- Home
- Results news
- Bharat Parenterals
- Q4 FY26 results
Bharat Parenterals Q4 FY26 results: net loss narrows to ₹8.16 crore, revenue down 4.2%
Bharat Parenterals Ltd reported consolidated Q4 FY26 revenue of ₹99.62 crore, down 4.2% from a year earlier but up 52.8% from Q3 FY26. The company reported an EBITDA loss of ₹0.52 crore and a net loss of ₹8.16 crore, compared with a net loss of ₹9.44 crore in Q4 FY25 and ₹9.67 crore in Q3 FY26.
Key points
- Consolidated Q4 FY26 revenue was ₹99.62 crore, down 4.2% from Q4 FY25 and up 52.8% from Q3 FY26.
- EBITDA was a loss of ₹0.52 crore, with a margin of -0.5%, against EBITDA of ₹2.24 crore in Q4 FY25 and ₹1.74 crore in Q3 FY26.
- The net loss narrowed to ₹8.16 crore from ₹9.44 crore a year earlier and ₹9.67 crore in the previous quarter.
- For FY26, revenue was ₹345.43 crore, up 1.5% from FY25, while the net loss narrowed to ₹27.31 crore from ₹43.68 crore.
- The board recommended a final dividend of Rs. 1.00 per equity share of Rs. 10 each, at the rate of 10%, for FY26.
How did Bharat Parenterals perform in Q4 FY26?
Bharat Parenterals reported consolidated Q4 FY26 revenue of ₹99.62 crore, down 4.2% from ₹103.98 crore in Q4 FY25 but up 52.8% from ₹65.19 crore in Q3 FY26. Total income was ₹103.25 crore, down 2.8% year on year and up 55.2% sequentially. The company reported an EBITDA loss of ₹0.52 crore, compared with EBITDA of ₹2.24 crore a year earlier and ₹1.74 crore in Q3 FY26.
The consolidated EBITDA margin was -0.5% in Q4 FY26, compared with 2.2% in Q4 FY25 and 2.7% in Q3 FY26. Loss before tax was ₹8.37 crore, against ₹8.30 crore a year earlier and ₹8.28 crore in the previous quarter. The net loss was ₹8.16 crore, compared with ₹9.44 crore and ₹9.67 crore, respectively. The standalone basis showed revenue of ₹56.54 crore and PAT of ₹1.38 crore.
| ₹ crore | Q4 FY26 | Q3 FY26 | Q4 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 99.62 | 65.19 | 103.98 | −4.2% | +52.8% |
| Other income | 3.63 | 1.33 | 2.20 | +65.0% | +172.9% |
| Total expenses | 111.62 | 74.80 | 114.48 | −2.5% | +49.2% |
| EBITDA | −0.52 | 1.74 | 2.24 | turned to loss | turned to loss |
| EBITDA margin | -0.5% | 2.7% | 2.2% | −2.7 pp | −3.2 pp |
| Profit before tax | −8.37 | −8.28 | −8.30 | ||
| Tax | −0.21 | 1.39 | 0.96 | ||
| Net profit | −8.16 | −9.67 | −9.44 |
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 Bharat Parenterals' costs and profit?
Against Q4 FY25, total expenses fell 2.5% to ₹111.62 crore. Cost of materials rose 0.3% to ₹51.35 crore, employee cost rose 1.8% to ₹18.46 crore, and depreciation rose 1.3% to ₹8.63 crore. Finance costs fell 32.5% to ₹2.85 crore, while other expenses fell 20.4% to ₹23.94 crore. Other income rose 65.0% to ₹3.63 crore, and there was no exceptional item.
