Sai Life Sciences Q1 FY27: consolidated PAT up 21% YoY to ₹73 Cr as margins expand
PAT +21.23% YoY · revenue +11.66% · margins expanding
₹554.29 Cr
+11.66% YoY
₹73.29 Cr
+21.23% YoY
13.14%
+1.2pp YoY
₹3.46
Sai Life Sciences' consolidated Q1 FY27 revenue came in at ₹554.29 Cr, up 11.7% YoY from ₹496.42 Cr but down 7.9% QoQ from Q4 FY26's ₹602.14 Cr. Consolidated PAT rose 21.2% YoY to ₹73.29 Cr (basic EPS ₹3.46 vs ₹2.90) but fell 29.7% QoQ from ₹104.24 Cr (EPS ₹4.93). Standalone tracked the same shape — revenue ₹546.73 Cr, PAT ₹71.34 Cr, EPS ₹3.36 — with no material divergence from consolidated. There were no exceptional items in either statement this quarter, so the growth rates above are clean, unadjusted comparisons.
Q1 FY-2027 vs prior quarters
The margin story is YoY expansion against a QoQ pullback. Operating margin (EBITDA/revenue) was 26.70% versus 24.36% a year ago — a 234 bps improvement — but down from Q4 FY26's seasonally strong 29.37%. Net margin followed the same pattern: 13.14% versus 11.94% YoY, down from 16.88% in Q4. The sequential compression tracks the revenue decline itself (CRDMO project revenue is inherently lumpy) rather than any cost blowout — material and other expenses both stepped down QoQ in absolute terms, while employee costs rose modestly on the yearly track.
The stock went into the print at ₹1,414, up 17% over the past month of trading.
What the summary numbers don't show
Deloitte Haskins & Sells issued an unmodified review conclusion on both standalone and consolidated statements
Management reiterated their long-term aspiration of maintaining revenue growth of 15% to 20% and EBITDA margins in the 28% to 30% range over a three-year period. They expect the second half of FY27 to be stronger than the first half due to new capacities coming online. Significant investments are planned, with FY27 cap
— This quarter: met
On guidance, management's prior concall reiterated a three-year aspiration of 15-20% revenue growth and 28-30% EBITDA margins, and explicitly flagged that H2 FY27 should outpace H1 as new capacity comes online. This quarter's 11.7% YoY growth and 26.70% OPM sit below both aspirational bands, but that is consistent with the softer-H1 framing management itself set out rather than a surprise miss. No formal Street consensus specific to Q1 FY27 could be found; full-year FY27 consensus (Simply Wall St, six analysts) pegs revenue near ₹2,650 Cr (~18% growth), which this quarter's print does not yet confirm or contradict on its own. Separately, the company disclosed a ₹32.86 Cr GST demand and penalty in April 2026 — a pre-quarter regulatory matter not reflected as an exceptional item in this result.
W1
H2 FY27 revenue re-acceleration toward management's 15-20% growth aspiration as new capacity comes online, per their own H1-softer/H2-stronger framing
W2
Progress on the ₹1,100-1,300 Cr FY27 capex plan (75% capacity expansion, 25% capability/tech incl. ADCs and peptides) and its effect on asset turn, which management flagged would dip before returning to 1.2x-1.4x
W3
OPM trajectory toward the 28-30% three-year target band from the current 26.70%
Figures converted from Rs. in million to Rs. Crore (÷10); no exceptional items this quarter (prior quarter had an immaterial ₹0.29 Cr labour-code credit, FY26 full year had an ₹8 Cr labour-code exceptional expense — both negligible, no raw/adjusted PAT split needed). Sub-cent rounding differences between line items are conversion artifacts. Both standalone and consolidated statements reviewed (unmodified conclusion) by Deloitte Haskins & Sells LLP.
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