Bajaj Healthcare Q2 Revenue Grows 18.9% to ₹175.9 Crore Driven by Formulations

Key numbers

Q2 Revenue	₹175.9 Cr18.9% YoY Growth
Net Profit	₹14.1 Cr26.9% YoY Increase
Market Cap	₹1137.4 CrPharmaceuticals
RSI	58.4Neutral Zone

Key highlights

• Revenue from operations reached ₹175.9 crore, exceeding management's guided growth range
• Formulations segment revenue jumped 82% YoY to ₹41.7 crore
• Net profit after tax rose 26.9% YoY to ₹14.1 crore with EBITDA margins improving to 18.2%
• Received formal NCLT approval for GenRX Pharmaceuticals acquisition on October 14, 2026
• API exports grew 28.5% YoY to ₹62.6 crore, representing 60% of total revenue alongside formulations
• Management set a revenue target of ₹900-1000 crore by FY29 with 18-21% EBITDA margins

Formulations Surge and Segment Performance

Bajaj Healthcare saw its formulations segment become a significant growth engine in Q2 FY27, with revenues increasing by 82% compared to the previous year. This surge, combined with a 28.5% growth in API exports, helped the company exceed its initial revenue growth guidance of 15%. Domestic API revenue remained moderated but showed stability, while the total contribution from exports and formulations now nears 60% of the top line.

The company successfully launched Cenobamate API tablets through eight marketing partners, receiving repeat orders that signal strong market traction in the specialty drug category.

Strategic Acquisitions and Regulatory Milestones

• NCLT approval for the GenRX Pharmaceuticals acquisition was finalized on October 14, 2026
• The company obtained 8 CEP approvals in Europe with four additional filings under review
• Regulatory reach expanded in Brazil with 17 products identified for CBFP submission
• Secured KDMF approval for two additional products in South Korea, bringing the total to 17
• Sale of the manufacturing unit at MIDC Tarapur is scheduled for completion by October 31, 2026

Targeting ₹1000 Crore Revenue by FY29

To support its ambitious target of reaching ₹900-1000 crore in revenue by FY29, Bajaj Healthcare is investing heavily in new manufacturing capabilities. The company is constructing a state-of-the-art commercial peptide plant with a 250 kg annual capacity, slated for completion by March 2027. This facility will target pharmaceutical, nutraceutical, and cosmetic peptides.

Additionally, an oncology API plant is scheduled to commence operations in the second quarter of FY28. These projects are part of a broader strategy to transition from high-volume generics to high-margin specialty products and backward-integrated formulations.

Management on Growth and Specialty Focus

The quarter also marked an important milestone in our specialty products journey. Bajaj Healthcare became the first company in India to receive DCGI approval to manufacture and market Cenobamate API tablets in six different strengths.

Supply Chain Resilience and Inventory Strategy

Management confirmed a strategic decision to increase inventory levels to ₹163 crore to mitigate potential supply chain disruptions arising from the West Asia crisis. This proactive inventory build-up ensures that manufacturing operations at the Baroda facility remain uninterrupted despite volatile geopolitical conditions and rising container freight costs. The company's net worth grew to ₹557.5 crore, and its debt-to-equity ratio remains at a comfortable 0.5x, providing the financial flexibility required to sustain its ongoing capex programs and recent acquisitions.

What to watch next

• Completion of Tarapur manufacturing unit transfer by October 31, 2026
• Commissioning of the 250 kg annual capacity peptide facility by March 31, 2027
• Operational commencement of the Oncology API plant in Q2 FY28
• Integration of GenRX Pharmaceuticals assets and revenue contribution starting Q3 FY27

“Revenue from operations grew 18.9% year-on-year to 175.9 crores and profit after tax grew by 26.9%... our formulations business rebounded strongly growing 82% year-on-year.”

“The company is constructing a state-of-the-art commercial peptide manufacturing plant scheduled to complete by 31st March 2027 with an installed capacity of 250 kgs per annum.”

Bajaj Healthcare · financial snapshot

Share price	₹337.85
Market capitalisation	₹1,137.38 Cr
Revenue (annual)	₹611.03 Cr
Net profit (annual)	₹15.77 Cr
Revenue (latest quarter)	₹175.90 Cr+6.20% vs previous quarter
Net profit (latest quarter)	₹14.09 Cr+2.89% vs previous quarter
P/E (TTM)	55.17×Sector 45.17×
Promoter holding	58.59%0.00% QoQ
FII holding	2.09%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.