Speciality MedicinesShare price, financial results, shareholding and management
- Market cap
- ₹131 cr
- Stock P/E
- 10.0peers 17.4
- Book value
- ₹80.8
- Price to book
- 1.84
- EV / operating profit
- -
- Market cap to sales
- 1.74
- ROCE · FY26
- 25.4%
- ROE · FY26
- 25.8%
- ROE, 3-year average
- 32.3%
- Operating margin · FY26
- 18.2%peers 17.0%
- Sales growth, 3 years
- 48.1%
- Profit growth, 3 years
- 97.2%
- Debt to equity
- 0.10peers 0.39
- Borrowings
- ₹7 cr
- Interest cover
- 10.9×
- Cash from business / op. profit
- -7%
- Debtor days
- 128
- Pledged
- 0.00%
- Promoter holding
- 43.43%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 407
- 52-week high / low
- ₹381 / ₹121
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Speciality Medicines share price chart
Close on 6 Nov 2026 · +3.44% on the day · Vol 1,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -20.8%
- 3 months
- -4.9%
- 6 months
- -52.8%
- Traded a day, 20 days
- ₹0.18 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +30% | +86% |
| 3 years, a year | +48% | +97% |
| Latest half, H2 FY26 | +44% | +173% |
About Speciality Medicines: business, products and customers
Speciality Medicines buys costly medicines for cancer, immune and nerve diseases and rare illnesses from Indian makers and sells them in India and abroad. Its shares trade on BSE SME.
Speciality Medicines markets and distributes finished medicines for complex and long running illnesses, in areas such as oncology, immunology, neurology and rare diseases, in forms from tablets and injections to eye drops and inhalers. It owns no factory: it buys from manufacturers in India, and for some products a contract manufacturer in India makes medicines that the company registers with health authorities abroad and then sells there. Products are registered or being registered in countries including Jordan, Ethiopia, Uganda, Peru and Namibia, and in India the company sells to healthcare providers and retailers across more than 20 states.
The company was set up in February 2021, has its registered office in Ahmedabad and its corporate office in Mumbai, and had 25 permanent employees in FY26. It listed on BSE SME on 30 March 2026 after selling new shares at ₹124 each, and most of that money is meant for a research and development centre at Umargam in Valsad district, Gujarat, for formulation work on tablets, injectables, eye and nasal products, and for registering products in more countries. The board's report states that research spending in FY26 was nil.
Read more about the business
Because it trades rather than makes, nearly all its cost is the price of the medicines it buys, so it needs little machinery but a lot of working money: it holds stock for many markets and gives buyers time to pay. Export sales also carry freight, courier, dossier and registration costs, booked as expenses, and dossier costs rose sharply in FY26. In FY26 the rise in stock and in money owed by buyers took up more than the year's profit, while money owed to suppliers also rose sharply, and cash from operations stayed below zero.
The annual report does not name rivals. In its own list of strengths and weaknesses the company names large, well funded distributors with wider ranges as a threat, and its limited manufacturing, small brand presence and single warehouse centre as weaknesses.
From the FY26 annual report (board's report, management discussion, notes to the accounts and AGM notice).
Read the deeper study ↓In its favour
- Sales have grown fast: 48% a year over three years.
- It earns a high return on the money it uses: ROCE 25% in FY26.
- It has little debt for its size: debt to equity 0.10.
To watch
- Money owed by buyers: ₹26.5 cr at March 2026, with ₹3.5 cr two to three years old; separately, SPEMED Techno owed ₹2.1 cr and Medforte Pharmaceuticals (Kenya) ₹2.0 cr, both management linked (Annual report FY26, p.63 and p.73).
- Use of issue money: ₹2.6 cr of the ₹12.7 cr for the R&D centre at Umargam was spent by March 2026, and the ₹8.0 cr for working capital was unspent (Annual report FY26, p.74).
- Tax: the FY26 profit statement shows no current tax charge, while MAT credit receivable rose to ₹4.1 cr from ₹1.5 cr; an income tax demand of ₹0.09 cr for assessment year 2023-24 is disputed and pending (Annual report FY26, p.48, p.62 and p.68).
