Sudeep Pharma Q1 FY27 Results (NSE: SUDEEPPHRM)
Signal: Margin pressure
The read
Consolidated revenue grew 26.7% YoY but declined 13.2% QoQ; EBITDA margin contracted 115bps YoY to 38.1% on mix shift as specialty ingredients margin compressed. Pharma segment outperformed. PAT grew 31.6% YoY but EPS lagged due to dilution. IPO capex deployment remains minimal (0.5% of allocated funds).
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹158.27 Cr | +26.7% | -13.2% |
| EBIT | ₹56.36 Cr | +23.1% | |
| Net profit | ₹40.55 Cr | +31.6% | |
| EPS | ₹3.59 | +26.4% | |
| EBIT margin | 35.6% |
P&L walk
Revenue growth fueled by pharma segment (+32% YoY), but specialty ingredients revenue slipped sequentially; gross margin contracted 190bps YoY on raw material mix; EBITDA margin declined 115bps YoY but improved 25bps QoQ; PAT growth outpaced revenue due to lower interest and tax rate.
Segments
Pharmaceutical, food & nutrition segment drove growth with revenue +32% YoY and segment result +48% YoY, while Specialty ingredients revenue grew 18.9% but segment result declined 16.1% YoY, compressing consolidated margin.
Key positives
- Pharma segment revenue +32% YoY to ₹10,841 lakh; segment result +48% YoY to ₹4,002 lakh.
- Consolidated PAT +31.6% YoY to ₹4,055 lakh; EPS +26.4% YoY to ₹3.59.
- EBITDA margin remained strong at 38.1% despite mix headwinds.
- Standalone revenue +31.8% YoY and PAT +34.2% YoY.
Key concerns
- Revenue declined 13.2% QoQ, breaking recent growth momentum.
- Specialty ingredients segment result down 16.1% YoY, margin compression.
- Gross margin contracted 190bps YoY to 64.2% (raw material cost rose).
- EPS growth (26.4%) lagged PAT growth (31.6%) due to dilution from IPO.
- IPO capex utilization only 0.5% of allocated ₹7,581 lakh; ₹7,546 lakh idle as term deposits.
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