Amrutanjan Healt Q2 FY27 Results (NSE: AMRUTANJAN)
Signal: Margin expansion
The read
The key inflection is the operating-margin recovery to 17.5% from the reported 9.8% in Q1FY27, supported by gross-margin expansion to 55.1% and faster Women's Hygiene & Personal Care growth of 23.5% YoY. However, H1 operating cash flow fell to ₹215.95 lakh from ₹1,090.72 lakh as inventory increased ₹2,073.56 lakh and the business invested ₹3,648.39 lakh in capex.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹135.18 Cr | +14.8% | +31.3% |
| EBIT | ₹20.12 Cr | +34.4% | |
| Net profit | ₹17.28 Cr | +23.8% | |
| EPS | ₹5.98 | +23.8% | |
| EBIT margin | 14.9% |
P&L walk
Revenue increased 14.8% YoY and 31.3% QoQ to ₹13,517.89 lakh, while gross margin expanded 406bps YoY to 55.1% and operating margin recovered to 17.5% from the 9.8% reported in Q1FY27; PAT grew 23.8% to ₹1,727.99 lakh, with no current-quarter exceptional charge.
Segments
OTC Products remains the earnings engine with ₹9,093.76 lakh revenue and ₹2,328.91 lakh result, while Women's Hygiene & Personal Care grew 23.5% YoY to ₹4,048.22 lakh and turned profitable at ₹46.19 lakh; Beverages dragged with a ₹241.24 lakh loss.
Key positives
- Revenue rose 14.8% YoY and 31.3% QoQ to ₹13,517.89 lakh, with Women's Hygiene & Personal Care growing 23.5% YoY versus OTC Products at 13.6%.
- Gross margin expanded 406bps YoY to 55.1%, while operating margin recovered to 17.5% from the prior quarter's reported 9.8%.
- PAT grew 23.8% YoY to ₹1,727.99 lakh and EPS grew in line to ₹5.98, indicating no dilution signal.
- Women's Hygiene & Personal Care delivered ₹46.19 lakh segment profit versus a ₹125.74 lakh loss in Q1FY27, indicating an early turnaround in the newer category.
Key concerns
- H1 operating cash flow declined to ₹215.95 lakh from ₹1,090.72 lakh despite H1 PAT of ₹2,164.56 lakh, reflecting weaker cash conversion during expansion.
- Inventory increased to ₹5,808.60 lakh from ₹3,735.04 lakh at 31 March 2026, while H1 capex cash outflow rose to ₹3,648.39 lakh from ₹1,872.88 lakh.
- Beverages remained loss-making at a ₹241.24 lakh segment loss despite ₹302.67 lakh revenue, limiting diversification benefits.
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