Anuh Pharma Q1FY27: PAT jumps 38% YoY on margin expansion, revenue growth tepid at 4%
PAT +37.63% YoY · revenue +3.93% · margins expanding
₹193.81 Cr
+3.93% YoY
₹11.42 Cr
+37.63% YoY
5.8%
+1.4pp YoY
₹1.14
Anuh Pharma's standalone Q1 FY27 (quarter ended 30 June 2026) revenue from operations was ₹193.81 Cr, up a modest 3.9% year-on-year from ₹186.48 Cr, and down 4.1% sequentially from ₹202.12 Cr in Q4 FY26. The topline print is unremarkable; the quarter's story is margin. EBITDA margin expanded to 9.99% from 7.34% a year ago and from 9.22% in the March quarter (+265 bps YoY), taking PBT to ₹16.93 Cr, up 54.6% YoY and 9.1% QoQ even as revenue fell sequentially. Reported PAT of ₹11.42 Cr rose 37.6% YoY (EPS ₹1.14 vs ₹0.83) but slipped 2.2% QoQ from ₹11.68 Cr — the gap between PBT growth and PAT growth is explained by the effective tax rate rising to 32.5% this quarter from 24.2% a year ago and 24.7% in Q4, on a larger deferred tax charge (₹1.37 Cr vs ₹0.16 Cr YoY). Stripped of the tax-rate swing, underlying operating performance was stronger than the PAT line alone suggests.
Q1 FY-2027 vs prior quarters
There are no exceptional items in either the current or comparison quarters, so the YoY and QoQ moves are on a like-for-like operating basis. Q4 FY26's other income had absorbed a ₹1.90 Cr mark-to-market loss on investments (Note 6), meaning Q4's underlying core profitability was even better than its ₹11.68 Cr reported PAT — which makes this quarter's sequential dip somewhat more pronounced on a true like-for-like comparison. Finance costs fell to near-zero (₹0.03 Cr vs ₹0.21 Cr YoY), consistent with continued deleveraging. The company operates a single reportable segment (Bulk Drugs and Chemicals) and reported no subsidiaries, associates or JVs as of quarter-end, so standalone is the only basis available. Management has issued no formal guidance in our records or in this filing, and no analyst/street estimates for this quarter were found, so the print cannot be benchmarked against external expectations — it should be read against its own trailing quarters. Aside from the results, the board also approved a revised related-party transactions policy and recorded the withdrawal of reclassification applications by three promoter-group shareholders holding a combined 0.83% stake; neither has a bearing on the P&L.
The stock went into the print at ₹79.88, up 1.1% over the past month of trading.
W1
Effective tax rate trajectory — back toward the ~24-25% run-rate seen in the prior three quarters would flow more of PBT growth through to PAT
W2
Durability of the EBITDA margin above 9-10% given raw-material cost mix (cost of materials + purchases + inventory movement combined rose in absolute terms YoY)
W3
Sequential revenue trend — Q1 FY27's 4.1% QoQ dip follows a stronger Q4 FY26; watch whether Q2 FY27 revenue recovers toward the ₹200 Cr+ run-rate