Laurus Labs Q1: consolidated PAT more than doubles to ₹362 Cr as CDMO lifts margins

Laurus Labs delivered a strong Q1 FY27 on a consolidated basis: revenue of ₹2,026.3 Cr rose 29.1% YoY (11.9% QoQ) and net profit of ₹362.1 Cr more than doubled, up 123.9% YoY and 28.4% sequentially, with basic EPS of ₹6.81 versus ₹3.02 a year ago. This is a profitability-led print — the topline grew fast, but the bottom line grew four times faster, so margins are the real story rather than volume alone. There were no exceptional or one-off items on either side, so the reported growth is also the underlying growth.

The margin bridge is broad-based. Net profit margin expanded to ~17.9% from 10.2% a year ago (and 15.5% last quarter), while the operating/EBITDA margin widened to roughly 31.5% from 24.4% YoY. Gross margin came in around 62.7% (materials cost of ₹755 Cr net of inventory build against ₹2,026 Cr revenue), comfortably above the ~60% management guided on the Q3 FY26 concall — so on its own stated benchmark the company beat. The gains are consistent with the higher-value CDMO mix (peptides/ADCs) management has been steering toward.

The stock went into the print at ₹1,589, up 9.3% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 3 consecutive quarters; revenue is at a 6-quarter high.

Non-controlling interests booked a ₹5.53 Cr loss — PAT attributable to equity holders ₹367.6 Cr

Against expectations, the print runs well ahead of the Street's FY27 consensus pace (13-analyst consensus of ~15% revenue and ~25% profit growth for the full year, per Trendlyne); Q1 revenue +29% and PAT +124% YoY materially outpace that trajectory, so this reads as a beat versus the full-year run-rate, though no quarter-specific consensus PAT poll was published. The prior concall (Jan 2026) was bullish with a confident tone and optimistic outlook — this quarter confirms rather than contradicts it. Note a standalone-vs-consolidated divergence: standalone revenue rose 22.6% and standalone PAT 83.6% (₹290.0 Cr), so the consolidated outperformance (+124% PAT) is driven by subsidiaries/CDMO operations sitting outside the standalone entity — readers will see both numbers. Concurrent corporate developments were governance-only (two new independent directors appointed at the July 2 AGM; independent director Aruna Bhinge's term concluded) and are immaterial to the numbers; the stock had already rallied ~53% during the April–June quarter into this result.