Financial Highlights Q2 & H1FY27

Revenue Performance

  • Q2FY27 Revenue: ₹192.3 Cr, up 24.9% YoY from ₹153.9 Cr in Q2FY26
  • H1FY27 Revenue: ₹372.5 Cr, up 30.0% YoY from ₹286.5 Cr in H1FY26

Profitability Metrics

  • Q2FY27 EBITDA: ₹57.7 Cr, up 38.3% YoY with margin of 30.0% (expanded 290 bps)
  • H1FY27 EBITDA: ₹111.4 Cr, up 58.2% YoY with margin of 29.9% (expanded 530 bps)
  • Q2FY27 PAT: ₹36.6 Cr, up 24.7% YoY with margin of 19.0% (-50 bps)
  • H1FY27 PAT: ₹67.0 Cr, up 32.6% YoY with margin of 18.0% (+10 bps)
  • PAT after Minority Interest: Q2FY27 ₹39.5 Cr (22.0% growth), H1FY27 ₹70.2 Cr (34.7% growth)

Segment Performance (H1FY27)

  • Regulated Markets: ₹264.5 Cr (34.3% growth), 71% of total revenue, EBITDA margin ~42%
  • Emerging Markets: ₹76.0 Cr (25.3% growth), 20% of total revenue, EBITDA margin ~9%
  • Branded Generics: ₹17.5 Cr (-13.4% decline)
  • Others: ₹14.6 Cr (67.2% growth)

Operational Highlights

ANDA Portfolio Development

  • Approved ANDAs: 64 (vs 34 in Q2FY26) with 207 corresponding ANDA products
  • Commercialized ANDAs: 23 (vs 16 in Q2FY26) with 54 strengths
  • ANDAs Yet to Launch: 41 (vs 18 in Q2FY26) with 153 strengths
  • Molecules Under Development: 41 (vs 35 in Q2FY26) with 130 unique strengths

Q2FY27 Developments

  • Commercialized 3 new strengths under existing ANDAs, including 2 being sold in the US for the first time by any company
  • Received approval for 1 ANDA and 3 sANDAs
  • Expecting 13 ANDAs with 41 strengths to be commercialized in government channel in H2FY27

CDMO/CMO Business

  • Commercialized 3 more partner ANDAs and 12 Strengths in Q2FY27
  • Focus on specialty, government supplies and controlled substances
  • Contracts for over 40 products across US, Canada, UK, South Africa, UAE, Israel, Denmark, Saudi Arabia & Vietnam

R&D Investment

  • R&D expenses stood at 11% of revenue in H1FY27
  • Robust pipeline of 41 molecules with 130 unique strengths under development

Balance Sheet Position (as of September 2026)

Assets

  • Total Assets: ₹1,680.6 Cr (vs ₹1,603.8 Cr in March 2026)
  • Property, Plant and Equipment: ₹336.2 Cr
  • Capital Work-in-Progress: ₹31.1 Cr
  • Right of Use Assets: ₹23.7 Cr
  • Intangible Assets: ₹109.1 Cr
  • Intangible Assets under Development: ₹311.1 Cr
  • Inventories: ₹97.6 Cr
  • Trade Receivables: ₹253.2 Cr
  • Cash & Cash Equivalents: ₹18.0 Cr
  • Other Bank Balances: ₹82.7 Cr

Liabilities and Equity

  • Total Equity: ₹1,031.5 Cr (Shareholder's Fund: ₹1,002.9 Cr, Non-Controlling Interest: ₹28.6 Cr)
  • Total Borrowings: ₹394.5 Cr (Non-current: ₹212.9 Cr, Current: ₹181.6 Cr)
  • Trade Payables: ₹151.1 Cr

Cash Flow Statement (H1FY27)

  • Profit Before Tax: ₹87.0 Cr
  • Adjustments for Non-Cash Items: ₹36.2 Cr
  • Operating Profit Before Working Capital Changes: ₹123.2 Cr
  • Changes in Working Capital: (₹84.7) Cr
  • Net Cash Flow from Financing Activities: ₹55.4 Cr
  • Net Change in Cash & Cash Equivalents: (₹27.6) Cr

IPO Fund Utilization (as of September 30, 2026)

  • Total Funds Raised: ₹500.00 Cr
  • Amount Utilized: ₹418.83 Cr
  • Amount Unutilized: ₹81.17 Cr (₹81.11 Cr in ICICI Bank FD, ₹0.06 Cr in HDFC Bank Account)

Specific Utilization:

  • Havix manufacturing facility: ₹6.98 Cr utilized of ₹41.98 Cr proposed
  • Company debt repayment: ₹73.10 Cr fully utilized
  • Havix debt repayment: ₹20.20 Cr fully utilized
  • Working capital: ₹43.26 Cr fully utilized
  • Subsidiary working capital: ₹0.00 utilized of ₹59.48 Cr proposed
  • Inorganic growth: ₹0.00 utilized of ₹161.91 Cr proposed
  • Offer expenses: ₹34.99 Cr utilized of ₹35.04 Cr proposed
  • SPI ANDA acquisition: ₹10.07 Cr utilized of ₹15.39 Cr proposed
  • Apnar facility expansion: ₹1.69 Cr utilized of ₹25.00 Cr proposed
  • Havix OSD facility expansion: ₹7.14 Cr utilized of ₹24.63 Cr proposed

Corporate Structure and Subsidiaries

  • Senores Pharmaceuticals Inc. (100% subsidiary): Marketing cum ANDA Holding Company
  • Aavis Pharmaceuticals: Manufacturing arm for regulated market offerings
  • Ratnatris Pharmaceuticals Pvt Ltd. (73.28% subsidiary): Emerging Markets
  • Apnar Pharma Pvt. Ltd. (75% subsidiary): Regulated Market
  • Amerisyn LLC (70% stake JV): US Federal Market access
  • Zoraya Pharmaceuticals LLC (51% stake): B2C arm for US Market

Manufacturing Facilities

  • 1 USFDA approved Formulation facility in Atlanta, US
  • 2 Formulation facilities in Gujarat, India (1 USFDA approved)
  • 2 API manufacturing facilities in Gujarat, India (GMP and WHO-GMP approved)
  • Apnar Pharma Plant: USFDA approved in September 2022 and September 2026, ~49,250 Sq. Mts land area

Forward Outlook

  • H2 expected to be considerably better than H1 owing to anticipated launches
  • Zoraya and Amerisyn to begin contributing to revenues from H2 FY27
  • Strong growth visibility with robust approved & pipeline products

Management Team

Key executives include: Swapnil Jatinbhai Shah (Promoter & Managing Director), Sanjay Shaileshbhai Majmudar (Chairman), Deval Rajnikant Shah (Whole-Time Director & CFO), Chetan Bipinchandra Shah (Whole-Time Director & COO), with extensive pharmaceutical industry experience.