Summary of Key Information:
Reporting Period: Quarter and half-year ended 30th September, 2026
Nature of Filing / Announcement: Outcome of Board Meeting and Financial Results under SEBI LODR Regulations
Audit Opinion:
Clean/Unmodified opinion. The limited review report states: "nothing has come to our attention that causes us to believe that the accompanying Statement... contains any material misstatement."
Key Financial Highlights [Amounts in Indian Rupees]:
Consolidated Results:
Revenue from Operations:
- Q2 FY27: ₹137.49 Cr (vs ₹103.39 Cr in Q2 FY25, +32.97% YoY)
- H1 FY27: ₹263.04 Cr (vs ₹203.59 Cr in H1 FY25, +29.20% YoY)
Total Income:
- Q2 FY27: ₹139.24 Cr
- H1 FY27: ₹266.37 Cr
EBITDA:
- H1 FY27: ₹61 Cr (vs ₹47 Cr in H1 FY26, +29.79% YoY)
- EBITDA Margins: 23.18% (including other income) vs 23.08% in H1 FY26
Net Profit (excluding minority interest):
- H1 FY27: ₹34.3 Cr (vs ₹23.9 Cr in H1 FY25, +43.51% YoY)
- Q2 FY27: ₹18.55 Cr (vs ₹12.22 Cr in Q2 FY25, +51.80% YoY)
EPS:
- Basic EPS (H1 FY27): ₹31.37
- Diluted EPS (H1 FY27): ₹31.37
Paid-up Equity Share Capital: ₹11,12,12,550.00
Standalone Results:
Revenue from Operations:
- H1 FY27: ₹113.84 Cr (vs ₹120.81 Cr in H1 FY25, -5.77% YoY)
Net Profit:
- H1 FY27: ₹9.64 Cr (vs ₹5.75 Cr in H1 FY25, +67.65% YoY)
EPS:
- Basic EPS (H1 FY27): ₹8.84
- Diluted EPS (H1 FY27): ₹8.84
Segment-wise Performance:
The company operates in a single business segment - Pharmaceuticals, with the following sub-segment performance:
- Branded Oncology: Grew by 17% in H1 FY27, impacted by production shutdown for debottlenecking and capacity expansion. Expected to reach ₹150 Cr in FY27 with medium-term growth outlook of 20-22%.
- CMO Business: Grew by 217% in H1 FY27 due to new customer additions and new product offerings.
- Nivian Lifesciences (66.09% subsidiary): Delivered 75% pro-forma growth in H1 FY27, with penetration into marquee IVF chains.
- Exports: Rebounded with 95% growth in Q2 FY27. Filed 59 dossiers across LATAM, MENA, and APAC markets in H1 FY27.
- Derma Segment: Signed exclusive licensing agreement with Frezyderm for high-end cosmeceutical products in India.
- API Segment: Witnessed 29% growth in H1 FY27 with additional capacity expected in Q4 FY27.
Margin Analysis:
Gross Margins expanded by 486 basis points to 56.21% in H1 FY27 compared to 51.35% in H1 FY26, reflecting higher realizations across businesses.
Corporate Actions:
Not Specified
Other Significant Information:
- Backward integration at API plant progressing as per schedule, commercial production expected in Q4 FY27
- Net cash position of ₹55 Cr with healthy internal cash generation at 50% of EBITDA (OCF)
- Company launched 4 new products in Branded Oncology in H1 FY27 (1 NDDS and 3 new formulations)
- Targets to launch at least 4 more products in H2 FY27 with pipeline of 15+ products under development
- Total product registrations reached 415 with 800+ products under development
- Current installed capacities sufficient to meet FY29/30 targets
Capital Allocation Priorities:
1. Product registrations for key export markets
2. R&D for new product development and novel formulations
3. Investing in supply chain efficiencies to improve Nivian's operating margins
4. Opportunistic investments for entry into new areas of oncology including biosimilars
5. Attracting and retaining high quality talent
Outlook:
- Management expects FY27 revenue of ₹535+ Cr with EBITDA margins of 23-24%
- Expects much stronger H2 FY27 compared to H1
- Maintains growth outlook of >20% for Branded Oncology over medium term
- Expects 30% growth in exports segment for FY27
- Targets >50% growth for Nivian in FY27
- Expects 20% growth in Derma business for FY27
- Plans to launch ~15 new products including novel formulations by FY28
Entities Included in Consolidation:
- Adley Formulations Private Limited (Indian Subsidiary, wholly owned)
- Adley Lab Limited (Indian Subsidiary, wholly owned)
- Beta Research Private Limited (Indian Subsidiary, wholly owned)
- Nivian Lifesciences Private Limited (Indian Subsidiary, 66.09% owned)