Akums Drugs Q1 FY27 Earnings Call — Analysis (NSE: AKUMS)
CDMO drives robust Q1FY27 with revenue ₹1,167 Cr (+13.9% YoY) and EBITDA ₹175 Cr (+35.4% YoY); Oriflame India acquisition adds skin-care/cosmetics capabilities.
Result quality: strong — Margin expansion. Management sentiment: neutral.
The take
Q1FY27 Operating revenue ₹1,167 Cr ( +13.9% YoY ) .
Results
Revenue ₹1,167 Cr +13.9% YoY; EBITDA ₹175 Cr (+35.4% YoY), margin 15.0% (+238bps YoY); PAT ₹101 Cr (+56.1% YoY); CDMO revenue ₹964 Cr +18.6% YoY.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Operating revenue | ₹1,167 Cr | +13.9% | yoy · Q1FY27 · vs Q1FY26 ₹1,024 Cr |
| Operating EBITDA | ₹175 Cr | +35.4% | yoy · Q1FY27 · vs Q1FY26 ₹129 Cr |
| EBITDA margin | 15.0% | +238 bps | yoy · Q1FY27 · vs 12.6% Q1FY26 |
| PAT | ₹101 Cr | +56.1% | yoy · Q1FY27 · vs ₹65 Cr Q1FY26 |
| CDMO segment revenue | ₹964 Cr | +18.6% | yoy · Q1FY27 · vs ₹813 Cr Q1FY26 |
| CDMO segment EBITDA | ₹163 Cr | +36.8% | yoy · Q1FY27 · vs ₹119 Cr Q1FY26 |
| Domestic branded formulation revenue | ₹115 Cr | +7.3% | yoy · Q1FY27 · vs Q1FY26 |
| International branded formulation revenue | ₹35 Cr | -1.5% | yoy · Q1FY27 · vs ₹35 Cr Q1FY26 |
| API revenue | ₹32 Cr | -29.7% | yoy · Q1FY27 · vs ₹45 Cr Q1FY26 |
| Trade generics revenue | ₹21 Cr | -9.5% | yoy · Q1FY27 · vs Q1FY26 |
| Cash & equivalents (net of debt) | ₹1,616 Cr | +na | point_in_time · Q1FY27_end · as of 30 June 2026 |
Guidance
FY27 EBITDA margin guided at 14-15%, leaning towards upper end; Zambia order (~₹240 Cr) to be delivered H2FY27; API monthly EBITDA positive targeted by Feb-Mar 2027.
Key themes
CDMO-led volume growth, Zambia/Europe export orders, cosmetics acquisition
Operational commentary
- CDMO volume growth sustained at high teens in Q1FY27; Q2 expected to remain strong with API prices trending upward.
- Acquired Oriflame India's manufacturing business (two plants in Roorkee and Noida) to enter skin care/color cosmetics, expanding niche formulation capabilities.
- Zambia government order of $25M (~₹240 Cr) on track; volumes and prices agreed, revenue to be recognised H2FY27.
- European business expected to kick off in FY28, offering higher-teens margins vs current CDMO, contributing to corporate margin uplift.
- New oral solid dosage facility in Baddi under construction; commissioning targeted by end FY27 to handle rising volume demand.
- API segment losses narrowed sharply, driven by shift towards non-cepha products; on path to monthly EBITDA breakeven by Feb-Mar 2027.
- Domestic branded formulations (Akumentis) added ~200 field force, temporarily pressuring margins; improved performance expected from Q3FY27.
- International branded formulations (Unosource) remained muted but poised for growth with niche product filings and focus on key markets.
Research and educational content only. Not investment advice.