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Bajaj Healthcare Results: Latest Quarterly Results & Analysis

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Bajaj Healthcare Ltd. 20 Oct 2025 13:01 PM
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Q2FY26 Quarterly Result Announced for Bajaj Healthcare Ltd.

Pharmaceuticals company Bajaj Healthcare announced Q2FY26 results

Q2FY26 Financial Highlights:

  • Revenue stood at Rs 1479 million for Q2FY26 compared to Rs 1330 million for Q2FY25
  • EBITDA stood at Rs 286 million for Q2FY26 compared to Rs 271 million for Q2FY25
  • PAT for the period stood at Rs 111 million for Q2FY26 compared to Rs 94 million for Q2FY25

Q2FY26 Business Highlights:

  • Received SEC-CDSCO recommendation to initiate Phase III clinical trials for Suvorexant Tablets, becoming the first company in India to secure this nod for the insomnia molecule.
  • Secured DCGI approval to conduct phase III clinical trials for Cenobamate Tablets, a novel anti-epileptic molecule; the clinical trials are currently underway.
  • Filed two new CEPs during the quarter, taking cumulative filings to ten (seven approved, three under review); two additional CEPs currently in progress, further strengthening our position in regulated EU and UK markets.
  • During this quarter, we have filed few DMFs. Overall, till date we have filed 60 DMFs in various countries. We will continue to strengthen our regulatory filings.

Anil Jain – Managing Director said, “Our Q2FY26 performance underscores the resilience of our operations and the strength of our strategic execution, despite ongoing tariff tensions and global uncertainty. Revenue from operations grew 11% year-on-year. Sequentially, gross margin expanded by 462 basis points to 50.8%, while EBITDA margin improved by 217 basis points to 19.1%, resulting in profit from continuing operations growing by a strong 49% year-on-year and reaffirming our focus on sustainable earnings growth.

This improvement in margins and profitability was driven by strong growth in exports (up 67% year-on-year) and formulations during the quarter. While pricing pressure persists in the domestic API segment, we continue to pursue opportunities in high-margin products to support long-term margin stability.

On the regulatory front, we continue to strengthen our global compliance framework and advance product registrations across key geographies. Our focus remains on expanding our presence in regulated markets and aligning our pipeline with high-value therapeutic areas that offer long-term growth potential.

With a strong foundation, enhanced regulatory preparedness, and continued investment in R&D, we are well-positioned to sustain growth momentum and drive expansion across our API and formulations businesses. We have also strengthened our key management people with industry leaders across key divisions, enabling us to achieve sustainable and scalable growth. We remain committed to creating long-term value for the healthcare ecosystem and our stakeholders.”

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Pharmaceuticals company Bajaj Healthcare announced Q1FY26 results

  • Revenue from operations stood at Rs 1,488.4 million, up 12.5% year-on-year
  • EBITDA was Rs 253.9 million, largely flat with a 0.1% YoY increase
  • EBITDA margin stood at 17.0%, compared to 19.1% in Q1FY25
  • PAT from continuing operations came in at Rs 121.7 million, rising 51.7% YoY
  • PAT margin from continuing operations improved to 8.1% from 6.0%
  • Loss from discontinued operations narrowed to Rs 3.4 million from Rs 8.9 million
  • Total profit for the period stood at Rs 118.3 million, up 65.9% YoY
  • Overall profit margin rose to 7.9% from 5.4% in Q1FY25

Commenting on the Results, Anil Jain – Managing Director said, “Q1 FY26 marks a strong and promising start to the new fiscal year for Bajaj Healthcare, despite a challenging pricing environment in certain segments. Revenue from operations rose 12.5% year-onyear to Rs 1,488.4 million, while PAT grew by 66% to Rs 118.3 million, reflecting improved profitability and sharper execution across business segments. EBITDA remained steady at Rs 253.9 million, with margins improving sequentially to 17.0% from 15.1%, reflecting better product mix and improved operating leverage, even amidst input cost pressures.

Segment-wise, our API export business delivered standout growth of 68.4% YoY, supported by growing demand in regulated markets and the ramp-up of commercial CDMO supplies. Formulations saw 41.1% year-on-year growth, led by deeper market penetration and new strategic partnerships. Due to pricing headwinds in the domestic API segment, the company has strategically realigned its portfolio towards value-added exports and differentiated molecules to reinforce growth and profitability.

