Financial Performance Summary

Q2 FY27 Results:

  • Revenue from operations: ₹175.9 Crore, up 18.9% YoY and 6.2% sequentially
  • Gross profit: ₹85.4 Crore, up 12.4% YoY
  • Gross margin: 48.3% (in line with Q1 FY27)
  • EBITDA: ₹32.1 Crore, up 12.2% YoY
  • EBITDA margin: 18.2% (improved from 17.8% in Q1 FY27)
  • Profit after tax: ₹14.1 Crore, up 26.9% YoY
  • PAT margin: 8.0% (improved from 7.5% in Q2 FY26)

H1 FY27 Results:

  • Revenue from operations: ₹341.5 Crore, up 15.1% YoY
  • Gross profit: ₹165.8 Crore, up 14.2% YoY
  • Gross margin: 48.3%
  • EBITDA: ₹61.7 Crore, up 14.2% YoY
  • EBITDA margin: 18.1%
  • Profit after tax: ₹27.8 Crore, up 21.1% YoY
  • PAT margin: 8.1% (improved from 7.7% in H1 FY26)

Segment-wise Performance

API — Domestic:

  • Q2 FY27: ₹71.6 Crore (compared to ₹76.3 Crore in Q2 FY26)
  • H1 FY27: ₹163.9 Crore, up 10.1% YoY

API — Exports:

  • Q2 FY27: ₹62.6 Crore, up 28.5% YoY from ₹48.7 Crore in Q2 FY26 and 25.1% sequentially

Formulations:

  • Q2 FY27: ₹41.7 Crore, up ~82% YoY from ₹22.9 Crore in Q2 FY26 and ~79% sequentially
  • Segment has normalized as expected at the end of Q1 FY27

Business Updates and Regulatory Developments

  • Became first company in India to receive approval from Drug Controller General of India (DCGI) to manufacture and market Cenobamate API and Tablets in six strengths
  • Cenobamate is a next-generation anti-seizure medication for treatment of partial-onset seizures in adults
  • Commercial launch of Cenobamate Tablets commenced in September 2026 through 8 marketing partners
  • Received NCLT approval for acquisition of GenRx to expand formulation capabilities
  • Progressing with ANVISA GMP certification process with 17 products identified for CBPF submission
  • Filed 12 CEPs to date (8 approved, 4 under review)
  • Secured KDMF approvals for two additional products, bringing total to 17 KDMF registered with MFDS
  • Registered three products under whitelist registration process in Egypt, with plans to add 10 more products
  • Peptide facility remains on track for commissioning in Q4 FY27

Credit Rating Update

India Ratings & Research upgraded the Company's long-term rating from INA A-/Stable to IND A/Stable and affirmed the short-term rating at IND A1, reflecting strengthened balance sheet and improved operating performance.

Management Commentary

Mr. Anil Jain, Managing Director, stated that the company delivered strong second quarter with healthy growth across key financial parameters. API exports and formulations business combined crossed ₹100 Cr in revenue in Q2 FY27. Formulations rebounded strongly as expected, growing 82% YoY, while API exports grew 28.5% YoY. The Cenobamate approval reinforces the company's commitment to building a differentiated specialty portfolio.

Earnings Call Information

The Company will host an earnings call on Monday, 19th October, 2026, at 5 PM IST. Access details:

  • Audio Conference: Universal Dial In: +91 22 6280 1550 / +91 22 7115 8378
  • International Toll Free: Hong Kong: 800964448, UK: 08081011573, Singapore: 8001012045, USA: 18667462133
  • Webcast: Details available on Company's website www.bajajhealth.com