Senores Pharmaceuticals Q2 FY27 results: net profit up 21.5% to ₹36.60 crore, revenue up 18.9%

How did Senores Pharmaceuticals perform in Q2 FY27?

Senores Pharmaceuticals reported consolidated revenue of ₹192.33 crore for Q2 FY27, up 18.9% from ₹161.76 crore in Q2 FY26 and 6.7% from ₹180.21 crore in Q1 FY27. Total income was ₹201.27 crore, up 20.4% from a year earlier. EBITDA rose to ₹57.66 crore from ₹49.51 crore, and the EBITDA margin was 30.0% against 30.6% in Q2 FY26.

Profit before tax was ₹47.58 crore, up 17.1% from ₹40.64 crore in the year-ago quarter and 20.6% from ₹39.46 crore in the previous quarter. After tax of ₹10.98 crore, net profit was ₹36.60 crore against ₹30.12 crore a year earlier and ₹30.45 crore in Q1 FY27. Profit attributable to owners was ₹39.49 crore, and basic EPS was ₹8.85 against ₹6.54 a year earlier and ₹6.61 in the previous quarter.

On the standalone basis, revenue was ₹35.65 crore, up 0.9%, and profit after tax was ₹7.72 crore against ₹6.43 crore in the year-ago quarter. The company reported no exceptional item in either the quarter or the half year.

What changed in Senores Pharmaceuticals' costs and profit?

Total expenses rose to ₹153.69 crore in Q2 FY27 from ₹126.53 crore a year earlier, an increase of ₹27.16 crore. Cost of materials fell to ₹28.39 crore from ₹46.09 crore, down ₹17.70 crore, while employee cost rose ₹2.79 crore to ₹32.41 crore, finance costs rose ₹2.58 crore to ₹8.77 crore and depreciation rose ₹2.16 crore to ₹10.25 crore.

Other expenses increased ₹10.13 crore to ₹35.68 crore from ₹25.55 crore a year earlier, and other income rose ₹3.53 crore to ₹8.94 crore from ₹5.41 crore. Tax was ₹10.98 crore against ₹10.52 crore, up ₹0.46 crore. Against the previous quarter, cost of materials fell ₹2.76 crore while other expenses rose ₹4.86 crore, other income rose ₹6.13 crore and finance costs rose ₹1.60 crore.

The company's investor presentation attributed the H1 EBITDA growth to growth in the regulated markets business and cited investments in Apnar, Zoraya and Amerisyn, with revenues from the latter two expected to ramp up over the next 12 months. The presentation reported gross margin of 65.4% in Q2 FY27 against 62.9% in Q2 FY26.

How did the first half of FY27 go?

In the first half of FY27, consolidated revenue was ₹372.54 crore, up 24.3% from ₹299.75 crore in H1 FY26, and total income was ₹384.29 crore, up 24.6%. Profit before tax rose to ₹87.04 crore from ₹67.11 crore, and net profit after tax was ₹67.05 crore against ₹51.29 crore, an increase of 30.7%.

Basic EPS for H1 FY27 was ₹15.25 against ₹11.14 in H1 FY26. The company's presentation reported H1 FY27 EBITDA of ₹111.4 crore at a 29.9% margin, against ₹70.4 crore and 24.6% a year earlier, with R&D expenses at 11% of revenue.

What do the balance sheet and cash flow show?

Total assets rose to ₹1680.6 crore as on 30 September 2026 from ₹1603.81 crore at 31 March 2026, and total equity increased to ₹1031.53 crore from ₹964.54 crore. Borrowings were ₹394.49 crore against ₹327.09 crore, while cash fell to ₹17.96 crore from ₹45.55 crore.

Inventories rose to ₹97.56 crore from ₹89.29 crore, trade receivables fell to ₹253.23 crore from ₹324.82 crore, and trade payables fell to ₹151.05 crore from ₹234.72 crore. For H1 FY27, operating cash flow was ₹29.22 crore against ₹24.22 crore in H1 FY26, investing cash flow was negative ₹112.18 crore against ₹41.3 crore, and financing cash flow was ₹55.36 crore against negative ₹84.87 crore.

Capital expenditure in H1 FY27 was ₹136.59 crore, against ₹96.69 crore in H1 FY26. The company said the proposed subsidiary capacity expansions would be financed through internal accruals and IPO proceeds.

How has Senores Pharmaceuticals done over the last 8 quarters?

Revenue rose in each of the last four quarters on a year-on-year basis, and profit also rose year on year in each of those quarters. Revenue reached ₹192.33 crore in Q2 FY27 from ₹103.02 crore in Q3 FY25, when profit was ₹16.43 crore, and the latest quarter's profit of ₹36.60 crore compares with the ₹17.97 crore reported in Q4 FY25.

