Bharat Parenterals FY26 Transition Year, Innoxel Inflection

Bharat Parenterals reported FY26 as a transition year with consolidated revenue of ₹345.4 crore, flat YoY, but EBITDA surged 485% to ₹15.8 crore.
Subsidiary Innoxel Lifesciences grew 174% to ₹72.4 crore revenue and turned EBITDA positive in Q4, while Varenyam Healthcare turned profitable with 13.7% growth.
Management provided FY27 guidance: standalone growth 10-15%, Innoxel growth 35-45% with 20-25% EBITDA margins, and Varenyam Healthcare growth 20-25%.
Key catalysts include EUGMP inspections in FY27, commercial CMO supply starting Q2 FY27 from Innoxel, and 10 new filings planned.