Consolidated Financial Performance (Q2 FY27)

  • Revenue from Operations: ₹136.3 Cr, up 110.9% YoY from ₹64.6 Cr in Q2 FY26 and up 45.4% QoQ from ₹93.7 Cr in Q1 FY27
  • Other Income: ₹2.5 Cr, down 28.1% YoY from ₹3.5 Cr
  • Total Income: ₹138.8 Cr, up 103.7% YoY from ₹68.2 Cr
  • EBITDA (before other income): ₹23.6 Cr, up 2,850% YoY from ₹0.8 Cr, with margin of 17.3% vs 1.3% in Q2 FY26 (+1,603 bps)
  • PAT: ₹11.8 Cr vs loss of ₹(8.6) Cr in Q2 FY26, with margin of 8.7% vs (13.3%) (+2,199 bps)
  • PAT to Owners: ₹9.4 Cr vs loss of ₹(7.2) Cr in Q2 FY26

Consolidated Financial Performance (H1 FY27)

  • Revenue from Operations: ₹230.0 Cr, up 27.3% from ₹180.6 Cr in H1 FY26
  • Other Income: ₹3.7 Cr, down 20.5% from ₹4.6 Cr
  • Total Income: ₹233.7 Cr, up 26.2% from ₹185.2 Cr
  • EBITDA: ₹32.1 Cr, up 120% from ₹14.6 Cr, with margin of 14.0% vs 8.1% (+588 bps)
  • PAT: ₹8.3 Cr vs loss of ₹(9.5) Cr in H1 FY26, with margin of 3.6% vs (5.2%) (+884 bps)
  • PAT to Owners: ₹10.4 Cr vs ₹1.0 Cr in H1 FY26

Entity-wise Performance (Q2 FY27)

Sum-of-parts analysis (before eliminations):

  • BPL Standalone: Revenue ₹78.6 Cr, EBITDA ₹7.0 Cr (9.0% margin), PAT ₹5.4 Cr (6.9% margin)
  • Innoxel Lifesciences: Revenue ₹44.5 Cr, EBITDA ₹14.6 Cr (32.9% margin), PAT ₹5.4 Cr (12.2% margin)
  • Varenyam Healthcare: Revenue ₹19.7 Cr, EBITDA ₹1.8 Cr (9.2% margin), PAT ₹1.0 Cr (5.1% margin)
  • Varenyam Bio: Revenue ₹0.0 Cr, EBITDA loss of ₹(0.1) Cr, PAT loss of ₹(0.1) Cr

Entity-wise Performance (H1 FY27)

  • BPL Standalone: Revenue ₹134.1 Cr, EBITDA ₹13.9 Cr (10.3% margin), PAT ₹9.1 Cr (6.8% margin)
  • Innoxel Lifesciences: Revenue ₹65.9 Cr, EBITDA ₹12.8 Cr (19.4% margin), PAT loss of ₹(4.9) Cr
  • Varenyam Healthcare: Revenue ₹44.9 Cr, EBITDA ₹4.9 Cr (11.0% margin), PAT ₹3.8 Cr (8.5% margin)
  • Varenyam Bio: Revenue ₹0.0 Cr, EBITDA loss of ₹(0.2) Cr, PAT loss of ₹(0.2) Cr

Key Operational Highlights

BPL Standalone:

  • Order book of ₹117.83 Cr as of 30-Sep-2026 (Domestic tenders: ₹65.6 Cr, Exports: ₹30.73 Cr, International tenders: ₹21.5 Cr)
  • H1 FY27: 30 product registrations and 43 dossiers submitted
  • Manufacturing capacity: General block (70.0% utilization H1), Beta-Lactam (33% utilization H1), Cephalosporin (31.5% utilization H1)
  • Gross margin: 34.8% in Q2 FY27 vs 44.1% in Q2 FY26 and 39.8% in Q1 FY27

Innoxel Lifesciences (55.9% subsidiary):

  • First US commercial CMO product launched by sponsor on 20-Oct-2026
  • Cumulative deals signed: 42 since inception (7 out-licensing + 16 CMO/CDO in FY26)
  • Regulatory status: USFDA EIR received for Apr-May 2025 inspection; EU-GMP certificate from FAMHP (Belgium) covering all four lines (Mar-2026)
  • FY27 target: 20 deals (H1 signed: 6 deals)

Varenyam Healthcare (100% subsidiary):

  • Field strength: 229 MRs targeting 250 by FY27
  • PCPM: ₹3.90 lakh per MR per month
  • Distribution: 10 owned depots, 800+ channel partners across 26 states, covering 7,500+ hospitals
  • Bhuvah gynaecology division launching in FY27

Varenyam Bio Lifesciences (100% subsidiary):

  • Strategic shift approved by Board on 11-Aug-2026 to biologics and biosimilars CDMO plus small-molecule oncology block
  • Phase 1 capex increased to ₹300 Cr from ₹150 Cr
  • Target markets: US, EU, and SRA Rest-of-World with USFDA, EU-GMP and ANVISA approvals pursued
  • Construction targeted for completion by Q2 2028
  • Q2 FY27: Operating cost ₹0.14 Cr, CWIP ₹33.70 Cr, borrowings ₹8.39 Cr, net worth ₹28.08 Cr

Corporate Developments

  • Preferential Issue: ₹139 Cr at ₹1,522.85 per share to 15 non-promoter investors approved by Board on 29-Sep-2026 (WhiteOak: ₹100 Cr; Aurum, Perpetuity others)
  • EGM: Held on 23-Oct-2026 with Crisil as monitoring agency
  • AGM: 33rd AGM held on 19-Sep-2026 with ₹1 per share FY26 dividend
  • Listing: Tradeable on NSE (BPLPHARMA) from 17-Aug-2026
  • Management: Hemang Shah re-appointed Executive Director to Jul-2031

Forward-looking Statements

Document contains forward-looking statements subject to risks and uncertainties including strategy implementation, growth plans, regulatory approvals, provisioning policies, technological changes, and market risks. Company does not undertake obligation to update forward-looking statements.