Unaudited financial results for the quarter and half year ended September 30, 2025.
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Bharat Parenterals reported weak Q2FY26 results, with standalone revenue falling to about ₹41.7 crore, down roughly 35% year-on-year from around ₹64.5 crore and 56% sequentially, hurt by inventory normalization, deferred institutional orders and a near one-month production break at the general injectables line for upgrades. Despite revenue weakness, gross margins expanded sharply to 44.1% from 35.3% a year ago on a better product mix, but EBITDA margin compressed to about 5.6% (from 8.8%) due to lower volumes and brand-building expenses, with standalone PAT falling around 50% YoY to approximately ₹2.7 crore. On a consolidated basis, the company swung to a loss of around ₹8.6 crore for the quarter and about ₹9.5 crore for H1, dragged by subsidiary Innoxel Lifesciences which is still in its pre-commercialization phase and is burning around ₹14–15 crore per quarter. Management has retained its FY26 standalone revenue growth guidance of 12–14% and expects a stronger H2FY26 as institutional orders normalize and the upgraded line resumes full operations.
Near-term earnings are clearly weak, with revenue and margin pressure visible at the standalone level and losses persisting at the consolidated level, which is likely to keep the stock under pressure until evidence emerges of an order revival and Innoxel's commercialization milestones (EU inspection expected in H2FY26).