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Sun Pharma Advanced Research Company Q2 FY27 results: net loss narrows to ₹24.39 crore
Sun Pharma Advanced Research Company Limited reported consolidated revenue of ₹30.03 crore in Q2 FY27, up 282.1% from a year ago, and a net loss of ₹24.39 crore against a net loss of ₹75.85 crore in Q2 FY26. Against the previous quarter, revenue fell 24.8% and the net loss widened to ₹24.39 crore from ₹20.78 crore. On a standalone basis, revenue was ₹30.03 crore and the company reported a net loss of ₹24.58 crore.
Key points
- Consolidated revenue of ₹30.03 crore in Q2 FY27 was up 282.1% from ₹7.86 crore in Q2 FY26, and down 24.8% from ₹39.92 crore in Q1 FY27.
- The consolidated net loss narrowed to ₹24.39 crore from a net loss of ₹75.85 crore a year earlier, but widened from a net loss of ₹20.78 crore in the previous quarter.
- Consolidated EBITDA was a loss of ₹45.61 crore in Q2 FY27, with an EBITDA margin of -151.9%, against -836.1% in Q2 FY26 and -85.2% in Q1 FY27.
- Basic EPS was -₹0.75 in Q2 FY27, against -₹2.34 in Q2 FY26 and -₹0.64 in Q1 FY27.
- Other income of ₹23.62 crore was up ₹23.61 crore from ₹0.01 crore a year earlier, while total expenses fell ₹5.70 crore to ₹77.96 crore.
How did Sun Pharma Advanced Research Company perform in Q2 FY27?
Sun Pharma Advanced Research Company reported consolidated revenue of ₹30.03 crore for Q2 FY27, the July–September 2026 quarter, up 282.1% from ₹7.86 crore in Q2 FY26 but down 24.8% from ₹39.92 crore in Q1 FY27. Total income was ₹53.65 crore, up ₹45.78 crore from a year earlier and down ₹9.93 crore from the previous quarter. Other income stood at ₹23.62 crore.
Consolidated EBITDA for the quarter was a loss of ₹45.61 crore, compared with a loss of ₹65.72 crore in Q2 FY26 and a loss of ₹34 crore in Q1 FY27. The EBITDA margin was -151.9%, against -836.1% a year earlier and -85.2% in the previous quarter, a gap of 684.2 percentage points on a year-on-year basis and 66.7 percentage points on a sequential basis.
The company reported a consolidated net loss of ₹24.39 crore in Q2 FY27, against a net loss of ₹75.85 crore in Q2 FY26 and a net loss of ₹20.78 crore in Q1 FY27. Loss before tax was ₹24.31 crore, against ₹75.79 crore a year earlier and ₹20.67 crore in the previous quarter. Basic EPS was -₹0.75, compared with -₹2.34 in Q2 FY26 and -₹0.64 in Q1 FY27. On a standalone basis, revenue was ₹30.03 crore and the net loss was ₹24.58 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 30.03 | 39.92 | 7.86 | +282.1% | −24.8% |
| Other income | 23.62 | 23.66 | 0.01 | +236100.0% | −0.2% |
| Total expenses | 77.96 | 84.25 | 83.66 | −6.8% | −7.5% |
| EBITDA | −45.61 | −34 | −65.72 | ||
| EBITDA margin | -151.9% | -85.2% | -836.1% | +684.2 pp | −66.7 pp |
| Profit before tax | −24.31 | −20.67 | −75.79 | ||
| Tax | 0.08 | 0.11 | 0.06 | +33.3% | −27.3% |
| Net profit | −24.39 | −20.78 | −75.85 | ||
| EPS (₹) | −0.75 | −0.64 | −2.34 |
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 Sun Pharma Advanced Research Company's costs and profit?
Total expenses fell ₹5.70 crore, or 6.8%, to ₹77.96 crore in Q2 FY27 from ₹83.66 crore a year earlier, and were down ₹6.29 crore from ₹84.25 crore in the previous quarter. Cost of materials consumed was ₹9.95 crore, up ₹3.85 crore or 63.1% from ₹6.10 crore a year earlier, while other expenses were ₹36.36 crore, down ₹1.61 crore or 4.2%.
Finance costs dropped to ₹0.12 crore from ₹7.52 crore in Q2 FY26, a decline of ₹7.40 crore or 98.4%, and fell ₹8.01 crore from ₹8.13 crore in Q1 FY27. Employee benefits expense was ₹29.33 crore, down ₹0.18 crore or 0.6% from a year earlier, and depreciation and amortisation was ₹2.20 crore, down ₹0.36 crore or 14.1%.
Other income rose to ₹23.62 crore from ₹0.01 crore in Q2 FY26, an increase of ₹23.61 crore, while it was nearly unchanged against ₹23.66 crore in the previous quarter. Tax expense was ₹0.08 crore against ₹0.06 crore a year earlier and ₹0.11 crore in Q1 FY27. There was no exceptional item in the quarter, against an exceptional item of ₹1,236 lakhs recognised in the previous year.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 9.95 | 6.10 | +3.85 | +63.1% |
| Employee cost | 29.33 | 29.51 | −0.18 | −0.6% |
| Finance costs | 0.12 | 7.52 | −7.40 | −98.4% |
| Depreciation | 2.20 | 2.56 | −0.36 | −14.1% |
| Other expenses | 36.36 | 37.97 | −1.61 | −4.2% |
| Total expenses | 77.96 | 83.66 | −5.70 | −6.8% |
| Other income | 23.62 | 0.01 | +23.61 | +236100.0% |
| Tax | 0.08 | 0.06 | +0.02 | +33.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹69.95 crore, up ₹52.45 crore or 299.7% from ₹17.5 crore in H1 FY26. Total income was ₹117.23 crore against ₹26.65 crore a year earlier, an increase of ₹90.58 crore or 339.9%.
