Summary

Solara Active Pharma Sciences' Q2'26 performance was impacted by short-term disruptions, leading to a 10% YoY decrease in revenue. The disruptions were primarily due to an unscheduled operational shutdown at Mangalore for facility upgradation, which resulted in delayed deliveries and reduced sales volumes. Despite these challenges, the company's long-term fundamentals remain strong, with a resilient operating model, robust compliance framework, and a diversified portfolio across key markets. The company is also working to strengthen the balance sheet by reducing debt through a rights issue and operating leverage.

Key Highlights

1. 1

   Q2'26 revenue at INR 3,140 Mn, down by 10% YoY

2. 2

   Q2'26 revenue at INR 3,140 Mn, down by 2% QoQ

3. 3

   Revenues impacted by delayed deliveries and reduced sales volume arising from temporary operational shutdown at Mangalore

4. 4

   Q2'26 gross margin at INR 1,599 Mn (51%)

5. 5

   Gross margin declined 264 bps QoQ

6. 6

   Operating costs at INR 1,246 Mn in Q2'26, increased by INR 108 Mn YoY

7. 7

   Q2'26 EBITDA at INR 352 Mn (11.3%)

8. 8

   Gross debt as on 30-Sep-25 at INR 6,233 Mn, reduced by INR 1,527 Mn

9. 9

   Regulated markets constitute 75% of total revenues in Q2'26