Jagsonpal Pharmaceuticals507789Earnings call transcript

Q2 FY27 call: management expects quarterly revenue to cross INR100 crore in Q3, keeps INR500 crore FY28 vision

Transcript of the Q2 FY27 earnings call held on October 29, 2026.

By ScoutQuest · Tue 3 Nov 2026, 5:17 PM IST · 3 min read

58%Share of revenue from top 10 brands

Share of revenue from top 10 brands: 58%.

Transcript of the earnings conference call held on October 29, 2026, covering Q2 and H1 FY27, shared with the exchanges on November 03, 2026.

The sub-headings below follow the three parts of the call: financial performance, guidance, and progress on acquisitions.

Financial performance

Standalone revenue grew by 9.3% year-on-year to INR81 crores during the quarter.
Consolidated revenue stood at INR96 crores; this was the first set of consolidated financial statements, after Aequitas became a subsidiary.
Organic growth for the first six months of FY27 was 9.3%.
H1 EBITDA margins were 22.9%, up 40 bps, even after higher spending on people, new launches and integration.
Jagsonpal grew close to 15% in July-September 2026 against Indian pharma market (IPM) growth of around 12%; for H1 FY27 it grew around 15% against IPM growth of around 11%.

Guidance given by management

Quarterly revenues are expected to cross INR100 crores in Q3 of the current year.
The company said it is on track for its stated vision of an INR500 crores organisation by FY2028.
Management said it is confident of "more resilient, consistent and market outperforming growth from quarter 3 onwards" and of seeing EBITDA accretive growth in Q3.
The company reported a cash balance of INR135 crores and said it is confident of fast tracking the journey through "meaningful and accretive transactions".

Brand and field force performance

The top 10 brands constitute around 58% of revenue, and nine of these brands ranked in the top 5 in their markets.
Maintane grew around 29% in the quarter against molecule market growth of around 20%.
Metadec grew around 14% against a market of 13%; Lycored grew around 15% against market growth of around 13%.
Endoreg grew around 20% against market decline; Divatrone, PRU and Eukroma also outperformed their markets.
The company engages around 35,000 gynaecologists, with orthopaedics and dermatology as the second and third growth drivers.
MR productivity is up by around 10%, supported by training and field force stability.

Acquisition progress

Aequitas, acquired in July 2026, gave entry into the hospital and institution channel. Procurement and distribution have been consolidated with Jagsonpal, duplicate overhead removed, a dedicated business head appointed, and a first value-added launch is in preparation, expected by end of November.
The Group Pharma Wellness portfolio became part of the company from 1 October. It has 2 established brands, one in hematinics and one in respiratory, across 6 states, and adds around 10,000 additional unique doctors.
Deeper penetration is planned in Madhya Pradesh, Uttar Pradesh and Karnataka, with the brands to be cross-sold through the existing field force.
Combined doctor reach is now around 1,37,000 doctors, taking the company from 3 strong therapy areas to 4-plus.

Points a reader may want to weigh

Management itself said the 9.3% organic growth, while faster than last year, is "short of both our potential and expectations".
The revenue and margin statements for Q3 and FY2028 are forward-looking expectations; the call carried a standing reminder that such statements must be viewed with the risks of the business.

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