Board Meeting Details

The Board of Directors meeting was held on October 27, 2026, commencing at 09:00 hrs IST and concluding at 10:00 hrs IST. The Audit Committee reviewed the results on October 26, 2026.

Financial Results Overview

Standalone Performance (Rs. in Million)

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹5,144.96 (vs. ₹3,751.87 in Q2 FY2026, +37.1% YoY)
  • Other income: ₹9.23 (vs. ₹30.36 in Q2 FY2026)
  • Total income: ₹5,154.19 (vs. ₹3,782.23 in Q2 FY2026)
  • Profit before tax: ₹861.92 (vs. ₹371.01 in Q2 FY2026, +132.3% YoY)
  • Profit after tax: ₹861.92 (vs. ₹371.01 in Q2 FY2026)
  • Basic EPS: ₹7.52 (not annualized, vs. ₹3.24 in Q2 FY2026)
  • Diluted EPS: ₹7.51 (not annualized, vs. ₹3.24 in Q2 FY2026)

Six Months Ended September 30, 2026:

  • Revenue from operations: ₹9,609.67 (vs. ₹6,961.99 in H1 FY2026, +38.0% YoY)
  • Profit after tax: ₹1,374.17 (vs. ₹619.16 in H1 FY2026, +121.9% YoY)
  • Basic EPS: ₹11.98 (not annualized, vs. ₹5.41 in H1 FY2026)
  • Diluted EPS: ₹11.98 (not annualized, vs. ₹5.40 in H1 FY2026)

Consolidated Performance (Rs. in Million)

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹5,162.42 (vs. ₹3,757.63 in Q2 FY2026, +37.4% YoY)
  • Profit before tax: ₹528.65 (vs. ₹57.41 in Q2 FY2026)
  • Profit after tax: ₹574.84 (vs. ₹104.85 in Q2 FY2026)
  • Basic EPS: ₹5.01 (not annualized, vs. ₹0.92 in Q2 FY2026)
  • Diluted EPS: ₹5.01 (not annualized, vs. ₹0.91 in Q2 FY2026)

Six Months Ended September 30, 2026:

  • Revenue from operations: ₹9,652.65 (vs. ₹7,030.33 in H1 FY2026, +37.3% YoY)
  • Profit after tax: ₹824.81 (vs. ₹102.99 in H1 FY2026)
  • Basic EPS: ₹7.19 (not annualized, vs. ₹0.90 in H1 FY2026)
  • Diluted EPS: ₹7.19 (not annualized, vs. ₹0.90 in H1 FY2026)

Balance Sheet Highlights (Standalone as at September 30, 2026)

  • Total assets: ₹87,281.58 million (vs. ₹82,760.59 million as at March 31, 2026)
  • Property, plant and equipment: ₹9,546.96 million (vs. ₹7,273.99 million)
  • Right of use assets: ₹2,329.97 million (vs. ₹1,984.58 million)
  • Capital work in progress: ₹1,408.25 million (vs. ₹3,138.96 million)
  • Inventories: ₹4,458.61 million (vs. ₹4,389.58 million)
  • Trade receivables: ₹10,812.85 million (vs. ₹7,352.45 million)
  • Total equity: ₹60,879.97 million (vs. ₹59,502.22 million)
  • Borrowings (non-current): ₹5,842.25 million (vs. ₹1,960.19 million)
  • Borrowings (current): ₹8,994.05 million (vs. ₹10,802.77 million)
  • Lease liabilities (non-current): ₹2,652.29 million (vs. ₹2,187.93 million)

Cash Flow Statement (Standalone, Six Months Ended September 30, 2026)

  • Net cash used in operating activities: ₹(253.09) million (vs. ₹(566.85) million in H1 FY2026)
  • Net cash used in investing activities: ₹(1,206.38) million (vs. ₹(1,696.76) million in H1 FY2026)
  • Net cash from financing activities: ₹1,266.03 million (vs. ₹2,325.98 million in H1 FY2026)
  • Net decrease in cash and cash equivalents: ₹(193.44) million (vs. ₹62.37 million increase in H1 FY2026)
  • Cash and cash equivalents at period end: ₹113.76 million (vs. ₹983.23 million in H1 FY2026)

Exceptional Items

Standalone: No exceptional items for current quarter or six-month period (vs. ₹(54.20) million loss for FY2026).

Consolidated:

  • Q2 FY2027: ₹(17.67) million loss (legal charges related to legacy litigation)
  • H1 FY2027: ₹(60.67) million loss (legal charges related to legacy litigation)
  • FY2026: ₹(99.27) million loss (including legal charges, employee separation, and labor code impacts)

Significant Accounting Policies and Notes

1. Borrowing Costs Capitalization: During FY2026, the Company capitalized borrowing costs of ₹186.09 million attributable to qualifying assets under Capital Work-in-Progress, resulting in reduced finance costs.

2. Ind AS 1 Amendment Implementation: The Ministry of Corporate Affairs amended Ind AS 1 regarding covenant waivers. Consequently, the Company reclassified comparative borrowings of ₹3,676.84 million from non-current to current financial liabilities as at March 31, 2026, as waivers were obtained after the balance sheet date but before financial statement issuance.

3. Segment Reporting: Effective April 1, 2025, the Company operates as a single segment - "Contract Development and Manufacturing Organization" (CDMO).

4. Contingent Liability - Prestige Biopharma Litigation:

  • Biolexis Pte Limited (subsidiary) received a claim of USD 136.32 million (₹13,083.99 million) from Prestige Biopharma Limited regarding termination of Contract Manufacturing Agreement for Sputnik Light Vaccine.
  • Biolexis denies liability, citing Prestige's lack of manufacturing readiness, and has counter-claimed for refund of Capacity fee of USD 13.62 million (₹1,307.25 million).
  • The matter is pending before Singapore International Arbitration Centre (SIAC).
  • The Group believes the claims have no legal merit and are frivolous.
  • Legal expenses of ₹60.67 million were recognized as exceptional items in H1 FY2027 related to this litigation.

5. Subsidiaries Included in Consolidation: The consolidated results include OneSource Specialty Pharma Limited and its six subsidiaries: OneSource Specialty PTE. Limited, Strides Pharma Services Private Limited, Biolexis Private Limited, OneSource Specialty Pharma Inc., OneSource Softgels PTE. Ltd., and Biolexis PTE. Ltd.

6. Limited Review Scope: The interim financial information of 5 subsidiaries (representing total assets of ₹600.35 million and revenues of ₹79.71 million for H1 FY2027) were not reviewed but were considered not material to the Group.

Capital Structure

  • Paid-up equity share capital: ₹114.67 million (114.67 million shares of ₹1 each)
  • Reserves (Standalone): ₹60,765.30 million (vs. ₹59,387.60 million as at March 31, 2026)
  • Reserves (Consolidated): ₹59,094.21 million (vs. ₹58,198.27 million as at March 31, 2026)