Bajaj Healthcare Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Bajaj Healthcare Ltd filed with BSE on 27 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Bajaj Healthcare reported Q1 FY27 revenue of Rs 165.6 crore, up 11.3% year-on-year, with EBITDA margin expanding to 17.8%. Management described progress on new manufacturing facilities for peptides and oncology APIs, first-mover regulatory approvals in CNS therapy, and a reduction in debt-to-equity ratio. Domestic API business grew 27% year-on-year and was highlighted as the key growth driver for the quarter.
2 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR165.6 crores (Q1 FY27)
p. 4
“In Q1 FY27, we reported a revenue of INR165.6 crores compared to INR148.8 crores in Q1 FY26 and INR153.1 crores in Q4 FY26, which is a growth of 11.3% year-on-year and 8.2% sequentially.”
Rohan Parekh, page 4 of the filed PDF · View the filing
Gross profit: INR80.4 crores (Q1 FY27)
p. 4
“Gross profit for the quarter stood at INR80.4 crores, up by 16.2% year-on-year compared to INR69.1 crores in Q1 FY26.”
Rohan Parekh, page 4 of the filed PDF · View the filing
Gross margin: 48.3% (Q1 FY27)
p. 4
“Gross margin percentage expanded by 210 basis points to 48.3%.”
Rohan Parekh, page 4 of the filed PDF · View the filing
EBITDA: INR29.6 crores, 17.8% (Q1 FY27)
p. 4
“EBITDA for the quarter is at about INR29.6 crores, 17.8%, an improvement of 70 basis points year-on-year as compared to 17.1% in Q1 last year and 110 basis points over -- sequentially over Q4 of last year.”
Rohan Parekh, page 4 of the filed PDF · View the filing
Profit after tax from continuing operations: INR13.9 crores (Q1 FY27)
p. 4
“Profit after tax from continuing operations stood at about INR13.9 crores, up by 14.1% year-on-year from INR12.2 crores in Q1 last year and broadly remaining stable versus INR13.8 crores in Q4, translating into a PAT margin from continuing operations of 8.4%.”
Rohan Parekh, page 4 of the filed PDF · View the filing
Domestic API revenue: INR92.3 crores, 27% growth (Q1 FY27)
p. 4
“Domestic API was a key growth driver during the quarter, growing to 27% year-on-year, which is about INR92.3 crores, while export and formulation business contributed to INR50.1 crores and INR23.3 crores respectively.”
Rohan Parekh, page 4 of the filed PDF · View the filing
Net worth: INR533 crores (as of 31st March 2026)
p. 4
“As of 31st March 2026, our net worth stood at INR533 crores, up from INR466 crores last year, and our debt-to-equity ratio improved further to 0.45 as compared to 0.48 in FY25 and 1.19 in FY24, which is a meaningful deleveraging from over last three years.”
Rohan Parekh, page 4 of the filed PDF · View the filing
Net cash from operating activities: INR58.1 crores (FY26)
p. 4
“On cash flows, net cash from operating activities for FY26 stood at about INR58.1 crores and we ended the year with cash and cash equivalents of INR37.2 crores, up from INR2.6 crores at the start of the year.”
Rohan Parekh, page 4 of the filed PDF · View the filing
R&D spending as % of sales: 2.2% (2026)
p. 4
“Our R&D spending as a percentage of sales has scaled meaningfully from 0.4% in 2024 to 2.2% in 2026.”
Anil Jain, page 4 of the filed PDF · View the filing
Receivable days: 131 days (Q1 FY27)
p. 7
“We have come down from 145 days to 131 days as of quarter one of this year.”
Rohan Parekh, page 7 of the filed PDF · View the filing
Magnesium L-Threonate volume: 350 metric ton (FY26)
p. 13
“Last year we did around in quantities we can say around 350 metric ton.”
Anil Jain, page 13 of the filed PDF · View the filing
Magnesium L-Threonate revenue share: 10% of total revenues (FY26)
p. 13
“10% of total revenues.”