- Related party advance: ₹3.1 cr paid to supplier Medimpact Pharma LLP, a management linked entity, was outstanding at March 2026 (Annual report FY26, p.25 and p.73).
- Customers take longer to pay than before: 128 days in FY26, against 23 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Speciality Medicines revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Speciality Medicines half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H2FY26 | |
|---|---|---|
| Sales | 31 | 44.78 |
| Expenses | 26 | 36.44 |
| Operating profit | 4 | 8.35 |
| OPM | 14.0% | 18.6% |
| Interest | 0 | 0.87 |
| Depreciation | 0 | 0.08 |
| Profit before tax | 4 | 8.10 |
| Net profit | 3 | 8.18 |
Speciality Medicines profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 40 | 23.18 | 28 | 58 | 75.28 |
| Expenses | 38 | 19.60 | 22 | 49 | 61.61 |
| Operating profit | 2 | 3.58 | 5 | 9 | 13.68 |
| OPM | 6.0% | 15.4% | 19.0% | 16.0% | 18.2% |
| Other income | 0 | 0.02 | 0 | 0 | 0.83 |
| Interest | 0 | 0.35 | 1 | 1 | 1.32 |
| Depreciation | 0 | 0.30 | 0 | 0 | 0.17 |
| Exceptional and other items | · | · | 1 | 1 | · |
| Profit before tax | 2 | 2.95 | 5 | 9 | 13.02 |
| Tax rate | 50.0% | 42.4% | 40.0% | 22.2% | -0.1% |
| Net profit | 1 | 1.70 | 3 | 7 | 13.03 |
| EPS ₹ | 4.62 | 4.45 | 5.73 | 11.19 | 20.11 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY26) comes from tax charged on a small or negative profit, as reported.
Speciality Medicines profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 6.0% | 15.4% | 19.0% | 16.0% | 18.2% |
| Tax rate | 50.0% | 42.4% | 40.0% | 22.2% | -0.1% |
| ROCE | · | 205.6% | 66.7% | 37.7% | 25.4% |
| ROE | · | 153.8% | 40.0% | 31.1% | 25.8% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Speciality Medicines debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Speciality Medicines balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.21 | · | 5 | 6 | 9 |
| Reserves | 2 | · | 10 | 24 | 62 |
| Net worth | 2.21 | · | 15 | 30 | 71 |
| Borrowings | 1 | · | 3 | 5 | 7 |
| Other liabilities | 2.79 | · | 5 | 5 | 17 |
| Total liabilities | 6 | · | 23 | 40 | 95 |
| Fixed assets | 2 | · | 1 | 2 | 2 |
| Capital work in progress | 0 | · | 0 | 0 | 0 |
| Investments | 0 | · | 0 | 0 | 0 |
| Other assets | 4 | · | 22 | 38 | 93 |
Speciality Medicines cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 1 | -3.65 | -5 | -6 | -1 |
| Cash from investing | -2 | -0.12 | 0 | -1 | -3 |
| Cash from financing | 2 | 3.88 | 5 | 8 | 28 |
| Net cash flow | 1 | 0.11 | 0 | 1 | 24 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 23 | · | 142 | 60 | 128 |
| Inventory days | 5 | · | 161 | 150 | 191 |
| Days payable | 12 | · | 48 | 8 | 80 |
| Cash conversion cycle | 16 | · | 255 | 202 | 239 |
| Working capital days | -3 | · | 185 | 181 | 221 |
Speciality Medicines peers and competitors
Listed SME companies in the same industryBy sales, Speciality Medicines is number 18 of the 34 listed SME companies in pharmaceuticals & biotechnology.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| KRM Ayurveda | 573 | 28.6 | 102 | 20 | 30.0% | 0.00 |
| Sotac Pharmaceuticals | 100 | 17.3 | 101 | 5.8 | 17.7% | 0.64 |
| Accretion Pharmaceuticals | 215 | 22.2 | 89.6 | 9.7 | 16.7% | 0.23 |
| Walpar Nutritions | 25 | 9.9 | 78.8 | 2.5 | 8.5% | 0.89 |
| Speciality Medicines | 131 | 10.0 | 75.3 | 13 | 18.2% | 0.10 |
| Shelter Pharma | 85 | 9.5 | 73 | 9 | 17.4% | 0.01 |
| Sunrest Lifescience | 15 | 3.7 | 70.8 | 4.1 | 14.4% | 0.85 |
| Onyx Biotec | 68 | - | 69.5 | -0.2 | 4.9% | 0.27 |
| Curis Lifesciences | 154 | 22.3 | 60.6 | 6.9 | 18.4% | 0.46 |
