31-Oct-2026 12:38:47
BHARAT PARENTERALS Q2 FY27 CONCALL: RETAINS FY27 GROWTH GUIDANCE, ₹117 CR ORDER BOOK; INNOXEL BEGINS US COMMERCIAL SUPPLY, TARGETS ₹80–90 CR LICENSING INCOME & ₹139 CR FUNDRAISE
• Standalone FY27 Guidance: Revenue growth of 10–15% with EBITDA margins of 10–15%. • Innoxel FY27 Guidance: Revenue growth of 35–45%, EBITDA margin of 20–25% and licensing income of ₹80–90 Cr. • Varenyam Healthcare Guidance: FY27 revenue growth of 20–25% with EBITDA margins of 8–13%. • Order Book: ₹117 Cr as of September 2026, including domestic tenders, exports and international tenders. • US Commercial Supply: Innoxel's first CMO product was exported to the US on October 20, 2026, with recurring manufacturing revenue expected from H2 FY27. • Second US Product: Management expects commercialization within FY27, subject to US FDA approval. • Innoxel Deal Pipeline: Targets 12–15 new deals annually; six signed in H1, with 10–12 contracts targeted by Q3 FY27-end. • Innoxel Product Pipeline: Management expects most products currently under development to reach the market by FY30, subject to approvals. • First CDMO Launch: A 505(b)(2) product is targeted for Q3 FY28. • Innoxel Margin Potential: Management sees margins potentially exceeding 35–40% once commercial manufacturing and profit-sharing income scale up. • Fundraise: Approximately ₹139 Cr preferential issue, with up to ₹135 Cr earmarked for subsidiaries over two years. • Varenyam Biolife Expansion: Biologics CDMO facility construction targeted for completion by Q2 CY2028, subject to regulatory and commissioning timelines. • Varenyam Healthcare Expansion: Plans to launch its Bhuvah women's health division during FY27; targets 250 field representatives by year-end. • Standalone Capacity: H1 utilization at 70% for general block, 33% for beta-lactam and 31.5% for cephalosporin. • Standalone Margin Pressure: Higher raw material costs affecting previously priced tender contracts; recovery depends on input costs and order renewal. • Q2 Consolidated Revenue: UP 110% YoY and 45% QoQ to ₹136.3 Cr. • Q2 EBITDA: ₹23.6 Cr, margin at 17.3% versus 9.1% QoQ. • Q2 Net Profit: ₹11.8 Cr versus losses of ₹8.6 Cr YoY and ₹3.6 Cr QoQ. • Innoxel Q2 Revenue: UP 253% YoY to ₹44.5 Cr; EBITDA ₹14.6 Cr with 33% margin. • Varenyam Healthcare Q2 Revenue: UP 33.2% YoY to ₹19.7 Cr; EBITDA margin at 9.2%. • H1 Consolidated Revenue: ₹240 Cr; EBITDA ₹32.1 Cr and PAT ₹8.3 Cr. • H1 Operating Cash Flow: ₹83.3 Cr, while consolidated borrowings stood at ₹160 Cr.
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