Suven Life Scie. Q2 FY27 Results (NSE: SUVEN)
Signal: Loss widened
The read
The trajectory remains dominated by clinical-investment burn rather than commercial monetisation: revenue rose 30.4% YoY to ₹119.86 lakh, but consolidated R&D expense rose 42.5% to ₹10029.99 lakh and drove the loss to ₹10694.21 lakh; the only near-term inflection is the completed Masupirdine Phase-3 enrollment, with topline data targeted for Q2-2027.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1.2 Cr | +30.4% | -66.4% |
| EBIT | ₹-106.48 Cr | -37.7% | |
| Net profit | ₹-106.94 Cr | -38.3% | |
| EPS | ₹-3.77 | -8.3% | |
| EBIT margin | -9250.9% |
P&L walk
Revenue rose to ₹119.86 lakh, +30.4% YoY but -66.4% QoQ, while R&D expense rose 42.5% YoY to ₹10029.99 lakh and drove EBITDA margin down to -9250.9%; other income of ₹673.44 lakh softened but did not offset the ₹10694.21 lakh PAT loss.
Segments
There is no segment table, but the consolidated loss of ₹10694.21 lakh versus the standalone loss of ₹1638.13 lakh shows subsidiaries dragged the group by approximately ₹9056.08 lakh, primarily through consolidated R&D expense of ₹10029.99 lakh versus standalone R&D expense of ₹991.93 lakh.
Key positives
- Masupirdine completed global Phase-3 enrollment; the company expects last patient last visit in Q1 2027 and topline data potentially in Q2 2027.
- Revenue from operations increased 30.4% YoY to ₹119.86 lakh, although it declined 66.4% QoQ.
- PPE rose 61.4% to ₹8988.77 lakh and CWIP rose to ₹412.78 lakh, while depreciation increased 74.8% YoY to ₹230.23 lakh, indicating assets are entering the development platform.
Key concerns
- Consolidated R&D expense rose 42.5% YoY to ₹10029.99 lakh, equivalent to 8364.7% of quarterly revenue, driving EBITDA margin to -9250.9%.
- Consolidated PAT loss widened 38.3% YoY to ₹10694.21 lakh and H1FY27 operating cash outflow reached ₹22181.28 lakh versus ₹10338.01 lakh in H1FY26.
- Standalone and consolidated results diverged materially: consolidated loss was ₹10694.21 lakh versus standalone loss of ₹1638.13 lakh because subsidiaries added approximately ₹9056.08 lakh of loss.
- The company remains dependent on equity funding while operating cash burn is negative; ₹24883.98 lakh was received from warrant conversion during the quarter.
Research and educational content only. Not investment advice.