{"id":253590,"date":"2026-09-17T15:31:14","date_gmt":"2026-09-17T10:01:14","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=253590"},"modified":"2026-09-17T15:31:14","modified_gmt":"2026-09-17T10:01:14","slug":"specialty-research-pharma-stock-rises-33-percent-in-1-year","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/","title":{"rendered":"This Specialty Research Pharma Stock Rises 33% in 1 Year: One Voucher Sale Changed Everything"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>SPARC closed at Rs 192.17 on 17 September 2026 versus Rs 144.30 on 17 September 2025, a gain of about 33%, with a 52 week range of Rs 108 to Rs 289.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">This specialty research pharma stock is up approximately 33% over one year, from Rs 144.30 to Rs 192.17. The driver was a one-time sale of a US Priority Review Voucher for USD 195 million, which produced Rs 1,840.02 crore of income and turned net worth positive. The underlying business remains loss making, with a Rs 20.78 crore net loss in the June 2026 quarter. Promoters have committed a further Rs 599.98 crore through warrants at Rs 155.80 each.<\/p>\n<\/div>\n<p>This specialty research pharma stock has risen approximately 33% in one year, from Rs 144.30 on 17 September 2025 to Rs 192.17 on 17 September 2026. The gain did not come from selling more medicine. It came from a US court ruling, a regulatory voucher and one cheque worth USD 195 million.<\/p>\n<p>The company is <a href='https:\/\/univest.in\/stocks\/sparc\/sun-pharma-advanced-research-company-ltd-share-price-today'>Sun Pharma Advanced Research Company Ltd<\/a>, the drug discovery arm demerged from Sun Pharmaceutical Industries and listed since 2007. SPARC has almost no product revenue. It funds trials and licenses molecules out, and until March 2026 it lost money every year. The SPARC share price is Rs 192.17, up 3.55% on the day, for a market capitalisation of around Rs 6,020 crore.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href='https:\/\/univest.in\/user\/log-in'>Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#How_This_Specialty_Research_Pharma_Stock_Performed_Across_Periods\" title=\"How This Specialty Research Pharma Stock Performed Across Periods\">How This Specialty Research Pharma Stock Performed Across Periods<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#Why_Did_This_Specialty_Research_Pharma_Stock_Rise_33_in_1_Year\" title=\"Why Did This Specialty Research Pharma Stock Rise 33% in 1 Year?\">Why Did This Specialty Research Pharma Stock Rise 33% in 1 Year?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#2_December_2025_A_US_Court_Ordered_the_Voucher_Released\" title=\"2 December 2025: A US Court Ordered the Voucher Released\">2 December 2025: A US Court Ordered the Voucher Released<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#3_February_2026_The_FDA_Granted_the_Voucher\" title=\"3 February 2026: The FDA Granted the Voucher\">3 February 2026: The FDA Granted the Voucher<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#30_April_2026_The_Voucher_Sold_for_USD_195_Million\" title=\"30 April 2026: The Voucher Sold for USD 195 Million\">30 April 2026: The Voucher Sold for USD 195 Million<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#18_May_2026_FY26_Results_Put_Net_Worth_Back_Above_Zero\" title=\"18 May 2026: FY26 Results Put Net Worth Back Above Zero\">18 May 2026: FY26 Results Put Net Worth Back Above Zero<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#Promoter_Funding_of_Rs_59998_Crore\" title=\"Promoter Funding of Rs 599.98 Crore\">Promoter Funding of Rs 599.98 Crore<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#Financials_Behind_This_Specialty_Research_Pharma_Stock\" title=\"Financials Behind This Specialty Research Pharma Stock\">Financials Behind This Specialty Research Pharma Stock<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#Yearly_Numbers_and_Cash_Burn_in_This_Specialty_Research_Pharma_Stock\" title=\"Yearly Numbers and Cash Burn in This Specialty Research Pharma Stock\">Yearly Numbers and Cash Burn in This Specialty Research Pharma Stock<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#Shareholding_Trend_in_This_Specialty_Research_Pharma_Stock\" title=\"Shareholding Trend in This Specialty Research Pharma Stock\">Shareholding Trend in This Specialty Research Pharma Stock<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#What_Is_Left_in_the_Pipeline_of_This_Specialty_Research_Pharma_Stock\" title=\"What Is Left in the Pipeline of This Specialty Research Pharma Stock?