Consolidated Financial Highlights - Q2 FY27

Performance Summary

  • Net Revenue stood at ₹89.74 crore, a growth of 15.1% year-on-year (YoY) from ₹77.99 crore in Q2 FY26 and a 3.2% increase quarter-on-quarter (QoQ) from ₹86.96 crore in Q1 FY27.
  • EBITDA was ₹5.58 crore, a significant improvement from an EBITDA loss of ₹(3.09) crore in Q2 FY26, resulting in a positive EBITDA Margin of 6.22% compared to (3.96%) last year.
  • Profit After Tax (PAT) was ₹7.06 crore, a turnaround from a loss of ₹(3.62) crore in Q2 FY26, representing a 295.0% YoY improvement. The PAT Margin was 7.86%.
  • Basic EPS for the quarter was ₹0.77, compared to ₹(0.39) in the same quarter last year.

Expenditure Breakdown (₹ Cr.)

  • Cost of Material Consumed: 18.16
  • Purchase of Stock-in-Trade (SIT): 22.16
  • Changes in Inventories: (4.30)
  • Employee Expenses: 20.89
  • Other Expenses: 27.26
  • Total Expenditure: 84.17

Other Income and Costs

  • Other Income: ₹4.14 crore
  • Depreciation: ₹2.56 crore
  • Interest / Finance Cost: ₹2.11 crore
  • Share of Profit/Loss of Associates & JV: Profit of ₹3.17 crore
  • Profit Before Tax (PBT): ₹8.22 crore
  • Tax: ₹1.16 crore

Consolidated Financial Highlights - H1 FY27 (Half Year Ended 30th Sept'26)

  • Net Revenue was ₹176.70 crore, a marginal increase of 0.6% from ₹175.57 crore in H1 FY26.
  • EBITDA was a loss of ₹(46.84) crore with an EBITDA Margin of (26.51%), compared to a loss of ₹(13.17) crore and a margin of (7.50%) in H1 FY26.
  • PAT was ₹31.67 crore, a significant improvement from a loss of ₹(17.84) crore in H1 FY26. The PAT Margin was 17.92%.
  • Basic EPS for H1 was ₹3.44.
  • A key contributor to H1 profitability was a Profit on Sale of Shares amounting to ₹92.95 crore.

Consolidated Balance Sheet as on 30th September 2026

Equity & Liabilities (₹ Cr.)

  • Total Equity & Liabilities: 612.39 (vs. 597.91 on 31st Mar'26)
  • Shareholders Funds: 425.28
  • Share Capital: 9.21
  • Other Equity: 416.07
  • Non-Current Liabilities: 38.22
  • Long Term Borrowing: 21.44
  • Deferred Tax Liability (net): 14.84
  • Current Liabilities: 148.90
  • Short term Borrowings: 56.19
  • Trade Payables: 47.44 (Micro/Small: 3.86; Others: 43.58)

Assets (₹ Cr.)

  • Total Assets: 612.39
  • Non-Current Assets: 296.68
  • Plant, Property & Equipment: 163.33
  • Capital Work In Progress: 2.49
  • Investments: 107.53
  • Current Assets: 315.71
  • Inventories: 102.92
  • Trade Receivables: 154.95
  • Cash & Cash Equivalents: 15.94
  • Bank Balances (other): 4.61

Management Commentary

Dr. Sachin Patel, Managing Director & CEO, commented on the results:

  • Q2 FY27 reflected a strong turnaround, led by a 71% rebound in the API business to ₹20 crore, while Formulations remained steady at ₹69 crore.
  • The return to operating profitability (EBITDA of ₹5.58 Cr) is attributed to a focus on productivity and operational efficiency despite ongoing inventory price optimization.
  • Within Formulations, the Critical Care Division doubled its PBT, and the Ortho and Gynecology Division doubled its revenue.
  • The API business gained healthy revenue visibility, with active engagement with prospective overseas customers for new molecules.
  • The outlook for H2 FY27 is optimistic, supported by operational efficiencies, field productivity, cost management, and API business recovery.

Business Overview & Strategy

  • Strategic Focus: Enhance profitability and cash flow through improved clinic effectiveness, targeted doctor outreach, operational efficiencies, and a stronger presence in Hospital and API businesses.
  • Manufacturing: Three state-of-the-art facilities - 1 Formulations (Haridwar) and 2 APIs (Hyderabad, Vapi) with a total synthetic API capacity of 311 MT.
  • Exports: Presence in 44+ countries with strong global licensing partnerships.
  • R&D Capabilities: Continued investment with 6 PhDs and 210 Masters on staff.
  • Way Ahead Strategy: Focus on achieving a leadership position in the Indian Hospital business segment (Anesthesia and Critical Care) and expanding APIs for in-house consumption and commercial production. Target new RoW markets (CIS, Latin America, GCC) in 0-3 years and regulated markets (EU, USA) in 3-5 years.