Financial Performance Highlights (Consolidated Q1 FY27)

Revenue: ₹1,167 crore, representing a growth of 13.9% Year-over-Year (YoY).

EBITDA: ₹175 crore, showing a significant increase of 35.4% YoY. The EBITDA margin stood at 15.0%.

Profit After Tax (PAT): ₹101 crore, a substantial jump of 56.1% YoY. The PAT margin was 8.4%.

Total Income: Reported at ₹1,197 crore, which includes other income.

Segment-Wise Revenue Breakdown

The company's revenue is diversified across several business verticals:

  • CDMO (Contract Development and Manufacturing Organization): 82.6%
  • Domestic Branded Formulation: 9.9%
  • International Branded Formulation: 3.0%
  • API (Active Pharmaceutical Ingredient): 2.7%
  • Trade Generics: 1.8%

Management Commentary from Managing Directors

Growth in the quarter was primarily led by the CDMO segment, characterized by double-digit volume growth and an improvement in API prices.

The API segment continued its journey towards becoming EBITDA positive, aided by a higher share of non-cepha products leading to better gross margins.

The trade generic segment remained EBITDA positive during the quarter.

The domestic branded formulations segment grew by 7% YoY, though margins were impacted due to an increase in field force strength for additional territories. Improved performance is expected going forward.

The international branded formulations business had a muted quarter but is expected to return to growth.

Acquisition of Oriflame India's Manufacturing Business

On July 23, 2026, the company announced the acquisition of Oriflame India's manufacturing business for a total consideration of ₹56 Crore.

Rationale: The acquisition is aligned with the strategy of tapping into niche formulations to improve positioning among clients and augment margins. It provides entry into the fast-growing color cosmetics segment and expands capacity in skincare and wellness. The facilities are HALAL certified, enabling export opportunities.

Assets Acquired: The transaction includes two manufacturing facilities and a leased warehouse.

  • Unit 1 - Noida Plant: Manufactures skincare, personal & hair care products (creams, lotions, scrubs, face wash, shampoos, etc.) and color cosmetics (foundations, primers, CC & BB creams).
  • Unit 2 - Roorkee Plant: Manufactures wellness products (protein powders, soft gel capsules, tablets) and cosmetics (lipsticks, mascara, eye liners).

Post-Acquisition Plan: Manufacturing of Oriflame products will continue, and the company plans to add other CDMO customers to boost revenue from these units.

Utilization of IPO Proceeds

The objects of the offer and their utilization status as of June 30, 2026, are provided. The total amount raised was ₹642.18 crore, and it has been fully utilized.

| Object of the Offer | Amount as per Offer Document (₹ Cr) | Utilization as on June 30, 2026 (₹ Cr) | Unutilized Amount (₹ Cr) |

| Repayment of borrowings of Akums | 159.91 | 159.91 | - |

| Repayment of borrowings of our Subsidiaries | 227.09 | 227.09 | - |

| Funding incremental working capital requirements | 55.00 | 55.00 | - |

| Pursuing inorganic growth initiatives through acquisitions | 30.18 | 30.18 | - |

| General corporate purposes | 170.00 | 170.00 | - |

Key Financial Metrics and Definitions

The presentation provides definitions for adjusted metrics:

  • Adj. EBITDA: Profit before tax + finance cost + depreciation and amortization + Exceptional items – other income.
  • Adj. PAT: PAT + Exceptional items.

Finance Cost for the quarter was ₹25 crore.

Depreciation & Amortization was ₹41 crore.

Other Income was ₹30 crore.

Tax expense was ₹38 crore.