\">What Is Left in the Pipeline of This Specialty Research Pharma Stock?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#Risks_in_This_Specialty_Research_Pharma_Stock\" title=\"Risks in This Specialty Research Pharma Stock\">Risks in This Specialty Research Pharma Stock<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#SPARC_Share_Analyst_View\" title=\"SPARC Share: Analyst View\">SPARC Share: Analyst View<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#SPARC_Share_Price_Target\" title=\"SPARC Share Price Target\">SPARC Share Price Target<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#Other_Stocks_to_Track_From_the_Same_Return_Screen\" title=\"Other Stocks to Track From the Same Return Screen\">Other Stocks to Track From the Same Return Screen<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#Why_has_this_specialty_research_pharma_stock_risen_33_in_one_year\" title=\"Why has this specialty research pharma stock risen 33% in one year?\">Why has this specialty research pharma stock risen 33% in one year?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#What_is_the_SPARC_share_price_today_and_what_is_the_52_week_range\" title=\"What is the SPARC share price today and what is the 52 week range?\">What is the SPARC share price today and what is the 52 week range?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#Is_SPARC_profitable\" title=\"Is SPARC profitable?\">Is SPARC profitable?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#Is_there_a_verified_SPARC_share_price_target_from_brokerages\" title=\"Is there a verified SPARC share price target from brokerages?\">Is there a verified SPARC share price target from brokerages?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#What_does_Sun_Pharma_Advanced_Research_Company_actually_do\" title=\"What does Sun Pharma Advanced Research Company actually do?\">What does Sun Pharma Advanced Research Company actually do?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#How_much_cash_is_this_specialty_research_pharma_stock_burning_each_year\" title=\"How much cash is this specialty research pharma stock burning each year?\">How much cash is this specialty research pharma stock burning each year?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#Did_promoters_invest_fresh_money_in_the_company\" title=\"Did promoters invest fresh money in the company?\">Did promoters invest fresh money in the company?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/univest.in\/blogs-2\/specialty-research-pharma-stock-rises-33-percent-in-1-year\/#What_are_the_biggest_risks_in_this_specialty_research_pharma_stock\" title=\"What are the biggest risks in this specialty research pharma stock?\">What are the biggest risks in this specialty research pharma stock?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"How_This_Specialty_Research_Pharma_Stock_Performed_Across_Periods\"><\/span><strong>How This Specialty Research Pharma Stock Performed Across Periods<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The one year number hides an uneven ride. This specialty research pharma stock fell to Rs 108 in March 2026, ran to Rs 289 by early July, and has since given back a third of that move. Prices are close to close.<\/p>\n<table>\n<thead>\n<tr>\n<th>Period<\/th>\n<th>From<\/th>\n<th>To<\/th>\n<th>Price change<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1 month<\/td>\n<td>Rs 197.36 (17 Aug 2026)<\/td>\n<td>Rs 192.17 (17 Sep 2026)<\/td>\n<td>-3%<\/td>\n<\/tr>\n<tr>\n<td>6 months<\/td>\n<td>Rs 114.80 (17 Mar 2026)<\/td>\n<td>Rs 192.17 (17 Sep 2026)<\/td>\n<td>+67%<\/td>\n<\/tr>\n<tr>\n<td>1 year<\/td>\n<td>Rs 144.30 (17 Sep 2025)<\/td>\n<td>Rs 192.17 (17 Sep 2026)<\/td>\n<td>+33%<\/td>\n<\/tr>\n<tr>\n<td>3 years<\/td>\n<td>Rs 239.95 (15 Sep 2023)<\/td>\n<td>Rs 192.17 (17 Sep 2026)<\/td>\n<td>-20%<\/td>\n<\/tr>\n<tr>\n<td>5 years<\/td>\n<td>Rs 290.65 (17 Sep 2021)<\/td>\n<td>Rs 192.17 (17 Sep 2026)<\/td>\n<td>-34%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Read the bottom two rows. Anyone holding this specialty research pharma stock from three or five years ago is still under water, so the 33% is a recovery off a depressed base. No split or bonus took place in the window. On a screen of NSE small-cap stocks ranked by 1-year return dated 17 September 2026, this specialty research pharma stock was among the stronger performers.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Did_This_Specialty_Research_Pharma_Stock_Rise_33_in_1_Year\"><\/span><strong>Why Did This Specialty Research Pharma Stock Rise 33% in 1 Year?