Panacea Biotec Q1 FY27 Results (NSE: PANACEABIO)
Signal: Operating turnaround
The read
The operating inflection is real but not yet durable: consolidated revenue reached ₹19957 lakh (+19.7% YoY) and EBITDA margin expanded to 5.0% from -0.7%, yet formulations swung to a ₹390 lakh loss, PAT fell 43.2% to ₹230 lakh, and exceptional income plus other income accounted for the reported profit support.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹199.57 Cr | 19.7% | 19.7% |
| EBIT | ₹2.01 Cr | N/A | |
| Net profit | ₹2.3 Cr | -43.2% | |
| EPS | ₹0.38 | -42.4% | |
| EBIT margin | 5.0% |
P&L walk
Consolidated revenue grew 19.7% YoY to ₹19957 lakh and EBITDA reached ₹991 lakh, but the ₹230 lakh PAT was supported by ₹274 lakh exceptional income and ₹424 lakh other income; vaccines generated ₹747 lakh segment profit while formulations lost ₹390 lakh.
Segments
Vaccines drove the consolidated result with ₹13467 lakh revenue and ₹747 lakh profit, while formulations contributed ₹6490 lakh revenue but dragged the group with a ₹390 lakh loss after reporting ₹1081 lakh profit in Q1FY26.
Key positives
- Consolidated revenue rose 19.7% YoY to ₹19957 lakh, with vaccines revenue up 20.0% to ₹13467 lakh and formulations revenue up 19.2% to ₹6490 lakh.
- EBITDA increased 120.7% YoY to ₹991 lakh and consolidated EBITDA margin expanded to 5.0% from a loss-making prior-year base.
- Vaccines turned from a ₹425 lakh loss in Q1FY26 to ₹747 lakh profit, providing the principal earnings uplift.
- Standalone EBITDA rose 592.2% YoY to ₹1336 lakh as employee benefits declined 10.0% YoY to ₹2283 lakh and other expenses declined 4.2% YoY to ₹2658 lakh.
Key concerns
- Formulations reversed from ₹1081 lakh segment profit in Q1FY26 to a ₹390 lakh loss despite 19.2% revenue growth, making the group recovery uneven.
- Consolidated PAT declined 43.2% YoY to ₹230 lakh despite EBITDA growth because earnings quality was affected by ₹274 lakh exceptional income and ₹424 lakh other income.
- Standalone finance cost increased 14.8% YoY to ₹689 lakh, materially above the consolidated finance-cost movement.
- Consolidated gross margin compressed approximately 850bps YoY to 49.3%, although raw-material consumption declined to 37.2% of revenue from 43.6%; the filing does not explain the divergence.
Earnings quality: includes other income and an exceptional item
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