Financial Performance - Q2FY27 vs Q2FY26

  • Revenue from Operations: ₹309.1 Cr (vs ₹247.1 Cr), up 25.1% YoY
  • Cost of Goods Sold: ₹73.6 Cr (vs ₹49.0 Cr)
  • Gross Profit: ₹235.5 Cr (vs ₹198.0 Cr), up 18.9% YoY
  • Gross Profit Margin: 76.2% (vs 80.2%)
  • Employee Cost: ₹52.3 Cr (vs ₹44.5 Cr)
  • Other Expenses: ₹78.8 Cr (vs ₹65.1 Cr)
  • EBITDA: ₹104.4 Cr (vs ₹88.5 Cr), up 18.0% YoY
  • EBITDA Margin: 33.8% (vs 35.8%)
  • Depreciation: ₹18.4 Cr (vs ₹18.4 Cr)
  • Other Income: ₹10.2 Cr (vs ₹13.4 Cr)
  • EBIT: ₹96.2 Cr (vs ₹83.4 Cr), up 15.3% YoY
  • Finance Cost: ₹0.0 Cr (vs ₹0.1 Cr)
  • Share in Profit/(loss) in JV and Associates: -₹0.7 Cr (vs ₹2.3 Cr)
  • Profit before Tax: ₹95.5 Cr (vs ₹85.7 Cr)
  • Tax: ₹25.9 Cr (vs ₹22.6 Cr)
  • PAT: ₹69.6 Cr (vs ₹63.1 Cr), up 10.3% YoY
  • PAT Margin: 22.5% (vs 25.5%)

Financial Performance - H1FY27 vs H1FY26

  • Revenue from Operations: ₹566.6 Cr (vs ₹451.1 Cr), up 25.6% YoY
  • Cost of Goods Sold: ₹127.9 Cr (vs ₹94.1 Cr)
  • Gross Profit: ₹438.7 Cr (vs ₹356.9 Cr), up 22.9% YoY
  • Gross Profit Margin: 77.4% (vs 79.1%)
  • Employee Cost: ₹96.0 Cr (vs ₹82.4 Cr)
  • Other Expenses: ₹156.0 Cr (vs ₹124.7 Cr)
  • EBITDA: ₹187.0 Cr (vs ₹150.0 Cr), up 24.6% YoY
  • EBITDA Margin: 33.0% (vs 33.2%)
  • PAT: ₹127.3 Cr (vs ₹107.0 Cr), up 19.0% YoY
  • PAT Margin: 22.5% (vs 23.7%)

Adjusted EBITDA Margins

EBITDA margins excluding impact of Injectable Facility & Expenses related to Stellon Biotech stood at 37.1% for Q2FY27 and 37.8% for H1FY27.

Business Updates and Operational Highlights

  • Launched new dermatology division "Inspira" with science-led skin solutions portfolio
  • Received ANDA approvals for Tofacitinib and MMF OS
  • Completed USFDA inspection at Unit II formulation facility in Valthera, Ahmedabad with one minor procedural observation unrelated to GMP
  • Witnessed broad-based growth across all product categories and geographies
  • Increased wallet share among existing customers and added new products
  • Expanded customer base with advanced discussions with large customers
  • Maintains robust product pipeline with target to launch 2-3 products every year
  • Board approved 1:1 bonus share issuance

Balance Sheet Position (as of September 2026 vs March 2026)

  • Total Assets: ₹2,326.9 Cr (vs ₹2,234.7 Cr)
  • Non-Current Assets: ₹1,036.3 Cr (vs ₹984.6 Cr)
  • Property Plant & Equipment: ₹759.6 Cr (vs ₹785.7 Cr)
  • CWIP: ₹111.7 Cr (vs ₹78.2 Cr)
  • Current Assets: ₹1,290.7 Cr (vs ₹1,250.1 Cr)
  • Inventories: ₹397.8 Cr (vs ₹326.4 Cr)
  • Trade Receivables: ₹412.5 Cr (vs ₹460.2 Cr)
  • Cash & Cash Equivalents: ₹7.7 Cr (vs ₹13.6 Cr)
  • Total Equity: ₹2,071.9 Cr (vs ₹2,015.1 Cr)
  • Share Capital: ₹10.5 Cr (unchanged)
  • Non-Current Liabilities: ₹53.4 Cr (vs ₹50.5 Cr)
  • Current Liabilities: ₹201.7 Cr (vs ₹169.1 Cr)

Cash Flow Statement (H1FY27 vs H1FY26)

  • Net Profit Before Tax: ₹173.8 Cr (vs ₹144.4 Cr)
  • Cash generated from Operations: ₹221.5 Cr (vs ₹213.0 Cr)
  • Direct taxes paid: ₹53.3 Cr (vs ₹61.9 Cr)
  • Net Cash from Operating Activities: ₹168.2 Cr (vs ₹151.1 Cr)
  • Net Cash from Investing Activities: -₹93.3 Cr (vs -₹21.3 Cr)
  • Net Cash from Financing Activities: -₹79.6 Cr (vs -₹113.4 Cr)
  • Net Decrease in Cash: -₹4.7 Cr (vs increase of ₹16.4 Cr)

Manufacturing Capacity Overview

  • Four manufacturing facilities in Ahmedabad, Gujarat
  • Unit I (API, Dholka): 112,302 sq.m. site area, 450 m³ installed capacity
  • Unit II (Formulations, Valthera): 94,826 sq.m. site area, 869 Mn units installed capacity
  • Unit III (API, Limbasi): 596,309 sq.m. site area, 800 m³ installed capacity
  • Unit IV (Injectables, Valthera): 36,441 sq.m. site area, 13 Mn liquid vials, 12 Mn dry powder filling, 2,200 kg sterile lyophilized capacity

Business Segments Performance

  • API Business: ₹829 Cr revenue in FY26, 79% share of total revenue, 30+ fermentation-based APIs
  • Formulation Business: ₹226 Cr revenue in FY26, 21% share of total revenue, 180+ approved products
  • Presence in 70+ countries with 300+ customers

Management Commentary

Mr. Ankur Vaid, Joint Managing Director & Chief Executive Officer, stated: "We are pleased to report strong year-on-year revenue growth of 25% in Q2FY27, driven by broad-based performance across product categories and geographies. Margins were marginally impacted on account of change in product mix & increase in raw material prices. We remain confident of delivering sustainable long-term growth, supported by our strong compliance track record, differentiated product portfolio and expanding customer relationships."