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Because a dormant regulatory asset became Rs 1,840 crore of income inside four months. Four dated events did the work, and each moved the SPARC share price on heavy volume.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_December_2025_A_US_Court_Ordered_the_Voucher_Released\"><\/span><strong>2 December 2025: A US Court Ordered the Voucher Released<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The US District Court for the District of Columbia ruled that the FDA&#8217;s withholding of a Priority Review Voucher was contrary to law, because no product containing phenobarbital sodium had been previously approved. The voucher related to Sezaby, SPARC&#8217;s phenobarbital sodium injection for neonatal seizures.<\/p>\n<p>This specialty research pharma stock locked in a 20% upper circuit that day on about 27.7 million shares, near 8.5% of equity. That is when the market started treating the voucher as bankable.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_February_2026_The_FDA_Granted_the_Voucher\"><\/span><strong>3 February 2026: The FDA Granted the Voucher<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The USFDA issued the voucher on 3 February 2026 once the appeal window closed. It is a transferable right to a six month review clock, and such vouchers have cleared at nine figure dollar prices for years.<\/p>\n<p>The SPARC share price did not run on it. The stock was near Rs 139 in early February, then slid to a 52 week low of Rs 108 by 23 March 2026. Buyers of this specialty research pharma stock wanted a named price first.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"30_April_2026_The_Voucher_Sold_for_USD_195_Million\"><\/span><strong>30 April 2026: The Voucher Sold for USD 195 Million<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>SPARC announced on 30 April 2026 that it had agreed to sell the voucher for USD 195 million, roughly Rs 1,625 crore, with proceeds earmarked for its innovation strategy. This specialty research pharma stock kept full commercial rights to Sezaby.<\/p>\n<p>The re-rating in this specialty research pharma stock started here. From Rs 143.04 on 30 April it reached Rs 209.77 by 22 May 2026, about 47% in sixteen sessions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"18_May_2026_FY26_Results_Put_Net_Worth_Back_Above_Zero\"><\/span><strong>18 May 2026: FY26 Results Put Net Worth Back Above Zero<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Audited FY26 results were approved on 18 May 2026. March quarter revenue was Rs 1,855.02 crore against Rs 8.45 crore in December 2025, with net profit of Rs 1,761.34 crore. Equity swung from negative Rs 216.95 crore to positive Rs 1,338.83 crore. Clearing a negative net worth mattered more to this specialty research pharma stock than the profit line.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Promoter_Funding_of_Rs_59998_Crore\"><\/span><strong>Promoter Funding of Rs 599.98 Crore<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The board also cleared 3,85,10,000 warrants at Rs 155.80 each to Shanghvi Finance Private Limited, a promoter group entity, raising Rs 599.98 crore, with 25% received upfront. A report filed on 10 August 2026 showed full compliance on the use of proceeds. Promoter money reads as a signal, but it also says this specialty research pharma stock still needs outside funding.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Financials_Behind_This_Specialty_Research_Pharma_Stock\"><\/span><strong>Financials Behind This Specialty Research Pharma Stock<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Strip out the voucher and you have a research house that burns cash. The quarterly series shows how lumpy this specialty research pharma stock really is.<\/p>\n<table>\n<thead>\n<tr>\n<th>Quarter<\/th>\n<th>Revenue (Rs crore)<\/th>\n<th>EBITDA (Rs crore)<\/th>\n<th>Net profit \/ (loss) (Rs crore)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Q1 FY26 (Jun 2025)<\/td>\n<td>18.78<\/td>\n<td>-42.94<\/td>\n<td>-51.87<\/td>\n<\/tr>\n<tr>\n<td>Q2 FY26 (Sep 2025)<\/td>\n<td>7.87<\/td>\n<td>-65.71<\/td>\n<td>-75.85<\/td>\n<\/tr>\n<tr>\n<td>Q3 FY26 (Dec 2025)<\/td>\n<td>8.45<\/td>\n<td>-56.64<\/td>\n<td>-80.42<\/td>\n<\/tr>\n<tr>\n<td>Q4 FY26 (Mar 2026)<\/td>\n<td>1,855.02<\/td>\n<td>1,775.00<\/td>\n<td>1,761.34<\/td>\n<\/tr>\n<tr>\n<td>Q1 FY27 (Jun 2026)<\/td>\n<td>63.58<\/td>\n<td>-10.34<\/td>\n<td>-20.78<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The June 2026 quarter is what matters for valuing this specialty research pharma stock today: revenue of Rs 63.58 crore, EBITDA of negative Rs 10.34 crore, net loss of Rs 20.78 crore. That is 60% narrower than June 2025, but still a loss. It was approved on 10 August 2026, the meeting that appointed Anil Raghavan as Managing Director and CEO.