated market revenue .
🔹FY25 Target: CDMO revenue expected to reach $25-30 million (~₹210-250 Cr)
📊Top Clients & Contribution:
🔹Top 5 Clients’ Contribution: ~65% of revenue from regulated market
🔹CDMO Business Expanding: 21 commercialized products, 69 in the pipeline
🔹Long-Term Contracts: 5-7 year agreements with leading global pharmaceutical companies
🏆Key Clients (Global Pharma Companies):
1️⃣Ajanta Pharma (Regulated & Emerging Market Partner)
2️⃣Dr. Reddy’s (CDMO/CMO & Emerging Market Distribution)
3️⃣Sun Pharma (API Supply & Emerging Market Business)
4️⃣Cipla (Injectables & Emerging Market Distribution)
5️⃣Mankind Pharma (Regulated & Emerging Market Supply Agreements)
6️⃣Jubilant Cadista (US Market Partnerships & CDMO Business)
7️⃣Ambica, Amici Pharmaceuticals, Cintex, Mint Pharmaceuticals, La Renon, Prasco, RiteMED, Shalina (Various Market Partnerships)
🚀Emerging Partnerships:
🔹Expanding CDMO/CMO deals in US, Canada & UK (Multiple Clients, Details Not Disclosed)
🔹Increased penetration in CIS, Latin America & Southeast Asia (Distributor Agreements in Place)
🏛Government & Institutional Collaborations:
🔹Supplying Critical Care Injectables to Multi-Specialty Hospitals (India & Emerging Markets)
🔹Targeting US Government Supply Contracts via Buy American Act (BAA) Compliance (US Market)
📌 Strong client retention, growing CDMO/CMO partnerships, and an expanding product pipeline position Senores for sustainable long-term growth
3 Revenue Model & Contribution
🔹Revenue Model:
1️⃣ Direct Sales – Supplying pharmaceutical products to distributors, hospitals, and government agencies.
2️⃣ Long-Term Contracts – CDMO/CMO agreements with multinational pharma companies for sustained revenue.
3️⃣ Licensing & Partnership Model – Revenue from licensing out ANDAs and in-licensing partnerships.
🔹Revenue Contribution (By Business Segment):
1️⃣ Regulated Markets (US, Canada, UK): 64%
2️⃣ Emerging Markets (40+ countries): 30%
3️⃣ API & Injectables Business: 6%
🔹Core Raw Materials Used:
1️⃣ Active Pharmaceutical Ingredients (APIs) – Both in-house and outsourced for cost efficiency.
2️⃣ Excipients & Formulation Components –Essential raw materials for tablets, capsules, and injectables.
3️⃣ Packaging Materials – Blister packs, vials, and sterile containers for regulated and emerging markets.
📌 A well-diversified revenue model with strong CDMO partnerships and a global presence ensures sustained growth for Senores!
1 Who is Senores Pharmaceuticals?
📍Company Overview:
🔹Founded: 2017
🔹Headquarters: Ahmedabad, India
🔹Business Model: Research-driven pharmaceutical manufacturing & CDMO/CMO services
🔹Presence: Strong foothold in regulated markets (US, Canada, UK) + 40+ emerging markets
🔹Manufacturing Plants: USFDA-approved facility in Atlanta, US + WHO-GMP facility in India
🔹Total Installed Capacity: 1.2 billion units (US) + 1.9 billion units (India) + 50 million injectables
🔹Market Position: Fast-growing player in global pharmaceuticals, expanding CDMO/CMO presence
🏢 Subsidiaries & Business Divisions:
🔹Senores Pharmaceuticals Inc. (100% Subsidiary) – ANDA holding company for US operations
🔹Havix Group Inc. (66.58% Subsidiary) – CDMO & Generic Formulations for US & Canada
🔹Ratnatris Pharmaceuticals Pvt. Ltd. (69% Subsidiary) – Manufacturing & marketing in emerging markets
📌 With a robust product pipeline, CDMO expansion, and strong regulatory market presence, Senores Pharma is set for explosive growth.
