Symbiotec Pharma Q2 FY27 Results (NSE: SYMBIOTEC)
Signal: Margin expansion
The read
The quarter marks a sharp consolidated margin inflection: EBITDA margin expanded 697bps YoY to 32.69% as raw-material intensity fell 741bps to 28.44%, driving PAT growth of 169.1%; however, standalone revenue grew only 8.97%, standalone EBITDA margin fell 271bps, and EPS growth lagged PAT after the IPO.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹279.93 Cr | +43.15% | +28.31% |
| Net profit | ₹51.72 Cr | +169.1% | |
| EPS | ₹8.2 | +137.7% | |
| EBIT margin | 32.69% |
P&L walk
Consolidated revenue rose to ₹2,799.28 million, +43.15% YoY and +28.31% QoQ, while raw-material intensity fell to 28.44% from 35.85%, lifting EBITDA margin to 32.69% from 25.72%; PAT reached ₹517.18 million, +169.1% YoY.
Segments
No segment table is disclosed; the key divergence is basis-related, with consolidated revenue of ₹2,799.28 million, +43.15% YoY, versus standalone revenue of ₹2,200.22 million, +8.97%, while consolidated PAT of ₹517.18 million exceeded standalone PAT of ₹485.38 million.
Key positives
- Consolidated revenue reached ₹2,799.28 million, +43.15% YoY and +28.31% QoQ, materially outpacing standalone revenue growth of 8.97% YoY.
- Gross margin expanded 744bps YoY to 71.56% as raw-material intensity fell to 28.44% from 35.85%; the filing does not disclose whether this was due to pricing, mix or input deflation.
- Consolidated EBITDA grew to an implied ₹915.10 million, +82.0% YoY versus revenue growth of +43.15%, while employee costs grew 24.6% and finance costs declined 10.7%.
- IPO proceeds of ₹1,420.25 million were substantially utilised, including ₹1,125.00 million for borrowings repayment and ₹295.00 million for general corporate purposes, reducing consolidated net debt by ₹764.26 million to ₹3,114.88 million.
Key concerns
- Standalone revenue grew only 8.97% YoY to ₹2,200.22 million and standalone EBITDA margin compressed 271bps to 27.26%, indicating that the consolidated acceleration is not yet broad-based across the parent entity.
- Standalone PAT growth of 13.95% to ₹485.38 million was supported by other income of ₹202.26 million, up from ₹120.49 million YoY, making the standalone bottom line less operationally clean.
- Other standalone expenses rose 29.9% YoY to ₹456.44 million, materially faster than standalone revenue growth of 8.97%.
- Basic EPS growth of 137.7% to ₹8.20 lagged consolidated PAT growth of 169.1% after the fresh share issue increased paid-up capital to ₹128.51 million.
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