Sanofi Consumer Healthcare: PAT ₹68.8 Cr, +27% adjusted YoY as relaunches lift margins
PAT +13.3% YoY · revenue +6.7% · margins expanding
₹235.7 Cr
+6.7% YoY
₹68.8 Cr
+13.3% YoY
28.43%
+1.6pp YoY
₹29.87
Sanofi Consumer Healthcare India posted standalone revenue of ₹235.7 Cr for the June 2026 quarter (its Q2'26 on a Jan-Dec fiscal), up 6.7% YoY and 2.8% QoQ, with net profit of ₹68.8 Cr. On the face of it PAT grew 13.3% YoY and PBT 16.5% — but the year-ago base carried a ₹6.6 Cr exceptional gain (reversal of 2024 demerger provisions) that inflated it. Stripping that out, underlying PBT rose ~27% (₹91.9 Cr vs ₹72.3 Cr pre-exceptional) and adjusted PAT growth is ~27%, so the reported figures understate an operationally strong quarter.
Q1 FY-2027 vs prior quarters
The profit came off margin expansion rather than topline heft: net margin widened to 29.2% from 26.8% a year ago (roughly flat vs 28.9% last quarter), and EBIT margin improved to ~36% from ~35% YoY. The driver is the domestic business — management flags domestic sales +12% aided by the relaunch of Combiflam Suspension, Allegra Suspension and Depura Kids, products that had zero sales in the year-ago quarter following the 2024 precautionary recall (Note 3), so YoY is not fully comparable. Exports fell 9% on a high base. Materials cost as a share of revenue eased and other income rose to ₹6.3 Cr, both helping the print.
The stock went into the print at ₹4,701, up 2% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 5 consecutive quarters.
What the summary numbers don't show
Cash and equivalents ₹490.2 Cr — single 'Pharmaceutical Business' segment, no subsidiaries — standalone is the only basis
Street coverage is thin (a single analyst tracks the recently-demerged entity, listed since the June 2024 split from Sanofi India), so there is no meaningful consensus to beat or miss, and management gives no formal revenue/profit guidance. MD Himanshu Bakshi framed it as "disciplined execution" translating targeted brand investment into "profitable growth and market share gains." The numbers support that: the H1 read is stronger still — revenue ₹464.9 Cr (+18%) and PBT +25% — as the full relaunch benefit annualises. Concurrent board actions this quarter were housekeeping (PwC appointed statutory auditor, FY25 annual report/BRSR filed, AGM), not operational. Balance sheet is debt-light with ₹490 Cr cash; the ₹177 Cr jump in other financial liabilities to ₹177.2 Cr likely reflects a declared dividend payable and is worth confirming next quarter.
W1
Whether domestic momentum sustains once the relaunch base effect fades from H2 — YoY comparability normalises after the year-ago recall drops out
W2
Net margin holding near 29% (₹68.8 Cr PAT) once the export drag (-9%) and any input-cost movement play through
W3
The ₹177.2 Cr other financial liabilities (up from ₹21.1 Cr) — likely dividend payable; confirm cash deployment next quarter
Clean digital PDF, ₹ in Million (converted /10 to Cr). Company follows Jan-Dec fiscal; it labels this quarter 'Q2'26' (quarter ended 30.06.2026), matching our Q1 FY27 column. No exceptional item this quarter; year-ago quarter (30.06.2025) PBT included a ₹6.6 Cr exceptional GAIN (reversal of 2024 demerger provisions), inflating the YoY base. No subsidiary/consolidated statement. Product recall+relaunch (Combiflam/Allegra/Depura) makes YoY not fully comparable per Note 3. Tax = current 23.4 + deferred (0.3).