Orchid Pharma Q1 FY27 Results (NSE: ORCHPHARMA)
Signal: Growth reaccelerated
The read
The Q1FY27 revenue rebound to ₹304.17 Cr, +75.9% YoY, did not restore earnings quality: EBITDA fell 38.2% to ₹15.83 Cr, consolidated PAT fell 78.4% to ₹3.22 Cr, and 69.1% of consolidated PBT came from other income; the key inflection is renewed group-level subsidiary drag after Q4FY26 PAT of ₹24 Cr.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹304.17 Cr | 75.9% | N/A |
| EBIT | ₹4.88 Cr | -71.2% | |
| Net profit | ₹3.22 Cr | -78.4% | |
| EPS | ₹0.54 | -81.6% | |
| EBIT margin | 5.2% |
P&L walk
Consolidated revenue was ₹304.17 Cr, +75.9% YoY, but EBITDA declined 38.2% to ₹15.83 Cr and EBIT declined 71.2% to ₹4.88 Cr; PAT of ₹3.22 Cr was supported by ₹1.83 Cr of other income and ₹0.65 Cr of associate profit despite subsidiary losses.
Segments
The company reports a single operating segment, Pharmaceuticals; the material divergence is basis-related, with standalone PAT of ₹11.94 Cr versus consolidated PAT of ₹3.22 Cr because subsidiaries reported losses of approximately ₹1.81 Cr in aggregate.
Key positives
- Revenue increased to ₹304.17 Cr, +75.9% YoY, reversing the prior Q1FY26 revenue base of ₹173 Cr in the company’s recent-results series.
- Gross margin expanded approximately 320bps YoY as raw-material cost fell to 67.9% of revenue from approximately 77.4%.
- Orchid states that it now holds 100% global ownership of Enmetazobactam/Exblifep after acquiring the Allecra entities, strengthening control over the antibiotic asset.
Key concerns
- Consolidated EBITDA declined 38.2% YoY to ₹15.83 Cr despite 75.9% revenue growth, while EBITDA margin was only 5.2%.
- Consolidated PAT fell 78.4% to ₹3.22 Cr versus standalone PAT of ₹11.94 Cr, reflecting material subsidiary losses.
- Other income of ₹1.83 Cr represented 69.1% of consolidated PBT, making the reported PAT unusually dependent on non-operating income.
- EPS declined 81.6% YoY to ₹0.54, materially worse than PAT growth and flagged for dilution or restatement effects.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.