Anuh Pharma Q1 FY27 Results (NSE: ANUHPHR)
Signal: Margin expansion
The read
The main inflection is margin-led earnings acceleration: revenue grew only 3.9% YoY to ₹19,381.04 lakh, but EBITDA grew 41.6% to ₹1,936.44 lakh and EBITDA margin expanded 265bps to 9.99%; employee costs grew 16.7%, depreciation declined 3.3% and finance costs declined 98.3%, meeting the conditions for operating leverage, while the 527bps computed gross-margin expansion has no disclosed driver and requires confirmation.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹193.81 Cr | +3.93% | -4.11% |
| EBIT | ₹16.93 Cr | +54.55% | |
| Net profit | ₹11.42 Cr | +37.63% | |
| EPS | ₹1.14 | +37.35% | |
| EBIT margin | 9.99% |
P&L walk
Revenue increased 3.9% YoY to ₹19,381.04 lakh but declined 4.1% QoQ; EBITDA grew 41.6% to ₹1,936.44 lakh and margin expanded 265bps to 9.99%, supported by fixed-cost operating leverage, while PAT rose 37.6% to ₹1,142.49 lakh.
Key positives
- EBITDA grew 41.6% YoY to ₹1,936.44 lakh versus revenue growth of 3.9%, a 37.6pp growth gap, with EBITDA margin expanding 265bps to 9.99%.
- Operating leverage is supported by employee-cost growth of 16.7%, depreciation decline of 3.3% and finance-cost decline of 98.3%, all materially slower than EBITDA growth.
- PAT increased 37.6% YoY to ₹1,142.49 lakh and EPS increased 37.4% to ₹1.14, showing no material PAT-to-EPS dilution gap.
Key concerns
- Revenue declined 4.1% QoQ to ₹19,381.04 lakh, so the earnings acceleration is currently more margin-led than demand-led.
- The computed gross margin expanded 527bps YoY even as cost of materials consumed increased to 82.54% of revenue from 66.45%; the filing does not explain the divergence.
- Adjusted EBITDA margin was 9.36%, down 230bps QoQ from 11.66%, despite reported EBITDA margin improving to 9.99%.
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