| Aptus Pharma | 779 | 168.7 | 46.6 | 4.6 | 16.0% | 0.31 |
| Bio Medica Laboratories | 205 | 17.4 | 43.1 | 11.8 | 45.6% | 1.51 |
| Median of the 10 others | 127 | 17.4 | 71.9 | 6.3 | 17.0% | 0.39 |
Speciality Medicines shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own less than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Speciality Medicines shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 26 | Sep 26 | |
|---|---|---|
| Promoters | 43.43% | 43.43% |
| Number of shareholders | 757 | 407 |
Speciality Medicines study: the business from its own documents
Read from 1 of the company's own documentsSpeciality Medicines key facts from the filings
Each figure with the document it comes from
- Sales in India
- ₹35.7 cr
- FY26 domestic sales, up from ₹18.0 cr; all of the year's growth came from India.Annual report FY26, p.65
- Export sales
- ₹39.5 cr
- FY26 exports, a little below ₹40.3 cr in FY25; still about half of all sales.Annual report FY26, p.17 and p.65
- Money owed by buyers
- ₹26.5 cr
- Trade receivables at March 2026, up from ₹9.6 cr; ₹5.9 cr was more than six months past due, of which ₹3.5 cr was two to three years old.Annual report FY26, p.47 and p.63
- Medicines in stock
- ₹28.3 cr
- Stock in trade at March 2026, up from ₹17.4 cr a year earlier.Annual report FY26, p.47 and p.63
- Cash from operations
- -₹1.3 cr
- In FY26, against profit after tax of ₹13.0 cr; it was -₹6.4 cr in FY25.Annual report FY26, p.48 to p.49
Show 5 more facts
- Share sale
- ₹29.1 cr
- New shares sold at ₹124 each in the IPO; the shares listed on BSE SME on 30 March 2026.Annual report FY26, p.7
- R&D centre budget
- ₹12.7 cr
- Issue money set aside for a research centre at Umargam, Gujarat; ₹2.6 cr was spent by March 2026.Annual report FY26, p.74
- Named export markets
- 5
- Jordan, Ethiopia, Uganda, Peru and Namibia, where products are registered or being registered; the report says the list includes these.Annual report FY26, p.31
- Advance to a related party
- ₹3.1 cr
- Paid to Medimpact Pharma LLP, a supplier in which key managerial people or their relatives exercise significant influence; outstanding at March 2026.Annual report FY26, p.25 and p.73
- Employees
- 25
- Permanent employees on the rolls in FY26.Annual report FY26, p.26
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Speciality Medicines earns a trading margin on costly medicines it buys from Indian makers and sells in India and abroad, without owning a plant.
Its weak spots are the large amount of money stuck in stock and unpaid bills, and dealings with firms linked to its management.
AverageCan it set its own prices?Partly. Specialty medicines earn more than everyday ones, but the company buys everything it sells and faces price control in India.
WatchHow strong is it against rivals?It is a small trader with no factory and little brand, up against larger distributors.
AverageWho are its customers?Overseas distributors and Indian healthcare providers and retailers; the report does not say how much the largest buyers take, and some buyers are linked to management.
WatchDoes it need a lot of money?Yes. Little goes into machines, but stock and unpaid bills absorb more than the year's profit.
AverageCan it keep finding new work?Sales in India are growing fast and money is set aside to register products abroad, but exports did not grow and there is no order book.
AverageDo good and bad years swing a lot?Demand for medicines for long running illnesses is steady, but sales depend on orders and on how much stock and credit the company can carry.
Who runs Speciality Medicines?
