Bajaj Healthcare Limited has reported strong year-on-year growth in revenue and profitability for the second quarter of FY27, powered by a sharp surge in API exports and formulations, alongside improved margins.
The pharmaceutical manufacturer posted revenue from operations of Rs. 175.9 crore for the quarter ended September 30, 2026, up 18.9% from a year earlier and 6.2% sequentially. Profit after tax (PAT) rose 26.9% year-on-year to Rs. 14.1 crore, while EBITDA increased 12.2% to Rs. 32.1 crore.
Profitability also improved, with the EBITDA margin expanding to 18.2% from 17.8% in Q1 FY27. The PAT margin reached 8%, compared with 7.5% in the year-ago quarter. Gross profit climbed 12.4% year-on-year to Rs. 85.4 crore, with the gross margin holding steady at 48.3%.
Bajaj Healthcare sustained its growth momentum in the first half of FY27, with revenue from operations rising 15.1% year-on-year to Rs. 341.5 crore.
EBITDA grew 14.2% to Rs. 61.7 crore, while profit after tax advanced 21.1% to Rs. 27.8 crore. Gross profit increased 14.2% to Rs. 165.8 crore, with the gross margin at 48.3%.
The PAT margin improved to 8.1% in H1 FY27 from 7.7% in the corresponding period last year, signalling stronger bottom-line performance.
API exports emerged as a key growth driver during the quarter. Export sales rose 28.5% year-on-year to Rs. 62.6 crore from Rs. 48.7 crore in Q2 FY26, while increasing 25.1% sequentially.
Domestic API sales, however, declined to Rs. 71.6 crore from Rs. 76.3 crore in the year-ago quarter. Despite the quarterly dip, domestic API sales grew 10.1% year-on-year in H1 FY27 to Rs. 163.9 crore.
The formulations business delivered one of the quarter’s strongest performances, with revenue surging approximately 82% year-on-year to Rs. 41.7 crore from Rs. 22.9 crore. The segment also grew approximately 79% sequentially.
During the quarter, the company launched Cenobamate through its marketing partners in India, following the regulatory approval process earlier in FY27. The company said the segment had normalised as anticipated at the end of Q1 FY27.
Bajaj Healthcare became the first company in India to receive approval from the Drug Controller General of India (DCGI) to manufacture and market Cenobamate API and tablets in six strengths, following the Subject Expert Committee (SEC) recommendation received in Q1 FY27.
Cenobamate is a next-generation anti-seizure medication used to treat partial-onset seizures in adults. Commercial sales of Cenobamate tablets began in September 2026 through eight marketing partners, marking a key step in the company’s formulations expansion.
Adding to the quarter’s positive developments, India Ratings & Research upgraded Bajaj Healthcare’s long-term rating from INA A-/Stable to IND A/Stable, while affirming its short-term rating at IND A1.
The upgrade reflects the company’s strengthened balance sheet and improved operating performance.
With double-digit growth in revenue and profits, accelerating API exports and a sharp rebound in formulations, Bajaj Healthcare enters the second half of FY27 with multiple growth drivers in play. The trajectory of export demand and the commercial ramp-up of Cenobamate will be key factors to watch in the coming quarters.