Loss before tax for H1 FY27 was ₹44.98 crore, against a loss of ₹127.6 crore in H1 FY26, an improvement of ₹82.62 crore. The net loss was ₹45.17 crore against a net loss of ₹127.72 crore, and EPS was -₹1.39 against -₹3.94.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 69.95 | 17.50 | +299.7% |
| Profit before tax | −44.98 | −127.60 | |
| Net profit | −45.17 | −127.72 | |
| EPS (₹) | −1.39 | −3.94 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets fell to ₹1,673.53 crore at 30 September 2026 from ₹2,170.86 crore at 31 March 2026, and total equity rose to ₹1,442.1 crore from ₹1,338.82 crore. Borrowings fell to no borrowings from ₹556.14 crore, while cash rose to ₹2.7 crore from ₹1.16 crore.
Trade receivables rose to ₹21.3 crore from ₹8.27 crore, and trade payables were ₹100.62 crore against ₹97.15 crore. For H1 FY27, operating cash flow was ₹1,684.97 crore against an outflow of ₹115.87 crore in H1 FY26, investing cash flow was an outflow of ₹1,267.84 crore against ₹23.1 crore, and financing cash flow was an outflow of ₹415.61 crore against an inflow of ₹137.92 crore. Capital expenditure was ₹2.18 crore against ₹23.14 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,674 | 2,171 |
| Total equity | 1,442 | 1,339 |
| Borrowings | 0 | 556.14 |
| Cash and equivalents | 2.70 | 1.16 |
| Inventories | 0 | 0 |
| Trade receivables | 21.30 | 8.27 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 1,685 | −115.87 |
| Cash from investing | −1,268 | −23.10 |
| Cash from financing | −415.61 | 137.92 |
| Capital expenditure | 2.18 | 23.14 |
Source: Company's results filing (XBRL).
How has Sun Pharma Advanced Research Company done over the last 8 quarters?
Revenue over the last eight quarters ranged from ₹7.86 crore in Q2 FY26 to ₹1,853.22 crore in Q4 FY26, when profit after tax was ₹1,761.34 crore and the EBITDA margin was 95.7%. Revenue then fell to ₹39.92 crore in Q1 FY27 and ₹30.03 crore in Q2 FY27, with profit after tax of -₹20.78 crore and -₹24.39 crore respectively.
The EBITDA margin bottomed at -836.1% in Q2 FY26 and stood at -151.9% in the latest quarter, after -85.2% in Q1 FY27. Revenue rose year-on-year in each of the last three quarters.
How did Sun Pharma Advanced Research Company shares react?
By the next day's close, the stock was up 5.4% from its pre-results close, while the Pharmaceuticals industry median rose 1.1%, giving an excess sector move of 4.3 percentage points. Earlier results-day moves were -2.4% on 10 August 2026, 11.3% on 18 May 2026, -0.9% on 9 February 2026 and -1.0% on 10 November 2025.
| After the filing | Stock | Pharmaceuticals median |
|---|---|---|
| 5 minutes | −1.1% | |
| 15 minutes | −0.6% | |
| 30 minutes | −0.9% | |
| Reaction day | −0.3% | +0.1% |
| Next day | +5.4% | +1.1% |
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 |
|---|---|
| 10 August 2026 | −2.4% |
| 18 May 2026 | +11.3% |
| 9 February 2026 | −0.9% |
| 10 November 2025 | −1.0% |
| 4 August 2025 | −0.4% |
| 19 May 2025 | −3.6% |
| 10 February 2025 | −4.2% |
| 4 November 2024 | −4.9% |
Source: MarketPing price-reaction measurement.
How did other Pharmaceuticals companies do?
Sixty-two Pharmaceuticals companies have filed this quarter, with a median revenue growth of 19.8%. Of the 62 peers, 62 grew slower than Sun Pharma Advanced Research Company and 0 grew faster. Profit was up at 40 of the 56 peers compared on that measure.
| Sun Pharma Advanced Research Company revenue growth (YoY) | +282.1% |
|---|---|
| Median of 62 other Pharmaceuticals companies | +19.8% |
| Companies with slower revenue growth than Sun Pharma Advanced Research Company | 62 of 62 |
| Companies with faster revenue growth than Sun Pharma Advanced Research Company | 0 of 62 |
| Companies whose net profit rose | 40 of 56 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Sun Pharma Advanced Research Company's revenue in Q2 FY27?
Revenue from operations was ₹30.03 crore, up 282.1% from ₹7.86 crore in Q2 FY26 (consolidated).
Did Sun Pharma Advanced Research Company make a profit in Q2 FY27?
No. It reported a net loss of ₹24.39 crore, against a net loss of ₹75.85 crore in Q2 FY26.
What was Sun Pharma Advanced Research Company's EPS in Q2 FY27?
Basic loss per share was ₹0.75, against a loss of ₹2.34 in Q2 FY26.
How did Sun Pharma Advanced Research Company shares react to the Q2 FY27 results?
On the reaction day the stock moved −0.3% from the previous close; the median Pharmaceuticals stock moved +0.1%.
When did Sun Pharma Advanced Research Company announce its Q2 FY27 results?
On 2 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Approval Of Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 22 October 2026) · PDF
- Outcome of Board Meeting (NSE, 2 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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