Thats It ALL 5 Part is important
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Newly Listed Companies with Strong Q3 Numbers:
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🟢Enviro Infra: Down 67%, PE dropped 49 → 29(now decent)
🟢Transrail Lighting: Down 38%, attractive valuations (PE: 27.8)
🟢PN Gadgil: Down 51%, PE de-rated 80→35
3. Va Tech Wabag Ltd
⚡️Drinking Water Treatment:
Providing clean and safe drinking water through various treatment processes.
👉Water treatment projects undertaken by the company
They recently secured a significant order worth Rs 3,251 crore for a sewage treatment plant in Riyadh, Saudi Arabia. This project is part of Saudi Arabia's "Vision 2030" initiative
👉Water treatment growth strategies
⚡️Focus on Sustainable Solutions:
The company is heavily invested in technologies that promote water conservation, recycling, and reuse
⚡️Expanding Global Presence:
👉Key metrics
⚡️Market Cap: ₹ 8,774 Cr.
⚡️Current Price: ₹ 1,411
⚡️Stock P/E: 32.8
⚡️ROCE: 19.8 %
⚡️ROE: 13.8 %
⚡️Debt to equity: 0.22
⚡️Profit Var 3Yrs: 32.5 %
⚡️Sales growth 3Years: 0.26 %
1. Jash Engineering Ltd
⚡️Water and Wastewater Treatment Plants:
They manufacture a wide range of equipment used in these plants.
⚡️Storm Water Pumping Stations:
Providing solutions for managing storm water.
👉Water treatment projects undertaken by the company
They provide crucial components like water control gates, screens, valves, and treatment process equipment.
👉Water treatment growth strategies
⚡️Expanding Product Portfolio:
Jash Engineering offers a wide range of products for various water-related applications, including drinking water
👉Key Metrics
⚡️Market Cap: ₹ 3,253 Cr.
⚡️Current Price: ₹ 520
⚡️Stock P/E: 36.2
⚡️ROCE: 25.1 %
⚡️ROE: 22.6 %
⚡️Debt to equity: 0.29
⚡️Profit Var 3Yrs: 29.9 %
⚡️Sales growth 3Years: 19.9 %
GRSE says
Guidance
🎯 Expect 25% revenue CAGR
🎯 At 8.5% PAT margins, FY27e Net Profit of Rs.600cr looks achievable
🎯 Orderbook headed to Rs.40k cr vs sub Rs.25k cr now
🎯 Exports will move to 10% vs zilch a few years ago
PREMIER POLYFILMS PROMOTOR REGULALRY BUYING RECENT MARKET FALL
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10 Industry Outlook & Market Opportunity
🔹Global Pharma Market Growth:
✅ $1,635 Bn in 2023 → $2,251 Bn by 2028 (CAGR 6.6%)
✅ Regulated pharma market to dominate with 77% share by 2028
🔹CDMO Market Expansion:
✅ CDMO market growing at 7.7% CAGR, faster than the overall pharma industry
✅ US accounts for ~40% of the global CDMO/CMO market
🔹Emerging Market Growth:
✅ ₹376.3 Bn in 2023 → ₹541 Bn by 2028 (CAGR 7.5%)
✅ Rising demand for specialty & complex generics in CIS, LATAM & SE Asia
🔹Government & Regulatory Tailwinds Supporting Growth:
✅ US Buy American Act (BAA) compliance creating CDMO opportunities
✅ PLI Scheme for bulk drugs & specialty generics in India
✅ Regulatory push for local manufacturing in key export markets
📌 Senores Pharma is positioned to capitalize on the booming CDMO sector, growing demand for specialty generics, and increasing global pharma spending
8 Management Guidance & Future Plans
📌 Order Book & Key Growth Drivers
🔹Strong pipeline with CDMO contracts & regulated market expansion
🔹51 new products in the pipeline, 5 launches in Q4
🔹Emerging markets expansion – 10x growth potential
🔹CDMO/CMO revenue target: $25-30M in FY26
🔹Injectables & API backward integration for cost efficiency
🔹₹200 Cr CapEx planned – Greenfield plant included
🔹Diversification strategy to reduce customer & tariff risks
📝 Senores Q3FY25 ConCall Highlights (Feb 5, 2025)
📊 Financial & Business Growth Guidance :
🔹FY25 revenue target: ₹410-₹440 Cr
🔹FY26 revenue target: ₹670-₹700 Cr
🔹50%-60% top-line growth expected in FY26
🔹PAT expected to double in FY26
🔹EBITDA Margin Expansion: Targeting 28-30%
Capacity Utilization:
🔹FY26: 75% utilization of the expanded API & injectables facility
🔹FY27: 100% utilization with new CDMO contracts
🔹CDMO Business Contribution: Projected to contribute $25-30M in revenue for FY26
