⚠️ Neutral
Listed
Pharmaceuticals & Biotechnology
Sai Parenteral's Limited IPO
₹409 Cr · Fresh Issue & OFS · Pharmaceuticals & Biotechnology
Price Band
₹372 – ₹392
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹409 Cr
Fresh Issue & OFS
Market Cap
₹1781.83 Cr
At upper band
P/E Ratio
229.6x
P/S: 10.9x
Listing Date
02 Apr 2026
BSE & NSE
IPO Timeline
✓
Opens
24 Mar 2026
✓
Closes
27 Mar 2026
✓
Allotment
30 Mar 2026
✓
Refund
31 Mar 2026
✓
Listing
02 Apr 2026
IPO India Hub Recommendation: Neutral
We suggest a neutral stance on the issue. The company has a stable revenue base but its extremely high valuation makes the upside limited for retail investors.
Our Analysis — Key Points
✓ Strength
Strong niche drug manufacturing capabilities sector
The company focuses on sterile injectable products, a segment with steady demand from hospitals and clinics. Its specialized manufacturing set‑up helps it win contracts that require high quality standards.
✓ Strength
Consistent revenue growth over years recently
Revenue of ₹163.11 crore in the last financial year shows a solid top line for a small‑cap pharma player. The figure reflects the company’s ability to expand its product portfolio and reach.
⚠ Risk
Valuation multiples far exceed peers currently
The IPO is priced at a P/E of 229.6× and a P/S of 10.9×, far above industry averages. Such lofty multiples leave little room for error and could pressure the stock if earnings growth slows.
$ Valuation
High price multiples raise caution today
At the top of the price band, the market capitalisation would be about ₹1,782 crore, implying a P/E of roughly 230× and a P/S of nearly 11×. These ratios suggest the shares are priced for very high growth, which may be hard to achieve.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Sai Parenteral's Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹163.11 Cr
Net Profit
₹7.76 Cr
Industry
Pharmaceuticals & Biotechnology
Issue Type
Fresh Issue & OFS
Promoters
ANIL KUMAR KARUSALA, VIJITHA GORREPATI AND KARUSALA ARUNA
Lead Managers
Arihant Capital Markets
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