Aptus Pharma H1FY27 Results (BSE: 544529)
Signal: Steady quarter
The read
The main inflection is scale: H1 revenue accelerated 166.2% YoY to 4892.04 lakh and PAT rose 190.6% to 507.66 lakh, while employee cost grew 73.5% and finance cost 66.2%; however, receivables rose to 2864.23 lakh and operating cash flow was -660.58 lakh, making cash conversion the key test of whether the pan-India expansion is durable.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹48.92 Cr | +166.2% | N/A |
| Net profit | ₹5.08 Cr | +190.6% | |
| EPS | ₹2.96 | +116.1% | |
| EBIT margin | 15.7% |
P&L walk
Standalone H1 revenue rose to 4892.04 lakh from 1837.75 lakh, while PAT increased to 507.66 lakh from 174.69 lakh; the growth was accompanied by higher employee cost of 399.69 lakh, finance cost of 75.30 lakh and negative operating cash flow of 660.58 lakh.
Key positives
- Revenue increased 166.2% YoY to 4892.04 lakh from 1837.75 lakh, supporting the company's transition from a regional to a broader national distribution platform.
- PAT rose 190.6% YoY to 507.66 lakh from 174.69 lakh, while employee cost grew 73.5% and finance cost grew 66.2%, indicating that these costs did not rise as quickly as revenue.
- Management reported EBITDA of ₹7.68 crore and set a measurable target of 46% geographic coverage across India by March 2027.
- Property, plant and equipment increased to 312.45 lakh from 271.41 lakh while depreciation rose to 34.61 lakh from 16.12 lakh, providing a consistent capex and depreciation signal.
Key concerns
- Operating cash flow was negative at 660.58 lakh despite PAT of 507.66 lakh, with inventories at 1625.30 lakh and trade receivables at 2864.23 lakh.
- Trade receivables increased 52.7% from 1876.01 lakh at 31 March 2026, faster than inventory growth of 19.8%, creating a cash-conversion risk during expansion.
- EPS grew 116.1% to ₹2.96, materially slower than PAT growth of 190.6%, requiring monitoring of the weighted-average share count after the bonus issue and proposed preferential issue.
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