….We are pleased to report that during the quarter, we received three new CEP approvals and one ASMF approval from European regulatory authority, further strengthening our position in regulated EU/UK markets. Following product approvals, validation batch supplies have commenced for a few molecules under CDMO agreements. In parallel, five DMFs were filed with the UK MHRA to enable future commercial supply and regulatory compliance. To date, we have filed a total of nine CEPs, out of which seven have been approved. Furthermore, four additional CEP filings are in process.

Our CNS portfolio continues to evolve with notable regulatory developments. Cenobamate has received a positive recommendation from the Subject Expert Committee (SEC) and is currently awaiting final DCGI approval to initiate Phase III trials. For Magtein®, validation batches are underway, with commercial launch targeted in Q3. These developments mark important steps toward expanding our product pipeline.

Backward integration continues to be a cornerstone of our strategy, especially in supporting scale-up across CDMO and formulation segment. Export contribution rose to 35% of total revenue, up from 23% last year, reflecting stronger API demand and deeper access to global markets. We remain firmly on course to build a value-driven, innovation-led growth engine across APIs, formulations, and CDMO.”

 

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Pharmaceuticals company Bajaj Healthcare announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Operations increased by 15.4%, rising to Rs 1,544.7 million from Rs 1,339.0 million.
  • Gross Profit rose significantly by 30.8% to Rs 740.8 million from Rs 566.5 million.
  • EBITDA grew by 12.6% to Rs 253.3 million from Rs 224.9 million.
  • EBITDA Margin (%) declined slightly to 15.1% from 16.0%.
  • Profit for the period turned positive at Rs 111.8 million, compared to a loss of Rs (299.2) million in Q4 FY24.

FY25 Financial Highlights:

  • Revenue from Operations increased by 14.6% to Rs 5,426.0 million from Rs 4,734.2 million.
  • Gross Profit improved by 21.2% to Rs 2,755.6 million from Rs 2,273.3 million.
  • EBITDA grew by 19.9% to Rs 1,018.3 million from Rs 849.5 million.
  • EBITDA Margin (%) rose slightly to 18.1% from 17.6%.
  • Profit for the period turned around to a profit of Rs 395.0 million, compared to a loss of Rs (837.9) million in FY24.

Commenting on the Results, Anil Jain – Managing Director said, “FY25 has been a transformational year for Bajaj Healthcare. We have delivered a strong financial turnaround and regained profitability, reflecting our commitment to operational discipline and long-term value creation. We closed the year with a net profit of Rs 395 million, a significant swing from losses in the previous year. Gross margin expanded to 49%, supported by a more favorable product mix. EBITDA grew by 20% year-on-year, outpacing revenue growth and reflecting the benefits of improved operating leverage and cost efficiencies.

Despite headwinds in the API segment across the industry, I am proud to share that we achieved approximately 8% year-on-year revenue growth in our overall API business in FY25. Our Formulations segment also delivered exceptional year-on-year revenue growth of 69% during the same period. These gains reflect the strategic realignment of our portfolio and improved utilization across key facilities.

A key development was the acquisition of Genrx Pharmaceuticals Pvt. Ltd., possession of which was taken in April 2025, significantly enhancing our manufacturing infrastructure and enabling future portfolio expansion. From a product innovation standpoint, we continue to build a differentiated pipeline in CNS and wellness categories. The launch of Pimavanserin and the progress of Cenobamate toward final regulatory approval reflect our ability to deliver niche and high-impact therapies in India.

We also made significant headway in expanding our presence in regulated international markets. With new CDMO partnerships and regulatory clearances now in place, we are on track to become a credible outsourcing partner for global pharma. Our exports currently account for 24% of total revenue, and with these new partnerships, we aim to substantially increase our export share going forward.

We enter FY26 with renewed momentum, a differentiated pipeline, and scalable capacity across APIs, formulations, and CDMO. We are committed to building Bajaj Healthcare into a trusted global pharmaceutical partner through innovation, regulatory strength, and operational excellence.”

Result PDF

Pharmaceuticals company Bajaj Healthcare announced Q3FY25 results

  • Revenue: Rs 1,227.9 million compared to Rs 1,085.7 million during Q3FY24, change 13.1%.
  • EBITDA: Rs 240.1 million compared to Rs 203.3 million during Q3FY24, change 18.1%.
  • EBITDA margin: 19.6% for Q3FY25.
  • PAT: Rs 117.2 million compared to Rs -219.6 million during Q3FY24, change 153.4%.
  • PAT margin: 9.5% for Q3FY25.

