Bajaj Healthcare LimitedQ2 FY27 Results & Financial Update
Bajaj Healthcare Limited: Q2 FY27 standalone results and company financials – revenue ₹175.90 Cr, PAT ₹14.09 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Find an answer
Ask this result
Chart · Market context
Bajaj Healthcare price & chart
Market price₹338.50
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Bajaj Healthcare Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Bajaj Healthcare reported operating revenue of Rs. 175.9 crore for Q2 FY27, marking an increase of 18.9% year-over-year and 6.2% sequentially from Q1 FY27.
Profit after tax (PAT) reached Rs. 14.1 crore, representing a 26.9% increase year-over-year and a 2.9% sequential rise over the previous quarter, with PAT margin improving to 8.0% compared to 7.5% in Q2 FY26.
Gross profit for the quarter stood at Rs. 85.4 crore, up 12.4% year-over-year, delivering a gross margin of 48.3% which remained consistent with Q1 FY27 levels.
EBITDA grew by 12.2% year-over-year to Rs. 32.1 crore, with the EBITDA margin improving sequentially to 18.2% from 17.8% in Q1 FY27.
Growth was underpinned by a strong recovery in the formulations segment and robust momentum in API exports, with API exports and formulations combined exceeding Rs. 100 crore in revenue during Q2 FY27.
Profit after tax (PAT) reached Rs. 14.1 crore for the quarter, registering a 26.9% growth over the corresponding period of the previous year and a 2.9% improvement sequentially.
01 · Business model
What does Bajaj Healthcare do?
Bajaj Healthcare Limited is an established manufacturer of Active Pharmaceutical Ingredients (APIs), pharmaceutical intermediates, and formulations across various therapeutic segments, alongside nutraceutical offerings.
The company operates manufacturing facilities designed to meet regulatory compliance standards for both regulated and emerging global markets, serving customers across Europe, the USA, Australia, the Middle East, and South America.
Its commercial operations encompass domestic and export API sales combined with a growing formulations portfolio, supplemented by ongoing international regulatory registrations and specialized product launches.
02 · Historical context
What shaped the business before this quarter
Established in 1993, Bajaj Healthcare has built a manufacturing and distribution footprint across APIs, pharmaceutical intermediates, and finished formulations.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹175.90 Cr | ₹165.63 Cr |
| Total income | ₹176.79 Cr | ₹166.44 Cr |
| Profit before tax | ₹18.48 Cr | ₹16.46 Cr |
| Profit after tax | ₹14.09 Cr | ₹13.70 Cr |
| EPS | ₹4.19 | ₹4.06 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Formulations revenue surged to Rs. 41.7 crore, up ~82% year-over-year from Rs. 22.9 crore and ~79% sequentially, returning to normalized expected levels after Q1 FY27.
API export sales reached Rs. 62.6 crore for the quarter, advancing 28.5% year-over-year from Rs. 48.7 crore and 25.1% sequentially.
Domestic API sales were Rs. 71.6 crore compared to Rs. 76.3 crore in Q2 FY26, bringing H1 FY27 domestic API sales to Rs. 163.9 crore, a 10.1% year-over-year increase.
API export sales generated Rs. 62.6 crore during Q2 FY27, representing a 28.5% year-on-year increase from Rs. 48.7 crore and a 25.1% sequential rise.
Formulations revenue surged to Rs. 41.7 crore in Q2 FY27, growing approximately 82% year-on-year and ~79% sequentially following expected normalization at the end of Q1 FY27.
Revenue from operations grew to INR 175.90 crore in Q2 FY27 from INR 165.63 crore in Q1 FY27.
What drove margins
Gross margin was sustained at 48.3% in Q2 FY27, matching Q1 FY27 though lower than the 50.8% reported in Q2 FY26.
EBITDA margin expanded sequentially to 18.2% from 17.8% in Q1 FY27, supported by scaling revenues in high-value formulations and export channels.
EBITDA margin improved sequentially to 18.2% in Q2 FY27 from 17.8% in Q1 FY27, supported by favorable product mix and operating efficiencies.
Gross margin remained steady at 48.3% for Q2 FY27, matching the performance level of Q1 FY27 while comparing against 50.8% in Q2 FY26.
