Integrated Unaudited financial results and Limited Review Report for the Quarter and half-year ended September 30 ,2025.
NOVARTIND · price
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Novartis India filed its Q2 FY26 and H1 FY26 unaudited results with BSE on October 28, 2025. Q2 revenue from operations rose 3.2% year-on-year to ₹903.3 million, while H1 revenue was nearly flat at ₹1,778.8 million versus ₹1,793.9 million a year earlier. Profit after tax for Q2 grew 18.7% YoY to ₹242.2 million, and H1 PAT rose 12.3% to ₹518.4 million, translating to an H1 EPS of ₹21.00 (not annualized) versus ₹18.69 in H1 FY25. Profit before tax margins expanded notably in Q2 (around 36% vs 31% a year ago), despite headwinds from ongoing state-level VAT/CST litigation provisions. The company's total financial indebtedness is NIL, and auditor BSR & Co. LLP issued an unmodified limited review report.
Earnings quality is improving on margin expansion and cost discipline even with modest top-line growth, while the debt-free balance sheet with healthy operating cash flow offers stability. Shareholders should view this as a stable, margin-led quarter with no red flags in the audit report.