Financial Performance - Q2 FY27
- Q2 FY27 Revenue: ₹83.13 Crore, representing 17.3% year-on-year growth from Q2 FY26 revenue of ₹71 Crore
- Q2 FY27 EBITDA: ₹17.95 Crore with EBITDA margin of 21.6%
- Q2 FY27 PAT: ₹4.86 Crore with PAT margin of 6%, representing 303% year-on-year growth from Q2 FY26 PAT of ₹1 Crore
- Q2 FY27 Finance Costs: ₹6 Crore, increased by 13% year-on-year
- Q2 FY27 Depreciation and Amortization: ₹5 Crore, increased by 13% year-on-year
- Q2 FY27 PBT before Exceptional Items: ₹7 Crore, representing 39% year-on-year growth
Financial Performance - H1 FY27
- H1 FY27 Revenue: ₹151.94 Crore, representing 12% year-on-year growth from H1 FY26 revenue of ₹136 Crore
- H1 FY27 PAT: ₹8.17 Crore, representing 73% year-on-year growth from H1 FY26 PAT of ₹5 Crore
- H1 FY27 EBITDA: ₹33 Crore, representing 8% year-on-year growth from H1 FY26 EBITDA of ₹31 Crore
Operational Highlights
Capacity Expansion - SteriPort Line 3
- Commissioned in the first week of September 2026 at the existing Kheda facility
- SteriPort capacity increased by 75%: from 6.6 Crore to 11.6 Crore bottles
- Expected revenue contribution: ~₹60 Crore in FY27; ₹110-120 Crore annually at optimal utilization
SVP Expansion Plans
- Capacity to increase from 20.9 Crore to 31.7 Crore units during Q1 of FY28
- Expansion will add inhalation, ophthalmics and diluents segments with highest-margin potential (22-27% EBITDA)
Cost Optimization
- 10.8 MW captive solar plant operational since end-Q1 FY27
- Expected annual power savings: ~₹9 Crore
Balance Sheet Improvement
- Debt-to-equity ratio reduced from 3.5x (FY23) to ~1.1x (FY26)
- Total borrowings reduced by over ₹30 Crore through full repayment of all outstanding Non-Convertible Debentures (NCDs)
Two-Year Strategic Targets
- Revenue CAGR: 20%+
- EBITDA margin: 25%+
Balance Sheet Position (H1 FY27 vs FY26)
Assets
- Property, plant and equipment: Increased from ₹197 Crore to ₹312 Crore
- Capital work-in-progress: Reduced from ₹82 Crore to ₹0
- Cash & Cash Equivalents: Reduced from ₹81 Crore to ₹2 Crore
- Bank Balance Other Than Cash: Increased from ₹12 Crore to ₹25 Crore
- Total Assets: ₹529 Crore (vs ₹558 Crore in FY26)
Liabilities and Equity
- Equity share capital: Maintained at ₹39 Crore
- Other Equity: Increased from ₹181 Crore to ₹189 Crore
- Net Worth: Increased from ₹220 Crore to ₹228 Crore
- Non-Current Borrowings: Reduced from ₹162 Crore to ₹49 Crore
- Current Borrowings: Increased from ₹72 Crore to ₹147 Crore
- Total Equity & Liabilities: ₹529 Crore (vs ₹558 Crore in FY26)
Company Overview
Business Profile
- 30+ years in sterile liquids manufacturing
- Integrated LVPs & SVPs manufacturer
- WHO-GMP certified facility in Gujarat spanning 66,852 sq. meters
- 47 product portfolio across 6 therapeutic segments
- Exports to 120 international jurisdictions
Operational Metrics (FY26)
- Distributors & stockists: 320
- Team size: 506 employees
- ROE: 8.9%
- ROCE: 11.1%
- Networking Capital Days: 141 days
Manufacturing Capabilities
- LVP: 4 lines with total capacity of 12.28 crore units
- SVP: 3 lines with total capacity of 20.91 crore units
- Technologies: Aseptic Blow-Fill-Seal (ABFS) & Injection Stretch Blow Moulding (ISBM)
- Current Utilization: 96% across all parenteral lines
Therapeutic Segments
1. IV Fluids (Fluid Therapy)
2. Formulations (Anti-fungal, Anti-pyretic, Diuretics, Anti-biotic, Quinolones, Anti-anaerobic)
3. Diluents & Injectables
4. Ophthalmic
5. Respiratory Care
6. Irrigation Formulations Solutions
Leadership
Board of Directors
- Bhavesh Patel: Chairman and Managing Director (30+ years industry experience, Mechanical Engineer, Finance graduate)
- Pratik Gandhi: Non-Executive Director (Qualified cost and work accountant)
- Nimesh Patel: Non-Executive and Non-Independent Director (Wharton School graduate, Science in Economics)
- Anjali Choksi: Independent Director (Qualified chartered accountant, Ph.D in philosophy)
- Kshitij Patel: Independent and Non-Executive Director (Qualified chartered accountant)
- Nitin Jain: Independent Director (20+ years investment banking experience, Chemical Engineering graduate, Postgraduate from IIM Bengaluru)
Historical Financial Performance (FY23-FY26)
Revenue
- FY26: ₹288 Crore
- FY25: ₹275 Crore
- FY24: ₹280 Crore
- FY23: ₹259 Crore
PAT
- FY26: ₹15 Crore
- FY25: ₹11 Crore
- FY24: ₹4 Crore
- FY23: (₹2) Crore (loss)
Cash Flow
- FY26: Operating Activities ₹48 Crore, Investing Activities (₹94) Crore, Financing Activities ₹126 Crore