Tax moved from ₹0.96 crore in Q4 FY25 to ₹0.21 crore in Q4 FY26. The net loss narrowed by ₹1.28 crore to ₹8.16 crore, although the PBT loss increased by ₹0.07 crore to ₹8.37 crore. Against Q3 FY26, total expenses rose 49.2% to ₹111.62 crore, while other income rose 172.9% to ₹3.63 crore and tax fell from ₹1.39 crore to ₹0.21 crore.
| ₹ crore | Q4 FY26 | Q4 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 51.35 | 51.18 | +0.17 | +0.3% |
| Employee cost | 18.46 | 18.14 | +0.32 | +1.8% |
| Finance costs | 2.85 | 4.22 | −1.37 | −32.5% |
| Depreciation | 8.63 | 8.52 | +0.11 | +1.3% |
| Other expenses | 23.94 | 30.06 | −6.12 | −20.4% |
| Total expenses | 111.62 | 114.48 | −2.86 | −2.5% |
| Other income | 3.63 | 2.20 | +1.43 | +65.0% |
| Tax | −0.21 | 0.96 | −1.17 |
Source: Company's results filing (XBRL).
How did Bharat Parenterals do in FY26 as a whole?
For FY26, Bharat Parenterals reported consolidated revenue of ₹345.43 crore, up 1.5% from ₹340.38 crore in FY25. Total income was ₹354.98 crore, compared with ₹352.28 crore in FY25. The PBT loss narrowed by ₹12.53 crore to ₹21.42 crore from ₹33.95 crore, and the net loss narrowed by ₹16.37 crore to ₹27.31 crore from ₹43.68 crore.
| ₹ crore | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue from operations | 345.43 | 340.38 | +1.5% |
| Profit before tax | −21.42 | −33.95 | |
| Net profit | −27.31 | −43.68 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 31 March 2026, total assets were ₹613.3 crore, compared with ₹575.28 crore at 30 September 2025. Total equity was ₹311.58 crore against ₹328.86 crore, borrowings were ₹146.11 crore against ₹130.68 crore, and cash was ₹1.48 crore against ₹5.07 crore. Inventories rose to ₹84.72 crore from ₹71.7 crore, trade receivables to ₹150.65 crore from ₹141.86 crore, and trade payables to ₹63.95 crore from ₹57.68 crore.
For FY26, operating cash flow was ₹38.36 crore, compared with negative ₹14.39 crore in FY25. Investing cash flow was ₹9.32 crore against negative ₹137.12 crore, financing cash flow was negative ₹47.05 crore against ₹156.09 crore, and capital expenditure was ₹39.93 crore against ₹29.08 crore.
| ₹ crore | As of 31 March 2026 | As of 30 September 2025 |
|---|---|---|
| Total assets | 613.30 | 575.28 |
| Total equity | 311.58 | 328.86 |
| Borrowings | 146.11 | 130.68 |
| Cash and equivalents | 1.48 | 5.07 |
| Inventories | 84.72 | 71.70 |
| Trade receivables | 150.65 | 141.86 |
Source: Company's results filing (XBRL).
| ₹ crore | FY26 | FY25 |
|---|---|---|
| Cash from operations | 38.36 | −14.39 |
| Cash from investing | 9.32 | −137.12 |
| Cash from financing | −47.05 | 156.09 |
| Capital expenditure | 39.93 | 29.08 |
Source: Company's results filing (XBRL).
How has Bharat Parenterals done over the last 8 quarters?
Across the last eight quarters, revenue peaked at ₹116.0 crore in Q1 FY26 and bottomed at ₹64.62 crore in Q2 FY26. It reached ₹99.62 crore in Q4 FY26, after ₹65.19 crore in Q3 FY26. The quarterly pattern therefore shows a recovery from the Q2 and Q3 levels, though the latest quarter remained below the Q1 FY26 peak.
Net loss was lowest at ₹0.87 crore in Q1 FY26 and highest at ₹17.52 crore in Q2 FY25. The latest quarterly loss was ₹8.16 crore, compared with ₹9.67 crore in Q3 FY26 and ₹9.44 crore in Q4 FY25. EBITDA margin peaked at 11.9% in Q1 FY26, fell to -10.7% in Q2 FY25, and was -0.5% in Q4 FY26.
What else did the company announce?
