Jagsonpal Pharmaceuticals Limited Unaudited Financial Results Q2 & H1 FY27

Financial Performance (Standalone)

Q2FY27 Performance:

  • Revenue from Operations: ₹814 Mn, up 9.3% YoY from ₹745 Mn
  • EBITDA (pre-ESOP): ₹185 Mn with 22.7% margin (compared to ₹180 Mn and 24.2% margin in Q2FY26)
  • PAT: ₹126 Mn with 15.5% margin (compared to ₹126 Mn and 16.9% margin in Q2FY26)
  • Gross margin expanded by 70 basis points
  • Exceptional items of ₹2 Mn relating to Aequitas acquisition costs
  • ESOP cost: ₹17 Mn (up 6.9% YoY)
  • Tax expense: ₹42 Mn (unchanged YoY)

H1FY27 Performance:

  • Revenue from Operations: ₹1,636 Mn, up 9.0% YoY from ₹1,501 Mn
  • EBITDA (pre-ESOP): ₹375 Mn with 22.9% margin (compared to ₹337 Mn and 22.5% margin in H1FY26)
  • PAT: ₹258 Mn with 15.8% margin (compared to ₹234 Mn and 15.6% margin in H1FY26)
  • Gross margin expanded by 75 basis points

Financial Performance (Consolidated)

Q2FY27 Consolidated:

  • Revenue from Operations: ₹964 Mn
  • EBITDA (pre-ESOP): ₹186 Mn with 19.3% margin
  • PAT: ₹123 Mn with 12.8% margin

H1FY27 Consolidated:

  • Revenue from Operations: ₹1,786 Mn
  • EBITDA (pre-ESOP): ₹377 Mn with 21.1% margin
  • PAT: ₹255 Mn with 14.3% margin

Strategic Developments and Acquisitions

Aequitas Healthcare Acquisition:

  • Acquired 85% stake for ₹208 Mn all-cash consideration
  • FY26 revenue of acquired entity: ₹533 Mn
  • Provides access to hospital channel with 1,000+ hospitals
  • Consolidated from Q2FY27 onwards
  • Strategic reset initiated including cost rationalization and new business head appointment

Group Pharma Wellness Portfolio Acquisition:

  • Completed on October 1, 2026 via Business Transfer Agreement
  • Strengthens wellness portfolio
  • Expected to contribute from Q3FY27 onwards

Balance Sheet Position (as of September 30, 2026)

Standalone:

  • Cash and equivalents: ₹1,347 Mn (compared to ₹1,700 Mn as of June 30, 2026)
  • Shareholders' Funds: ₹2,438 Mn
  • Investments in Subsidiaries: ₹208 Mn (Aequitas acquisition)
  • Intangibles: ₹750 Mn
  • Net Working Capital: ₹151 Mn

Consolidated:

  • Cash and equivalents: ₹1,360 Mn
  • Shareholders' Funds: ₹2,407 Mn
  • Non-Controlling Interest: ₹36 Mn
  • Intangibles: ₹977 Mn
  • Net Working Capital: ₹184 Mn

Operational Highlights

Organic Growth Drivers:

  • MR productivity improved by 10%
  • 7 out of top 10 brands outperformed their respective markets
  • Top 10 brands contribute ~58% of revenue, with 9 brands ranking in top 5 of their markets
  • Doctor reach expanded to 137,000+ from 123,000+ doctors

Therapy Area Performance:

  • Gynaecology: #7 CVM rank, ~90% doctor coverage (35,000 of 39,000 gynaecologists engaged)
  • Orthopaedics: #2 CVM rank, ~80% doctor coverage (10,000 of 13,000 orthopaedics engaged)
  • Dermatology: #30 CVM rank, ~40% doctor coverage (4,500 of 11,500 dermatologists engaged)

Management Commentary and Guidance

Mr. Manish Gupta, Managing Director and CEO stated:

  • Q2 focused on building platform for next growth leg
  • Expect quarterly revenues to cross ₹1,000 Mn in Q3FY27
  • On track to achieve Mission 2028 of ₹5,000 Mn annual revenue
  • Investments in hospital team, Aequitas leadership, and wellness portfolio integration made in Q2
  • Benefits from these investments expected to reflect from Q3FY27 onwards
  • Confident in adding multiple accretive transactions given strong cash balance and asset-light model

Corporate Actions

  • Enhanced dividend payout of 200% during the quarter
  • Dividend payout amounted to ₹264 Mn

Business Model Highlights

  • Asset-light operations with outsourced R&D and manufacturing
  • 100% India-centric branded-generics company
  • Legacy since 1964 with focus on "Quality and Trust"
  • CMOs compliant with WHO-GMP and ISO 9001:2015
  • Working capital reduced by 69% over four years