Anuh Pharma Q1FY27: PAT jumps 38% YoY on margin expansion, revenue growth tepid at 4%

Anuh Pharma's standalone Q1 FY27 (quarter ended 30 June 2026) revenue from operations was ₹193.81 Cr, up a modest 3.9% year-on-year from ₹186.48 Cr, and down 4.1% sequentially from ₹202.12 Cr in Q4 FY26. The topline print is unremarkable; the quarter's story is margin. EBITDA margin expanded to 9.99% from 7.34% a year ago and from 9.22% in the March quarter (+265 bps YoY), taking PBT to ₹16.93 Cr, up 54.6% YoY and 9.1% QoQ even as revenue fell sequentially. Reported PAT of ₹11.42 Cr rose 37.6% YoY (EPS ₹1.14 vs ₹0.83) but slipped 2.2% QoQ from ₹11.68 Cr — the gap between PBT growth and PAT growth is explained by the effective tax rate rising to 32.5% this quarter from 24.2% a year ago and 24.7% in Q4, on a larger deferred tax charge (₹1.37 Cr vs ₹0.16 Cr YoY). Stripped of the tax-rate swing, underlying operating performance was stronger than the PAT line alone suggests. There are no exceptional items in either the current or comparison quarters, so the YoY and QoQ moves are on a like-for-like operating basis. Q4 FY26's other income had absorbed a ₹1.90 Cr mark-to-market loss on investments (Note 6), meaning Q4's underlying core profitability was even better than its ₹11.68 Cr reported PAT — which makes this quarter's sequential dip somewhat more pronounced on a true like-for-like comparison. Finance costs fell to near-zero (₹0.03 Cr vs ₹0.21 Cr YoY), consistent with continued deleveraging. The company operates a single reportable segment (Bulk Drugs and Chemicals) and reported no subsidiaries, associates or JVs as of quarter-end, so standalone is the only basis available. Management has issued no formal guidance in our records or in this filing, and no analyst/street estimates for this quarter were found, so the print cannot be benchmarked against external expectations — it should be read against its own trailing quarters. Aside from the results, the board also approved a revised related-party transactions policy and recorded the withdrawal of reclassification applications by three promoter-group shareholders holding a combined 0.83% stake; neither has a bearing on the P&L.