Laurus Labs Q2 FY27: consolidated PAT up 124% YoY to ₹436 Cr as OPM expands to 34%

Laurus Labs' consolidated PAT rose 124.3% YoY to ₹436.19 Cr (₹194.49 Cr in Q2 FY26) on revenue up 33.4% YoY to ₹2,206.37 Cr, and the print also builds sequentially — PAT +20.5% QoQ, revenue +8.9% QoQ over Q1 FY27's ₹362.07 Cr / ₹2,026.31 Cr. Consolidated is the primary basis here; standalone PAT grew a slower 80.0% YoY to ₹388.13 Cr (from ₹215.67 Cr) on 28.6% revenue growth, with the gap versus consolidated's 124.3% explained by subsidiary and non-controlling-interest contribution rather than any divergence in the core story.

The margin expansion is the bigger story than topline: OPM (EBITDA/revenue) widened to roughly 34.0% from 24.4% a year ago and 31.5% last quarter, while NPM rose to 19.65% from 11.57% YoY and 17.79% QoQ. The bridge sits mainly in other expenses, which fell to ~17.0% of revenue from ~22.4% YoY, and in depreciation leverage (5.8% of revenue vs 7.3% YoY) as the base business scales — cost of materials consumed stayed roughly flat at ~41% of revenue, consistent with management's prior comment that raw-material headwinds persist.

The stock went into the print at ₹2,216.5, up 10.2% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 5 consecutive quarters; revenue is at a 6-quarter high.

Basic EPS ₹8.17 vs ₹3.61 in Q2 FY26 and ₹6.81 in Q1 FY27.

Management's July 2026 concall guided to 'margin sustainability despite raw material headwinds' and an ROCE climb from 19% toward a 25% target; this quarter's expansion goes well beyond mere sustainability, so the print reads as a beat against that qualitative bar, though ROCE itself isn't independently computable from this statement. No formal Street consensus for Q2 FY27 PAT/revenue turned up in search, and the company's own press release commentary on this result hasn't been extracted yet, so neither vs-Street nor management framing can be cross-checked beyond the filed numbers. Alongside the results, the board approved an interim dividend of ₹1.00/share (50% of the ₹2 face value, record date November 6, 2026) and the quarter also saw a ₹107.8 Cr investment in the 49%-held KRKA Pharma JV, consistent with the CDMO capacity push behind the FY27 capex guidance raised to ₹2,000 Cr from ₹1,500 Cr; H1 FY27 consolidated capex spend of ₹864.19 Cr is running well below half that revised full-year number so far.