Bajaj Healthcare Ltd Q4 FY26 Results

The quarter was marked by a challenging operating environment driven by continued price erosion in domestic APIs, early impacts of geopolitical disruptions in West Asia including elevated raw material prices. While revenue remained broadly stable on a YoY basis despite high teens volume growth, Profit After Tax from continuing operations before exceptional items registered healthy growth of 19% YoY, reflecting the strength of our operational discipline, cost management, and continued focus on profitability despite external headwinds. FY26 revenue grew 12.6% YoY, driven by strong API export growth of 51.6% YoY as we witnessed healthy traction across the EU, UK, LATAM, and other regulated markets, coupled with sustained momentum in the formulations business which also recorded 12.6% YoY growth. EBITDA and overall profitability improved during the year, with PAT margin from continuing operations before exceptional items rising to 8.8% compared to 7.9% in FY25. The formulations business continued to scale meaningfully within the overall business mix, reinforcing diversification benefits, while the CDMO business also gained traction with supplies ramping up steadily. We expect this segment to contribute more meaningfully in the coming quarters as commercial execution continues to expand. The Company also made notable progress on the regulatory and product development front during the year. We filed 41 DMFs during the quarter, taking cumulative filings to 110, further strengthening our presence in regulated markets. The Company has reversed the income recognized in earlier financial year for transferring of technical know-how to manufacture one of the products for a party in Middle East region. The customer was not able to meet its financial commitment, due to delay in getting regulatory approvals for the project. Now due to recent ongoing regional instability in Middle East, the company has decided to cancel the arrangement and reversed the income. Looking ahead, we remain focused on strengthening our core API business and achieving export-led growth while scaling our formulations business with an emphasis on higher-value products. We are accelerating efforts in peptides, oncology, and CNS, supported by continued investments in manufacturing, capacity expansion, and R&D-led innovation. In parallel, we are also strengthening our product pipeline to build a more diversified revenue base. With this integrated approach, Bajaj Healthcare is well positioned to deliver sustainable long-term value for stakeholders.