Financial Performance Highlights

Q2 FY27 vs Q1 FY27 (QoQ)

  • Revenue from Operations: ₹3,757mn in Q2 FY27 vs ₹2,931mn in Q1 FY27, representing 28.2% growth
  • EBITDA: ₹1,188mn (31.6% margin) in Q2 FY27 vs ₹981mn (33.5% margin) in Q1 FY27, 21.1% increase
  • PAT: ₹1,025mn (27.3% margin) in Q2 FY27 vs ₹783mn (26.7% margin) in Q1 FY27, 31.0% increase
  • Other Income: Increased by ₹110mn (72%) during Q2 September 2026
  • Revenue growth driven by strong performance in Pharma Intermediates & API category (52% growth) and Contrast Media (25% growth)

Q2 FY27 vs Q2 FY26 (YoY)

  • Revenue from Operations: ₹3,757mn in Q2 FY27 vs ₹1,655mn in Q2 FY26, representing 127.1% growth
  • EBITDA: ₹1,188mn (31.6% margin) in Q2 FY27 vs ₹549mn (33.2% margin) in Q2 FY26, 116.1% increase
  • PAT: ₹1,025mn (27.3% margin) in Q2 FY27 vs ₹521mn (31.5% margin) in Q2 FY26, 96.6% increase
  • Growth driven by higher sales in PI & API Category (322% increase) and Contrast Media (80% increase)

H1 FY27 vs H1 FY26

  • Revenue from Operations: ₹6,689mn in H1 FY27 vs ₹5,202mn in H1 FY26, 28.6% increase
  • EBITDA: ₹2,168mn (32.4% margin) in H1 FY27 vs ₹1,759mn (33.8% margin) in H1 FY26, 23.2% increase
  • PAT: ₹1,808mn (27.0% margin) in H1 FY27 vs ₹1,433mn (27.5% margin) in H1 FY26, 26.1% increase
  • Other Income: Increased by 27% to ₹414mn in H1 FY27 from ₹325mn in H1 FY26, mainly due to higher net foreign exchange gain

Detailed Financial Statements

Profit and Loss Statement (₹ Mn)

| Particulars | Q2 FY27 | Q1 FY27 | Q2 FY26 | H1 FY27 | H1 FY26 |

| Revenue from Operations | 3,757 | 2,931 | 1,655 | 6,689 | 5,202 |

| Cost Of Goods Sold | 1,933 | 1,371 | 579 | 3,304 | 2,408 |

| Gross Profit | 1,824 | 1,560 | 1,076 | 3,384 | 2,795 |

| Gross Margin | 48.5% | 53.2% | 65.0% | 50.6% | 53.7% |

| Employee benefits expenses | 204 | 201 | 186 | 405 | 360 |

| Other expenses | 433 | 378 | 341 | 811 | 676 |

| EBITDA | 1,188 | 981 | 549 | 2,168 | 1,759 |

| EBITDA Margin | 31.6% | 33.5% | 33.2% | 32.4% | 33.8% |

| Depreciation and amortization | 69 | 67 | 59 | 136 | 116 |

| PBIT | 1,380 | 1,066 | 734 | 2,446 | 1,969 |

| Finance costs | 6 | 7 | 46 | 13 | 53 |

| Other Income | 262 | 152 | 243 | 414 | 325 |

| PBT | 1,374 | 1,059 | 687 | 2,433 | 1,916 |

| Tax Expense | 349 | 277 | 166 | 626 | 483 |

| PAT | 1,025 | 783 | 521 | 1,808 | 1,433 |

| PAT Margin | 27.3% | 26.7% | 31.5% | 27.0% | 27.5% |

Historical Financial Performance (₹ Mn)

| Particulars | FY22 | FY23 | FY24 | FY25 | FY26 | H1 FY27 |

| Revenue from Operations | 6,835 | 7,210 | 7,116 | 10,300 | 9,473 | 6,689 |

| PAT | 1,816 | 1,600 | 1,637 | 3,052 | 2,478 | 1,808 |

Balance Sheet Position as of September 30, 2026 (₹ Mn)

  • Property, plant and equipment: ₹2,679
  • Other non-current assets: ₹5,201
  • Inventories: ₹2,513
  • Trade receivables: ₹4,447
  • Investments (Current): ₹6,046
  • Cash and cash equivalents: ₹767
  • Total Assets: ₹25,839
  • Total Equity: ₹22,986
  • Total Liabilities: ₹2,853
  • Zero borrowings (both current and non-current)

Business Updates and Operational Highlights

R&D and Product Development

  • New R&D centre at Hyderabad facilities operational with 40 resources onboarded
  • Successfully delivered and validated a new Contrast Media Intermediate to an innovator
  • Successfully developed Amino Acid Derivatives for Peptide Fragments, to be commercialized/shipped during Q4 FY27
  • Company has commercialized 19 products for contrast media, 4 for high intensity sweeteners, and 28 for pharma intermediates and APIs

Market Position and Business Model

  • Specialty pharmaceutical and healthcare ingredient and intermediate company
  • CDMO business approach: "Collaboration, Development, Manufacturing"
  • Three main product categories: Contrast Media Intermediates, High Intensity Sweeteners, Pharma Intermediates & API
  • Global Contrast Media market highly concentrated with top companies holding ~75% of global sales
  • Focus on three niche areas in CDMO services: Investigational new drugs/NCEs, patented drugs, and genericized niche drugs

Shareholder Information as of September 30, 2026

  • Market Cap: ₹10,198 Cr (BSE)
  • Free-float: 26.9%
  • Free-float market cap: ₹2,739 Cr
  • Cash & Cash Equivalents + Treasury Investment: ₹4,946 Mn
  • Shares Outstanding: 18,92,75,701
  • 3M ADTV (Shares): 8,69,156
  • 3M ADTV (INR Cr): 51.3

Management and Governance

  • Executive Chairman: Akshay Bansarilal Arora (3+ decades experience)
  • Managing Director: Shiven Akshay Arora (6+ years experience)
  • Executive Director, Head – Marketing: Naresh Suryakant Shah
  • Chief Financial Officer: Ganesh Karuppannan
  • Chief Operating Officer: Vimalendu Kumar Singh (V.K. Singh)
  • President – Research and Development: Chandrashekar Parenky
  • Company Secretary and Compliance Officer: Sweta Poddar
  • Board includes 5 independent directors with diverse expertise

Growth Strategy

  • Continue forward integration into more advanced intermediates for Contrast Media
  • Leverage long-standing customer relationships to enter adjacencies in pharma intermediate and API category
  • Strengthening R&D capabilities with new Hyderabad facility
  • Sustainability initiatives on energy efficiency, renewable energy, and water conservation