Key Financial Performance

Quarterly Performance (Q2 FY27)

  • Revenue from Operations: ₹211.6 crores, representing 16.5% growth compared to ₹181.7 crores in Q2 FY26
  • Adjusted EBITDA (excluding one-off costs): ₹50.1 crores, representing 15.0% growth compared to ₹43.6 crores in Q2 FY26
  • Adjusted EBITDA margin: 23.7% (compared to 24.0% year-over-year)
  • Reported EBITDA (including one-off costs): ₹44.7 crores
  • One-off API acquisition and restructuring costs: ₹5.5 crore
  • Gross margin expanded by 260 basis points despite challenging external environment

Half-Yearly Performance (H1 FY27)

  • Revenue from Operations: ₹407.3 crores, representing 16.2% growth compared to ₹350.6 crores in H1 FY26
  • Adjusted EBITDA: ₹97.9 crores, representing 16.1% growth compared to ₹84.3 crores in H1 FY26

Business Segment Performance

Domestic Formulations Business

  • Sustained market-beating trajectory in FY27
  • Achieved 11.6% growth, becoming the 4th fastest-growing pharmaceutical company in Indian Pharmaceutical Market (IPM)
  • Entered 'Top 50' IPM ranking (Source: Pharmarack MAT September 2026 Database)
  • Flagship brand Naprosyn crossed ₹100 crore sales milestone

International Formulations Business

  • Revived growth trajectory with 6.4% growth in Q2 and 7.0% growth in H1
  • Growth supported by performance across key products and markets
  • Building next phase of growth through new market registrations, CDMO opportunities, focused business development, and cost-competitive initiatives

API Business

  • Organic delivery: ₹27.5 crore sales in Q2 and ₹54.1 crore sales in H1
  • Significant expansion during the quarter through strategic initiatives:
  • API business transferred to RPG Active Pharma
  • Onboarded InvAscent (healthcare and life sciences focused PE firm) as strategic investor
  • Completed acquisitions of 2 API plants: Actis Generics and Raghava Lifesciences
  • Acquired sites contributed ₹0.5 crore in Q2, with full revenue contribution commencing from Q3 onwards (transaction closed end-September)
  • Expanded network capabilities: five times manufacturing capacity, four times reactors, three times products and pipeline molecules, twice customer and employee base

Management Commentary

Mr. Ashok Nair, Managing Director, commented: "We have delivered another strong quarter with 16.5% revenue growth and 15% adjusted EBITDA growth, while maintaining healthy margins despite external cost pressures. More importantly, the quality of growth remains strong. Domestic Formulations continues to outperform the market, supported by volume growth, specialty therapies and new launches, while our API base business recorded significant growth during the quarter."

He added: "The creation of RPG Active Pharma and the acquisitions of Actis and Raghava mark an important step in our API strategy. With the transactions completed, our focus is now on integration and value creation through higher asset utilization, deeper customer engagement, international expansion, and cost improvement. Going forward, we will continue to strengthen Domestic Formulations, build a more competitive International Formulations business, and systematically scale the expanded API business. These priorities give us a clear path to sustained and profitable growth."