Bajaj Healthcare’s gross margin expands in Q1, then compresses 189 bps YoY in Q2FY27 — filings show (NSE: BAJAJHCARE)
Bajaj Healthcare (NSE: BAJAJHCARE, BSE: 539872) reported Q2FY27 revenue of ₹17,690.16 lakh and total PAT of ₹1,409.40 lakh in its results filing dated 17 October 2026. Gross margin compressed 189 basis points year‑on‑year, with the filing noting that raw‑material costs outpaced sales growth.
Bajaj Healthcare (NSE: BAJAJHCARE, BSE: 539872) reported Q2FY27 revenue of ₹17,690.16 lakh and total PAT of ₹1,409.40 lakh in its results filing dated 17 October 2026. Gross margin compressed 189 basis points year‑on‑year, with the filing noting that raw‑material costs outpaced sales growth.
That compression follows a quarter in which the margin story ran the other way. On 20 July 2026 the company had posted Q1FY27 revenue of ₹16,563 lakh (up 11.3% YoY) and gross margin that expanded 218 bps. In a separate Q1 filing the same day it put the gross margin at 48.3%, with EBITDA up 16.4% and PAT up 15.8%, driven by the domestic API business and a milestone for Cenobamate.
A margin reversal inside two quarters
The 17 October trigger filing gave revenue at ₹17,690.16 lakh and PAT at ₹1,409.40 lakh. Another filing from the same day described Q2FY27 revenue at ₹175.9 Crore (18.9% YoY), with formulations rebounding 82% and exports growing 28.5%. That second filing added that gross margin contracted 250 bps and that EBITDA growth lagged sales, even though PAT rose 26.9% year‑on‑year.
For comparison, the Q1FY27 numbers from the 20 July 2026 filing: revenue ₹16,563 lakh, gross margin expanded 218 bps, PAT from continuing ops up 14.1% YoY. The quarter‑on‑quarter swing in the gross‑margin direction is what the company’s own disclosures put on the table.
Cenobamate: from first SEC recommendation to DCGI approval
The same six‑month window brought a series of regulatory milestones for Cenobamate, a next‑generation antiseizure medication.
- On 26 June 2026, Bajaj Healthcare disclosed that it had received a recommendation from the Subject Expert Committee (SEC) of the CDSCO. The filing quoted: “Bajaj Healthcare received a recommendation from the Subject Expert Committee (SEC) of the CDSCO to grant permission for manufacturing and marketing Cenobamate Tablets in multiple strengths for treating partial‑onset seizures in adults.”
- On 12 August 2026, the company announced it had obtained approval from the Drug Controller General of India (DCGI) under CDSCO to manufacture and market Cenobamate API and tablets in six strengths. The filing described it as a first‑to‑launch position in India.
- The Q1FY27 results call on 27 July 2026 had already flagged the Cenobamate milestone as a key development.
Credit rating upgrade and NCLT nod for Genrx acquisition
Several other filings landed within the period, all disclosed to BSE.
- On 6 August 2026, India Ratings upgraded the company’s long‑term bank loan rating to ‘IND A’ from ‘IND A‑’ and the short‑term rating to ‘IND A1’ from ‘IND A2+’, with a Stable Outlook. The filing stated the total rated facility size was reduced to ₹2,820 million from ₹3,326.20 million.
- On 14 October 2026, Bajaj Healthcare reported that the National Company Law Tribunal (NCLT) had approved the acquisition of Genrx Pharmaceuticals Private Limited on a going‑concern basis, per an order dated 13 October 2026. The acquisition had been disclosed in April 2025 and will make Genrx a wholly owned subsidiary.
What management said about FY27
In the 27 July 2026 concall filing, management guided for 10–15% FY27 revenue growth and indicated that margin expansion would be targeted through peptide and oncology capacity build‑out. No updated guidance was filed with the Q2FY27 numbers; the next stated period from the company remains the full FY27 outlook released in July.
