Q2 FY27 results analysis · November 12, 2026
Caplin Point Laboratories Q2 FY27 Results Analysis: Revenue Grows 17.9%, US Sales Surge 21.3% (CAPLIPOINT)
+13.8%PAT year on year, Rs. 182.35 Cr
Source: Quarterly results filing (BSE)
Quick summary
Caplin Point Laboratories Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 629.84 Cr (+17.94% YoY) and PAT growth of +13.81% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 12, 2026 |
|---|---|
| Revenue (Q2) | Rs. 629.84 Cr (+17.94% YoY) |
| PAT (Q2) | Rs. 182.35 Cr (+13.81% YoY) |
| EBITDA margin | 38.70% (-22 bps YoY) |
| EPS (Q2) | Rs. 23.44 (+15.35% YoY) |
Quarter Snapshot
Caplin Point delivered 17.9% YoY revenue growth with gross margin expanding to 62.1% and PAT up 13.8% to Rs.182.35 crore, tracking within management's double-digit growth and 25-29% PAT margin frame. Growth is supported by US expansion (+21.3% YoY), new LatAm oncology tenders, and a Rs.1,000+ crore internally-funded capex program, while the soft spots are weak cash conversion (CFO at 0.57x PAT), an open USFDA Form 483 with 10 observations, and the repeatedly delayed Thervoy API timeline.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "likely ahead to in-line" (US momentum + LATAM tender flow) | +17.94% YoY; US +21.28% YoY | Played out |
| Gross margin | "flat to modestly compressing… inventory-build drag can persist" | 62.11%, up from 59.8% in Q1 and 60.6% YoY — positively | Contradicted |
| Margins | "flat to modestly compressing"; employee-cost compression vector | EBITDA margin 38.68% vs 38.90%; employee +19.90% YoY > revenue +17.94% | Played out |
| FX tailwind | "USD/INR depreciating toward 96 is a tailwind… landing in other income" (per pre-call note, web-sourced) | Other income +9.62% YoY; OCI translation +24.36 | Played out |
| Form 483 | "classification is pending" | Filing silent beyond status quo — open for the call | Not observable |
| Receivables | "the H1 balance sheet is the confirm" | 129 days (improved from ~138, above 121) | Partially |
| Tender/Mexico/Chile delivery | "a call-level check, not a grounded fact yet" | New wins disclosed ($5.3 Mn Central America, $5 Mn Chile); delivery vs markers not quantified | Partially |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Double-digit revenue growth, FY27–FY29 | Q4 FY26 earnings call (May 2026) | +17.94% YoY (Q2), +18.76% (H1) | On Track |
| PAT margin 25–29%, FY27–FY29 | Q4 FY26 earnings call (May 2026) | 27.50% (company basis, on total revenue) | Met |
| Gross margin "we will stay put around 60%" | Q1 FY27 earnings call (Aug 2026) | 62.1% on revenue from operations | Met |
| Residual capex ~Rs.510 crore over 18–24 months (total ~Rs.1,000 crore) | Q4 FY26 earnings call (May 2026) | H1 capex Rs.134.46 crore | On Track |
| Receivables normalize toward 121 days by March/June 2026 | Q3 FY26 earnings call (Feb 2026) | 129 days at Sep 30, 2026 (vs ~138 derived at Mar 31, 2026; 121 at Dec 2025) — improving, still above | Missed |
| Thervoy oncology API completion Q4 FY27; first DMFs the following year | Q1 FY27 call (Aug 2026); prior calls | Timeline now stated as CY27 — repeated slippage: Q1 FY27 → Q3 → Q4 FY27 → CY27 | Stretch |
| CSU to double revenue and profit over FY26 | Q2 FY27 press release (Nov 2026) | H1 US revenue Rs.264.01 crore, +23.6% YoY; H1 outpacing FY26 full-year sales | On Track |
| Amaris Clinical 120 beds by end FY27 | Q1 FY27 earnings call (Aug 2026) | Expansion started | On Track |
| "Our margins have held firm" (H1) | Chairman, Q2 FY27 press release | EBITDA margin 38.68% vs 38.90% YoY; PAT margin 27.50% vs 28.4% — within ~90 bps | Confirmed |
| "CSU… H1 sales outpacing FY26 sales in the US" | Q2 FY27 press release | US segment revenue +21.28% YoY; H1 +23.6% | Confirmed for the US segment; CSU-specific split not separately reported |
Key Numbers, Quarter by Quarter
| Metric | Dec 31, 2025 | Mar 31, 2026 | Sep 30, 2026 |
|---|---|---|---|
| Receivable days | 121 | ~138 (derived) | 129 |
| US revenue (Rs. crore) | — | — | 129.72 (Q2) / 264.01 (H1) |
| US rev YoY | — | — | +21.28% (Q2) |
Key Investment Insights
Key Positives
- Consolidated revenue grew 17.94% YoY to Rs.629.84 crore; H1 revenue Rs.1,240.20 crore, +18.76% YoY
- USA segment revenue grew 21.28% YoY to Rs.129.72 crore; Rest of the World grew 17.11% YoY
- Gross margin expanded to 62.1% from 60.6% YoY and 59.8% QoQ, recovering the Q1 dip
- EBITDA grew 16.8% YoY to Rs.256.51 crore with margin of 38.7%, essentially flat YoY
- New wins: US$5.3 million Central America tenders (~70% oncology), US$5 million Chile tenders over 18 months, oncology sales commenced in Mexico with 4 approvals this quarter
- CSU H1 sales outpacing full FY26 sales; 5,600+ customers (+20% over FY26); average daily sales $61,330 vs $32,936 in FY26
- Zero-debt balance sheet with Rs.2,967 crore liquid assets; net worth up 8.81% in six months
- Receivable days improved to 129 from ~138 at March 2026
Risk Factors
- H1 CFO of Rs.205.25 crore was 0.568x PAT, with Rs.115.17 crore inventory build and Rs.71.17 crore receivables increase absorbing cash
- USFDA Form 483 with 10 observations at Gummidipoondi; response/classification status not disclosed
- Thervoy oncology API completion timeline slipped again to CY27 after repeated delays
- USA segment result margin halved sequentially to 12.58% from 24.77% in Q1
- Effective tax rate crept ~140 bps YoY to 21.68%, holding PAT growth (+13.81%) below PBT growth (+15.84%)
- Other operating expenses grew 33.1% YoY, the fastest-growing cost line
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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.