Transcript of Earning Conference Call of Q2FY26
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Bharat Parenterals reported a weak Q2 FY26 on a standalone basis with revenue falling to Rs. 41.7 crore from Rs. 64.5 crore a year ago, due to a planned one-month production shutdown for ORABS line upgrades, soft institutional offtake, and deferred export dispatches. Despite lower volumes, gross margins expanded sharply to 44.1% from 33.5% YoY, reflecting a shift to higher-value products and better procurement. EBITDA stood at Rs. 2.3 crore (5.6% margin) and PAT at Rs. 2.7 crore (6.6% margin). On a consolidated basis, gross profit rose 26% YoY to Rs. 37.7 crore with margins expanding to 58.3%, and EBITDA turned positive at Rs. 80 lakh versus a Rs. 7.7 crore loss last year. Subsidiary Innoxel Lifesciences received USFDA approval for its Vadodara plant and signed 7 new partnerships (6 CMO, 1 licensing) worth $1.85M, with FY27 revenue guided at Rs. 110–135 crore and EBITDA of Rs. 35–50 crore.
Management reiterated FY26 standalone guidance of 12–14% revenue growth with EBITDA margins improving to 15–17%, supported by a strong order book including a Rs. 210 crore institutional order, suggesting a meaningful H2 recovery. The USFDA approval at Innoxel is a transformational milestone that opens U.S./EU commercial supplies from Q1 FY27, and the company targets consolidated PAT positivity by FY27, which are positive long-term signals for shareholders despite the weak quarterly print.