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Yearly_Numbers_and_Cash_Burn_in_This_Specialty_Research_Pharma_Stock\"><\/span><strong>Yearly Numbers and Cash Burn in This Specialty Research Pharma Stock<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<thead>\n<tr>\n<th>Financial year<\/th>\n<th>Revenue (Rs crore)<\/th>\n<th>Net profit \/ (loss) (Rs crore)<\/th>\n<th>Operating cash flow (Rs crore)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>FY23<\/td>\n<td>249.66<\/td>\n<td>-222.58<\/td>\n<td>-69.12<\/td>\n<\/tr>\n<tr>\n<td>FY24<\/td>\n<td>105.01<\/td>\n<td>-387.21<\/td>\n<td>-429.19<\/td>\n<\/tr>\n<tr>\n<td>FY25<\/td>\n<td>73.56<\/td>\n<td>-342.51<\/td>\n<td>-360.29<\/td>\n<\/tr>\n<tr>\n<td>FY26<\/td>\n<td>1,890.12<\/td>\n<td>1,553.20<\/td>\n<td>-238.78<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Note the last column. Even in FY26, the year of the Rs 1,553.20 crore profit, operating cash flow was negative Rs 238.78 crore, because the voucher money arrived after the year end. Customer contract revenue in this specialty research pharma stock fell from about Rs 71.77 crore to about Rs 39.15 crore. The core business shrank in the year the headline said it boomed.<\/p>\n<p>A PE of 3.80 against an industry PE of 37.40 means little, because those earnings will not repeat. Price to book of 4.50 on book value of Rs 41.26 is the better anchor for this specialty research pharma stock. Debt to equity is 0.42 on borrowings of around Rs 559 crore.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Shareholding_Trend_in_This_Specialty_Research_Pharma_Stock\"><\/span><strong>Shareholding Trend in This Specialty Research Pharma Stock<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<thead>\n<tr>\n<th>Category<\/th>\n<th>Sep 2025<\/th>\n<th>Dec 2025<\/th>\n<th>Mar 2026<\/th>\n<th>Jun 2026<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Promoters<\/td>\n<td>65.67%<\/td>\n<td>65.67%<\/td>\n<td>65.67%<\/td>\n<td>65.67%<\/td>\n<\/tr>\n<tr>\n<td>FII<\/td>\n<td>1.76%<\/td>\n<td>2.04%<\/td>\n<td>2.04%<\/td>\n<td>3.90%<\/td>\n<\/tr>\n<tr>\n<td>DII<\/td>\n<td>1.05%<\/td>\n<td>0.78%<\/td>\n<td>0.88%<\/td>\n<td>0.09%<\/td>\n<\/tr>\n<tr>\n<td>Public<\/td>\n<td>31.52%<\/td>\n<td>31.51%<\/td>\n<td>31.41%<\/td>\n<td>30.33%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Promoter holding has not moved in four quarters. Foreign institutional holding in this specialty research pharma stock more than doubled from 1.76% to 3.90%, most of it after the voucher sale. Domestic institutions went from 1.05% to 0.09%, close to a full exit. Two groups read the same event and reached opposite conclusions.<\/p>\n<p>Shanghvi Finance Private Limited holds 42.28% and Dilip S Shanghvi 19.05% personally. The board has also cleared reclassification of certain promoter group individuals as public.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href='https:\/\/univest.in\/screeners'>Check the Univest Screener for Live Fundamentals of High-Return Stocks<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_Left_in_the_Pipeline_of_This_Specialty_Research_Pharma_Stock\"><\/span><strong>What Is Left in the Pipeline of This Specialty Research Pharma Stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The pipeline is the whole case for this specialty research pharma stock, because the new cash will be consumed by it. Vodobatinib, an oral kinase inhibitor in Parkinson&#8217;s disease and oncology, is the asset most often named as the lead programme funded by the voucher proceeds.<\/p>\n<p>Other disclosed programmes include an antibody drug conjugate for solid tumours, a topical candidate in alopecia areata, a formulation in atopic dermatitis and an ophthalmic programme in glaucoma.<\/p>\n<p>The recent trial record of this specialty research pharma stock is poor. Vibozilimod, the previous lead candidate, missed primary endpoints in psoriasis and atopic dermatitis, the second clinical disappointment in roughly fourteen months. Management cut headcount by about 20% and moved development work to India.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_in_This_Specialty_Research_Pharma_Stock\"><\/span><strong>Risks in This Specialty Research Pharma Stock<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>The earnings are non recurring.<\/strong> The Rs 1,553.20 crore FY26 profit came from Rs 1,840.02 crore of voucher income, and FY27 has already reverted to losses. Any valuation of this specialty research pharma stock built on trailing earnings rests on something that happened once.