Transcript of Earning Conference Call of Q4FY26.
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Bharat Parenterals reported FY26 consolidated revenue of INR 345.4 crores (broadly flat YoY), but EBITDA surged 485% to INR 15.8 crores, driven primarily by Innoxel narrowing its loss by INR 23.5 crores. The BPL standalone business declined 23% to INR 234 crores due to deferred export tenders, deliberate exit from low-margin business, and production shutdowns for EUGMP preparation. However, capacity utilization remains low at 48% on general, 21% on beta-lactam, and 24% on cephalosporins, with an order book of INR 171 crores. Innoxel turned EBITDA positive in Q4 for the first time at INR 1.4 crores, with 42 active deals and FDA/EUGMP clearances received. Varenyam Healthcare turned profitable at INR 2.5 crores EBITDA, growing 13.7% to INR 58.4 crores. For FY27, management guides standalone growth of 10-15% with 10-15% EBITDA margins, Innoxel growth of 35-45% with 20-25% margins, and Varenyam Healthcare growth of 20-25% with 8-13% margins.
The company is positioning FY26 as a transition year with regulatory clearances achieved and subsidiaries scaled. FY27 should see commercial inflection across all businesses, though investors should note the Varenyam Biolifesciences timeline has slipped by one quarter to Q4 FY29 and management has provided conservative guidance after prior misses.