Investor Presentation Q1 FY27 Summary

Consolidated Financial Performance Q1 FY27

  • Revenue from Operations: ₹93.7 Cr (Q1 FY26: ₹116.0 Cr, -19.2% YoY)
  • Other Operating Revenue: ₹1.1 Cr (Q1 FY26: ₹1.1 Cr, +4.8% YoY)
  • Total Operating Revenue: ₹94.8 Cr (Q1 FY26: ₹117.1 Cr, -19.0% YoY)
  • EBITDA: ₹8.5 Cr (Q1 FY26: ₹13.8 Cr, -38.0% YoY)
  • EBITDA Margin: 9.1% (Q1 FY26: 11.9%, -280 bps)
  • PAT: ₹(3.6) Cr (Q1 FY26: ₹(0.9) Cr)
  • PAT Margin: (3.8%) (Q1 FY26: (0.8%), -300 bps)
  • Gross Profit: ₹47.4 Cr (flat YoY)
  • Gross Margin: 50.6% (Q1 FY26: 40.6%, +1000 bps)
  • Operating Expense: ₹38.9 Cr (+16.5% YoY)

Entity-wise Performance Q1 FY27

Bharat Parenterals (Standalone):

  • Revenue: ₹55.5 Cr (Q1 FY26: ₹94.4 Cr, -41.2% YoY)
  • EBITDA: ₹6.8 Cr (Margin: 12.3%)
  • PAT: ₹3.7 Cr (Margin: 6.6%)
  • Gross Margin: 39.8% (+636 bps YoY)
  • Order Book: ₹171 Cr (Tenders ₹119 Cr + Exports ₹33 Cr + International Tenders ₹20 Cr)

Innoxel Lifesciences (55.9% subsidiary):

  • Revenue: ₹21.4 Cr (Q1 FY26: ₹8.1 Cr, +164.8% YoY)
  • EBITDA: ₹(1.8) Cr (Margin: -8.5%)
  • PAT: ₹(10.4) Cr (Margin: -48.4%)
  • Cumulative Licensing Revenue: ₹72.4 Cr (FY26: ₹72.4 Cr)

Varenyam Healthcare (100% subsidiary):

  • Revenue: ₹25.1 Cr (Q1 FY26: ₹16.5 Cr, +52.2% YoY)
  • EBITDA: ₹3.1 Cr (Margin: 12.4%)
  • PAT: ₹2.8 Cr (Margin: 11.2%)
  • Field Strength: 211 MRs (+21 additions in FY26)
  • Hospitals Covered: 7,500+

Varenyam Bio Lifesciences (100% subsidiary):

  • Revenue: ₹0 Cr (pre-revenue stage)
  • EBITDA: ₹(0.09) Cr
  • PAT: ₹(0.09) Cr
  • CWIP: ₹33.22 Cr

Management Commentary

  • Revenue decline entirely attributable to standalone business, comparing against Q1 FY26 which included the opening tranche of ₹210 Cr institutional order
  • Gross profit held flat at ₹47.4 Cr despite revenue decline due to 1000 bps gross margin improvement
  • EBITDA decline entirely due to increased operating expenses at Innoxel and Varenyam Healthcare building ahead of contracted forward revenue
  • Subsidiaries now contribute 46% of consolidated revenue vs 21% a year ago

Operational Highlights

Regulatory Achievements (FY26):

  • USFDA inspection at Innoxel Baroda facility → EIR received → US commercial supply enabled
  • FAMHP (Belgium) EU-GMP inspection completed with zero critical/major observations
  • Audit clearances: Paraguay (valid to May-2027), Nigeria/NAFDAC (valid to Sep-2028), WHO-GMP renewed (valid to Oct-2028), State GLP & GMP renewed
  • 48 new product registrations across 40+ countries
  • 214 dossiers submitted in FY26

Infrastructure Updates:

  • BPL: ORABS upgrade on General Injectable Vial Line
  • New Water System in Beta-Lactam Block
  • Beta-Lactam structural upgrades for EU-GMP preparation
  • QC Lab expansion (ICPMS installed)
  • Robotic PFS filling line in Injectables

FY27 Guidance

Innoxel Lifesciences:

  • Revenue: ₹70-90 Cr (out-licensing revenue)
  • EBITDA Margin: 20-25%
  • First commercial CMO supply begins Q2 FY27
  • 2-3 CMO products commercializing during the year
  • 10 new filings planned (6 own + 4 CMO)
  • 20 new deals targeted (10 in advanced stages)
  • First own CDMO product expected Q3 FY28

Varenyam Healthcare:

  • Revenue Growth: 20-25% YoY
  • EBITDA Margin: 8-13%
  • Field force expansion to 250 MRs from 211
  • 7 new brand launches including Remishot (first made-in-India remifentanil)
  • Launch of Bhuvah gynaecology division

Varenyam Bio Lifesciences:

  • Project Budget: ₹160 Cr (civil 50% complete, 40% equipment ordered)
  • Commissioning targeted for September 2027
  • Line validation targeted for March 2028
  • First EU-GMP filing targeted Q1 FY29
  • First commercial supply targeted Q4 FY29

Industry Context

  • India pharma exports: US$31.1 bn FY26 (+2.1% YoY)
  • Domestic market (IPM): US$29 bn (₹2.46 lakh Cr), +8.6% MAT Mar-26
  • Institutional channel represents 31% of IPM
  • Complex generics market expected to double by 2035 to US$170 bn
  • Global CRDMO market: US$140-145 bn (India share: 2-3%)

Capital Structure

  • Total paid-up capital: 68,91,963 shares of ₹10 face value (68.92 lakh shares)
  • Promoter pledged: 0.00%
  • Shareholders on record: 3,059 (as of 30 June 2026)

Key Management Personnel

  • Mrs. Hima B. Desai - President Commercial
  • Mr. Bhahim B. Desai - Director Strategy & IR
  • Mr. Keval Shah - Vice President Operations