Major CDMO Contracts Secured (Q3 FY25):
🔹US-Based Generic Pharma Company – CDMO contract for oral solid formulations
🔹Large European Pharma Player – Long-term CDMO deal for high-margin specialty generics
🔹Emerging Market Supply Contracts – Expanding into CIS, Latin America & Southeast Asia
🔹New CDMO Client Approvals: Additional 5-6 customers in the pipeline
🔹Expanding Portfolio: 28 CGT designated products in pipeline for market exclusivity
Execution Timeline
🔹₹200+ Cr worth of orders to be completed in the next 6-9 months
🔹Accelerated regulatory approvals improving new product pipeline execution
🔹USFDA Inspection Readiness: Ensuring continued compliance & audit preparedness
🔹Emerging Market Growth Acceleration: 131 new filings planned across various geographies
🔄 Order Pipeline Growth & Market Expansion
🔹Growing demand in CDMO, injectables & emerging markets
🔹Exports: Expanding regulated market penetration in US, Canada & UK
🔹Targeting 5 New Market Entries in FY26
🔹Government Contracts Expansion: Exploring opportunities under US Buy American Act compliance
🏭 Expansion & Growth Plans
🔹Chhatral API Facility (FY26): Expanding API production from 25 MTPA to 169 MTPA
🔹Injectables Expansion (US & India): Sterile injectable production ramp-up
🔹New Greenfield Manufacturing Facility (India): Strengthening presence in mid-tier emerging markets
🔹Scaling Production Capabilities: Planned capacity increase to support CDMO & regulated market demand
📉 Competitive Positioning & Market Strength
🔹Rapidly growing player in CDMO & complex generics
🔹80%+ of business from repeat orders, demonstrating strong client retention
🔹R&D Expansion: New research initiatives to strengthen complex formulation pipeline
🌍 Exports & International Market Expansion
🔹Targeting deeper penetration in regulated markets (US, Canada, UK)
🔹Scaling up API & injectables exports to emerging markets (CIS, Latin America, SE Asia)
🔹Entering 2-3 New High-Potential Markets in FY26
🔹New Distribution Partnerships: Strengthening sales channels across strategic geographies
📢 Senores Pharmaceuticals is set for strong growth with capacity expansion, increasing CDMO contracts, aggressive market expansion, strategic acquisitions, and an enhanced focus on R&D-driven high-margin products!
6 Competitive Landscape, Market Positioning & Key Strengths
🌍 Industry Ranking & Competitors:
🔹Ranked as a Fast-Growing Player in the Global Pharmaceutical & CDMO Sector
🔹Lupin (Strong presence in regulated generics & CDMO partnerships)
🔹Aurobindo Pharma (Well-established in regulated markets with a vast ANDA portfolio)
🔹Dr. Reddy’s (Strong CDMO capabilities & presence in high-growth markets)
📈 Market Positioning & Growth Strategy:
🔹Expanding CDMO/CMO Business – 21 commercialized products, 69 in pipeline
🔹Targeting niche generics & high-margin specialty formulations in regulated markets
🔹Emerging Market Growth Strategy – Strengthening presence in CIS, Latin America, & Southeast Asia
🚀 Export Market Expansion:
🔹Growing presence in US, Canada, UK, and 40+ emerging markets
🔹Dedicated regulatory teams to accelerate approvals & international market penetration
💡 Key Strengths of Senores Pharmaceuticals:
1️⃣ Specialty & Complex Product Portfolio – Rapidly built a differentiated portfolio for Regulated Markets
2️⃣ Long-Term Market Arrangements – Established partnerships with pharmaceutical companies in Regulated Markets
3️⃣ Strong Presence in Emerging Markets – Expanding portfolio with specialty & complex products
4️⃣ Robust R&D Capabilities – Driving innovation in niche & high-margin formulations
5️⃣ Advanced Manufacturing Facilities – USFDA-approved plant in the US for Regulated & Semi-Regulated Markets + WHO-GMP certified Indian facility for Emerging Markets
6️⃣ Experienced & Dedicated Management Team
📌 Senores Pharma is strengthening its global footprint with a growing CDMO business, niche product focus, and a strong foundation in R&D and global market reach.