Rohan Parekh, page 13 of the filed PDF · View the filing
Semaglutide API price: USD120 to USD150 per gram
p. 13
“The today's market is anything between USD120 to USD150 per gram.”
Anil Jain, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 10% to 15% · FY27
stated firmly by Anil Jain
p. 5
“So we can -- the growth rate is around 10% to 15% for the next this quarter, this year 2027.”
Anil Jain, page 5 of the filed PDF · View the filing
Capital expenditure — INR40 crores to INR50 crores per year · next few years
stated firmly by Anil Jain
p. 6
“So the capex will be every year we are allocating around INR40 crores to INR50 crores for next every year, it will be like INR40 crores to INR50 crores capital expenditure.”
Anil Jain, page 6 of the filed PDF · View the filing
Peptide plant commissioning — 250 kg per annum installed capacity · Q4 2027
stated firmly by Anil Jain
p. 3
“To commercialize this pipeline, we are getting up a dedicated peptide manufacturing facility with an installed capacity of approximately 250 kg per annum, targeted for commissioning by Q4 2027.”
Anil Jain, page 3 of the filed PDF · View the filing
Oncology API facility commercialization — Q4 2028
stated firmly by Anil Jain
p. 3
“Another key focus area is oncology API where we are building a dedicated manufacturing facility which will commercialize and the target date by Q4 2028.”
Anil Jain, page 3 of the filed PDF · View the filing
Receivable days — 110 to 120 days
stated as an aspiration by Rohan Parekh
p. 7
“We continue to work with our customers to improve this much further, but we anticipate it to be around 110 to 120 days going forward.”
Rohan Parekh, page 7 of the filed PDF · View the filing
EBITDA margin — 18% to 20% · FY27 and FY28
stated firmly by Rohan Parekh
p. 10
“18% to 20%.”
Rohan Parekh, page 10 of the filed PDF · View the filing
Cenobamate revenue — INR10 crores to INR12 crores · FY27
stated firmly by Anil Jain
p. 8
“So the launching quantity and put together this year, it will be around INR10 crores to INR12 crores.”
Anil Jain, page 8 of the filed PDF · View the filing
Peptide plant peak revenue — INR200 crores to INR300 crores
stated as an aspiration by Anil Jain
p. 10
“Once we are to a peak and full utilization of plant, we can expect anything around INR200 crores to INR300 crores of revenue.”
Anil Jain, page 10 of the filed PDF · View the filing
Peptide plant EBITDA margin — 18% to 20%
stated as an aspiration by Anil Jain
p. 10
“18% to 20%.”
Anil Jain, page 10 of the filed PDF · View the filing
Vitamin C backward integration completion — 2029
stated firmly by Anil Jain
p. 11
“So we expect this to complete in 2029.”
Anil Jain, page 11 of the filed PDF · View the filing
Backward integration products revenue share and margin improvement — 20% to 25% of revenue, 1% to 2% margin increase
stated as an aspiration by Anil Jain
p. 11
“You can put together around 20% to 25% will come from that 8 to 10 products and there will be a marginal increase from 1% to 2%.”
Anil Jain, page 11 of the filed PDF · View the filing
Export revenue mix — 30% to 35% · near future
stated as an aspiration by Anil Jain
p. 12
“So in near future, you can see exports growing to around 30% to 35% and rest will be domestic and formulation.”
Anil Jain, page 12 of the filed PDF · View the filing
Magnesium L-Threonate growth — 15% to 20% · FY27
stated firmly by Anil Jain
p. 13
“There's a growth of around 15% to 20%.”
Anil Jain, page 13 of the filed PDF · View the filing
CDMO UK/EU commercial revenue — FY28 end
stated conditionally by Anil Jain
p. 7
“Quantum we are just analysing it -- how the things are moving, how what time what -- that time what how much revenue we can get, what is the price.”
Anil Jain, page 7 of the filed PDF · View the filing
Suvorexant commercialization — next year, quarter four
stated firmly by Anil Jain
p. 14
“Next year quarter four because the patent is still there for Suvorexant.”
