Key Quantitative Figures

Base Business Performance (Ex-Ibuprofen)

  • Q1'27 Revenue: ₹3,077 Million, up 24% Year-on-Year (YoY)
  • Q1'27 Gross Margin: ₹1,580 Million, up 10% YoY
  • Q1'27 EBITDA: ₹722 Million, up 8% YoY
  • Gross Margin Percentage: ~51%
  • EBITDA Margin Percentage: ~24%
  • Regulated markets contributed over 75% of revenues.

Ibuprofen Business Performance

  • Q1'27 Revenue: ₹765 Million (QoQ: -10%, YoY: +7%)
  • Q1'27 Gross Margin: ₹222 Million (QoQ: +19%, YoY: comparable to ₹228 Mn)
  • Gross Margin Percentage: 29.0% (QoQ: +719 bps, YoY: -288 bps)
  • Q1'27 EBITDA Loss: ₹87 Million (QoQ: 51% improvement from -₹179 Mn, YoY: -8% from -₹95 Mn)
  • EBITDA Margin Percentage: -11.4% (QoQ: +971 bps, YoY: +193 bps)

Overall Consolidated Performance

  • Q1'27 Revenue: ₹3,843 Million, up 20% YoY
  • Q1'27 Gross Margin: ₹1,802 Million, up 8% YoY
  • Gross Margin Percentage: 47.0% (YoY: -530 bps)
  • Q1'27 EBITDA: ₹635 Million, up 10% YoY
  • EBITDA Margin Percentage: 16.6% (YoY: -140 bps)
  • Depreciation: ₹267 Million
  • Net Finance Costs: ₹205 Million
  • Profit After Tax (PAT): ₹163 Million, up 55% YoY
  • Earnings Per Share (EPS): ₹3.52

Debt and Balance Sheet

  • Net Debt as of June 30, 2026: ₹4,795 Million
  • Net Debt Reduction in Q1'27: ₹1,346 Million
  • Net Debt as of March 31, 2026: ₹6,141 Million
  • Breakdown of Q1'27 Debt Repayment: ₹1,000 Million from Rights Issue proceeds, ₹346 Million from operational cash flows.
  • Net Worth: ₹8,880 Million (Shareholders' funds of ₹12,529 Mn less Goodwill of ₹3,649 Mn)
  • Gross Debt Composition: Term Loan ₹1,637 Mn, Working Capital Loan ₹5,007 Mn
  • Cash & Bank Balance: ₹503 Mn
  • Expected Net Debt by March 2027: ~₹4,406 Mn (after adjusting for scheduled repayments of ₹389 Mn from Jul'26 to Mar'27)
  • Net Debt to EBITDA Ratio: ~1.9x (based on Q1'27 annualized EBITDA)
  • Projected Net Debt to EBITDA by Mar'27: ~1.7x

Strategic Updates and Rationale

  • The strong base business performance is attributed to resilient operations and a focus on profitable growth, though margins were impacted by higher input costs from raw materials and solvents due to geopolitical developments in West Asia.
  • The Ibuprofen business remains a drag; management is working with appointed bankers to evaluate strategic options, with next steps expected to be finalized by the end of Q2 FY27 (September 2026).
  • The previously communicated carve-out of the polymers and CRAMS business has been put on hold pending the finalization of strategic options for the Ibuprofen business in H1 FY27.
  • The company's stated purpose is to drive sustainable growth, enhance margins, and create long-term value through disciplined execution, operational excellence, and prudent capital allocation.

Capital Structure Impact

Debt reduction through repayments has strengthened the balance sheet, reducing financial leverage and improving the debt sustainability ratio.

Cash Flow Implications

An outflow of ₹346 Million from operational cash flows was used for debt repayment, alongside an inflow of ₹1,000 Million from a Rights Issue for the same purpose.

Management Commentary (Forward-Looking Statements)

Management commentary included in the press release contains forward-looking statements regarding the company's strategy, growth plans, and future performance, qualified by standard risk factors.