Anil Jain, Managing Director, said: “We are pleased to report yet another strong quarter of growth and profitability. Our PAT from continuing operations surged 171% YoY, driven by our relentless focus on operational excellence and cost efficiencies. At the same time, we remain committed to monetizing assets from discontinued operations, ensuring optimal capital allocation towards debt repayment and minimizing associated losses.

Notably, our formulations segment saw a significant growth, with an impressive 58% YoY increase for the quarter. This rise in formulations revenue highlights the strength of our manufacturing expertise, as we continue to expand our portfolio and enhance our capabilities to meet market demand across key therapeutic areas. Our opium processing segment saw a 32% YoY growth and we remain optimistic about the long-term prospects of the alkaloid processing segment.

Beyond financials, we reached significant milestones strengthening our market position. A key achievement was receiving approval from the Drug Controller General of India (DCGI) to manufacture both the API and formulation of Pimavanserin, solidifying our foothold in the central nervous system (CNS) segment. Pimavanserin, marketed globally as NUPLAZID®, has already gained significant traction in the US, and with Acadia Pharmaceuticals projecting combined net sales of over USD 1 billion in 2025 for NUPLAZID® and DAYBUE, we see a tremendous opportunity ahead.

We are proud to expand our CDMO pipeline with a new contract for 15 APIs with UK/EU-based companies, reinforcing our global presence and expertise in cost-effective synthesis. This follows our earlier contract for 15 molecules this year. Additionally, the approval of our Gujarat API manufacturing site by the TGA, Australia, alongside USFDA and EU certifications, enables direct supplies to Australia and New Zealand, unlocking new global partnership opportunities.

Looking ahead, we remain confident in our growth, driven by operational excellence, strategic partnerships, and innovation, as we work towards becoming a trusted global pharmaceutical partner.”

Result PDF

Pharmaceuticals company Bajaj Healthcare announced Q2FY25 results

  • Revenue from Operations: Rs 1,330.9 million compared to Rs 1,012.1 million, change 31.5% YoY.
  • EBITDA: Rs 245.2 million compared to Rs 189.5 million, change 29.4% YoY.
  • EBITDA Margin: 18.4% for Q2FY25.
  • PAT: Rs 94.6 million compared to Rs -34.6 million.
  • PAT Margin: 7.1% for Q2FY25.

Anil Jain, Managing Director, said: “I am delighted to present the impressive results of our second quarter for FY25. Our revenue from operations surged by approximately 32% YoY led by robust performance across all segments this coupled with expansion in our margins resulted in a 90% year-onyear increase in our bottom line from our continuing operations.

We continue to undertake all efforts to sell the assets from the discontinued operations and to use the proceeds for further debt repayment and minimize the losses from the discontinued operations.

We have materially repaid our borrowings to the tune of Rs 1,500 million and this has further strengthened our financial position.

Contribution from our API and Formulation segments rose, with both registering strong growth at 19% and 28%, respectively. The domestic demand has remained quite encouraging and has been a source of strength even as export markets are still largely wrestling sticky inflation and elevated freights. Another key highlight was the exceptional performance of our Opium Processing business, which grew multi-fold year-on-year. The segment has quickly become a meaningful growth driver for our overall business. We are focused on expanding capacity to meet increasing government requirements and sustain its high growth trajectory going forward.

Our new development and supply agreement with a European partner for an Active Pharmaceutical Ingredient (API) underscores our commitment to maintaining the highest standards of quality, as evidenced by our adherence to Good Manufacturing Practices. This also presents us with a fascinating opportunity to showcase our development capabilities and further strengthen our CDMO business.

It pleases me to report that we successfully completed an approximately Rs 2,050 million fund raise denoting the strong investor belief in our company’s abilities and our upcoming growth journey. We are now firmly on the path to maintaining profitability on an overall basis and look to carry forward this positive momentum from our recent performances.”

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Pharmaceuticals firm Bajaj Healthcare announced Q1FY23 Result :

  • Revenue from Operations has marginally degrown by 7.32% from Rs.1,856.89 Mn in Q1 FY22 to Rs.1720.69 Mn in Q1 FY23 mainly due to contraction of Covid-19 led opportunities.
  • EBITDA has degrown by 22.85% from Rs.334.98 Mn in Q1 FY22 to Rs.258.44 Mn in Q1 FY23. There was de-growth in EBIDTA Margins from 18.04% in Q1 FY22 to 15.02% in Q1 FY23 on a YoY basis. The degrowth in EBITDA margins was mainly on account of weakening of Indian Rupee, thereby leading to an increase in imported raw material cost. The EBITDA margins strengthened on a sequential quarter basis by 67bps.
  • Net profit has decline by 37.46% from Rs.192.18 Mn in Q1 FY22 to Rs. 120.19 Mn in Q1 FY23. The Net Profit Margins were at 6.98% in Q1 FY23 from 10.35% in Q1 FY22 owing to a decline in EBITDA margins as explained above.

