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Beta Drugs Q2 FY27 results: net profit ₹19.28 crore, revenue down 32.5%
Beta Drugs Limited reported consolidated revenue of ₹137.49 crore in Q2 FY27, down 32.5% from Q2 FY26 but up 9.5% from Q1 FY27. EBITDA was ₹30.28 crore, with the margin widening to 22.0%, while net profit rose 16.9% sequentially to ₹19.28 crore and EPS was ₹16.59.
Key points
- Q2 FY27 consolidated revenue was ₹137.49 crore, down 32.5% from Q2 FY26 but up 9.5% from Q1 FY27.
- EBITDA was ₹30.28 crore, down 8.4% year on year but up 10.6% sequentially; EBITDA margin increased to 22.0% from 21.8%.
- Net profit was ₹19.28 crore, up 16.9% from Q1 FY27, and basic EPS was ₹16.59 crore against ₹14.78 in the previous quarter.
- Total expenses fell 36.1% to ₹113.46 crore from Q2 FY26, while other income fell 70.7% to ₹1.75 crore; there was no exceptional item.
- Management maintained guidance for 20%-25% annual growth and sustained EBITDA margins of 23%-24% over the next three to five years.
How did Beta Drugs perform in Q2 FY27?
Beta Drugs reported consolidated revenue of ₹137.49 crore for Q2 FY27, down 32.5% from ₹203.59 crore in Q2 FY26. It was up 9.5% from ₹125.55 crore in Q1 FY27. EBITDA was ₹30.28 crore, down 8.4% year on year from ₹33.05 crore but up 10.6% from ₹27.37 crore. The EBITDA margin increased to 22.0% from 16.2% a year earlier and 21.8% in the previous quarter.
Consolidated profit before tax was ₹25.78 crore, down 19.7% from ₹32.09 crore in Q2 FY26 but up 17.0% from ₹22.04 crore in Q1 FY27. Net profit was ₹19.28 crore in Q2 FY27 against ₹16.49 crore in Q1 FY27, while basic EPS was ₹16.59 against ₹14.78. The standalone figures were revenue of ₹58.01 crore and profit of ₹3.71 crore, with revenue down 52.0%.
For the first half of FY27, consolidated revenue was ₹263.04 crore, total income was ₹266.37 crore, profit before tax was ₹47.82 crore and net profit was ₹35.77 crore. Basic EPS for the first half was ₹31.37. The company filed both standalone and consolidated unaudited results with limited-review reports for the quarter and half year ended 30 September 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 137.49 | 125.55 | 203.59 | −32.5% | +9.5% |
| Other income | 1.75 | 1.58 | 5.98 | −70.7% | +10.8% |
| Total expenses | 113.46 | 105.09 | 177.48 | −36.1% | +8.0% |
| EBITDA | 30.28 | 27.37 | 33.05 | −8.4% | +10.6% |
| EBITDA margin | 22.0% | 21.8% | 16.2% | +5.8 pp | +0.2 pp |
| Profit before tax | 25.78 | 22.04 | 32.09 | −19.7% | +17.0% |
| Tax | 6.49 | 5.56 | 8.17 | −20.6% | +16.7% |
| Net profit | 19.28 | 16.49 | +16.9% | ||
| EPS (₹) | 16.59 | 14.78 | 47.38 | −65.0% | +12.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Beta Drugs' costs and profit?
Total expenses fell 36.1% to ₹113.46 crore from ₹177.48 crore in Q2 FY26, with cost of materials down 40.9% to ₹61.80 crore and other expenses down 41.1% to ₹26.09 crore. Finance costs declined 76.3% to ₹1.64 crore. Employee cost rose 6.3% to ₹20.45 crore, while depreciation was ₹4.61 crore. There was no exceptional item in the quarter.
