Financial Performance Highlights for Q2 FY27 (Consolidated)

  • Revenue: ₹1,342 crore, an increase of 31.9% Year-over-Year (YoY) from ₹1,018 crore in Q2 FY26. Sequentially (QoQ), revenue grew by 15.1% from ₹1,167 crore in Q1 FY27.
  • EBITDA: ₹195 crore, an increase of 106.1% YoY from ₹94 crore. Sequentially, EBITDA grew by 11.5% from ₹175 crore in Q1 FY27. The EBITDA margin was 14.5%.
  • Profit After Tax (PAT): ₹115 crore, an increase of 168.3% YoY from ₹43 crore. Sequentially, PAT grew by 13.5% from ₹101 crore in Q1 FY27. The PAT margin was 8.4%.
  • Adjusted PAT: The margin for Adjusted PAT was 5.1%, a decrease of 57 basis points YoY.
  • Adjusted EBITDA: The margin was 11.6%, a decrease of 130 basis points YoY.
  • EBITDA (including other income): Increased by 76.3% YoY. The margin was 16.3%.
  • Total Income: ₹1,371 crore, an increase of 30.6% YoY.
  • Cost of Goods Sold (COGS): ₹767 crore (29.4% increase YoY).
  • Gross Profit (GP): ₹575 crore. GP margin was 42.9%.
  • Employee Expenses: ₹224 crore (18.5% increase YoY).
  • Other Expenses: ₹157 crore (10.9% increase YoY).
  • Finance Cost: ₹26 crore (10.2% increase YoY).
  • Depreciation & Amortization: ₹43 crore (14.1% increase YoY).
  • Other Income: ₹29 crore (a decrease of 10.7% YoY).
  • Profit Before Tax (PBT): ₹155 crore (135.6% increase YoY).
  • Tax: ₹40 crore (74.9% increase YoY).
  • Earnings Per Share (EPS): ₹7.37, a 176.7% increase YoY from ₹2.66.

Financial Performance Highlights for H1 FY27 (Consolidated)

  • Revenue: ₹2,509 crore, an increase of 22.9% YoY from ₹2,042 crore.
  • EBITDA: ₹369 crore, an increase of 65.3% YoY from ₹223 crore. The EBITDA margin was 14.7%.
  • PAT: ₹216 crore, an increase of 100.7% YoY from ₹107 crore. The PAT margin was 8.4%.
  • Adjusted PAT: Margin was 5.1%, a decrease of 57 basis points YoY.
  • Adjusted EBITDA: Margin was 11.6%, a decrease of 130 basis points YoY.
  • EBITDA (including other income): Increased by 51.7% YoY. The margin was 16.7%.
  • Total Income: ₹2,568 crore, an increase of 22.3% YoY.
  • Cost of Goods Sold (COGS): ₹1,412 crore (20.2% increase YoY).
  • Gross Profit (GP): ₹1,097 crore. GP margin was 43.7%.
  • Employee Expenses: ₹426 crore (16.5% increase YoY).
  • Other Expenses: ₹302 crore (8.5% increase YoY).
  • Finance Cost: ₹50 crore (8.6% increase YoY).
  • Depreciation & Amortization: ₹84 crore (12.7% increase YoY).
  • Other Income: ₹59 crore (0.3% increase YoY).
  • Profit Before Tax (PBT): ₹294 crore (82.2% increase YoY).
  • Tax: ₹78 crore (45.4% increase YoY).
  • Earnings Per Share (EPS): ₹13.90, a 104.1% increase YoY from ₹6.81.

Segmental Performance Breakdown (Q2 FY27)

The revenue share by business vertical for Q2 FY27 was as follows:

  • CDMO (Contract Development and Manufacturing Organization): 83.1%
  • Domestic Branded Formulation: 9.8%
  • International Branded Formulation: 3.3%
  • API (Active Pharmaceutical Ingredient): 2.1%
  • Trade Generics: 1.7%

Segmental Performance Breakdown (H1 FY27)

The revenue share by business vertical for H1 FY27 was as follows:

  • CDMO: 82.9%
  • Domestic Branded Formulation: 9.9%
  • International Branded Formulation: 3.1%
  • API: 2.4%
  • Trade Generics: 1.8%

Management Commentary and Strategic Updates

  • Growth was spearheaded by the CDMO segment, which saw double-digit volume growth and improvement in API prices. The demand environment for CDMO is described as robust.
  • The domestic branded formulations segment saw steady 8% YoY revenue growth and a marked sequential improvement in profitability.
  • The international branded formulations business saw growth accelerating on both a YoY and QoQ basis.
  • The API segment continued its journey towards achieving EBITDA break-even.
  • The trade generics segment achieved EBITDA positivity during the quarter.
  • The European CDMO project is stated to be progressing as per plan.
  • Progress continues on the Zambia initiative, with commercial supplies from the Indian plant scheduled for Q4 FY27 and revenue booking expected in Q1 FY28.
  • The company was awarded an EcoVadis Bronze Medal, placing it among the top 35% of globally assessed companies.

Manufacturing Capacity Overview

The presentation details manufacturing facilities across Haridwar, Kotdwar, Baddi, Roorkee, and Noida, with capacities listed in units (e.g., 649, 15, 39) for various dosage forms including oral solids, oral liquids, injectables/steriles, and external/topicals. A new facility in Baddi is indicated for 2027.

Definitions Provided

Key financial and operational abbreviations are defined in the annexures, including CDMO, API, EBITDA, PAT, EPS, ROE, ROCE, and ROIC.