Jagsonpal Pharmaceuticals (JAGSNPHARM) Q2 26/27 earnings summary

Executive summary

• Q2 core business grew 9.3% like for like; consolidated revenue was ₹963.71 million, up 29% with Aequitas included. Growth is expected to accelerate from Q3 as the Wellness portfolio contributes.

• H1 organic growth was 9.3%; investments in launches, people and capabilities supported the long-term goal of ₹5,000 million revenue by FY28, targeted through organic growth without further acquisitions.

• Acquisitions broadened hospital, institutional and therapy reach; management expects Q3 revenue above ₹1,000 million and EBITDA-accretive growth.

Financial highlights

• Standalone Q2 revenue was ₹813.75 million, up 9.3% YoY; EBITDA before ESOP cost was ₹185 million and PAT was ₹125.90 million.

• Standalone H1 revenue was ₹1,636.07 million, up 9.0%; EBITDA before ESOP cost was ₹375 million and PAT was ₹257.79 million.

• Consolidated Q2 revenue was ₹963.71 million, EBITDA before ESOP cost ₹186 million and PAT ₹122.87 million; H1 revenue was ₹1,786.03 million, EBITDA ₹377 million and PAT ₹254.76 million.

• Standalone gross margin expanded 70 bps in Q2 and 75 bps in H1; gross profit contribution increased 10.5% and 10.3%, respectively.

• Consolidated H1 net operating cash generation was ₹254.65 million; cash and bank balances were ₹1,360 million consolidated and ₹1,347 million standalone at 30 September 2026.

Outlook and guidance

• The FY28 Mission 2028 revenue target is ₹5,000 million, versus FY26 revenue of ₹2,872 million; the target is based on organic growth and the current portfolio, excluding further acquisitions.

• Q3FY27 revenue is expected to exceed ₹1,000 million, with growth above 1.5x expected pharma-industry growth and EBITDA-accretive growth.

• Collective EBITDA margins are expected to exceed 22% longer term; Q3 consolidated margin is expected near 22% or higher, while Q4 seasonality may weigh on margins.

• Standalone gross margin is expected to improve 50–75 bps YoY from near 65%, driven by mix and price increases; Aequitas reset benefits are expected from Q4, with an approximately ₹10 crore EBITDA target by 2028.