Bajaj Healthcare Q2 FY27: standalone revenue +19% YoY to ₹176 Cr, OPM dips to 17.7%

Bajaj Healthcare's standalone Q2 FY27 (quarter ended 30 September 2026) revenue from operations rose 18.9% YoY to ₹175.9 Cr (₹147.9 Cr in Q2 FY26), and 6.2% sequentially from ₹165.6 Cr in Q1 FY27. Profit for the period came in at ₹14.09 Cr, up 26.9% YoY on a reported basis (₹11.11 Cr a year ago). No verifiable sell-side consensus for the quarter turned up in a search of brokerage previews — this is a thinly-covered small-cap with no Q2 FY27 PAT/revenue estimates on record — so the print cannot be marked beat/miss against Street; it is judged here against the company's own guidance and prior-period trend. Management's FY27 guidance (from the July 2026 concall) called for 10-15% revenue growth with "similar" PAT growth, and an 18-20% EBITDA margin band for FY27-28. Revenue growth of 18.9% YoY clears the top of that range, and half-year revenue of ₹341.5 Cr is up 15.1% YoY, also at the top end. On profit, the headline +26.9% YoY print overstates core performance: profit after tax from continuing operations alone (excluding the discontinued Tarapur/Dahej land units) grew a more moderate 15.5% YoY to ₹14.38 Cr from ₹12.45 Cr. The extra lift in the total figure comes from the discontinued-operations loss shrinking to ₹0.29 Cr from ₹1.34 Cr a year ago as those units near full divestment, not from stronger core profitability. On that adjusted, like-for-like basis the company is tracking at the top of its own "similar to revenue" PAT guidance rather than meaningfully ahead of it. Operating margin (OPM) was 17.74% this quarter, down 48bps YoY from 18.22% and just below the 18-20% guided band, though up 38bps from Q1 FY27's 17.36%. The YoY compression traces to finance costs (₹5.98 Cr vs ₹5.56 Cr) and depreciation (₹7.65 Cr vs ₹7.08 Cr) rising faster than revenue, consistent with ongoing capex toward the peptide plant, oncology API and R&D expansion management flagged last quarter. Net margin (PAT/total income) nonetheless improved to 7.97% from 7.43% YoY, since the smaller discontinued-ops drag flowed straight to the bottom line. Basic EPS of ₹4.19 rose only 6.1% YoY despite 26.9% PAT growth, diluted by the roughly 6.6% larger equity base following the FY25 preferential allotment and warrant conversion completed in March 2026. Two structural items closed out around this filing: the NCLT approved Bajaj Healthcare's acquisition of GenRx Pharmaceuticals on 13 October 2026, after the quarter-end, so GenRx remains excluded from these standalone numbers and will consolidate once the order's conditions are implemented. The company also sold part of its Dahej (Gujarat) industrial plot for ₹14.67 Cr, continuing the asset-sale programme that separately classified its Tarapur (N-178) unit as held-for-sale in June 2026, targeted to close by 31 October 2026. No separate management press release accompanied this filing. The October 19, 2026 earnings call is the next checkpoint for margin trajectory and GenRx integration color.