Investor Presentation for the Quarter and Year ended on March 31, 2026.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Bharat Parenterals Ltd (BSE: 541096) reported FY26 consolidated revenue of ₹345.4 Cr with EBITDA of ₹15.8 Cr (4.6% margin) and a net loss of ₹27.3 Cr (-7.9% PAT margin). The loss was driven by Innoxel (55.9% subsidiary) posting a ₹43.3 Cr PAT loss as a pre-commercial CDMO entity, though Q4 FY26 turned EBITDA positive at ₹1.4 Cr. BPL standalone revenue fell 23% YoY to ₹234 Cr (EBITDA 9%, PAT 6.8%) due to a weak Q4 standalone showing (₹56.5 Cr, 0.1% EBITDA). Innoxel posted FY26 revenue of ₹72.4 Cr (+174% YoY) from 23 licensing deals (7 out-licensed + 16 CMO/CDO). Varenyam Healthcare grew 13.7% to ₹58.4 Cr with 31% YoY improvement in per-MR productivity. Varenyam Bio remains pre-revenue (CWIP ₹32.3 Cr of ₹160 Cr budget). FY27 management guidance calls for BPL standalone 10-15% revenue growth at 10-15% EBITDA margins, Innoxel 35-45% growth at 20-25% EBITDA margins with ₹70-90 Cr OL revenue, and Varenyam Healthcare 20-25% growth at 8-13% EBITDA margins. Commercial inflection expected in FY27 as Innoxel's first CMO supply starts Q2 FY27.
BPL faces near-term profitability pressure from heavy Innoxel investment but management signals a clear FY27 inflection with Innoxel commercialising, BPL recovering on order execution (₹171 Cr order book), and Varenyam Healthcare scaling — the stock will likely be driven by execution on these milestones and margin trajectory.