Bajaj Healthcare539872Quarterly results

Q2 FY27 release: revenue up 18.9% YoY to Rs. 175.9 Crore, PAT up 26.9%, credit rating upgraded

Q2 FY27: revenue Rs. 175.9 Crore (up 18.9% YoY), EBITDA Rs. 32.1 Crore (up 12.2%), PAT Rs. 14.1 Crore (up 26.9%).

By ScoutQuest · Sat 17 Oct 2026, 10:29 PM IST · 3 min read

Rs. 27.8 Crore

Q2 FY27Rs. 14.1 CroreH1 FY27Rs. 27.8 Crore

Profit after tax: Rs. 14.1 Crore (Q2 FY27) and Rs. 27.8 Crore (H1 FY27).

Revenue: Rs. 175.9 Crore (up 18.9% YoY)
EBITDA: Rs. 32.1 Crore (up 12.2%)
PAT: Rs. 14.1 Crore (up 26.9%)

The release sets out unaudited results for the quarter and half year ended 30th September 2026, along with business updates, a management commentary and earnings call details.

Quarterly performance

Revenue from operations: Rs. 175.9 Crore, up 18.9% YoY and 6.2% sequentially
Gross profit: Rs. 85.4 Crore, up 12.4% YoY; gross margin at 48.3%
EBITDA: Rs. 32.1 Crore, up 12.2% YoY; EBITDA margin improved to 18.2% from 17.8% in Q1 FY27
Profit after tax: Rs. 14.1 Crore, up 26.9% YoY; PAT margin improved to 8.0% from 7.5% in Q2 FY26

How the three business segments did

API — Domestic: Rs. 71.6 Crore for the quarter, against Rs. 76.3 Crore in Q2 FY26. For the first half, domestic API sales grew 10.1% YoY to Rs. 163.9 Crore
API — Exports: Rs. 62.6 Crore, up 28.5% YoY from Rs. 48.7 Crore, and up 25.1% sequentially
Formulations: Rs. 41.7 Crore, up 82.0% YoY from Rs. 22.9 Crore, and up about 79% sequentially. The release says the segment has normalised as the company expected at the end of Q1 FY27

The combined API exports and formulations business crossed Rs. 100 Cr in revenue in Q2 FY27, according to the Managing Director's commentary.

First half of the year

Revenue from operations: Rs. 341.5 Crore, up 15.1% YoY
Gross profit: Rs. 165.8 Crore, up 14.2% YoY; gross margin 48.3%
EBITDA: Rs. 61.7 Crore, up 14.2% YoY; EBITDA margin 18.1%
Profit after tax: Rs. 27.8 Crore, up 21.1% YoY

New product and approval updates

The company says it is the first in India to receive approval from the Drug Controller General of India (DCGI) to manufacture and market Cenobamate API and Tablets in six strengths, following a SEC recommendation received in Q1 FY27. Cenobamate is described as a next-generation anti-seizure medication for partial-onset seizures in adults
Commercial launch of Cenobamate Tablets commenced in September 2026 through 8 marketing partners, and the company launched Cenobamate in India through its marketing partners during the quarter

Regulatory progress

ANVISA GMP certification process is progressing, with 17 products identified for CBPF submission, linked to business growth in Brazil
A total of 12 CEPs shared to date, of which eight are under review
KDMF approvals for two additional products during the last quarter, taking the total number of KDMF registrations with MFDS to 17
Three products registered under the whitelist registration process in Egypt, with plans to add 10 more products in later phases

Credit rating

India Ratings & Research upgraded the company's long-term rating from INA A-/Stable to IND A/Stable and affirmed the short-term rating at IND A1. The release attributes this to a strengthened balance sheet and improved operating performance.

Other points from the commentary

NCLT approval has been received for the acquisition of GenRx, which the management says will help expand formulation capabilities
The peptide facility remains on track for commissioning in Q4FY27

What a reader may want to weigh

Growth in the quarter was carried by API exports and formulations, while domestic API sales were lower than the same quarter last year. Margins showed a sequential improvement in EBITDA, and the gross margin was broadly steady at 48.3%. The release also lists product approvals, a credit rating upgrade and the GenRx acquisition approval as developments during the period.

Earnings call

The company will host an earnings call on Monday, 19th October 2026 at 5 PM IST, accessible through an audio dial-in and a webcast, with a transcript to be made available on its website after the call.

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