Anil Jain, page 14 of the filed PDF · View the filing
Long-term revenue target — INR900 crores to INR1,000 crores · next two to three years
stated as an aspiration by Anil Jain
p. 14
“Down the next two to three years, you can expect anything around INR900 crores to INR1,000 crores.”
Anil Jain, page 14 of the filed PDF · View the filing
EBITDA to operating cash flow conversion — next five years
stated as an aspiration by Rohan Parekh
p. 9
“Yes, sir. We can expect that.”
Rohan Parekh, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said API prices were stable and depend on geopolitical and oil factors, and confirmed domestic API growth was not primarily pricing-driven.
Answered by Anil Jain
Asked by Arnav Sakhuja: How have API prices trended this quarter and going forward, and was domestic API growth volume or price driven?
p. 5
“The API price has been more or less stable during this last quarter as compared to last quarter.”
Anil Jain, page 5 of the filed PDF · View the filing
Management named Semaglutide as one molecule and said the plant would commercialize in Q4 of the year, with production starting with Semaglutide for the India market initially.
Answered by Anil Jain
Asked by Yogesh: Which peptide molecules are being developed and when will they be commercialized?
p. 6
“So we are working on almost like six to seven molecules. I can give you the name one -- one of the peptide that is Semaglutide.”
Anil Jain, page 6 of the filed PDF · View the filing
Management said one plant has been sold and two remain, with a buyer still being sought for the remaining units.
Answered by Anil Jain
Asked by Shantanu Basu: What is the status of the three loss-making Tarapur plants planned for sale?
p. 7
“No, two are only left. Rest all we have sold.”
Anil Jain, page 7 of the filed PDF · View the filing
The CFO cited relooking at debt cost, working capital allocation, discontinued units and cost optimization across plants.
Answered by Rohan Parekh
Asked by Sajal Kapoor: What are the biggest changes made to the finance function since joining, not visible in reported numbers?
p. 9
“The top three would be one is to relook at our debt cost, the finance cost, and realign. The second is to look at our working capital allocation.”
Rohan Parekh, page 9 of the filed PDF · View the filing
Management attributed the inventory increase to precautionary ordering amid geopolitical disruption and a broader product mix compared to earlier years.
Answered by Rohan Parekh
Asked by Madhur Rathi: Why has working capital/inventory intensity increased compared to pre-COVID levels?
p. 12
“So the inventory is increased as part of our internal policies because in quarter four we saw this war situation developing and we chose to order in few amount of inventories to ensure that we have our production going on for next couple of quarters.”
Rohan Parekh, page 12 of the filed PDF · View the filing
Management said the allocation is not fixed and will depend on margins and requirements across different peptides.
Answered by Anil Jain
Asked by Rudraksh Raheja: What quantity of the 250 kg peptide capacity is allocated to Semaglutide?
p. 14
“It is not defined. It -- the plant has been designed to manufacture all together all the peptides which has a different time cycles.”
Anil Jain, page 14 of the filed PDF · View the filing
Risks flagged
API pricing depends on geopolitical situation and oil prices
p. 5
“And it all depend upon the geopolitical situation how it moves ahead. Then only we can have something what we call, everything depend on the oil and price.”
Anil Jain, page 5 of the filed PDF · View the filing
Export business affected by geopolitical conditions
p. 4
“We expect the revenue mix to gradually normalize towards historical levels as export improves and geopolitical conditions ease over the course of the year.”
Rohan Parekh, page 4 of the filed PDF · View the filing
CDMO revenue timing and pricing uncertain due to lengthy approval cycles
p. 7
“It depends after one, one and a half years what will be the price of the molecules, it all depend upon that.”
Anil Jain, page 7 of the filed PDF · View the filing
Opioid/opiate derivative products still under R&D with government dependency for capacity expansion
p. 11
“Yes, we are still working on that molecules. The product is still under R&D. The two molecules from the opiate.”
Anil Jain, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.