Other income fell 70.7% to ₹1.75 crore from ₹5.98 crore in the year-ago quarter, while tax fell 20.6% to ₹6.49 crore from ₹8.17 crore. Despite lower revenue and other income, EBITDA margin widened by 5.8 percentage points to 22.0% from 16.2%. The filing attributed the first-half gross-margin improvement to higher realisations across businesses, but it did not provide a quarter-specific explanation for the year-on-year profit movement.
Against Q1 FY27, total expenses rose 8.0% to ₹113.46 crore, including cost of materials of ₹61.80 crore and other expenses of ₹26.09 crore. Finance costs fell 35.9% to ₹1.64 crore. Other income rose 10.8% to ₹1.75 crore, while tax rose 16.7% to ₹6.49 crore, and profit before tax increased 17.0% to ₹25.78 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 61.80 | 104.53 | −42.73 | −40.9% |
| Employee cost | 20.45 | 19.23 | +1.22 | +6.3% |
| Finance costs | 1.64 | 6.93 | −5.29 | −76.3% |
| Other expenses | 26.09 | 44.31 | −18.22 | −41.1% |
| Total expenses | 113.46 | 177.48 | −64.02 | −36.1% |
| Other income | 1.75 | 5.98 | −4.23 | −70.7% |
| Tax | 6.49 | 8.17 | −1.68 | −20.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹656.31 crore at 30 September 2026 from ₹495.8 crore at 31 March 2026, while total equity rose to ₹474.72 crore from ₹244.77 crore. Borrowings fell to ₹48.69 crore from ₹147.81 crore, and cash and cash equivalents declined to ₹0.45 crore from ₹124.85 crore. Inventories increased to ₹81.89 crore from ₹74.46 crore, trade receivables to ₹167.43 crore from ₹119.13 crore and trade payables to ₹103.45 crore from ₹80.63 crore.
For the first half of FY27, operating cash flow was ₹28.0 crore, compared with a negative ₹3.59 crore in H1 FY26. Investing cash flow was negative ₹51.54 crore against negative ₹31.69 crore, and financing cash flow was ₹2.5 crore against ₹10.83 crore. Capital expenditure was ₹19.17 crore, compared with ₹28.92 crore in the year-ago period. The company’s filing also reported net cash of INR 55 Crs.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 656.31 | 495.80 |
| Total equity | 474.72 | 244.77 |
| Borrowings | 48.69 | 147.81 |
| Cash and equivalents | 0.45 | 124.85 |
| Inventories | 81.89 | 74.46 |
| Trade receivables | 167.43 | 119.13 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 28 | −3.59 |
| Cash from investing | −51.54 | −31.69 |
| Cash from financing | 2.50 | 10.83 |
| Capital expenditure | 19.17 | 28.92 |
Source: Company's results filing (XBRL).
How has Beta Drugs done over the last 6 quarters?
Revenue moved from ₹203.59 crore in Q2 FY26 to ₹87.27 crore in Q3 FY26 and then rose to ₹93.96 crore in Q4 FY26, ₹125.55 crore in Q1 FY27 and ₹137.49 crore in Q2 FY27. The available quarterly revenue peaked at ₹203.59 crore in Q2 FY26 and bottomed at ₹87.27 crore in Q3 FY26, while the current direction was higher.
Profit also recovered after the low point recorded in the available series. Net profit was ₹8.52 crore in Q3 FY26, ₹9.05 crore in Q4 FY26, ₹16.49 crore in Q1 FY27 and ₹19.28 crore in Q2 FY27. The EBITDA margin bottomed at 16.2% in Q2 FY26 and reached 22.0% in Q2 FY27, the highest among the quarters shown.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, together with limited-review reports, on 22 October 2026. It also approved the management discussion and analysis and the certificate required under Regulation 33(2)(a) and Regulation 33(3)(d) of SEBI’s Listing Obligations and Disclosure Requirements. The same-day investor presentation reported H1 FY27 growth and higher margins. The supplied filings did not announce a dividend or fund raise.
What did Beta Drugs' management say?
