Jagsonpal Q1 FY27: PAT +22% YoY on margin gains; revenue growth of 8.8% trails guidance
PAT +22.18% YoY · revenue +8.76% · margins expanding
₹82.23 Cr
+8.76% YoY
₹13.19 Cr
+22.18% YoY
15.5%
+1.7pp YoY
₹2
Jagsonpal Pharmaceuticals reported standalone revenue from operations of ₹82.23 Cr for Q1 FY27, up 8.8% YoY from ₹75.61 Cr in Q1 FY26, and up 28.1% sequentially from Q4 FY26's ₹64.20 Cr — the QoQ jump partly reflects a seasonally softer March quarter rather than a step-change in run-rate. Standalone PAT came in at ₹13.19 Cr, up 22.2% YoY (₹10.80 Cr) and up 50.5% QoQ (₹8.76 Cr), with basic EPS at ₹2.00 versus ₹1.60 a year ago. There were no exceptional items in the quarter, so both YoY and QoQ profit growth sit on a clean, comparable base.
Q1 FY-2027 vs prior quarters
The profit growth outpacing revenue was margin-led: operating margin (EBITDA/revenue) expanded to roughly 20.97% from 18.80% YoY and 17.38% QoQ, while net margin rose to 15.51% from 13.76% YoY and 13.01% QoQ — consistent with the cost-discipline and MR-productivity themes management flagged on the Q4 FY26 call. Revenue growth of 8.8% YoY, however, trails the 12-15% FY27 growth guidance management reiterated last quarter; this is only the opening quarter of the guided year, but topline momentum has not yet caught up to that range. No management press release accompanied this filing, so there is no additional company framing beyond the results statement and notes, and formal analyst estimates for this stock are not available given thin coverage — the print cannot be benchmarked against a street consensus number.
The stock went into the print at ₹229, down 3.8% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.
What the summary numbers don't show
No exceptional items in the quarter, unlike FY26's full-year ₹2.08 Cr one-off labour-code employee-benefit charge
Management reiterates its strategic guidance to grow at 1.5 times the Indian Pharmaceutical Market (IPM) growth rate, translating to an expected revenue growth of 12-15% for FY27. They express strong confidence in sustaining and accelerating the momentum from Q4, driven by enhanced MR productivity, disciplined cost man
— This quarter: missed
During the quarter the company completed a tender-offer buyback of up to 16 lakh shares at ₹250/share (up to ₹40 Cr), cutting paid-up equity capital to ₹13.17 Cr from ₹13.39 Cr as of March 2026 despite fresh ESOP allotments — a modestly EPS-accretive move visible in EPS growing faster (+25%) than PAT (+22.2%). Separately, the company signed an agreement on 29 June 2026 to acquire an 85% stake in Aequitas Healthcare Private Limited for ₹20.8 Cr; per the filing notes, closing formalities completed only in July 2026, so this quarter's numbers carry no contribution from the deal — it becomes a Q2 FY27 watch item instead.
W1
Whether revenue growth accelerates toward the guided 12-15% FY27 range in coming quarters (Q1 came in at 8.8% YoY)
W2
First-quarter contribution/integration impact of the Aequitas Healthcare acquisition (85% stake, ₹20.8 Cr), expected from Q2 FY27
W3
Sustainability of margin expansion (OPM ~21%, NPM ~15.5%) tied to the cost-management and MR-productivity gains management cited
Filing is standalone only (no consolidated statement); figures converted from Rs. Million to Rs. Crore (÷10); tax = current tax + deferred tax charge; no exceptional items in any quarterly column (the FY26 ₹2.08 Cr labour-code exceptional item applies to the full year only, not Q4FY26 or Q1FY27).
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