Sanofi India Q3 FY26: Sales fall 18% to Rs 419.8 cr

Key takeaway from the December 2025 quarter

Sanofi India’s standalone performance for the quarter ended December 2025 showed a sharp year-on-year decline in both revenue and profit. Net sales came in at Rs 419.80 crore, down 18.47% from Rs 514.90 crore in the quarter ended December 2024. Net profit fell to Rs 61.70 crore, a 32.42% drop from Rs 91.30 crore a year earlier. EBITDA also declined, reflecting weaker operating performance in the quarter. The update was published as part of broker research coverage dated March 5, 2026.

Revenue movement: YoY fall and sequential comparison

On a sequential basis, net sales also declined from Rs 475.40 crore in the September 2025 quarter to Rs 419.80 crore in December 2025. The same quarterly dataset shows that net sales were Rs 406.30 crore in June 2025 and Rs 535.90 crore in March 2025, highlighting volatility across the year. For the December 2025 quarter, total income from operations was the same as net sales at Rs 419.80 crore, indicating no separate “other operating income” was reported in the provided table. The revenue decline is the central driver behind the weaker profit outcome reported for the quarter.

Profitability: EBITDA, operating profit and operating line items

EBITDA for the December 2025 quarter stood at Rs 93.10 crore, down 25.04% from Rs 124.20 crore in December 2024. In the quarterly snapshot, operating profit for December 2025 is shown at Rs 90.30 crore versus Rs 118.30 crore in December 2024. Total expenditure was reported at Rs 329.50 crore in December 2025 compared with Rs 396.60 crore a year earlier. Even with lower total costs, profitability contracted due to the bigger fall in revenue.

Cost mix: traded goods, raw materials and inventory changes

The detailed quarterly cost table shows consumption of raw materials at Rs 55.30 crore in December 2025, down from Rs 102.70 crore in December 2024. Purchase of traded goods was Rs 124.50 crore in December 2025 versus Rs 238.50 crore a year earlier. Inventory movement also shifted, with an increase in stocks of Rs 28.30 crore in December 2025 compared with a decrease in stocks of Rs 91.40 crore in December 2024. Employee costs were Rs 44.70 crore in December 2025, lower than Rs 53.80 crore in December 2024. Other expenses were Rs 76.70 crore in December 2025 compared with Rs 93.00 crore in December 2024.

Other income, interest, exceptional items and tax

Other income in the December 2025 quarter was Rs 2.80 crore, down from Rs 5.90 crore in December 2024. Interest expense remained low at Rs 0.60 crore for the quarter, versus Rs 0.40 crore a year earlier. Profit before tax (PBT) was Rs 83.00 crore in December 2025, compared with Rs 122.20 crore in December 2024. The table shows no exceptional items for December 2025, while December 2024 had exceptional items of Rs 8.00 crore. Tax for December 2025 quarter was Rs 21.30 crore versus Rs 30.90 crore in December 2024.

EPS trend for the quarter

Earnings per share (EPS) declined in line with the drop in profits. Basic EPS for the December 2025 quarter stood at Rs 26.79, down from Rs 39.64 in the December 2024 quarter. Diluted EPS was also Rs 26.79, matching basic EPS in both periods shown. The decline in EPS provides a per-share view of the weaker earnings outcome.

Longer-term view: annual P&L shows declining sales and profit

The annual profit and loss table (figures in Rs crore) shows net sales of Rs 1,837.40 crore in the period ending December 2025, lower than Rs 2,013.20 crore in December 2024 and far below Rs 2,956.60 crore in December 2021. Net profit in the December 2025 period was Rs 326.70 crore, down from Rs 413.50 crore in December 2024 and Rs 944.40 crore in December 2021. Profit before tax was Rs 444.70 crore in December 2025 versus Rs 431.40 crore in December 2024. The table also shows exceptional items of negative Rs 27.30 crore in December 2025 and negative Rs 37.70 crore in December 2024, after large positive exceptional items in earlier years.

Stock performance around the update

Sanofi India shares closed at Rs 3,824.80 on March 2, 2026 on the NSE, as stated in the broker research note. The stock delivered returns of -25.03% over the last six months, and -25.03% over the last 12 months, based on the same source. These return figures indicate a sustained period of weak price performance leading into the quarterly update.

Market impact and what investors typically track in such results

For investors, the immediate focus in a quarter like this is the combination of falling sales and a sharper fall in net profit. The December 2025 quarter showed that lower costs did not offset the revenue decline enough to protect profitability, as reflected in EBITDA and EPS. Another key area is the movement in inventory changes and traded goods purchases, which can affect quarter-to-quarter margin comparisons. With interest costs remaining very low in the disclosed numbers, operational performance and demand conditions have a larger role in determining earnings volatility. The quarterly bridge from PBT to PAT also shows tax moving broadly in line with lower pre-tax profit.

Key numbers table: December 2025 quarter vs earlier periods

Annual snapshot table: sales and net profit trend

Related disclosure in the same dataset: Sanofi Consumer Healthcare India

The provided dataset also includes results disclosures for Sanofi Consumer Healthcare India Limited, a separate entity from Sanofi India. For Q1, revenue from operations was reported at Rs 220.90 crore (2,209 million) versus Rs 172.30 crore (1,723 million) a year earlier, and net profit was Rs 60.70 crore (607 million) versus Rs 29.00 crore (290 million). Profit before tax was reported at Rs 78.90 crore (789 million) versus Rs 38.90 crore (389 million). The disclosure notes that some periods are not strictly comparable due to demerger and voluntary recall of certain variants of key brands, and that an exceptional gain of Rs 6.60 crore (66 million) was recorded from reversing excess demerger-related provisions.

Conclusion

Sanofi India’s December 2025-quarter standalone results showed lower sales, EBITDA, net profit and EPS compared with the same quarter last year, alongside a weaker sequential revenue number versus September 2025. Investors will likely track subsequent quarterly sales stability and whether operating profitability improves from the December 2025 base, alongside any further disclosed exceptional items and their impact on reported earnings.