Shukra Pharma. Q2 FY27 Results (NSE: SHUKRAPHAR)
Signal: Growth reaccelerated
The read
The trajectory remains high-growth but volatile: consolidated revenue rose 490.6% YoY to ₹4,477.58 lakh and operating margin expanded to 43.05% from 6.37%, yet gross margin compressed 929bps and the new MedTech segment lost ₹309.66 lakh, while operating cash flow was only ₹43.31 lakh in H1FY27 against ₹2,567.04 lakh consolidated H1 PAT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹44.78 Cr | +490.6% | +86.0% |
| EBIT | ₹18.16 Cr | +3,656.5% | |
| Net profit | ₹12.71 Cr | +434.6% | |
| EPS | ₹0.29 | +480.0% | |
| EBIT margin | 40.56% |
P&L walk
Consolidated revenue increased to ₹4,477.58 lakh, +490.6% YoY and +86.0% QoQ, but gross margin fell to 64.3% from 73.6% YoY as material costs rose to 35.70% of revenue; operating profit margin nevertheless expanded to 43.05% from 6.37% through sharply lower employee and other-expense intensity, while MedTech remained loss-making.
Segments
The Pharmaceutical segment drove consolidated profit with ₹3,226.93 lakh revenue and ₹1,506.40 lakh segment result, while the new MedTech segment added ₹1,250.65 lakh revenue but dragged with a ₹309.66 lakh loss; standalone PAT of ₹1,601.20 lakh was ₹330.01 lakh above consolidated PAT.
Key positives
- Consolidated revenue reached ₹4,477.58 lakh, +490.6% YoY and +86.0% QoQ, with MedTech contributing ₹1,250.65 lakh in its first reported quarter.
- Operating margin expanded to 43.05% from 6.37% YoY; operating profit grew approximately +3,888% versus revenue growth of +490.6%, a +3,397 percentage-point growth gap, while employee costs grew 94.2% and other expenses 150.3%.
- Pharmaceuticals remained profitable at ₹1,506.40 lakh segment result on ₹3,226.93 lakh revenue, supporting consolidated PAT of ₹1,271.19 lakh.
Key concerns
- Gross margin compressed to 64.30% from 73.59% YoY, with raw-material cost at 35.70% of revenue versus 142.4%; the filing does not disclose the driver and revenue growth did not prevent cost absorption.
- MedTech generated ₹1,250.65 lakh revenue but reported a ₹309.66 lakh loss, meaning the new segment currently diluted consolidated PAT by ₹330.01 lakh versus standalone PAT.
- H1 consolidated operating cash flow was only ₹43.31 lakh against ₹2,567.04 lakh PAT, while trade receivables rose to ₹3,871.13 lakh and inventories to ₹2,341.55 lakh.
- Net debt increased to ₹1,147.60 lakh from net cash of ₹95.68 lakh at March 31, 2026 as CWIP expanded to ₹2,608.68 lakh.
Research and educational content only. Not investment advice.