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Sai Parenteral's IPO Review

Sai Parenteral's IPO has been reviewed by 10 analysts, and the overall consensus is Avoid — carrying a score of 33. Out of the 10 analysts who have covered this IPO, 3 recommend subscribing while 7 advise caution or avoidance — reflecting a cautious view from the analyst community.

The issue is priced in the band of ₹372-392 per share, with a minimum application size of 38 shares (minimum investment of approximately ₹14,896 at the upper band). Subscription ran from 24 Mar 2026 to 27 Mar 2026. The issue size is ₹409 crore, entirely an offer for sale — the company receives none of the proceeds. Scroll down for the full analyst breakdown and analyst-wise verdicts.

Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Analyst verdict & score

One score out of 100, aggregated from every analyst verdict tracked for this issue. How it's calculated

Sentiment score
33/ 100
Avoid 3 of 10 recommend subscribing
How analysts voted
Apply 3
May apply 1
Avoid 6
Not rated 4

Higher consensus indicates broader analyst agreement.

Detailed review

What the analyst reports say, grouped by the question you're likely asking.

General review

Sai Parenterals makes sterile injectable pharmaceutical products. Revenue was ₹163.74 crore in FY25 and ₹89.43 crore for the half year to September 2025, with earnings compounding at about 30 percent CAGR over FY23 to FY25. Coverage was clearly negative: six of the fourteen analysts said avoid, only three said subscribe.

Listing gains

Valuation is the whole story. The notes price the issue between about 72 and 111 times earnings depending on the basis used, with one putting standalone FY25 at 88 times. Analysts repeatedly say this offers no near-term margin of safety and is well above listed pharma peers. Listing gains looked unlikely.

Short-term strategy

Even the constructive notes place the earnings inflection at FY28 or later, with one projecting profit reaching about ₹305 crore by FY30 from ₹63 crore in FY25. Return on capital employed of only 9.28 percent compounds the problem. Near-term, the coverage saw very little to support the price.

Long-term strategy

The bull case is a genuine growth runway in sterile injectables, with roughly 50 percent CAGR projected to FY30 by one note. But most analysts concluded that paying more than 70 times earnings today already discounts several years of that growth, which is why the majority landed on avoid despite liking the business.

How this is written: an AI-assisted summary of the 14 analyst reports listed below. It reports their views; IPO Guru does not make buy or sell recommendations.

Analyst reviews

Ordered by each analyst's track record over the past year; analysts still building one are listed last.

Latest IPO reviews

How analysts rated the most recent mainboard issues — and, where they have listed, how the call played out.

Frequently asked

Should I apply for Sai Parenteral's IPO?

The analyst consensus for Sai Parenteral's IPO tracked on this page is Avoid, with a score of 33/100. Out of 10 analysts who have reviewed this IPO, 3 recommend subscribing. IPO Guru does not make buy or sell recommendations. Read the individual analyst reports and consult a SEBI-registered advisor before investing.

What does the score of 33 mean for Sai Parenteral's IPO?

The score of 33 is an aggregate of all analyst ratings tracked for Sai Parenteral's IPO. A score in this range signals that most analysts are advising caution or outright avoidance. Read the individual analyst verdicts above for more context.

What was the actual listing price of Sai Parenteral's IPO?

Sai Parenteral's IPO listed on April 2, 2026 at ₹400, against the issue price of ₹392 — a gain of +2.04% (₹8 per share). View the full GMP history page for day-wise pre-listing trends.

What is the price band and lot size of Sai Parenteral's IPO?

Sai Parenteral's IPO was priced at ₹372-392 per share. The minimum lot size is 38 shares, making the minimum investment approximately ₹14,896 at the upper end of the price band. Subscription ran from 24 Mar 2026 to 27 Mar 2026.

Explore Sai Parenteral's IPO further

Analyst views are one input. Read them alongside the demand, the grey market and the filings before you decide.

Sai Parenteral's IPO review

A verdict is an opinion, not a guarantee.

IPO Guru collects analyst views, GMP, subscription and allotment for every Mainboard and SME issue. Weigh them together — and against the offer document — before you apply.

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Disclaimer: Grey Market Premium (GMP) is for information purposes and is not a guarantee of listing price. Always consult your financial advisor before investing.

Consensus
Avoid
Score
33 / 100
Listed at
₹400
Full IPO details