Fredun Pharma Q1 FY27 Results (BSE: 539730)
Signal: Growth reaccelerated
The read
Revenue growth remains stellar at 90.8% YoY and EBITDA margin held at 14.4% despite Q1 seasonality, but consolidated PAT reported as ₹0 because of a ₹7.42 Cr tax charge versus PBT ₹20.55 Cr; standalone PAT of ₹13.17 Cr (+94.5% YoY) confirms the anomaly is a one-off consolidated tax item, not an operational deterioration. The PAT↔EPS mismatch is a disclosure quirk—investors should watch subsequent quarters to see if tax normalizes.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹227.76 Cr | 90.8% | -64.0% |
| EBIT | ₹29.17 Cr | 87.3% | |
| Net profit | ₹0 Cr | -100.0% | |
| EPS | ₹23.82 | 66.2% | |
| EBIT margin | 12.8% |
P&L walk
Revenue surged 90.8% YoY to ₹227.76 Cr but fell 64% QoQ (Q4 peak season), EBITDA margin stable at 14.4%; net profit collapsed to ₹0 (tax of ₹7.42 Cr on PBT ₹20.55 Cr—appears to be a large deferred/exceptional tax charge, not an operational issue).
Key positives
- Revenue ₹227.76 Cr, +90.8% YoY—strongest quarterly YoY growth despite being a seasonally low Q1.
- EBITDA ₹32.74 Cr, +92.7% YoY; EBITDA margin at 14.4% stable sequentially, showing cost control.
- Standalone PAT ₹13.17 Cr, +94.5% YoY—core business profitability robust.
Key concerns
- Consolidated PAT ₹0 Cr—entirely due to a massive tax charge (₹7.42 Cr on PBT ₹20.55 Cr); tax rate of 36% is far above the normal corporate rate, suggesting a one-off deferred tax hit that needs clarification.
- Sequential revenue decline of 64% (Q4→Q1) is steep even for a seasonal pattern; Q4FY26 was ₹213 Cr, implying a sharp drop that may partly reflect order lumpiness.
Research and educational content only. Not investment advice.