Senores Pharma. Q2 FY27 Earnings Call — Analysis (NSE: SENORES)
Senores Pharma delivered Q2FY27 revenue of ₹192 Cr (+25% YoY) and EBITDA margin of 30%, maintaining FY27 guidance of 30-40% revenue growth and 50-60% PAT growth led by US subsidiary launches.
Result quality: stable — Results context unavailable. Management sentiment: optimistic.
The take
Q2FY27 Revenue from Operations ₹192 Cr ( +25% YoY ) . Guidance cut — FY27 apnar facility revenue contribu… about 100-odd Cr plus . But walked back — Emerging markets margin normalization and PIC/S… .
Results
Revenue reached ₹192 Cr (+25% YoY), EBITDA was ₹58 Cr (+38% YoY) with operating margin at 30% (+290 bps YoY), and PAT grew 22% YoY to ₹36.6 Cr.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue from Operations | ₹192 Cr | +25% | yoy · Q2FY27 |
| Operating EBITDA | ₹58 Cr | +38% | yoy · Q2FY27 |
| EBITDA Margin | 30% | +290bps | yoy · Q2FY27 |
| PAT | ₹36.6 Cr | +22% | yoy · Q2FY27 |
| Revenue from Operations | ₹372.5 Cr | +30% | yoy · H1FY27 |
| Operating EBITDA | ₹111 Cr | +58% | yoy · H1FY27 |
| EBITDA Margin | 30% | +530bps | yoy · H1FY27 |
| PAT | ₹67 Cr | +31% | yoy · H1FY27 |
| Operating Cash Flow | ₹38 Cr | none · H1FY27 | |
| Capex | ₹46 Cr | none · H1FY27 | |
| Apnar Facility Revenue | ₹21 Cr | none · Q2FY27 |
Guidance
Management reiterated FY27 guidance of 30% to 40% revenue growth and 50% to 60% PAT growth, with 30%+ EBITDA margin and ~25% annual revenue growth over the next 2-3 years.
What management committed to
- [Senores Pharmaceuticals] expects [Apnar facility] to contribute about 100-odd crores plus of revenue in FY27. — about 100-odd crores plus, FY27
- [Senores Pharmaceuticals] expects to launch about four to five controlled substance products within [FY27], before March 31st, 2027. — four to five [products], Q4FY27
Key themes
US launches and subsidiary commercialisation driving expansion
Operational commentary
- US FDA inspection successfully concluded at the recently acquired Apnar facility with one minor procedural Form 483 observation.
- Regulated market approved ANDA portfolio expanded to 64 as of September 2026 (from 34 in September 2025), with 23 currently commercialised and 41 newly developed molecules (130 strengths) in pipeline.
- Amerisyn subsidiary received 20+ US state registrations, with commercial operations scheduled within 10-15 days and 10+ product launches planned across H2FY27.
- Zoraya subsidiary is expected to commercialise within 30-45 days, with 14 ANDAs targeted for launch under its label in FY27.
- Apnar manufacturing facility expansion underway to install 4 commercial lines by March 31, 2027, taking capacity to 1.2 billion units.
- Emerging market business received European PIC/S approval in H1FY27, has 558 approved registrations and 944 pending approvals, and turned operating cash flow positive.
- Installed pre-filled syringe line to support peptide and GLP-1 (including semaglutide) rollout across 18-20 emerging markets in LatAm, MEA, and CIS.
Analyst Q&A
Q. Why did emerging market margins decline sharply in Q2 and what is the full-year outlook?
Margin contraction was driven by large orders of competitive, relatively lower-margin beta-lactam products; full-year emerging market EBITDA margin is expected in the low-double-digit to mid-teens range with H2 recovery.
Q. What is the reason behind revenue growth guidance in the press release shifting from 30-40% to 20-25% for subsequent years?
Management clarified that 25-30% is a prudent baseline for the next 2-3 years given the larger base, while expressing internal confidence in achieving more aggressive growth supported by product approvals.
Q. Why did unbilled revenue (other financial assets) increase during the quarter?
Large sANDA product batches were billed and shipped in September 2026 for distributor sales in Q3; overdue balances beyond one year account for only 8-9% of total accrued assets.
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