<\/p>\n<p><strong>Regulatory setbacks are frequent.<\/strong> On 19 May 2026 SPARC disclosed that partner Ocuvex Therapeutics had received a Complete Response Letter from the FDA for the PDP-716 application, after an inspection of the finished product manufacturing facility. No other issues were identified, but approval for this specialty research pharma stock now waits on a third party&#8217;s plant.<\/p>\n<p><strong>Cash burn against a finite pool.<\/strong> Operating cash outflow was Rs 360.29 crore in FY25 and Rs 238.78 crore in FY26. At that rate, Rs 1,625 crore of voucher proceeds plus Rs 600 crore of warrant money buys a few years of runway. Borrowings of about Rs 559 crore sit opposite, and the rating is AA- stable after a downgrade.<\/p>\n<p><strong>Liquidity and volatility are extreme.<\/strong> The 52 week range of Rs 108 to Rs 289 is a spread of 2.7 times. This specialty research pharma stock hit a 20% upper circuit on 2 December 2025 and traded over 43 million shares on 19 May 2026, against quiet days under a million.<\/p>\n<p><strong>Concentration and payout risk.<\/strong> Promoters hold 65.67% and a promoter group entity also funds the warrant issue, so related party dependence in this specialty research pharma stock is structural. Domestic holding has fallen to 0.09%, coverage is thin, no dividend has been paid in four years, and net worth was negative as recently as March 2025.<\/p>\n<p style=\"margin-top:24px;\"><strong>Download the <a href=\"https:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track the SPARC share price live<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"SPARC_Share_Analyst_View\"><\/span><strong>SPARC Share: Analyst View<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Formal coverage of this specialty research pharma stock is thin, which is normal for a loss making research company with a 65.67% promoter block. What commentary exists asks one question: whether the leaner, India-shifted R&#038;D model can absorb more trial failures long enough for one asset to reach a deal.<\/p>\n<p>The market has already paid for the voucher. At Rs 192.17 the market capitalisation is about Rs 6,020 crore against Rs 1,625 crore of voucher proceeds and Rs 600 crore of warrant money. The balance is what this specialty research pharma stock charges for a pipeline that missed endpoints twice in fourteen months.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"SPARC_Share_Price_Target\"><\/span><strong>SPARC Share Price Target<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>No verified brokerage target is available for this specialty research pharma stock at the time of writing, so any SPARC share price target circulating on social platforms is unsourced. The honest approach is to work from levels and events.<\/p>\n<p>The reference points are the 52 week low of Rs 108, the warrant price of Rs 155.80 at which promoters committed money, the current Rs 192.17, and the high of Rs 289. The stock sits 34% below that high and 78% above the low. Anyone framing a SPARC share price target without a brokerage note is forecasting a trial readout.<\/p>\n<p>Track the SPARC share price against three things: quarterly cash burn versus the roughly Rs 2,200 crore of new funding, partnering news on vodobatinib, and clearance of the PDP-716 plant issue.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Other_Stocks_to_Track_From_the_Same_Return_Screen\"><\/span><strong>Other Stocks to Track From the Same Return Screen<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Beyond this specialty research pharma stock, a screen of NSE small-cap stocks ranked by 1-year return also includes related names such as <a href=\"https:\/\/univest.in\/stocks\/vijaya\/vijaya-diagnostic-centre-ltd-share-price-today\">Vijaya Diagnostic<\/a> with a 1-year return of 43.04%, <a href=\"https:\/\/univest.in\/stocks\/star\/strides-pharma-science-ltd-share-price-today\">Strides Pharma<\/a> at 35.71% and <a href=\"https:\/\/univest.in\/stocks\/cgcl\/capri-global-capital-ltd-share-price-today\">Capri Global<\/a> at 38.46%.<\/p>\n<p>Among the names covered from that screen, <a href=\"https:\/\/univest.in\/stocks\/mtartech\/mtar-technologies-ltd-share-price-today\">MTAR Technologies<\/a> returned 396.53% over one year. Readers can compare this specialty research pharma stock with the <a href=\"https:\/\/univest.in\/indices\/nifty-50\/nifty-50-share-price-today\">Nifty 50<\/a> benchmark and track each of these names on Univest before making any decision.