The EBITDA margin reached its lowest point of 17.0% in Q4 FY25 and its highest of 30.9% in Q3 FY26. It stood at 30.0% in Q2 FY27, above the 29.8% of Q1 FY27. Revenue growth has been continuous through the eight quarters shown, with the Q4 FY26 to Q1 FY27 step being the smallest.

What else did the company announce?

At its meeting on 29 October 2026, the board noted that subsidiary companies planned capacity expansion in existing manufacturing facilities, with all proposed expansions expected to be completed by the end of March 2027. Havix Group Inc in the USA is set to add 0.8 Bn units at an estimated cost of ₹18.00 crore, and Apnar Pharma Private Limited in India is set to add 0.7 Bn units at an estimated cost of ₹20.00 crore, with existing capacity utilisation of approximately 50-70%.

Ratnatris Pharmaceuticals Private Limited is in the process of adding a prefilled syringe line with a capacity of 2.7 Mn units per annum at an estimated cost of ₹5.00 crores. The board also approved the appointment of Talati and Talati LLP as joint statutory auditors alongside the existing auditors, Pankaj R Shah & Associates, for the period from 2026-27 to 2030-31. The company also filed an investor presentation for Q2 and H1 FY27 on 29 October 2026.

What did the auditors point out?

The limited review report of Pankaj R Shah & Associates for the quarter and half year ended 30 September 2026 states that nothing has come to the auditors' attention causing them to believe that the accompanying statement has not disclosed the information required to be disclosed under the regulation or contains any material misstatement. The review was limited primarily to inquiries of company personnel and analytical procedures applied to financial data, so it provides less assurance than an audit, and no audit opinion is expressed.

The auditors included an emphasis of matter stating that tax provisions and deferred tax have been determined as estimated by the management solely, and that their conclusion on the statement is not modified in respect of these matters. They also noted that the unaudited interim results of four subsidiaries and three step-down subsidiaries reflect total assets of ₹1,414.74 Crores, total revenue of ₹375.62 Crores and net profit after tax of ₹44.11 Crores for the half year ended 30 September 2026, and that their conclusion is not modified in respect of this matter.

What did Senores Pharmaceuticals' management say?

Management maintained FY27 guidance of 30-40% revenue growth and 50-60% PAT growth, with consolidated EBITDA margin targeted at 30% or a little higher. The Chief Financial Officer said, "Definitely thirty percent, I think, and maybe a little higher, but not lower. Not twenty-eight. We are aiming at thirty percent plus." Beyond FY27, management framed growth at around 25% annually over the next two to three years and would not reaffirm the 30-40% range.

The Promoter and Managing Director said, "Historically, H2 has always been stronger than H1 for us, and we expect this trend to continue in FY27 as well, supported by upcoming product launches and improved commercialization." Management said the ANDA portfolio nearly doubled to 64 with 23 commercialised, with three to four further approvals expected in Q3 FY27, and that Amerisyn was to launch within 10-15 days and Zoraya within about 45 days, both inside H2 FY27.

Management said Apna was running at 90-100% utilisation, with four lines and about 1.2 million units planned by March 2027, and expected more than ₹100 crore of revenue from Apna in FY27. On risks, management said Zoraya and Amerisyn setup costs were already in the profit and loss account without revenue, emerging-market margin fell to about 4% in Q2 on lumpy large vitamin orders, and controlled-substance launches depend on quota approvals that take 45-50 days.

How did Senores Pharmaceuticals shares react?

The stock fell 0.6% within five minutes of the filing appearing in the market and was down 1.7% by 30 minutes, from a pre-results close of ₹1320.4. On the reaction day it fell 8.2%, and by the next day's close it was down 14.3% from that same pre-results close.

Over the reaction day, the median move of the other Pharmaceuticals stocks was 0.4% and the Nifty Microcap 250 rose 0.7%, leaving Senores Pharmaceuticals 8.6 percentage points behind the industry median. By the next day's close, the industry median was down 0.6% and the index down 1.9%, while the stock was 13.7 percentage points behind the industry median. Earlier results-day moves were 0.7% on 27 July 2026, negative 1.2% on 14 May 2026, negative 4.6% on 7 January 2026, negative 1.7% on 24 July 2025, negative 8.3% on 15 May 2025 and 9.8% on 23 January 2025.

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%. Of the peers compared, 29 grew revenue more slowly than Senores Pharmaceuticals and 30 grew faster. Among the 54 peers for which profit was compared, 38 reported higher profit.