About Senores Pharmaceuticals Limited

Senores Pharmaceuticals Limited is a research-driven, formulation-focused pharmaceutical company incorporated on December 26, 2017, in Ahmedabad, Gujarat. It develops and manufactures niche, complex and specialty pharmaceutical products, and also offers contract development and manufacturing (CDMO) services. The company serves highly regulated markets—the United States, Canada and the United Kingdom—as well as 40+ emerging markets, combining data-led product selection with robust R&D in India and the US to deliver accessible, high-quality medicines.

Senores operates four main facilities: a USFDA-approved oral solid dosage plant in Atlanta (2 manufacturing lines; 1.2 billion annual installed capacity; also DEA and BAA certified), a large-scale formulations site in Ahmedabad for emerging markets, a GMP-compliant API facility at Naroda (Ahmedabad), and a second API unit commissioned in Mehsana in February 2025 (~100 metric tons p.a.). The United States contributes around 70% of total revenue, reflecting the company’s core strength in regulated markets. As on March 31, 2025, Senores had three subsidiaries. Key milestones in the year included an IPO and listing on NSE and BSE on December 30, 2024, completion of a US FDA inspection of the Atlanta facility in April 2024, and commissioning of the Mehsana API facility in February 2025.

Senores Pharmaceuticals Limited’s Business Segments

• Regulated Markets: 59.7% of revenue in 2024-25.

• Emerging Markets: 29.5% of revenue in 2024-25.

• Others (API + Injectables + Other Operating Income): 10.8% of revenue in 2024-25.

Senores Pharmaceuticals Limited’s Key Management

• Swapnil Jatinbhai Shah – Managing Director

• Deval Rajnikant Shah – Whole-Time Director & Chief Financial Officer

• Chetan Bipinchandra Shah – Whole-Time Director & Chief Operating Officer

• Sanjay Shaileshbhai Majmudar – Chairman and Non-Executive, Non-Independent Director

• Vinay Kumar Mishra – Company Secretary and Compliance Officer

Latest Updates on Senores Pharmaceuticals Limited

• Public Listing: The company completed its IPO and listed its equity shares on NSE and BSE on December 30, 2024.

• IPO Objectives: Proceeds were earmarked for, among others, investment in a subsidiary to set up a sterile injectables facility at the Atlanta campus, repayment/prepayment of borrowings, and funding working capital of the company and its subsidiaries.

• Regulatory Inspection: The USFDA completed an inspection of the Atlanta manufacturing facility in April 2024.

• Capacity Addition: A second API unit in Mehsana, Gujarat, was commissioned in February 2025 (~100 MT p.a.).

• Emerging Markets Product Approvals: The company received approvals for molecules including Apixaban, Tofacitinib, Sacubitril + Valsartan, Sugammadex, Ferric Carboxymaltose and Eltrombopag Olamine.

• Portfolio and CDMO Momentum: The commercial CDMO/CMO portfolio comprised 22 products during the year, alongside a growing pipeline.

• Expansion Plans: Senores is undertaking a brownfield expansion of the Atlanta facility and plans to establish a niche injectables manufacturing facility in the US via its subsidiary.