India Pharma Outlook Team | Monday, 19 October 2026
Bajaj Healthcare Q2 Results for FY27 show strong growth in revenue and profitability, supported by rising API exports and formulations sales.
The pharmaceutical company reported an 18.9% year-on-year (YoY) increase in revenue from operations to Rs. 175.9 crore in the quarter ended September 30, 2026. Profit after tax (PAT) rose 26.9% to Rs. 14.1 crore, while EBITDA increased 12.2% to Rs. 32.1 crore.
The company also reported improved profit margins during the quarter. Its EBITDA margin reached 18.2%, up from 17.8% in Q1 FY27. The PAT margin rose to 8% from 7.5% in the corresponding quarter last year. Gross profit increased 12.4% YoY to Rs. 85.4 crore, while the gross margin remained steady at 48.3%.
API exports emerged as a major growth driver for Bajaj Healthcare in Q2 FY27. Export sales climbed 28.5% YoY to Rs. 62.6 crore, compared with Rs. 48.7 crore in Q2 FY26. Exports also increased 25.1% sequentially.
Domestic API sales, however, declined to Rs. 71.6 crore from Rs. 76.3 crore in the year-ago quarter. Despite this quarterly decline, domestic API sales grew 10.1% YoY in the first half of FY27 to Rs. 163.9 crore.
The formulations business delivered an even stronger performance. Revenue from the segment surged approximately 82% YoY to Rs. 41.7 crore from Rs. 22.9 crore. It also recorded approximately 79% sequential growth.
Key performance highlights for Q2 FY27 include:
The company also advanced its formulations business through the launch of Cenobamate in India. Bajaj Healthcare began commercial sales of Cenobamate tablets in September 2026 through eight marketing partners.
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The company received approval from the Drug Controller General of India (DCGI) to manufacture and market Cenobamate API and tablets in six strengths, following a Subject Expert Committee recommendation in Q1 FY27. Cenobamate is an anti-seizure medication used to treat partial-onset seizures in adults.
Bajaj Healthcare continued its growth momentum in the first half of FY27. Revenue from operations rose 15.1% YoY to Rs. 341.5 crore. EBITDA increased 14.2% to Rs. 61.7 crore, while PAT climbed 21.1% to Rs. 27.8 crore.
Gross profit grew 14.2% to Rs. 165.8 crore, with the gross margin holding at 48.3%. The PAT margin improved to 8.1% from 7.7% in the corresponding period last year.
The company also received a credit rating upgrade from India Ratings & Research. Its long-term rating moved from IND A-/Stable to IND A/Stable, while its short-term rating was affirmed at IND A1. The upgrade reflects a stronger balance sheet and improved operating performance.
With double-digit revenue and profit growth, Bajaj Healthcare enters the second half of FY27 with several potential growth drivers. Investors and industry observers will watch API export demand and the commercial expansion of Cenobamate in the coming quarters.
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