Bharat Parenterals Q2 PAT Jumps to ₹11.8 Crore

Revenue: ₹136.3 crore, up 110% YoY (from ₹64.6 crore) and up 45% sequentially (QoQ).
EBITDA: ₹23.6 crore, with an EBITDA margin of 17.3%.
Profit After Tax (PAT): ₹11.8 crore, compared to a loss of ₹8.6 crore in Q2FY26 and a loss of ₹3.6 crore in Q1FY27.
PAT attributable to owners: ₹9.4 crore. The minority share of profit (from Innoxel) was ₹2.4 crore.

Revenue: ₹230 crore, up 27% YoY.
EBITDA: ₹32.1 crore, up 120% YoY, with a margin of 14% (vs. 8.1% in H1FY26).
PAT: ₹8.3 crore, versus a loss of ₹9.5 crore in H1FY26.
PAT attributable to owners: ₹10.4 crore, roughly 10x the ₹1 crore in H1FY26. The minority share was a loss of ₹2.2 crore for the half.

Q2 Revenue: ₹78.6 crore, up 88.4% YoY and 41.5% QoQ.
H1 Revenue: ₹134.1 crore, broadly flat compared to ₹136.1 crore in H1FY26.
Q2 EBITDA: ₹7 crore, with a margin of 9% (down from 12.3% in Q1FY27). The decline was attributed to a sharp rise in input material costs, which increased by ~5 percentage points of revenue, pulling the gross margin down to 35% from 44.1% in Q2FY26.
H1 EBITDA: ₹13.9 crore, at a 10.3% margin.
Q2 PAT: ₹5.4 crore, up 98.7% YoY, with net margins improving to 6.9%.
Order Book: Stood at ₹117 crore as of September 30, 2026, across domestic tenders, exports, and international tenders.
Capacity Utilization (H1): General block ran at 70% (vs. 48.5% for FY26); Beta-lactam at 33% (vs. 21%); Cephalosporins at 31.5% (vs. 24%).
Cash Flow & Balance Sheet: Generated ₹65 crore cash from operations in H1; spent ~₹15 crore on capex. Trade receivables reduced to ₹105 crore from ₹120 crore in March 2026. Debt-to-equity is 0.08x. An investment of ₹56 crore represents surplus cash in market instruments.

Q2 Revenue: ₹44.5 crore, up 253% YoY and more than double Q1's ₹21.4 crore.
Q2 EBITDA: ₹14.6 crore, at a 33% margin, versus losses a year ago and in Q1.
Q2 PAT: ₹5.4 crore.
H1 Revenue: ₹65.9 crore, up 219% YoY (close to FY26 full-year revenue of ₹72.4 crore).
H1 EBITDA: ₹12.8 crore (just under 20% margin guidance). H1 PAT was a loss of ₹4.9 crore due to Q1 performance.
Key Development (Post-Q2): On October 20, 2026, the first product under a CMO agreement was exported to the US. This marks the start of recurring commercial supply. A second CMO product is expected to be commercialized within FY27 upon US FDA approval.
Pipeline: Working on 48 projects across 18-19 clients. The site has received its EIR from the US FDA and a GMP certificate from the Belgian regulator.

Q2 Revenue: ₹19.7 crore, up 33.2% YoY but down 21.5% QoQ (normal seasonal taper).
Q2 EBITDA: ₹1.8 crore, at a 9.2% margin.
Q2 PAT: ₹1 crore.
H1 Revenue: ₹44.9 crore, up 43.2% YoY.
H1 EBITDA margin: 11%; H1 PAT: ₹3.8 crore.
Field Force: 229 approved field representatives as of September-end, against a target of 250 by year-end.
New Division: "Bhuvah" in gynaecology/women's health is planned for launch later in FY27.

The board approved a preferential issue on September 29, 2026.
Details: 912,759 shares issued at ₹1,522.85 per share, raising approximately ₹139 crore from 15 non-promoter investors. Key participants include White Oak funds and Aur Rising Fund.
Shareholders approved the issue at an EGM on October 23, 2026.
Use of Proceeds: Up to ₹135 crore is earmarked for subsidiaries over the next two years. Crystal Ratings is the monitoring agency.
Impact on Ownership: Promoter holding reduced from 67.2% to 59.3%. There is no promoter pledge.

Standalone: Revenue growth of 10-15% on FY26 base of ₹234 crore; EBITDA margin of 10-15%.
Innoxel: Revenue growth of 35-45% (including licensing income of ~₹80-90 crore) at an EBITDA margin of 20-25%.
Varenyam Healthcare: Revenue growth of 20-25% at an EBITDA margin of 8-13%.
Varenyam Biolifesciences: Remains pre-revenue for FY27.

Since August 17, 2026, company shares are also tradable on the NSE under the symbol 'BPL Pharma'.
The shareholder base grew by 22% from the June quarter-end to the September quarter-end.

#Tags: #BharatParenterals #Q2Earnings #SEBIDisclosure #RegulatoryCompliance #FinancialUpdate #Positive