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- Q2 FY27 results
Solara Active Pharma Sciences Q2 FY27 results: net profit ₹28.46 crore vs ₹10.10 crore loss, revenue up 33.1%
Solara Active Pharma Sciences Limited reported consolidated revenue of ₹417.34 crore and EBITDA of ₹76.84 crore for Q2 FY27, with an 18.4% EBITDA margin. Net profit was ₹28.46 crore and basic EPS was ₹5.92, compared with a net loss of ₹10.10 crore in Q2 FY26; on a standalone basis, revenue was ₹417.34 crore and PAT was ₹29.61 crore.
Key points
- Consolidated Q2 FY27 revenue rose 33.1% year on year to ₹417.34 crore and increased 9.4% from Q1 FY27.
- EBITDA rose 121.2% year on year to ₹76.84 crore, while the EBITDA margin expanded 7.3 percentage points to 18.4%.
- PAT was ₹28.46 crore versus a net loss of ₹10.10 crore in Q2 FY26; basic EPS was ₹5.92.
- H1 FY27 revenue rose 26.3% to ₹798.94 crore and PAT was ₹44.77 crore, compared with ₹0.42 crore in H1 FY26.
- The balance sheet included borrowings of ₹570.1 crore and cash of ₹24.11 crore as of 30 September 2026; H1 FY27 operating cash flow was ₹63.35 crore.
How did Solara Active Pharma Sciences perform in Q2 FY27?
Solara Active Pharma Sciences reported consolidated revenue of ₹417.34 crore for Q2 FY27, up 33.1% from ₹313.54 crore in Q2 FY26 and 9.4% from ₹381.60 crore in Q1 FY27. Total income was ₹417.88 crore, including other income of ₹0.54 crore. EBITDA was ₹76.84 crore, up 121.2% year on year and 24.0% sequentially, while the margin rose to 18.4% from 11.1% and 16.2%, respectively.
Consolidated profit before tax and PAT were ₹28.46 crore in Q2 FY27, compared with a net loss of ₹10.10 crore in Q2 FY26 and PAT of ₹16.31 crore in Q1 FY27. Basic EPS was ₹5.92, against a loss of ₹2.36 per share in the year-ago quarter and ₹3.52 in the previous quarter. The PAT margin was 6.8%, up 10.0 percentage points year on year and 2.5 percentage points sequentially. On the standalone basis, revenue was ₹417.34 crore and PAT was ₹29.61 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 417.34 | 381.60 | 313.54 | +33.1% | +9.4% |
| Other income | 0.54 | 2.69 | 0.49 | +10.2% | −79.9% |
| Total expenses | 384.92 | 367.98 | 324.13 | +18.8% | +4.6% |
| EBITDA | 76.84 | 61.97 | 34.73 | +121.2% | +24.0% |
| EBITDA margin | 18.4% | 16.2% | 11.1% | +7.3 pp | +2.2 pp |
| Profit before tax | 28.46 | 16.31 | −10.10 | turned to profit | +74.5% |
| Tax | 0 | 0 | 0 | ||
| Net profit | 28.46 | 16.31 | −10.10 | turned to profit | +74.5% |
| EPS (₹) | 5.92 | 3.52 | −2.36 | turned to profit | +68.2% |
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 Solara Active Pharma Sciences' costs and profit?
Total expenses were ₹384.92 crore in Q2 FY27, up ₹60.79 crore or 18.8% from ₹324.13 crore in Q2 FY26. Cost of materials consumed was ₹217.80 crore, up ₹68.11 crore or 45.5%, while employee cost increased ₹2.76 crore or 5.0% to ₹57.62 crore. Finance costs fell ₹3.05 crore or 14.6% to ₹17.78 crore, and other expenses declined ₹0.74 crore or 1.1% to ₹69.21 crore.
