Date: May 27, 2026

Financial Performance Summary

Quarterly Performance (Q4 FY26 vs Q4 FY25)

  • Revenue from Operations: ₹585 crores (up 18.9% YoY from ₹492 crores)
  • EBITDA: ₹106 crores (up 97.0% YoY from ₹54 crores)
  • EBITDA Margin: 18.2% (expanded from 11.0%)
  • PBT (before exceptional items): ₹140 crores (up 163.3% YoY from ₹53 crores)
  • PBT (after exceptional items): ₹140 crores (up 163.3% YoY from ₹53 crores)
  • PAT: ₹103 crores (up 167.4% YoY from ₹39 crores)
  • EPS: ₹6.35 (up 167.4% YoY from ₹2.38)

Annual Performance (FY26 vs FY25)

  • Revenue from Operations: ₹2,171 crores (up 3.0% YoY from ₹2,108 crores)
  • EBITDA: ₹346 crores (up 6.6% YoY from ₹325 crores)
  • EBITDA Margin: 15.9% (improved from 15.4%)
  • PBT (before exceptional items): ₹395 crores (up 10.7% YoY from ₹357 crores)
  • PBT (after exceptional items): ₹375 crores (up 4.9% YoY from ₹357 crores)
  • PAT: ₹281 crores (up 5.5% YoY from ₹267 crores)
  • EPS: ₹17.29 (up 5.5% YoY from ₹16.39)

Segment-wise Performance Analysis

Domestic Formulations

  • Q4 FY26 Revenue: ₹452 crores (up 8.5% YoY)
  • FY26 Revenue: ₹1,781 crores (muted growth of 0.1% YoY)
  • Contribution: 78% of total consolidated sales in Q4, 82% for FY26
  • Secondary sales growth (IQVIA MAT March 31, 2026): 1.7%
  • Subdued performance in top brands: Zifi, Electral, and Enerzal

Export Formulations

  • Q4 FY26 Revenue: ₹89 crores (up 99.3% YoY)
  • FY26 Revenue: ₹260 crores (up 23.5% YoY)
  • Contribution: 15% of total consolidated sales
  • Consistent improvement over last 2-3 quarters
Export Formulations Breakdown
  • US Business Revenue: ₹39 crores in Q4 (up 283.1% YoY)
  • US Business Supplies Revenue: ₹71 crores (up 165.1% YoY)
  • Overall US Business Growth: 46.9% YoY with improved profit share from US partners
  • Non-US Export Formulations: ₹50 crores in Q4 (up 44.8% YoY)
  • FY26 Non-US Export Formulations: ₹166 crores (up 13.3% YoY)

API Business

  • Q4 FY26 Revenue: ₹42 crores (up 38.6% YoY)
  • FY26 Revenue: ₹121 crores (up 8.5% YoY)
  • Contribution: 7% of total consolidated sales

Operational Highlights

Regulatory Approval

  • Received US FDA approval for Fluconazole Tablets USP 50mg, 100mg, 150mg and 200mg during the quarter

Business Recovery

  • US business overcame earlier challenges and delivered strong performance in Q4 FY26
  • Improved execution and demand momentum driving export growth
  • Enhanced operational efficiencies contributing to margin expansion

Manufacturing Infrastructure

  • Globally approved multilocation manufacturing facilities for APIs and Finished Dosage Formulations
  • Facilities located at Roha, Waluj and Sinnar in Maharashtra, Verna in Goa, and Baddi in Himachal Pradesh

Market Presence

  • Markets more than 300 products in India
  • Exports to over 50 countries
  • Accreditations from US-FDA, UK-MHRA, MCC-RSA, and UAE

Performance Drivers

  • Robust growth across all three business segments in Q4 FY26
  • Significant margin expansion due to higher gross margin and operational efficiencies
  • Strong recovery in US business with improved execution
  • Export formulations showing consistent improvement over multiple quarters