Astrazeneca Pharma India Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 729.10 Cr (+30.41% YoY) and PAT growth of +14.96% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 05, 2026 |
|---|---|
| Revenue (Q2) | Rs. 729.10 Cr (+30.41% YoY) |
| PAT (Q2) | Rs. 62.33 Cr (+14.96% YoY) |
| EBITDA margin | 13.11% (-34 bps YoY) |
| EPS (Q2) | Rs. 24.93 (+14.94% YoY) |
Revenue grew 30.41% YoY to Rs.729.10 Cr, roughly 2x the Indian Pharma Market's ~14.7% growth, with normalized PAT up 25.29% and margins stabilizing after Q1's distortions. Cash conversion flipped sharply positive (H1 CFO of Rs.232.38 Cr vs an outflow last year) on a debt-free balance sheet with ~Rs.479 Cr net cash. The key overhang is the unprovided Rs.151.20 Cr NPPA demand, with the Delhi HC hearing on 11-Jan-2027, alongside a ~700 bps YoY goods-cost ratio increase from imported-cost and FX pressure.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "ahead" — growth "well ahead of the IPM" (+14.7% Q2 IPM) | Revenue +30.41% YoY (Rs.729.10 Cr) | Played out |
| Margins | "likely compressing, but with normalization help" | Pre-exceptional EBITDA margin 13.11% vs 13.45% YoY (−34 bps) but +594 bps QoQ; PBT-pre-exc margin 14.19% vs 13.97% YoY | Partially |
| Employee costs | normalize after Q1 severance spike | Rs.67.85 Cr: +12.24% YoY, −14.29% QoQ | Played out |
| FX on goods cost | "lands directly on the biggest cost line" | Goods-cost ratio 64.99% vs 58.04% YoY; purchases +44.33% YoY | Played out |
| Inventory distortion eases | "room to normalize toward purchase-flow" | Q2 build Rs.(150.25) Cr vs Q1 drawdown +Rs.142.59 Cr; goods-cost 64.99% vs Q1 65.50% — stabilized, not restored to 58% | Partially |
| NPPA provisioning call | "a Q2/H1 disclosure question" | No provision made; demand Rs.151.20 Cr; HC relief to 11-Jan-2027 | Played out |
| Betaloc-50 15% deposit | "could show up in cash flows" | No deposit or quantification in the filing | Not observable |
| H2 trade-margin cap | "direct H2 realized-price/channel-economics item" | Not addressed in the filing — remains open for the call | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| "Track record of consistent double-digit growth over the last five years" (Q1 FY27 press release) | Q1 FY27 press release, per prior analyst notes | Q2 revenue +30.41% YoY, 13th data point of double-digit YoY growth visible across FY26 (+32.59%) and Q1 (+29.75%) | Confirmed |
| "Continue to prioritise investments in its focus disease areas" | FY26 Annual Report, per prior analyst notes | H1 other expenses +12.35% YoY, below revenue growth; employee costs +17.70% H1 — investment growing but not out of control | Confirmed |
| Rare Disease launch pipeline spanning 2027–2029; "2–3 COEs by year-end" | FY26 Annual Report / management commentary, per prior analyst notes | No Rare Disease revenue split disclosed this quarter | Too Early |
| "Well-positioned to continue building momentum" | Q1 FY27 press release, per prior analyst notes | Q2 revenue +30.41%, pre-exceptional PBT +32.44% | Confirmed |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.