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Mangalam Drugs and Organics Q2 FY27 results: net loss narrows to ₹7.21 crore, revenue up 60.3%
Mangalam Drugs and Organics Limited reported standalone revenue of ₹79.39 crore in Q2 FY27, up 60.3% from Q2 FY26, but recorded a net loss of ₹7.21 crore and basic EPS of ₹4.55. The company also reported consolidated unaudited results for the quarter ended 30 September 2026.
Key points
- Standalone revenue was ₹79.39 crore in Q2 FY27, up 60.3% from ₹49.54 crore in Q2 FY26 and 39.0% from ₹57.12 crore in Q1 FY27.
- Standalone EBITDA was a loss of ₹1.25 crore in Q2 FY27, compared with a loss of ₹2.83 crore in Q2 FY26 and profit of ₹0.89 crore in Q1 FY27; the EBITDA margin was -1.6%.
- Standalone net loss was ₹7.21 crore in Q2 FY27, compared with a net loss of ₹7.25 crore in Q2 FY26 and ₹7.55 crore in Q1 FY27; basic EPS was -₹4.55.
- For H1 FY27, standalone revenue was ₹136.51 crore, up 27.7% from ₹106.89 crore in H1 FY26, while net loss narrowed to ₹14.76 crore from ₹20.97 crore.
- The auditors’ report included an emphasis of matter on borrowings classified as Non-Performing Assets, a Bank of Baroda demand notice dated 23 September 2026, and current liabilities exceeding current assets.
How did Mangalam Drugs and Organics perform in Q2 FY27?
Mangalam Drugs and Organics reported standalone revenue of ₹79.39 crore for Q2 FY27, against ₹49.54 crore in Q2 FY26 and ₹57.12 crore in Q1 FY27. Total income was ₹79.56 crore, compared with ₹49.57 crore a year earlier and ₹57.23 crore in the previous quarter. The company’s board approved standalone and consolidated unaudited results for the quarter ended 30 September 2026 on 5 November 2026.
Standalone EBITDA was a loss of ₹1.25 crore in Q2 FY27, compared with a loss of ₹2.83 crore in Q2 FY26 and profit of ₹0.89 crore in Q1 FY27. The EBITDA margin was -1.6%, compared with -5.7% in Q2 FY26 and 1.6% in Q1 FY27. Standalone profit before tax was a loss of ₹8.99 crore, compared with a loss of ₹12.37 crore a year earlier and ₹6.66 crore in the previous quarter.
Standalone net loss was ₹7.21 crore in Q2 FY27, against a net loss of ₹7.25 crore in Q2 FY26 and ₹7.55 crore in Q1 FY27. Basic EPS was -₹4.55, compared with -₹4.58 and -₹4.77, respectively. The consolidated results were approved on the same date, while the figures in this article are standalone.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 79.39 | 57.12 | 49.54 | +60.3% | +39.0% |
| Other income | 0.17 | 0.11 | 0.03 | +466.7% | +54.5% |
| Total expenses | 88.55 | 63.89 | 61.94 | +43.0% | +38.6% |
| EBITDA | −1.25 | 0.89 | −2.83 | turned to loss | |
| EBITDA margin | -1.6% | 1.6% | -5.7% | +4.1 pp | −3.2 pp |
| Profit before tax | −8.99 | −6.66 | −12.37 | ||
| Tax | −1.78 | 0.89 | −5.12 | ||
| Net profit | −7.21 | −7.55 | −7.25 | ||
| EPS (₹) | −4.55 | −4.77 | −4.58 |
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 Mangalam Drugs and Organics' costs and profit?
Total expenses were ₹88.55 crore in Q2 FY27, up ₹26.61 crore from ₹61.94 crore in Q2 FY26. Cost of materials rose ₹17.88 crore to ₹46.77 crore, employee cost increased ₹1.67 crore to ₹9.26 crore, and other expenses increased ₹3.76 crore to ₹15.49 crore. Finance costs fell ₹1.14 crore to ₹3.89 crore, while depreciation fell ₹0.51 crore to ₹4.02 crore.
Other income was ₹0.17 crore in Q2 FY27, up ₹0.14 crore from ₹0.03 crore in Q2 FY26 and ₹0.06 crore from ₹0.11 crore in Q1 FY27. There was no exceptional item. Tax was a loss of ₹1.78 crore in Q2 FY27, compared with a loss of ₹5.12 crore in Q2 FY26 and profit of ₹0.89 crore in Q1 FY27. The filing excerpts do not state reasons for these changes.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 46.77 | 28.89 | +17.88 | +61.9% |
| Employee cost | 9.26 | 7.59 | +1.67 | +22.0% |
| Finance costs | 3.89 | 5.03 | −1.14 | −22.7% |
| Depreciation | 4.02 | 4.53 | −0.51 | −11.3% |
| Other expenses | 15.49 | 11.73 | +3.76 | +32.1% |
| Total expenses | 88.55 | 61.94 | +26.61 | +43.0% |
| Other income | 0.17 | 0.03 | +0.14 | +466.7% |
| Tax | −1.78 | −5.12 | +3.34 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, standalone revenue was ₹136.51 crore, up ₹29.62 crore or 27.7% from ₹106.89 crore in H1 FY26. Total income was ₹136.79 crore, up ₹29.87 crore or 27.9% from ₹106.92 crore in the first half of the previous financial year.
