Senores Q1: consolidated PAT ₹30.5 Cr, EBITDA +87% YoY as margins expand ~800bps

Senores Pharmaceuticals opened FY27 with broad-based growth: consolidated revenue rose 36% YoY to ₹180.2 Cr (Q1FY26 ₹132.6 Cr) and net profit after tax climbed to ₹30.5 Cr from ₹21.2 Cr, +44% on the reported line and +56% on the ₹30.7 Cr attributable to owners — the figure the company headlines. The real story is profitability: EBITDA jumped 87% to ~₹54 Cr with roughly 800bps of margin expansion, lifting net margin to ~16.6% from ~15.0% a year ago. The lift was driven by the Regulated Markets segment (₹127.8 Cr, +42% YoY), where the ANDA portfolio nearly doubled to 58 approvals (30 a year ago, 23 commercialised), plus manufacturing/cost efficiency; Emerging Markets grew ~30% to ₹37.6 Cr but at a thinner ~14% EBITDA margin. Sequentially PAT is down ~17% versus Q4FY26's ₹36.7 Cr, but that quarter carried ₹17.7 Cr of other income and a deferred-tax benefit, so the QoQ optics understate the underlying trajectory.

Against management's own FY27 guidance — 30-40% revenue growth, 50-60% PAT growth, blended EBITDA margin 29-31% — Q1 tracks squarely inside the range (revenue +36%, EBITDA margin ~30%, owners' PAT +56%). Versus the street, Trendlyne's 4-analyst FY27 view models ~37.7% revenue growth but only ~27.9% profit growth, so the quarter's profit delivery runs ahead of consensus pace even if revenue is in line. Management (MD Swapnil Shah) framed it as a 'healthy performance despite a challenging environment,' flagging that the newly acquired Baroda-based USFDA-approved Apnar plant has already ramped production, that Emerging Markets is now cash-flow positive at near-mid-teens EBITDA margin, and that the US marketing/distribution JVs should scale the US business 'multifold.' Concurrent board actions this quarter: appointment of Anjali Shah as SMP (AVP-Finance), and a shareholder postal ballot to vary IPO-proceed usage — ₹100 Cr earmarked for the Atlanta sterile-injectables plant remains parked (only ₹6.98 Cr of ₹107 Cr deployed), the one open item on the capex plan. Standalone results (revenue ₹27 Cr, PAT ₹1.0 Cr) diverge sharply from consolidated and should not be read as the group picture — the US-heavy subsidiaries carry the business.

The stock went into the print at ₹1,401, up 10.3% 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.

Basic EPS ₹6.61 vs ₹4.60 YoY. Standalone far smaller (revenue ₹27 Cr, PAT ₹1.0 Cr) as the business sits in US/subsidiaries.