Financial Performance (Quarter Ended September 30, 2026)

Revenue & Profitability:

  • Revenue from operations: ₹18,524.14 lakhs
  • Other income: ₹60.84 lakhs
  • Total revenue: ₹18,584.98 lakhs
  • Profit before tax: ₹1,504.77 lakhs
  • Tax expense: ₹383.46 lakhs (Current tax: ₹393.40 lakhs, Deferred tax: ₹-9.94 lakhs)
  • Profit after tax: ₹1,121.31 lakhs
  • Total comprehensive income: ₹1,134.31 lakhs
  • Basic and diluted EPS: ₹1.12

Expenses Breakdown:

  • Cost of materials consumed: ₹14,182.71 lakhs
  • Purchases of stock-in-trade: ₹48.02 lakhs
  • Changes in inventories: ₹-453.59 lakhs
  • Employee benefits expense: ₹745.78 lakhs
  • Finance costs: ₹5.18 lakhs
  • Depreciation and amortization: ₹245.18 lakhs
  • Other expenses: ₹2,306.93 lakhs
  • Total expenses: ₹17,080.21 lakhs

Comparative Performance:

  • Revenue increased marginally from ₹18,588.27 lakhs in Q2 FY2026 to ₹18,524.14 lakhs in Q2 FY2027
  • Net profit increased 47% from ₹761.25 lakhs in Q2 FY2026 to ₹1,121.31 lakhs in Q2 FY2027
  • EBITDA: ₹1,755.13 lakhs (9.47% margin) vs ₹1,285.80 lakhs (6.92% margin) in Q2 FY2026
  • Adjusted EBITDA (excluding forex gain/loss and other income): ₹1,873.67 lakhs (10.11% margin)

Half-Year Performance (April-September 2026)

Financial Results:

  • Revenue from operations: ₹37,905.18 lakhs
  • Other income: ₹368.51 lakhs
  • Total revenue: ₹38,273.69 lakhs
  • Profit before tax: ₹3,197.58 lakhs
  • Tax expense: ₹933.78 lakhs
  • Profit after tax: ₹2,263.80 lakhs
  • Total comprehensive income: ₹2,273.51 lakhs
  • Basic and diluted EPS: ₹2.26

Comparative Performance:

  • Revenue increased from ₹37,236.21 lakhs in H1 FY2026 to ₹37,905.18 lakhs in H1 FY2027
  • Net profit increased 42% from ₹1,591.37 lakhs in H1 FY2026 to ₹2,263.80 lakhs in H1 FY2027
  • EBITDA: ₹3,691.57 lakhs (9.74% margin) vs ₹2,653.74 lakhs (7.13% margin) in H1 FY2026
  • Adjusted EBITDA: ₹3,688.11 lakhs (9.73% margin)

Balance Sheet Position (As at September 30, 2026)

Assets:

  • Total assets: ₹55,366.04 lakhs (vs ₹55,736.79 lakhs as at March 31, 2026)
  • Non-current assets: ₹8,727.31 lakhs
  • Property, plant and equipment: ₹4,472.49 lakhs
  • Capital work-in-progress: ₹24.97 lakhs
  • Intangible assets: ₹43.57 lakhs
  • Right of use assets: ₹797.28 lakhs
  • Financial assets: ₹3,105.05 lakhs (Investments: ₹2,506.52 lakhs, Other financial assets: ₹598.53 lakhs)
  • Deferred tax assets: ₹255.76 lakhs
  • Other non-current assets: ₹28.19 lakhs
  • Current assets: ₹46,638.73 lakhs
  • Inventories: ₹17,245.36 lakhs
  • Financial assets: ₹28,900.88 lakhs (Investments: ₹8,778.46 lakhs, Trade receivables: ₹18,978.01 lakhs, Cash and cash equivalents: ₹939.93 lakhs, Other bank balances: ₹44.89 lakhs, Loans and advances: ₹106.09 lakhs, Other financial assets: ₹53.50 lakhs)
  • Other current assets: ₹492.49 lakhs

Equity and Liabilities:

  • Total equity: ₹35,992.38 lakhs
  • Equity share capital: ₹5,011.20 lakhs (face value ₹5 each)
  • Other equity: ₹30,981.18 lakhs
  • Non-current liabilities: ₹184.57 lakhs (Provisions)
  • Current liabilities: ₹19,189.09 lakhs
  • Financial liabilities: ₹17,799.63 lakhs (Borrowings: ₹1,947.58 lakhs, Trade payables: ₹14,656.95 lakhs, Other financial liabilities: ₹1,195.14 lakhs)
  • Other current liabilities: ₹1,235.09 lakhs
  • Provisions: ₹31.37 lakhs
  • Current tax liabilities: ₹122.96 lakhs

Cash Flow Statement (Half Year Ended September 30, 2026)

Operating Activities:

  • Cash generated from operations: ₹3,365.97 lakhs
  • Direct taxes paid: ₹697.74 lakhs
  • Net cash from operations: ₹2,668.23 lakhs

Investing Activities:

  • Sale of investments: ₹1,454.34 lakhs
  • Purchase of investments: ₹4,295.08 lakhs
  • Purchase of property, plant and equipment: ₹189.81 lakhs
  • Sale of property, plant and equipment: ₹0.71 lakhs
  • Interest received: ₹44.15 lakhs
  • Dividend received: ₹3.17 lakhs
  • Net cash used in investing activities: ₹2,982.52 lakhs

Financing Activities:

  • Proceeds from borrowings: ₹1,947.58 lakhs
  • Payment of lease liabilities: ₹5.90 lakhs
  • Finance costs paid: ₹10.78 lakhs
  • Dividend paid: ₹1,482.65 lakhs
  • Net cash from financing activities: ₹448.25 lakhs

Net Result:

  • Net increase in cash and cash equivalents: ₹133.96 lakhs
  • Cash and cash equivalents at beginning: ₹805.97 lakhs
  • Cash and cash equivalents at end: ₹939.93 lakhs

Additional Notes

Capital Structure:

  • Paid-up equity share capital remains unchanged at ₹5,011.20 lakhs (100,224,000 shares of ₹5 each)
  • The company issued bonus shares in 1:1 ratio on July 16, 2025, utilizing general reserves
  • All share and per share information reflects the effect of the bonus share issuance

Segment Information:

  • The company has identified Bulk Drug and Chemicals as its only primary reportable segment
  • No separate segment information provided as per Ind AS 108 requirements

Subsidiaries and Associates:

  • The company does not have any subsidiary, associate, or joint ventures as of September 30, 2026

Auditor's Review:

  • Jayantilal Thakkar & Co. conducted a limited review of the financial results
  • Based on their review, nothing came to their attention suggesting material misstatement
  • The review was conducted in accordance with SRE 2410 issued by ICAI