Depreciation and amortisation expenses were ₹26.64 crore, up ₹2.15 crore or 8.8% from ₹24.49 crore. Other income was ₹0.54 crore, up ₹0.05 crore or 10.2% from ₹0.49 crore, while tax remained unchanged at ₹0 crore. The quarter included an exceptional charge of ₹4.50 crore, compared with no exceptional item in Q2 FY26; profit before exceptional items and tax was ₹32.96 crore, and profit before tax after the charge was ₹28.46 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 217.80 | 149.69 | +68.11 | +45.5% |
| Employee cost | 57.62 | 54.86 | +2.76 | +5.0% |
| Finance costs | 17.78 | 20.83 | −3.05 | −14.6% |
| Depreciation | 26.64 | 24.49 | +2.15 | +8.8% |
| Other expenses | 69.21 | 69.95 | −0.74 | −1.1% |
| Total expenses | 384.92 | 324.13 | +60.79 | +18.8% |
| Other income | 0.54 | 0.49 | +0.05 | +10.2% |
| Tax | 0 | 0 | 0 | |
| Exceptional items | −4.50 (charge) | none |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, Solara Active Pharma Sciences reported consolidated revenue of ₹798.94 crore, up 26.3% from ₹632.69 crore in H1 FY26. Total income rose 26.5% to ₹802.17 crore from ₹634.16 crore. Profit before tax and PAT were ₹44.77 crore, compared with ₹0.42 crore in the year-ago period.
H1 FY27 basic EPS was ₹9.49, compared with ₹0.10 in H1 FY26. Revenue in the first half therefore increased ₹166.25 crore and PAT increased ₹44.35 crore from the corresponding prior-year period. The results were approved as unaudited consolidated and standalone figures by the board on 16 October 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 798.94 | 632.69 | +26.3% |
| Profit before tax | 44.77 | 0.42 | +10559.5% |
| Net profit | 44.77 | 0.42 | +10559.5% |
| EPS (₹) | 9.49 | 0.10 | +9390.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹2,454.13 crore, compared with ₹2,332.59 crore at 31 March 2026. Total equity increased to ₹1,438.76 crore from ₹1,255.55 crore, while borrowings fell to ₹570.1 crore from ₹664.54 crore. Cash and cash equivalents rose to ₹24.11 crore from ₹4.48 crore; inventories were ₹366.82 crore, trade receivables ₹506.11 crore and trade payables ₹318.51 crore.
H1 FY27 operating cash flow was ₹63.35 crore, compared with ₹74.07 crore in H1 FY26. Investing cash flow was negative ₹46.01 crore versus negative ₹27.35 crore, and financing cash flow was positive ₹2.29 crore versus negative ₹46.96 crore. Capital expenditure was ₹54.83 crore in H1 FY27, compared with ₹28.6 crore a year earlier. The review report stated that the consolidated results included interim information from two subsidiaries that had not been reviewed by their auditors.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,454 | 2,333 |
| Total equity | 1,439 | 1,256 |
| Borrowings | 570.10 | 664.54 |
| Cash and equivalents | 24.11 | 4.48 |
| Inventories | 366.82 | 317.87 |
| Trade receivables | 506.11 | 438.72 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 63.35 | 74.07 |
| Cash from investing | −46.01 | −27.35 |
| Cash from financing | 2.29 | −46.96 |
| Capital expenditure | 54.83 | 28.60 |
Source: Company's results filing (XBRL).
How has Solara Active Pharma Sciences done over the last 8 quarters?
Revenue increased in each of the last four quarters, according to the trend data, and reached its highest listed level of ₹417.34 crore in Q2 FY27. The lowest listed revenue was ₹273.01 crore in Q4 FY25, while Q1 FY27 revenue was ₹381.60 crore, showing that the latest quarter continued the upward direction.
PAT moved from a net loss of ₹2.10 crore in Q4 FY25 to a net loss of ₹10.10 crore in Q2 FY26 and a net loss of ₹17.43 crore in Q3 FY26. It then turned positive at ₹9.60 crore in Q4 FY26 and rose to ₹16.31 crore in Q1 FY27 and ₹28.46 crore in Q2 FY27. The EBITDA margin bottomed at 10.7% in Q3 FY26 and reached 18.4% in Q2 FY27, above 16.2% in Q1 FY27.
What did Solara Active Pharma Sciences' management say?
Management said Q2 FY27 was the best quarter in about five years across gross margin, EBITDA and PAT. The company’s base business delivered revenue of ₹327 cr and an EBITDA margin of 23.6%, while the ibuprofen business was close to break-even. Management reiterated a target of 5 DMF filings in FY27, with 2 completed, and said ANVISA audits had been cleared for Mangalore and Kudlu.
