Jagsonpal Pharma Q2 FY27 Results (NSE: JAGSNPHARM)
Signal: Steady quarter
The read
The trajectory is shifting from organic growth to inorganic acceleration: standalone revenue rose 9.3% and gross margin expanded 70bps, but EBITDA margin fell 151bps to 22.7% as the company invested ahead of Aequitas and wellness contributions expected from Q3/Q4; consolidated revenue reached ₹964 million and management expects quarterly revenue to cross ₹1,000 million in Q3FY27.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹96.4 Cr | +29% | N/A |
| EBIT | ₹16.9 Cr | N/A | |
| Net profit | ₹12.3 Cr | N/A | |
| EBIT margin | 17.6% |
P&L walk
Consolidated revenue was ₹964 million, +29% YoY, as Aequitas entered the group; EBITDA was ₹186 million at a 19.3% margin and PAT was ₹123 million, with no consolidated year-ago quarterly comparatives printed.
Segments
The consolidated-standalone gap is material: consolidated revenue of ₹964 million was 18.4% above standalone revenue of ₹814 million because Aequitas was consolidated from Q2, while consolidated EBITDA margin of 19.3% was 340bps below standalone margin of 22.7%.
Key positives
- Standalone revenue reached ₹814 million, +9.3% YoY, while MR productivity improved 10% and seven of the top ten brands outperformed the market.
- Standalone gross margin expanded 70bps to 64.1%, with gross profit up 10.6% to ₹522 million.
- Aequitas added access to 1,000+ hospitals and lifted consolidated Q2 revenue to ₹964 million, +29% YoY.
- Cash remained strong at ₹1,360 million consolidated after the ₹208 million Aequitas acquisition and ₹264 million dividend payout.
- The asset-light model kept finance cost at ₹3 million and tangible assets at ₹6 million on a consolidated basis.
Key concerns
- Standalone EBITDA margin contracted 151bps to 22.7% despite 70bps gross-margin expansion because total expenses grew 11.5%, faster than revenue growth of 9.3%.
- Standalone PAT was almost flat at ₹126 million, +0.1% YoY, as other income fell 26.3% to ₹22 million and a ₹2 million acquisition-related exceptional charge was recorded.
- Consolidated EBITDA margin of 19.3% was 340bps below standalone margin of 22.7%, indicating that acquired operations currently dilute group profitability.
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