Investor Presentation for the Quarter and half year ended on September 30, 2025
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Bharat Parenterals reported a sharp sequential slowdown in Q2FY26, with standalone revenue falling 35% year-on-year to Rs 41.7 crore and 56% from the previous quarter, hit by deferred export shipments, soft institutional orders, and a nearly one-month production halt for capacity upgradation. Standalone EBITDA dropped to Rs 2.3 crore (margin of 5.6%, down from 16.2% in Q1) and PAT fell to Rs 2.7 crore. On a consolidated basis, revenue was Rs 64.6 crore but EBITDA turned positive at Rs 0.8 crore versus a loss last year, and consolidated loss narrowed to Rs 8.6 crore as subsidiary Innoxel stabilised. Key positives include USFDA approval secured for Innoxel's Baroda facility, NAFDAC and WHO-GMP renewals, and new product registrations across 37+ countries. Management guided FY26 standalone revenue growth of 12-14% with EBITDA margins improving to 15-17%, Innoxel revenue of Rs 65-70 crore targeting operational break-even, and Varenyam Healthcare revenue of Rs 60-65 crore (20-21% growth). Varenyam Healthcare has a separate target of scaling to Rs 100 crore by FY28.
Near-term results were weak but the decline was flagged as temporary, with volumes expected to normalise from Q3FY26 as upgraded capacity comes online and export orders resume. The FY26 guidance, USFDA clearance for the Innoxel subsidiary, and visible order book are positive signals, though margin recovery in H2FY26 is critical for sentiment given the steep sequential contraction.