Torrent Pharmaceuticals Earnings Call Transcript: Key Takeaways
Revenue grew 51% following the JB Chemicals merger, but underlying business shows integration headwinds.
- Call
- Guides 10% growth
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Revenue grew 51% following the JB Chemicals merger, but underlying business shows integration headwinds.
Strong 18% volume growth is overshadowed by 4% EBITDA decline as higher fuel costs and monsoon-driven realization pressure squeeze margins.
Q2 FY27 revenue ₹11,874mn (+9% YoY), PAT ₹6,935mn (-6%); H1 revenue ₹23,361mn (+12%), PAT ₹15,663mn (-1%). Focus: B-30 retail, digital, alternatives, international.
Management is banking on a massive second-half launch pipeline to mask Q2 de-growth in bookings. While collections are strong, earnings quality is currently distorted by project exit accounting and back-ended delivery schedules.
Q2FY27 revenue ₹8,671 Cr (-1.5% YoY), EBITDA ₹1,783 Cr (20.6%), PAT ₹925 Cr (-36% YoY). Management stresses double-digit base-business growth excluding lenalidomide in North America.
H1 FY27 revenue ₹48.92 Cr, EBITDA ₹7.68 Cr (15.7% margin), PAT ₹5.07 Cr; revenue exceeds full FY26 (₹46.57 Cr). Trading-heavy model with rising receivables and negative operating cash flow.
Q2 FY27 standalone revenue Rs 1,930 Cr (+61%), EBITDA Rs 235 Cr (12.2% margin), PAT Rs 119 Cr (+208%). Rs 1,400 Cr Maharashtra greenfield plant approved.
Westlife delivered its strongest topline in 13 quarters, driven by double-digit guest count growth despite inflationary pressures.
H1 FY27 Total Income ₹1,310.17 Mn (+56.4%), EBITDA ₹153.06 Mn (+72.6%), PAT ₹99.91 Mn (+72.0%); FTX scale plus TRIBE and quick-commerce expansion.
Q2FY27 operating revenue ₹733.0 Mn (+24.7% YoY), total revenue ₹780.3 Mn (+16.9%), PAT ₹86.8 Mn (flat YoY). EBITDA margin 16.4% vs 18.8%. Strategy centres on AI-assisted delivery, specialised engineering and cloud.
Q2 FY27 standalone revenue ₹23.9K Cr (+42% YoY), EBITDA ₹2.8K Cr (11.7% margin). Consolidated revenue ₹25.3K Cr (+36%), PAT ₹1,253 Cr vs prior-year loss. Iveco offer nearing close.
Q2 FY27 net profit ₹3,202 Cr (+25% YoY); global business ₹18.93 lakh Cr (+21%); gross NPA 1.60% (from 2.54%). NIM 2.47%. Growth led by RAM; FCNR-scheme deposits.
Jana delivered its highest-ever quarterly profit before tax, reaching H1 profit parity with full-year FY26 results.
Newgen delivered moderate revenue growth led by international markets (EMEA/US), while India and APAC lagged. Management maintained high margins through cost discipline despite licensing revenue volatility.
Q2FY27 revenue Rs 436.3 cr (+15.8% YoY), EBITDA Rs 106.9 cr (23.4% margin), PAT Rs 56.4 cr (-1.7%) on Dombivli ramp-up, depreciation and finance costs. Bed capacity expanding from 1,700 to 2,900.
Revenue fell 4.7% YoY as ramp-downs at major enterprise clients hit growth. Management pivoted to agentic AI to offset volume losses and protect margins.
Fairchem reported strong Q2 growth driven by lower raw material costs and reduced Chinese dumping.
CG Power delivered record quarterly revenue and expanded margins through operational excellence and strong demand in Power Systems.
Q2 FY27 revenue ₹61,708 Mn (+53.6% YoY), PAT ₹5,881 Mn (+56.5% YoY), EBIT margin 16.0% (+134 bps YoY). FY27 EBIT margin guidance raised to 16.0% from 15.5%.
Nuvoco delivered resilient volume growth despite severe monsoon headwinds and significant fuel cost spikes.
Q2FY27 PAT ₹1,242cr (+20% QoQ) and operating profit ₹2,874cr (+40% YoY), driven by loan growth and better asset quality. NIM fell to 3.23% from 3.57% QoQ. GNPA 2.73%, CRAR 16.59%.
SBI Cards reported a strong 75% YoY profit jump driven by significantly lower credit costs, despite flat revenue growth and margin pressure from rising funding costs.
Q2 FY27 consolidated revenue ₹182 Cr (+29% QoQ), EBITDA ₹8.26 Cr, net loss ₹4.75 Cr. Digital platform scaling; balance sheet debt-free with cash surplus ₹100 Cr+.
Q2FY27 PAT INR 236 cr (+28.54% YoY); advances INR 64,127 cr (+21.05%); deposits INR 76,839 cr (+18.62%); GNPA 2.29%, NNPA 0.73%, ROE 14.60%. Secured retail and MSME growth focus.
Q2 FY27 PAT Rs170 Cr (+127% YoY, +10% QoQ); NII Rs819 Cr (+35% YoY); NIM 7.54%. FY27 PAT growth guidance raised to ~100%.
H1 FY27: VNB ₹2,037 cr (+12%), NBM 24.7%, PAT ₹1,119 cr (+13%), EV ₹66,461 cr, ROEV 14.9%, solvency 180%.
Q2 FY27 revenue ₹37.80 Cr (-4.7% YoY, -8.8% QoQ); PAT ₹7.25 Cr (-13.8% YoY), 19.2% margin. H1 PAT +10.9% YoY. Strategy: AI-led, Claude/OpenAI partnerships.
Q2FY27 gross revenue ₹19,448 cr, adj. EBITDA ₹2,504 cr, PAT ₹771 cr, net debt/EBITDA 1.51x, cash ₹7,237 cr. Deleveraging and capex-led growth continue.
Q2 FY27: consolidated sales 7.46mt (+13% YoY), net profit ₹5,359 cr, reported EBITDA ₹10,120 cr. Strategy: 62mtpa (+JV) capacity by FY32 via organic and JV expansion.
H1 FY27 revenue ₹1,074.68 Cr (+11.8%), PAT ₹311.11 Cr (+23.1%), EBITDA margin 40.54%. Q2 revenue +8%, PAT +10%. Growth via MoUs and exploration mandates.