4 Expansion & Growth Strategy
🏭 Current Manufacturing Facilities:
1️⃣ Atlanta, US (USFDA-approved): 1.2 billion units/year (Tablets & Capsules) | Utilizable ~50%
2️⃣ Ahmedabad, India (WHO-GMP): 1.9 billion units/year (Oral Solids + Beta Lactam Orals) + 50 million injectables/year | Utilizable ~65-70%
3️⃣ API Facility (Naroda, India): Manufacturing 16 APIs | Capacity Expansion Planned
🚀 Planned Expansion:
🔹Chhatral API Facility (Under Development): Expanding API capacity from 25 MTPA to 169 MTPA | Expected Completion: FY26
🔹Injectables Expansion (Atlanta, US): Sterile Injectable Production to commence | Expected Completion: 18-24 months
🔹New Greenfield Manufacturing (India): Expansion to serve mid-tier emerging markets | Location & Capacity TBA
📊 Total Installed Capacity: 3.15 billion+ units (including injectables)
📊 Planned Expansion Impact: Significant increase in API production + injectables capacity
📌Strategic capacity expansion = Higher revenue potential & stronger global market presence.
2 Business Model - How Does Senores Make Money?
💊 Pharmaceutical Manufacturing & CDMO/CMO - Core Offerings:
1️⃣ Regulated Market Pharma Business -Developing & manufacturing niche pharmaceutical formulations for US, Canada, and UK markets.
2️⃣ Emerging Market Pharma Business - Expanding presence in 40+ countries with a growing portfolio of specialty generics.
3️⃣ Contract Development & Manufacturing (CDMO/CMO) - Customized formulation, development & manufacturing for global pharma companies.
4️⃣ Critical Care Injectables & API Manufacturing - Backward integration for cost efficiency & supply chain control.
💊Product Portfolio & Business Verticals:
🔹Regulated Markets (US, Canada, UK):
1️⃣ Branded Generics & Complex Formulations - Own & partnered ANDAs (22 commercialized, 24 approved, 51 in pipeline).
2️⃣ Competitive Generic Therapy (CGT) Products - 28 pipeline CGT opportunity molecules.
3️⃣ CDMO/CMO Partnerships - Providing end-to-end drug development, formulation & contract manufacturing services to global pharma giants.
🔹Emerging Markets (40+ countries):
1️⃣ Diverse Portfolio – 267 registered products across CNS, Cardiovascular, Pain Management & Anti-infectives.
2️⃣ Multiple Market Models – Distributor partnerships, own branded generics, & licensing agreements.
🔹API & Injectable Business:
1️⃣ API Manufacturing – Producing critical APIs for regulated & emerging markets.
2️⃣ Critical Care Injectables – Direct hospital supplies via multi-specialty chains (55 products launched).
📌 Senores is a fully integrated pharmaceutical player, leveraging its strong R&D, CDMO expansion, and global market presence for exponential growth
🏥Senores Pharmaceuticals Ltd - A Detailed Analysis
-Senores Pharma is a research driven pharmaceutical company with a strong presence in regulated and emerging markets.
-With robust financial performance and aggressive product pipeline expansion, it is on track to double its revenue in the next two years.
📊 52-Week High / Low: ₹645 / ₹435
💰 Market Cap: ₹2,590 Cr
credit : Sovrenn
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