Management said the ibuprofen strategic review was extended by 12 weeks, with the options narrowed to repurposing the Vizag facility as a multi-product facility or finding a buyer. It also reiterated an annual capex run-rate of ₹40-50 crores, sustainable base-business gross margin of 52-55% once West Asia-related input-cost pass-through normalises, and net debt/EBITDA in the current approximately 1.8x range over the medium term. The company said no new quantitative guidance was issued.
Management identified West Asia-related solvent and raw-material pressure, commodity pricing in ibuprofen, container-availability issues affecting shipment-to-billing timelines, China sourcing exposure of 20-25% of KSM procurement value, and the non-operational Vizag facility as risks. It attributed the rise in trade receivables from related party Strides to revenue growth and shipment timing rather than extended payment terms, and said the strategic review would conclude in 12 weeks.
How did Solara Active Pharma Sciences shares react?
The filing appeared during market hours. From the price at which the filing appeared, the stock was up 2.1% after five minutes, up 1.0% after 15 minutes and down 2.2% after 30 minutes. On the reaction day, it closed up 9.6% from the previous close of ₹648.0; the Pharmaceuticals industry median was unchanged and the Nifty Microcap 250 was up 0.7%.
By the next day’s close, the stock was down 0.2% from its pre-results close, compared with a 1.2% fall for the industry median and a 1.0% fall for the Nifty Microcap 250. By the fifth session’s close, it was down 2.1% from the pre-results close, versus a 3.9% industry-median fall and a 6.4% Nifty Microcap 250 fall. Earlier results-day moves were mixed, including 13.9% on 15 May 2026 and declines of 12.3% on 6 February 2026 and 8.6% on 5 November 2025.
| After the filing | Stock | Pharmaceuticals median |
|---|---|---|
| 5 minutes | +2.1% | |
| 15 minutes | +1.0% | |
| 30 minutes | −2.2% | |
| Reaction day | +9.6% | +0.0% |
| Next day | −0.2% | −1.2% |
| 5 days | −2.1% | −3.9% |
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 |
|---|---|
| 23 July 2026 | −2.8% |
| 15 May 2026 | +13.9% |
| 6 February 2026 | −12.3% |
| 5 November 2025 | −8.6% |
| 25 July 2025 | +5.4% |
| 15 May 2025 | −9.6% |
| 24 January 2025 | −9.5% |
| 21 October 2024 | +1.9% |
Source: MarketPing price-reaction measurement.
How did other Pharmaceuticals companies do?
Among 60 Pharmaceuticals companies compared, the median revenue growth was 18.9%. Of the other companies, 45 grew more slowly than Solara Active Pharma Sciences and 15 grew faster than the company. The company’s revenue growth was 33.1%.
Of the 54 peers with profit data, 38 reported higher profit. The peer comparison was as of 4 November 2026.
| Solara Active Pharma Sciences revenue growth (YoY) | +33.1% |
|---|---|
| Median of 60 other Pharmaceuticals companies | +18.9% |
| Companies with slower revenue growth than Solara Active Pharma Sciences | 45 of 60 |
| Companies with faster revenue growth than Solara Active Pharma Sciences | 15 of 60 |
| Companies whose net profit rose | 38 of 54 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Solara Active Pharma Sciences' revenue in Q2 FY27?
Revenue from operations was ₹417.34 crore, up 33.1% from ₹313.54 crore in Q2 FY26 (consolidated).
Did Solara Active Pharma Sciences make a profit in Q2 FY27?
Yes. Net profit was ₹28.46 crore, against a net loss of ₹10.10 crore in Q2 FY26.
What was Solara Active Pharma Sciences' EPS in Q2 FY27?
Basic earnings per share were ₹5.92, against a loss of ₹2.36 in Q2 FY26.
How did Solara Active Pharma Sciences shares react to the Q2 FY27 results?
On the reaction day the stock moved +9.6% from the previous close; the median Pharmaceuticals stock moved +0.0%.
When did Solara Active Pharma Sciences announce its Q2 FY27 results?
On 16 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Quarter And Half Year Ended September 30, 2026 (BSE, 9 October 2026) · PDF
- Outcome of Board Meeting (NSE, 16 October 2026) · PDF
- Press Release (NSE, 16 October 2026) · PDF
- The earnings call (16 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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