Amanta Healthcare Limited conducted its Q2 and H1 FY27 earnings conference call on November 4, 2026. The management presentation was led by Mr. Bhavesh Patel (Chairman and Managing Director) and Mr. Paras Mehta (Chief Financial Officer), moderated by Ms. Soumya from Go India Advisors LLP.

Financial Performance - Q2 FY27

  • Revenue from operations stood at ₹83.1 crore, up 17% year-on-year from ₹71 crore in Q2 FY26
  • EBITDA reached ₹18 crore, up 22% year-on-year
  • EBITDA margin remained healthy at 21.6%
  • Finance cost was ₹6 crore
  • Depreciation was ₹5 crore, up 13% due to new capacity coming online
  • Profit before tax and exceptional items grew 39% to ₹7 crore (highest since listing)
  • Profit after tax stood at ₹4.86 crore, up 26% year-on-year
  • PAT margin was approximately 6%

Financial Performance - H1 FY27

  • Revenue recorded at ₹151.9 crore, up 12% year-on-year
  • EBITDA increased to ₹33 crore, up 8%
  • EBITDA margin remained at approximately 22%
  • PAT was ₹8.17 crore, up 12% on half-yearly comparative basis

Operational Updates

SteriPort Line 3 Commissioning:

  • Commissioned in first week of September 2026 at existing Kheda facility
  • Increased SteriPort capacity by approximately 75% from ₹6.6 crores per year to ₹11.6 crores annually
  • Features technological advancements including process automation, server controls, and robotic operations
  • Expected to reach full ramp-up within next quarter (by November 20, 2026)
  • Currently running at 55% capacity with full utilization expected by November 20, 2026
  • Expected to contribute approximately ₹60 crores in top line for FY27

Captive Solar Plant:

  • 10.8 megawatt captive solar plant has been generating power since end of Q1 FY27
  • Expected to deliver approximately ₹9 crore of annual power cost savings
  • Provides structural cost advantage and strengthens ESG profile

Balance Sheet Strength:

  • Debt-to-equity ratio reduced from 3.5x in FY23 to approximately 1.1 in FY26
  • Total borrowing as of September end: ₹190 crore (includes ₹45 crore working capital)
  • Term debt excluding working capital: ₹150 crore
  • Expected debt by end of FY27: ₹130 crore plus working capital (₹175-180 crore total)
  • Annual repayment scheduled at roughly ₹35 crores, including solar loans
  • Expected debt reduction to ₹100 crore term loan plus ₹50 crore working capital in 2 years

Growth Strategy and Future Outlook

Three Growth Pillars:

1. Market Depth: Expanding wallet share with complex dosage forms and niche molecules across anti-infectives, respiratory, and ophthalmics. 32% of Q2 FY27 revenue came from international markets.

2. Manufacturing Scale: Next expansion in small volume parenterals (SVP) with capacity increase of 52% from ₹20.9 crores to ₹31 crores during Q1 FY28.

3. Efficiency: New lines share existing infrastructure, workforce, and utilities providing operating leverage.

SVP Expansion Details:

  • Primarily aimed at inhalation solutions and ophthalmics
  • 20 products in pipeline (12 in SVP split between inhalation and ophthalmics)
  • Inhalation portfolio of 6 products (2 already commercialized, additional 6 to be developed)
  • Entire portfolio expected to be developed and commercialized by end of calendar year 2027
  • Focus on preservative-free multi-dose ophthalmic dosage forms

Financial Guidance:

  • 2-year aim: Revenue growth of 20%-plus CAGR and EBITDA margins of 25%-plus
  • FY27 top line guidance: ₹420-430 crore
  • FY28 SVP contribution: Approximately ₹16 crore (conservative estimate)
  • Licensing and contract revenue: ₹25-30 crore annually

Market and Product Details

SteriPort Market Position:

  • Current utilization of entire plant: 95-97%
  • SteriPort addresses high-value therapies including onco care, critical care, anesthesia, and pediatrics
  • Company has marketed over 35 crore bottles of SteriPort since 2016 with no fungal contamination complaints
  • Distribution through 200-250 channel partners across India
  • SteriPort alone represents approximately 6% market share

Raw Material Challenges:

  • Absorbed 70%+ increase in polymer prices linked to oil price volatility
  • Implemented price increases ranging from ₹0.70 to ₹1.80 per bottle (average ~₹1, approximately 4.5%)
  • Expect normalization of polymer prices in 3-6 months

Regulatory and International Expansion:

  • Planning regulatory filings for advanced markets (Australia, Canada, South Africa, Europe) starting January-February 2027
  • Focus on inhalation and ophthalmic products for regulated markets
  • MedSafe initiated for device category products
  • Long-term vision includes setting up captive unit for glass packaging (vials, ampoules, cartridges)

Management Commentary

Mr. Bhavesh Patel emphasized the company's focus on:

  • Converting from conventional pack to 2 port system
  • Developing therapeutic segments beyond classic fluid therapy
  • Maintaining SteriPort's enhanced safety profile and absolute sterilization standards
  • Targeting ICUs, onco care, intensive cardiac, pediatric, anesthetist, and intensivist segments

Mr. Paras Mehta provided detailed financial metrics and debt reduction roadmap, highlighting the company's improved financial headroom for disciplined growth funding.