Sai Parenterals Q2 FY27 results: net profit ₹10.51 crore

How did Sai Parenterals perform in Q2 FY27?

Sai Parenterals reported consolidated Q2 FY27 revenue of ₹194.92 crore, other income of ₹3.72 crore and total income of ₹198.64 crore. Total expenses were ₹188.75 crore, EBITDA was ₹40.24 crore and profit before tax was ₹9.89 crore. The company reported a net profit of ₹10.51 crore and basic EPS of ₹2.38, with no exceptional item.

Revenue rose 9.1% from ₹178.67 crore in Q1 FY27, while EBITDA increased 71.1% from ₹23.52 crore. The EBITDA margin was 20.6%, compared with 13.2% in Q1 FY27. Profit before tax rose 1.0% from ₹9.79 crore, net profit rose 32.7% from ₹7.92 crore, and basic EPS increased from ₹1.79 to ₹2.38.

The year-ago comparison was not like-for-like because Noumed Pharmaceuticals was consolidated with effect from 12 November 2025, so Q2 FY26 did not include a full quarter of Noumed. On the standalone basis, Q2 FY27 revenue was ₹52.91 crore and profit after tax was ₹6.49 crore. The filing also showed H1 FY27 revenue of ₹373.59 crore, profit before tax of ₹19.68 crore, net profit of ₹18.43 crore and basic EPS of ₹4.17.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹1,319.81 crore, lower than ₹1,424.23 crore at 31 March 2026. Total equity was ₹508.1 crore, up from ₹495.13 crore, while borrowings rose to ₹356.64 crore from ₹319.49 crore. Cash fell to ₹129.33 crore from ₹416.97 crore. Inventories were ₹182.2 crore, trade receivables ₹254.53 crore and trade payables ₹127.4 crore.

For H1 FY27, operating cash flow was negative ₹205.46 crore, investing cash flow was negative ₹69.84 crore and financing cash flow was negative ₹12.34 crore. Capital expenditure was ₹49.64 crore. The supplied results did not include comparable H1 FY26 cash-flow figures, so no year-earlier comparison could be stated.

What else did the company announce?

The company had completed the acquisition of 60% of Saicriti Pharma, making it a subsidiary with effect from completion. The investor release said the company invested ₹83.83 crore of IPO proceeds in Saicriti and ₹15 crore in Prathyak, while ₹3.0 crore originally earmarked for a research centre was reallocated to general corporate purposes. The company also disclosed the completion of the Prathyak acquisition on 5 October 2026 for ₹15 crore.

The same-day investor presentation outlined a capex, capacity and export roadmap. It said Unit III capacity increased from 85.5 to 155 million units a month, with output ramping from Q4 FY27. It also stated that the Saicriti injectable facility was targeted for completion in July 2027, with capacity of approximately 154.66 million units. No dividend or new fund-raising announcement was included in the supplied same-day filings.

What did Sai Parenterals' management say?

Management maintained the FY27 revenue target of ₹750 crore and said it expected to exceed the target, citing H1 revenue of ₹376 crore. It also maintained FY27 EBITDA-margin guidance of approximately 17%, with performance expected above that level, and set a gross-margin target above 45% for the coming quarters. Management said Unit III output would ramp from Q4 FY27, with most incremental volume directed to Australia and New Zealand.

Management said Unit III output was 81% higher, rising from 85.5 to 155 million units a month. It also said A$232 million of Australian OTC contracts had been renewed with expanded product portfolios. Sai Prateek was described as a ₹215 crore plant targeting July 2027 completion and 154.66 million-unit capacity, while external Cypratek development revenue was projected from FY28.

Chairman and Managing Director Anilji said: “FY27 remains a year of building, and FY28 is when the results of that building should start to show in our performance.” He also said: “These controls remain in place, and so we seek to keep a gross margin above 45% in the next all coming quarters.” Nomad Pharmaceuticals Chief Executive Officer Mark Muldoon said Adelaide commissioning was slightly behind earlier advice because of logistics disruptions linked to the Iran conflict.

How did Sai Parenterals shares react?

The filing appeared after market hours. From the price when the filing appeared, the stock fell 2.1% after 5 minutes, 2.8% after 15 minutes and 3.9% after 30 minutes. It closed 7.1% lower from the previous close on the reaction day. By the next day's close, the stock was down 9.8% from its pre-results close. No five-day move was available.

At the earlier results announcement on 23 May 2026, the stock had moved up 0.6% on the reaction day. The available history therefore consists of that earlier reaction-day move and the 7.1% decline following the Q2 FY27 filing.

How did other Pharmaceuticals companies do?

A total of 61 Pharmaceuticals companies were compared for the quarter. Their median revenue growth was 18.9%, higher than Sai Parenterals' reported revenue direction. Among the peer data provided, peers_growing_slower_than_company and peers_growing_faster_than_company were not populated with counts, so no peer-by-peer growth classification can be stated.

Out of 55 peers for which profit was compared, 39 reported higher profit. The peer comparison was as of 4 November 2026 and covered Pharmaceuticals companies that had filed for the quarter.