Fredun Pharma Q1 FY27 Results (NSE: FREDUN)
Signal: Growth reaccelerated
The read
The standalone trajectory remains strong: total income rose 90.44% YoY to ₹228.25 Cr, EBITDA rose 92.90% to ₹32.78 Cr and margin expanded 18bps to 14.36%, extending the recent high-growth phase; however, consolidated PAT reported at ₹0 versus standalone PAT of ₹13.17 Cr is the dominant issue and must be reconciled before treating the reported group earnings as reliable.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹227.76 Cr | 90.8% | N/A |
| EBIT | ₹29.17 Cr | 87.3% | N/A |
| Net profit | ₹13.13 Cr | 93.9% | N/A |
| EPS | ₹23.82 | 66.2% | N/A |
| EBIT margin | 14.4% |
P&L walk
Consolidated revenue was ₹227.76 Cr and EBITDA ₹32.74 Cr at a 14.4% margin, but consolidated PAT was reported as ₹0 and EPS as ₹23.82, creating a material earnings-basis inconsistency that cannot be explained by the disclosed operating lines.
Segments
No segment table was disclosed; the key divergence is basis-related, with standalone PAT at ₹13.17 Cr versus consolidated PAT reported as ₹0 despite consolidated revenue of ₹227.76 Cr.
Key positives
- Standalone total income rose 90.44% YoY to ₹228.25 Cr, maintaining the company's recent high-growth trajectory.
- Standalone EBITDA increased 92.90% YoY to ₹32.78 Cr, slightly faster than revenue, while EBITDA margin expanded 18bps to 14.36%.
- PAT increased 94.63% YoY to ₹13.17 Cr, broadly tracking EBITDA growth and indicating no disclosed divergence between operating profit and standalone earnings.
- Management stated that investments in the branded portfolio, newer healthcare categories and manufacturing capabilities are beginning to translate into tangible outcomes, although no quantified guidance was provided.
Key concerns
- Consolidated PAT was reported as ₹0 despite consolidated PBT of ₹20.55 Cr, tax of ₹7.42 Cr and EPS of ₹23.82; the basis or data inconsistency needs clarification.
- Standalone EPS rose 66.71% to ₹23.89, materially slower than 94.63% PAT growth because the share count increased from 55.13 lakh to 1.65 crore after the 2:1 bonus allotment.
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