Jenburkt Pharma Q2 FY27 Results (NSE: JENBURPH)
Signal: Margin pressure
The read
The key inflection is a 36.06% QoQ revenue rebound, but the underlying trajectory remains margin-constrained: gross margin fell 226bps YoY to 79.41%, EBITDA grew just 0.29% to ₹1526.81 lakh and PAT grew 0.45% to ₹1020.94 lakh despite 6.06% revenue growth.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹48.32 Cr | +6.06% | +36.06% |
| EBIT | ₹14.47 Cr | +0.21% | |
| Net profit | ₹10.21 Cr | +0.45% | |
| EPS | ₹23.13 | +0.43% | |
| EBIT margin | 31.60% |
P&L walk
Standalone revenue increased 6.06% YoY to ₹4831.82 lakh, but gross margin contracted 226bps to 79.41% as raw-material and inventory cost rose to 20.58% of revenue from 18.34%; EBITDA rose only 0.29% to ₹1526.81 lakh, while PAT increased 0.45% to ₹1020.94 lakh.
Key positives
- Revenue from operations rose 6.06% YoY to ₹4831.82 lakh and recovered 36.06% QoQ from ₹3551.20 lakh.
- Employee and other operating expenses grew 5.23% YoY to ₹2535.65 lakh, slightly slower than revenue growth of 6.06%.
- Net cash generated from operations was ₹1719.22 lakh in H1FY27, while cash and bank balances totalled ₹7089.08 lakh at September 2026.
- PPE increased to ₹6564.34 lakh from ₹1130.41 lakh at March 2026 as CWIP declined to ₹328.27 lakh, indicating assets moved from construction into the operating base.
Key concerns
- Gross margin compressed 226bps YoY to 79.41% as raw-material and inventory cost rose to 20.58% of revenue from 18.34%; the filing does not disclose the cause.
- EBITDA increased only 0.29% YoY to ₹1526.81 lakh versus 6.06% revenue growth, reducing EBITDA margin by 181bps to 31.60%.
- PAT rose only 0.45% YoY to ₹1020.94 lakh despite revenue growth, showing limited earnings conversion from the topline rebound.
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