Financial Performance - Q2 FY27

Revenue from Operations: ₹2,063.0 Mn, increased 3.2% YoY from ₹1,998.3 Mn in Q2 FY26

Cost Structure:

  • Cost of Goods Sold: ₹710.6 Mn, increased 27.5% YoY
  • Employee Benefits Expense: ₹261.4 Mn, increased 6.8% YoY
  • Other Expenses: ₹636.9 Mn, increased 35.6% YoY

Profitability Metrics:

  • EBITDA: ₹454.0 Mn, declined 37.5% YoY
  • EBITDA Margin: 22.0%, contracted 1,435 bps from 36.4% in Q2 FY26
  • EBIT: ₹382.4 Mn, declined 44.4% YoY
  • PBT: ₹377.8 Mn, declined 44.7% YoY
  • PAT: ₹292.5 Mn, declined 42.0% YoY
  • PAT Margin: 14.2%, contracted 1,106 bps from 25.2% in Q2 FY26
  • EPS: ₹5.04

Financial Performance - H1 FY27

Revenue from Operations: ₹3,960.4 Mn, increased 14.8% YoY from ₹3,449.1 Mn in H1 FY26

Cost Structure:

  • Cost of Goods Sold: ₹1,274.5 Mn, increased 45.6% YoY
  • Employee Benefits Expense: ₹546.3 Mn, increased 15.8% YoY
  • Other Expenses: ₹1,211.1 Mn, increased 41.0% YoY

Profitability Metrics:

  • EBITDA: ₹928.6 Mn, declined 25.3% YoY
  • EBITDA Margin: 23.4%, contracted 1,261 bps from 36.1% in H1 FY26
  • PAT: ₹532.9 Mn, declined 37.5% YoY
  • PAT Margin: 13.5%, contracted 1,125 bps from 24.7% in H1 FY26
  • EPS: ₹6.62

Balance Sheet Position (as of September 30, 2026)

Assets:

  • Total Assets: ₹14,217 Mn (vs ₹13,571 Mn as of March 31, 2026)
  • Property, Plant and Equipment: ₹7,286 Mn (vs ₹6,833 Mn)
  • Inventories: ₹2,652 Mn (vs ₹1,596 Mn)
  • Trade Receivables: ₹1,256 Mn (vs ₹2,194 Mn)
  • Cash and Cash Equivalents: ₹410 Mn (vs ₹375 Mn)
  • Capital Work in Progress: ₹71 Mn (vs ₹355 Mn)

Liabilities and Equity:

  • Total Equity: ₹12,426 Mn (vs ₹11,977 Mn)
  • Equity Share Capital: ₹161 Mn (unchanged)
  • Other Equity: ₹12,265 Mn (vs ₹11,816 Mn)
  • Total Current Liabilities: ₹1,304 Mn (vs ₹1,210 Mn)
  • Trade Payables: ₹1,071 Mn (vs ₹1,108 Mn)
  • Zero Borrowings (both current and non-current)

Business Overview

Global Presence: Operations in 120+ countries with 80% of Q2 FY27 revenue from exports

Product Portfolio: 40+ APIs with focus on Anti-histamines, Anti-Allergic, Vitamins, Anti-Asthmatics & Anesthetics

Manufacturing Capacity: 932 KLPD reactor capacity across 5 facilities (A-E blocks) with 35,000 sq.mts manufacturing facility

Regulatory Approvals: WHO-GMP, FDA US (4 times approved), EDQM Europe (2 times approved), Health Canada, COFEPRIS Mexico, ANVISA Brazil, KFDA Korea, NMPA China, Australian TGA

Recent Developments

Product Launches: Two new anesthetic liquid inhalation products launched from Ambernath facility in Q2 FY27

Regulatory Updates: EU audit scheduled for November 2026

Manufacturing: Commercial manufacturing commenced; exhibit batch order received for RoW markets

Future Outlook

R&D Initiatives:

  • API R&D facility at Ambernath fully commissioned with 16 scientists
  • Two patents filed this year
  • Finished dosage R&D: 30 products under development across tablets, capsules, injections, and inhalation liquids
  • Five exhibits completed; targeting 10 product exhibits

Market Expansion:

  • Planning to file six dossiers in EU during current financial year
  • Regulatory filings in EU and US underway
  • New vitamin product block successfully commissioned

Capacity Enhancement:

  • Civil work initiated for debottlenecking across all production blocks
  • New F block to be added
  • Five finished dosage manufacturing lines operational
  • New nasal line planned to strengthen finished dosage capabilities

CMO/CDMO Opportunities:

  • Evaluating exclusive manufacturing rights in liquid inhalation products
  • GLP-1 portfolio development for leading Indian generics company
  • Novel combination product under discussion with innovator partner

Management Team

Executive Chairman & WTD: Satish Wagh (Honorary Ph.D. in entrepreneurship)

Managing Director: Saloni Wagh (M.Sc. from University of Mumbai)

Joint Managing Director: Shivani Wagh (Bachelor's in management studies)

Chief Financial Officer: Krishna Raghunathan (Chartered Accountant)

Company Secretary & Compliance Officer: Prachi Sathe