Promoters, directors and officers; tap a name for the background
PGParthkumar GoyaniPromoter, Chairman and Managing Director · holds 21.12%
The annual report gives no education or experience details. Chairs the board and the CSR committee, sits on the audit and stakeholders' committees, and attended all 19 board meetings in FY26. Paid ₹0.36 cr in FY26, down 39.65% on FY25. Held 18,55,250 shares at March 2026, 1,00,000 fewer than a year earlier.
Annual report FY26, p.4, p.8 to p.9, p.14, p.26 and p.56SGSumit GoyaniPromoter and Whole-Time Director · holds 20.66%
Bachelor of Engineering (Mechanical) from Gujarat Technological University; a founder and director since incorporation on 5 February 2021, CEO and Managing Director from 27 October 2021, and Whole-Time Director for five years from 1 June 2024. More than five years in the pharma business, working across finance, human resources and purchase. The AGM notice states Sumit Goyani is the brother of Parthkumar Babulal Goyani. Paid ₹0.34 cr in FY26, down 42.96%; the company also pays Sumit Goyani rent under an agreement of August 2025. Held 18,15,250 shares at March 2026, 1,00,000 fewer than a year earlier.
Annual report FY26, p.14, p.25, p.26, p.56 and p.83PgPromoter groupPromoters
Promoters held 43.43% at March 2026 against 62.39% a year earlier, after the IPO and the two directors' lower holdings. The other promoters listed are Bhavika Sumit Goyani, Hansaben Babubhai Goyani, Babubhai Lavjibhai Goyani and Babubhai Lavjibhai Goyani HUF, each under 1%.
Annual report FY26, p.56KPKalpesh PipaliyaChief Financial Officer
Appointed on 1 August 2025, after the earlier CFO Rahul Shinde resigned on 17 May 2025. The statutory auditor A K Ostwal & Co reports no qualification on the FY26 accounts, and notes that the accounting software's audit trail is not enabled for certain direct data changes at database level.
Annual report FY26, p.9, p.20 and p.41AKAnita KumawatCompany Secretary and Compliance Officer
Appointed on 10 June 2025. The secretarial audit for FY26 notes that certain e-forms were filed with the Registrar of Companies after the statutory time.
Annual report FY26, p.9 and p.27CUChandresh UnagarIndependent Director
Chairs the audit, nomination and remuneration, and stakeholders' committees. The annual report gives no background details.
Annual report FY26, p.4 and p.8ABArchana BhayaniIndependent Director
Member of the audit, nomination and remuneration, stakeholders' and CSR committees. The annual report gives no background details.
Annual report FY26, p.4 and p.8BSBhaveshkumar SavaniNon-Executive Director
Member of the nomination and remuneration committee; holds no shares. The annual report gives no background details.
Annual report FY26, p.4 and p.8Speciality Medicines latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹44.8 cr (+44%), net profit ₹8.2 cr (+173%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 43.43%.
Speciality Medicines announcements
3 on record, latest first; each opens the filing on the exchange
- Insider Trading / SASTWe hereby submit intimation regarding closure of trading Window for the Half year ended on September, 30 2026PDF ↗
- AGM/EGMWe hereby submit Voting Results and Consolidated Scrutinizer report of the 5th AGM of the CompanyPDF ↗
- AGM/EGMWe hereby submit Proceedings of 5th AGM of the CompanyPDF ↗
Speciality Medicines annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Speciality Medicines share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Speciality Medicines' data · 7
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (87,85,796 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Speciality Medicines
What does Speciality Medicines do?
Speciality Medicines buys costly medicines for cancer, immune and nerve diseases and rare illnesses from Indian makers and sells them in India and abroad. Its shares trade on BSE SME.
What is the share price of Speciality Medicines?
₹149 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Speciality Medicines?
₹131 cr at the close on 6 Nov 2026, on 87,85,796 shares.
What is the P/E of Speciality Medicines?
10.0 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Speciality Medicines' revenue and profit?
Revenue ₹75 cr and profit after tax ₹13 cr in FY26.
Who are the promoters of Speciality Medicines?
Parthkumar Goyani, Sumit Goyani, Promoter group; promoters held 43.43% at 30 Sept 2026.
What is Speciality Medicines' website?
www.specialitymedicine.com
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Built from 1 annual report, 3 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.