Standalone profit before tax was a loss of ₹15.65 crore in H1 FY27, compared with a loss of ₹25.29 crore in H1 FY26. Net loss narrowed by ₹6.21 crore to ₹14.76 crore from ₹20.97 crore, while EPS was -₹9.33 against -₹13.25. The company reported these figures on a standalone basis.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 136.51 | 106.89 | +27.7% |
| Profit before tax | −15.65 | −25.29 | |
| Net profit | −14.76 | −20.97 | |
| EPS (₹) | −9.33 | −13.25 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹291.61 crore, compared with ₹308.14 crore at 31 March 2026. Total equity was ₹88.28 crore against ₹103.32 crore, borrowings were ₹88.04 crore against ₹102.06 crore, and cash was ₹0.81 crore against ₹0.67 crore. Inventories were ₹96.27 crore, trade receivables ₹32.9 crore, and trade payables ₹69.82 crore.
For H1 FY27, operating cash flow was ₹23.37 crore, compared with ₹7.64 crore in H1 FY26. Investing cash flow was a loss of ₹1.66 crore against a gain of ₹5.76 crore, while financing cash flow was a loss of ₹21.58 crore against a loss of ₹1.16 crore. Capital expenditure was ₹1.78 crore, compared with -₹5.8 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 291.61 | 308.14 |
| Total equity | 88.28 | 103.32 |
| Borrowings | 88.04 | 102.06 |
| Cash and equivalents | 0.81 | 0.67 |
| Inventories | 96.27 | 102.77 |
| Trade receivables | 32.90 | 40.30 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 23.37 | 7.64 |
| Cash from investing | −1.66 | 5.76 |
| Cash from financing | −21.58 | −1.16 |
| Capital expenditure | 1.78 | −5.80 |
Source: Company's results filing (XBRL).
How has Mangalam Drugs and Organics done over the last 8 quarters?
Revenue reached ₹88.71 crore in Q3 FY25, fell to a low of ₹49.54 crore in Q2 FY26, and then rose to ₹79.39 crore in Q2 FY27. Profit reached ₹1.4 crore in Q3 FY25, while the lowest profit in the reported series was a loss of ₹13.73 crore in Q1 FY26; Q2 FY27 recorded a loss of ₹7.21 crore.
The EBITDA margin was highest at 14.4% in Q4 FY25 and lowest at -8.0% in Q4 FY26. It improved to 1.6% in Q1 FY27 before moving to -1.6% in Q2 FY27, while revenue rose from ₹57.12 crore to ₹79.39 crore and the net loss narrowed from ₹7.55 crore to ₹7.21 crore.
What did the auditors point out?
The auditors’ limited review report included an emphasis of matter on the classification of borrowings from two of the three consortium banks as Non-Performing Assets, a demand notice dated 23 September 2026 issued by Bank of Baroda under Section 13(2) of the SARFAESI Act, 2002, and the excess of current liabilities over current assets as of 30 September 2026. The auditors stated that these conditions indicate a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern, but their conclusion was not modified in respect of this matter.
The report also stated that the company was in discussion with lenders to resolve the debt and that the outcome was yet to be determined. The company’s board considered a going-concern basis appropriate, citing net worth of ₹8,827.60 lakhs, continued operations of both manufacturing units, the standard classification of the account by the lead bank, and ongoing discussions with lenders. The statutory auditors did not express any modified opinion on the standalone and consolidated results.
How did other Pharmaceuticals companies do?
Among 68 Pharmaceuticals companies that had filed for the quarter, the median revenue growth was 19.8%. Compared with Mangalam Drugs and Organics, 64 peers grew slower than the company and 4 peers grew faster than the company. Of the 63 peers for which profit was compared, 46 reported higher profit.
| Mangalam Drugs and Organics revenue growth (YoY) | +60.3% |
|---|---|
| Median of 68 other Pharmaceuticals companies | +19.8% |
| Companies with slower revenue growth than Mangalam Drugs and Organics | 64 of 68 |
| Companies with faster revenue growth than Mangalam Drugs and Organics | 4 of 68 |
| Companies whose net profit rose | 46 of 63 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Mangalam Drugs and Organics' revenue in Q2 FY27?
Revenue from operations was ₹79.39 crore, up 60.3% from ₹49.54 crore in Q2 FY26 (standalone).
Did Mangalam Drugs and Organics make a profit in Q2 FY27?
No. It reported a net loss of ₹7.21 crore, against a net loss of ₹7.25 crore in Q2 FY26.
What was Mangalam Drugs and Organics' EPS in Q2 FY27?
Basic loss per share was ₹4.55, against a loss of ₹4.58 in Q2 FY26.
When did Mangalam Drugs and Organics announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Quarterly Financial Results For The Quarter Ended September 30, 2026 Pursant To Regulation 29 Of SEBI (LODR), 2015 (BSE, 29 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting For Declaration Of Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended September 30, 2026. (BSE, 5 November 2026) · PDF
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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