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The 33% one year gain in this specialty research pharma stock is real, but the cause is unusually specific. A court ruling in December 2025, a voucher grant in February 2026 and a USD 195 million sale in April 2026 turned a legal dispute into cash and net worth from negative to positive.<\/p>\n<p>What has not changed is the operating business. Customer revenue fell and the June 2026 quarter was loss making. The SPARC share price reflects a funded balance sheet and an unproven pipeline in equal measure, and sits 34% below its July high.<\/p>\n<p>Anyone considering this specialty research pharma stock should size for a name that can move 20% in a session, and consult a registered investment adviser before acting.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information and may or may not be accurate. Please verify all data independently before making any investment decision. Past returns do not guarantee future returns. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Why_has_this_specialty_research_pharma_stock_risen_33_in_one_year\"><\/span><strong>Why has this specialty research pharma stock risen 33% in one year?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The rise came from monetising a Priority Review Voucher, not from operations. A US court ruled in SPARC&#8217;s favour on 2 December 2025, the FDA granted the voucher on 3 February 2026, and it was sold for USD 195 million on 30 April 2026.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_SPARC_share_price_today_and_what_is_the_52_week_range\"><\/span><strong>What is the SPARC share price today and what is the 52 week range?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The SPARC share price is Rs 192.17 as of 17 September 2026, up 3.55% on the day. The 52 week range for this specialty research pharma stock is Rs 108 to Rs 289.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_SPARC_profitable\"><\/span><strong>Is SPARC profitable?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No, not on an operating basis. The FY26 profit of Rs 1,553.20 crore came almost entirely from the one-time voucher sale, and the June 2026 quarter showed a net loss of Rs 20.78 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_there_a_verified_SPARC_share_price_target_from_brokerages\"><\/span><strong>Is there a verified SPARC share price target from brokerages?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No verified brokerage target was available at the time of writing. Coverage is thin for a loss making research company with a 65.67% promoter block, so any SPARC share price target on social media is unsourced.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_does_Sun_Pharma_Advanced_Research_Company_actually_do\"><\/span><strong>What does Sun Pharma Advanced Research Company actually do?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This specialty research pharma stock is the drug discovery and specialised delivery arm demerged from Sun Pharmaceutical Industries in 2007. It runs clinical programmes and licenses molecules to partners instead of selling medicines itself.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_much_cash_is_this_specialty_research_pharma_stock_burning_each_year\"><\/span><strong>How much cash is this specialty research pharma stock burning each year?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Cash flow from operations was negative Rs 360.29 crore in FY25 and negative Rs 238.78 crore in FY26. Against Rs 1,625 crore of voucher proceeds and Rs 599.98 crore of warrants, that is a runway of a few years.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Did_promoters_invest_fresh_money_in_the_company\"><\/span><strong>Did promoters invest fresh money in the company?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Yes. The board approved 3,85,10,000 warrants at Rs 155.80 each in this specialty research pharma stock to Shanghvi Finance Private Limited, a promoter group entity, raising Rs 599.98 crore, with 25% received upfront.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_biggest_risks_in_this_specialty_research_pharma_stock\"><\/span><strong>What are the biggest risks in this specialty research pharma stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The main risks are non recurring earnings, clinical failure and extreme volatility. Vibozilimod missed primary endpoints in psoriasis and atopic dermatitis, partner Ocuvex received an FDA Complete Response Letter for PDP-716 on 19 May 2026, and the stock swung between Rs 108 and Rs 289.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Why has this specialty research pharma stock risen 33% in one year?