Finance costs stood at INR 5.98 crore, while depreciation and amortisation expenses accounted for INR 7.65 crore during the quarter.
05 · Demand, customers & order book
Where demand is coming from
Commercial launch of Cenobamate tablets commenced in September 2026 through eight marketing partners across India.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Management noted that the formulations segment normalised as expected at the end of Q1 FY27, achieving substantial year-over-year expansion in Q2 FY27.
Geography and market mix
The company is advancing its ANVISA GMP certification process, identifying 17 products for CBPF submission to expand its business footprint in Brazil.
Three products were registered under the whitelist registration process in Egypt, with plans to add 10 more products in subsequent phases.
A total of 12 CEPs have been filed, with eight approved and four under review; secured KDMF approvals for two additional products, bringing the total to 17 KDMF registrations with MFDS; registered three products under whitelist registration in Egypt with plans to add 10 more.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company's peptide facility remains on track for commissioning in Q4 FY27.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Management reported receiving NCLT approval for the acquisition of GenRx, designed to further expand the company's formulation capabilities.
The company secured DCGI approval for Cenobamate API and Tablets in six strengths following SEC recommendation in Q1 FY27, positioning it as the first company in India to receive approval for this anti-seizure medication.
09 · Reported developments
What changed operationally
Secured KDMF approvals for two additional products, bringing the total number of KDMF registrations with MFDS to 17.
A total of 12 CEPs have been filed to date, of which eight have been approved and four remain under review.
Became the first company in India to receive DCGI approval to manufacture and market Cenobamate API and Tablets in six strengths for adult partial-onset seizures.
Standalone net profit rose to INR 14.09 crore in Q2 FY27 from INR 13.70 crore in the preceding quarter.
10 · Items worth noticing
The line items that can distort a quick read
The company recorded provisions amounting to INR 0.32 crore during the quarter.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
India Ratings & Research upgraded Bajaj Healthcare's long-term credit rating from IND A-/Stable to IND A/Stable and affirmed the short-term rating at IND A1, reflecting a strengthened balance sheet and improved operating performance.
12 · Previous-quarter changes
What changed since the previous quarter
EBITDA margin improved by 40 basis points sequentially from 17.8% in Q1 FY27 to 18.2% in Q2 FY27.
Revenue from operations increased by 6.2% sequentially from Rs. 165.6 crore in Q1 FY27 to Rs. 175.9 crore in Q2 FY27.
Revenue increased sequentially from INR 165.63 crore in Q1 FY27 to INR 175.90 crore in Q2 FY27.
13 · Key Q&A
The quarter, answered directly
What does Bajaj Healthcare do?
Bajaj Healthcare Limited is an established manufacturer of Active Pharmaceutical Ingredients (APIs), pharmaceutical intermediates, and formulations across various therapeutic segments, alongside nutraceutical offerings.
What is the clearest takeaway from Q2 FY27?
Bajaj Healthcare reported operating revenue of Rs. 175.9 crore for Q2 FY27, marking an increase of 18.9% year-over-year and 6.2% sequentially from Q1 FY27.
What drove revenue or demand?
Formulations revenue surged to Rs. 41.7 crore, up ~82% year-over-year from Rs. 22.9 crore and ~79% sequentially, returning to normalized expected levels after Q1 FY27.
What mattered most for margins or profitability?
Gross margin was sustained at 48.3% in Q2 FY27, matching Q1 FY27 though lower than the 50.8% reported in Q2 FY26.
What changed operationally beyond the headline numbers?
The company's peptide facility remains on track for commissioning in Q4 FY27.
What should the next disclosure help confirm?
Post-NCLT integration milestones for the acquisition of GenRx.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
GenRx Integration: Post-NCLT integration milestones for the acquisition of GenRx.
- 02
Cenobamate Commercial Scaling: Track market uptake and adoption of Cenobamate tablets through the network of eight marketing partners.
- 03
ANVISA and International Regulatory Milestones: Observe progress on ANVISA GMP certification for Brazil and upcoming product additions under Egypt whitelist registrations.
- 04
Subsequent Financial Disclosures: Monitor upcoming quarterly financial filings to evaluate sustained revenue trends and margin performance.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.