The board approved the audited standalone and consolidated financial results for the quarter and year ended 31 March 2026, along with an unmodified audit opinion. It also approved the audited standalone and consolidated financial statements for FY26. The company filed an investor presentation for Q4 FY26 and the FY26 annual results on the same day.
The board recommended a final dividend of Rs. 1.00 per equity share of Rs. 10 each, at the rate of 10%, for FY26, subject to shareholder approval at the ensuing AGM and applicable tax deductions. It also re-appointed M/s. Chetan Gandhi & Associates as cost auditor and M/s. Dhruvik Parikh & Co. as internal auditor for FY26-27. No fund raise was disclosed in the same-day filings.
What did Bharat Parenterals' management say?
Management said FY26 was a bridge year in which the group cleared regulatory hurdles, scaled new businesses and prepared for the commercial inflection it expects in FY27. It expects standalone revenue growth of 10-15% in FY27 on a base of INR 234 crore, with EBITDA margins in a 10-15% range and an order book of INR 171 crore.
Management expects Innoxel revenue growth of 35-45% in FY27, EBITDA margins of 20-25%, out-licensing income between INR 70-90 crore and 20 new partner deals targeted, including 10 at advanced stages. It also expects Varenyam Healthcare revenue growth of 20-25% and EBITDA margins of 8-13%. Management said Innoxel had turned EBITDA positive in Q4 FY26 for the first time, at INR 1.4 crore.
Management said the VBPL commercial timeline was pushed by about 3 months because of geopolitical disruptions, with commissioning now slated for September 2027 and first commercial supply in Q4 FY29. It said the standalone business faces PIC/S and EUGMP inspections in FY27 that may cause production disruptions, while VBPL construction remains cash-consuming with modest losses expected through FY27.
How did Bharat Parenterals shares react?
The filing was released after market hours. The stock was down 0.1% after 5 minutes, down 1.7% after 15 minutes and down 1.7% after 30 minutes. On the reaction day, it closed down 0.6% from the pre-results close, while the Pharmaceuticals industry median rose 0.7% and the Nifty Microcap 250 rose 0.4%.
| After the filing | Stock | Pharmaceuticals median |
|---|---|---|
| 5 minutes | −0.1% | |
| 15 minutes | −1.7% | |
| 30 minutes | −1.7% | |
| Reaction day | −0.6% | +0.7% |
| Next day | −0.8% | +1.2% |
| 5 days | +3.1% | +2.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
How did other Pharmaceuticals companies do?
Among 159 Pharmaceuticals companies compared, the median revenue growth was 14.6%. Thirty-two peers grew more slowly than Bharat Parenterals, while 127 grew faster. Profit increased at 95 peers, with profit growth compared across 159 companies.
| Bharat Parenterals revenue growth (YoY) | −4.2% |
|---|---|
| Median of 159 other Pharmaceuticals companies | +14.6% |
| Companies with slower revenue growth than Bharat Parenterals | 32 of 159 |
| Companies with faster revenue growth than Bharat Parenterals | 127 of 159 |
| Companies whose net profit rose | 95 of 159 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Bharat Parenterals' revenue in Q4 FY26?
Revenue from operations was ₹99.62 crore, down 4.2% from ₹103.98 crore in Q4 FY25 (consolidated).
Did Bharat Parenterals make a profit in Q4 FY26?
No. It reported a net loss of ₹8.16 crore, against a net loss of ₹9.44 crore in Q4 FY25.
How did Bharat Parenterals shares react to the Q4 FY26 results?
On the reaction day the stock moved −0.6% from the previous close; the median Pharmaceuticals stock moved +0.7%.
When did Bharat Parenterals announce its Q4 FY26 results?
On 18 May 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approving Audited Financial Results For The Quarter And Year Ended March 31, 2026 And Recommendation Of Final Dividend On Equity Shares. (BSE, 9 May 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 18 May 2026) · PDF
- Audited Financial Results For The Quarter And Year Ended March 31, 2026 (BSE, 18 May 2026) · PDF
- The earnings call (20 May 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.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.