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The rise came from monetising a Priority Review Voucher, not from operations. A US court ruled in SPARC's favour on 2 December 2025, the FDA granted the voucher on 3 February 2026, and it was sold for USD 195 million on 30 April 2026.\"}},{\"@type\":\"Question\",\"name\":\"What is the SPARC share price today and what is the 52 week range?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The SPARC share price is Rs 192.17 as of 17 September 2026, up 3.55% on the day. The 52 week range for this specialty research pharma stock is Rs 108 to Rs 289.\"}},{\"@type\":\"Question\",\"name\":\"Is SPARC profitable?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No, not on an operating basis. The FY26 profit of Rs 1,553.20 crore came almost entirely from the one-time voucher sale, and the June 2026 quarter showed a net loss of Rs 20.78 crore.\"}},{\"@type\":\"Question\",\"name\":\"Is there a verified SPARC share price target from brokerages?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No verified brokerage target was available at the time of writing. Coverage is thin for a loss making research company with a 65.67% promoter block, so any SPARC share price target on social media is unsourced.\"}},{\"@type\":\"Question\",\"name\":\"What does Sun Pharma Advanced Research Company actually do?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"This specialty research pharma stock is the drug discovery and specialised delivery arm demerged from Sun Pharmaceutical Industries in 2007. It runs clinical programmes and licenses molecules to partners instead of selling medicines itself.\"}},{\"@type\":\"Question\",\"name\":\"How much cash is this specialty research pharma stock burning each year?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Cash flow from operations was negative Rs 360.29 crore in FY25 and negative Rs 238.78 crore in FY26. Against Rs 1,625 crore of voucher proceeds and Rs 599.98 crore of warrants, that is a runway of a few years.\"}},{\"@type\":\"Question\",\"name\":\"Did promoters invest fresh money in the company?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Yes. The board approved 3,85,10,000 warrants at Rs 155.80 each in this specialty research pharma stock to Shanghvi Finance Private Limited, a promoter group entity, raising Rs 599.98 crore, with 25% received upfront.\"}},{\"@type\":\"Question\",\"name\":\"What are the biggest risks in this specialty research pharma stock?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The main risks are non recurring earnings, clinical failure and extreme volatility. Vibozilimod missed primary endpoints in psoriasis and atopic dermatitis, partner Ocuvex received an FDA Complete Response Letter for PDP-716 on 19 May 2026, and the stock swung between Rs 108 and Rs 289.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A loss making drug discovery company turned a court ruling into a USD 195 million cheque, and the stock followed. Here is what the numbers actually show.<\/p>\n","protected":false},"author":29,"featured_media":253586,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[5445,5657,5658,5654,320,5655,5656,5659],"class_list":["post-253590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-high-return-stocks","tag-priority-review-voucher","tag-sezaby","tag-sparc","tag-sparc-share-price","tag-sparc-share-price-target","tag-specialty-research-pharma-stock","tag-vodobatinib"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["253586"],"rank_math_title":["Specialty Research Pharma Stock Rises 33% in 1 Year"],"rank_math_description":["This specialty research pharma stock rises 33% in 1 year after a USD 195 million voucher sale. Check the financials, cash burn, pipeline and the real risks."],"rank_math_focus_keyword":["specialty research pharma stock"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/09\/specialty-research-pharma-stock-rises-33-percent-in-1-year.png","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/253590","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=253590"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/253590\/revisions"}],"predecessor-version":[{"id":253591,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/253590\/revisions\/253591"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/253586"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=253590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=253590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=253590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}