Management said the export pipeline held 872 registrations, with about 50 more targeted during the fiscal year. Nivian H1 sales rose 75% to INR31 crore, and management said synergies could lift its EBITDA margin to 23%-25%. The intermediate and API plant was expected to become operational by December 2026 or January 2027, with an EU inspection possible in another two to four months.
Management identified platin API availability as a constraint despite the order book and said export awards and registrations could slip across fiscal years. It also noted that government institutional payments can exceed 90-120 days and sometimes extend beyond six months. The company said NPPA trade-margin capping would have no significant effect on realisations or margins, while export growth would depend on tender timing.
How did Beta Drugs shares react?
The stock moved from ₹1,769.4 when the filing appeared to a 1.1% gain after five minutes, 2.7% after 15 minutes and 6.0% after 30 minutes. It closed 17.1% higher on the reaction day from the previous close of ₹1,679.0, compared with a 0.5% fall for the Pharmaceuticals industry median and a 1.0% fall for the Nifty Microcap 250.
By the next day’s close, the stock was up 12.9% from its pre-results close, against a 2.2% decline for the industry median. It remained 12.6% higher after five sessions, compared with a 2.1% rise for the industry median. The reaction-day excess return over the industry median was 17.6 percentage points, followed by 15.2 percentage points by the next close and 10.5 percentage points after five sessions.
Earlier reaction-day moves were mixed: 8.4% on 20 July 2026, a fall of 0.3% on 14 May 2026, a fall of 18.4% on 14 February 2026, a fall of 1.4% on 6 November 2025, a fall of 1.7% on 7 July 2025 and a rise of 1.9% on 15 May 2025. These figures describe historical trading and do not indicate a future share-price direction.
| After the filing | Stock | Pharmaceuticals median |
|---|---|---|
| 5 minutes | +1.1% | |
| 15 minutes | +2.7% | |
| 30 minutes | +6.0% | |
| Reaction day | +17.1% | −0.5% |
| Next day | +12.9% | −2.2% |
| 5 days | +12.6% | +2.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 20 July 2026 | +8.4% |
| 14 May 2026 | −0.3% |
| 14 February 2026 | −18.4% |
| 6 November 2025 | −1.4% |
| 7 July 2025 | −1.7% |
| 15 May 2025 | +1.9% |
Source: MarketPing price-reaction measurement.
How did other Pharmaceuticals companies do?
Sixty Pharmaceuticals companies had filed for the quarter by 4 November 2026, and their median revenue growth was 19.8%. Four peers grew more slowly than Beta Drugs and 56 grew faster. The available revenue-growth comparison therefore placed Beta Drugs below the peer median, although Beta Drugs’ consolidated revenue rose from the previous quarter.
Among peers for which profit was compared, 39 reported higher profit. The profit comparison covered 55 peers, while the revenue-growth comparison covered 60 companies.
| Beta Drugs revenue growth (YoY) | −32.5% |
|---|---|
| Median of 60 other Pharmaceuticals companies | +19.8% |
| Companies with slower revenue growth than Beta Drugs | 4 of 60 |
| Companies with faster revenue growth than Beta Drugs | 56 of 60 |
| Companies whose net profit rose | 39 of 55 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Beta Drugs' revenue in Q2 FY27?
Revenue from operations was ₹137.49 crore, down 32.5% from ₹203.59 crore in Q2 FY26 (consolidated).
Did Beta Drugs make a profit in Q2 FY27?
Yes. Net profit was ₹19.28 crore.
What was Beta Drugs' EPS in Q2 FY27?
Basic earnings per share were ₹16.59, against ₹47.38 in Q2 FY26.
How did Beta Drugs shares react to the Q2 FY27 results?
On the reaction day the stock moved +17.1% from the previous close; the median Pharmaceuticals stock moved −0.5%.
When did Beta Drugs announce its Q2 FY27 results?
On 22 October 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 22 October 2026) · PDF
- Updates (NSE, 2 November 2026) · PDF
- The earnings call (28 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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