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The filing evidence
| Date | What the filing said | Detail | Source |
|---|---|---|---|
| 20 Jul 2026 | Bajaj Healthcare Q1FY27: Revenue grows 11.3% YoY to ₹16,563 Lakhs, gross margin expands 218bps, net profit from continuing ops up 14.1% YoY; EPS growth lags on dilution | filing | |
| 20 Jul 2026 | Q1 FY27: Revenue up 11.3% YoY, gross margin expands 210bps to 48.3%, EBITDA +16.4%, PAT +15.8%; API domestic drives growth; Cenobamate milestone achieved. | filing | |
| 17 Oct 2026 | Q2FY27 revenue rose to ₹17,690.16 lakh, while total PAT increased to ₹1,409.40 lakh; gross margin compressed 189bps YoY as raw-material costs outpaced sales growth. | filing | |
| 26 Jun 2026 | Bajaj Healthcare becomes first in India to secure SEC recommendation for manufacture and marketing of Cenobamate Tablets, a next-generation antiseizure medication. | Bajaj Healthcare received a recommendation from the Subject Expert Committee (SEC) of the CDSCO to grant permission for manufacturing and marketing Cenobamate Tablets in multiple strengths for treating partial-onset seizures in adults. | filing |
| 27 Jul 2026 | Bajaj Healthcare guides 10-15% FY27 revenue growth, targets margin expansion through peptide and oncology capacity build | filing | |
| 6 Aug 2026 | Bajaj Healthcare's bank loan facilities upgraded to 'IND A'/'IND A1' by India Ratings with Stable Outlook | India Ratings upgraded Bajaj Healthcare's long-term bank loan rating from 'IND A-' to 'IND A' and short-term rating from 'IND A2+' to 'IND A1', with a Stable Outlook. The total rated facility size was reduced to ₹2,820 million from ₹3,326.20 million. | filing |
| 12 Aug 2026 | Bajaj Healthcare receives DCGI approval to manufacture and market Cenobamate API and Tablets, becoming the first company to launch the drug in India. | Bajaj Healthcare has obtained approval from the Drug Controller General of India (DCGI) under CDSCO to manufacture and market Cenobamate API and Tablets (in six strengths). This follows a prior SEC recommendation in June 2026 and makes Bajaj Healthcare the first company to launch Cenobamate in India, a next-generation antiseizure medication for partial-onset seizures in adults. | filing |
| 14 Oct 2026 | Bajaj Healthcare receives NCLT approval for acquisition of Genrx Pharmaceuticals Private Limited on a going concern basis. | Bajaj Healthcare has received approval from the National Company Law Tribunal (NCLT) for the acquisition of Genrx Pharmaceuticals Private Limited on a going concern basis. The company had previously disclosed the acquisition plan in April 2025. The order was issued on October 13, 2026, and the acquisition will make Genrx a wholly owned subsidiary of Bajaj Healthcare. | filing |
| 17 Oct 2026 | Q2FY27 revenue rose 18.9% YoY to ₹175.9 Crore as formulations rebounded 82% and exports grew 28.5%, but gross margin contracted 250bps and EBITDA growth lagged sales despite PAT rising 26.9%. | filing |
Quick answers
- What did Bajaj Healthcare disclose?
- Bajaj Healthcare (NSE: BAJAJHCARE, BSE: 539872) reported Q2FY27 revenue of ₹17,690.16 lakh and total PAT of ₹1,409.40 lakh in its results filing dated 17 October 2026. Gross margin compressed 189 basis points year‑on‑year, with the filing noting that raw‑material costs outpaced sales growth.
- What are the key numbers?
- The 17 October trigger filing gave revenue at ₹17,690.16 lakh and PAT at ₹1,409.40 lakh. Another filing from the same day described Q2FY27 revenue at ₹175.9 Crore (18.9% YoY), with formulations rebounding 82% and exports growing 28.5%.
- What does Bajaj Healthcare say comes next?
- In the 27 July 2026 concall filing, management guided for 10–15% FY27 revenue growth and indicated that margin expansion would be targeted through peptide and oncology capacity build‑out. No updated guidance was filed with the Q2FY27 numbers; the next stated period from the company remains the full FY27 outlook released in July.
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