Commenting on the Q1 FY23 results, Mr. Sajankumar Bajaj (Chairman) said: “We are pleased to inform all our stakeholders that the company has reported an overall stable financial performance in Q1 FY23 despite witnessing inflationary headwinds for the major part of the quarter. Despite declining contribution from Covid related products, The company was able to retain its revenue achieved in Q1FY22 on account of covid related demand and post an improvement in quarterly EBITDA margins on a sequential basis."

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Pharmaceuticals company Bajaj Healthcare declares Q3FY22 result:

  • Revenue from Operations reported at Rs 1675.75 mn in Q3 FY22 and Rs 5041.76 mn for 9M FY22
  • EBITDA stands at Rs 310.29 mn in Q3 FY22 and Rs 942.90 mn for 9M FY22
  • PAT at Rs 174.45 mn in Q3 FY22 and Rs 539.14 mn for 9M FY22
  • Revenue from operations degrown by 6% from Rs 1783.34 mn in Q3 FY21 to Rs 1675.75 mn in Q3 FY22 mainly due to drop in the sales volume of Ascorbic Acid (Vitamin C) & CH Base
  • The EBITDA decreased by 32% from Rs 458.16mn in Q3 FY21 to Rs 310.29 mn in Q3 FY22 . Though EBITDA Margin was maintained at 18% in the current quarter.
  • Finance cost increased significantly by 48% from Rs 19.24mn in Q3 FY21 to Rs 28.45mn in Q3 FY22.
  • Net profit stood at Rs 174.45 mn in Q3 FY22, compared to 264.23mn in Q3 FY21.
  • Revenue from operations recorded a marginal degrowth by 4% from Rs 5248.02mn in 9M FY21 to Rs 5041.76mn in 9M FY22 mainly due to drop in the sales volume of Ascorbic Acid (Vitamin C) & CH Base.
  • EBITDA declined by 11% from Rs 1064.67mn in 9M FY21 to Rs 942.90mn in 9M FY22 and EBITDA margins shrunk by 150 bps.
  • Net profit stood at Rs 539.14mn in 9M FY22, compared to Rs 618.31mn in 9M FY21.

Commenting on the performance of Q3 FY22 and 9M FY22, Mr. Sajankumar Bajaj (Chairman) said: “We have had a fairly weak quarter relatively where we have marginal degrowth in the third quarter, mainly due to fall in the sales volume of Ascorbic Acid (Vitamin C) and CH base. Our APIs business segment was marginally impacted whereas our formulation segment has reasonably grown on a nine months basis as compared to 9M FY21. Our Equity shares are now also quoted on the National Stock Exchange (NSE) from November 2021 onwards. We are happy to announce that we commenced the commercial production of APIs from the acquired Unit at Plot No T-30, MIDC, Tarapur, Maharashtra January, 2022 and expect this unit to incrementally contribute from this quarter i.e. Q4 of FY 22.

One of the key challenges faced by the pharma sector in the 2nd half of FY22 is that of increasing prices of raw materials due to production abruptions in China.. BHL’s policy of maintaining increased inventory enabled us to earn better EBITDA margins.

API segment revenues degrown by around 7% on a YoY (9 months) basis on account of weak performance & growth from our leading APIs. Formulation segment revenues grew by around 23% on a YoY (9 months) basis on the account of business from our existing clients and addition of few new clients. As the third wave of COVID-19 hits our nation and all other countries globally, we are seeing a rise in the demand of Ascorbic Acid (Vitamin C) & CH Base, which has very wide applications in medical, nutritional and sanitization based products.

With the commencement of commercial production of the APIsfrom the acquired units, we expect to see significant improvement in our revenues and profitability in the coming quarters & years coupled with new product launches. Our expectations from the acquired assets on an optimum utilization basis would be upwards of INR 4,000 mn in the coming years. Consequently, we hope to generate healthy cash flow. We would like to assure that we are committed to deliver well in line with our guidance and market expectations on the basis of our strategic initiatives"

Result PDF

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