Molbio Diagnostics Ltd reported Q2 FY27 numbers with revenue of Rs. 259.02 Cr (-55.36% YoY) and PAT growth of -92.80% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 05, 2026 |
|---|---|
| Revenue (Q2) | Rs. 259.02 Cr (-55.36% YoY) |
| PAT (Q2) | Rs. 7.70 Cr (-92.80% YoY) |
| EBITDA margin | 18.78% (-1034 bps YoY) |
| EPS (Q2) | Rs. 1.33 (-86.30% YoY) |
Q2 FY27 revenue fell 55.36% YoY to Rs.259.02 cr and owners' PAT fell 86.23% to Rs.15.12 cr, with EBITDA margin compressing to 18.78% versus management's 24-25% FY27 target; the 25% FY27 growth guidance now requires H2 revenue of Rs.1,139.71 cr (+48.84% YoY). Offsets include H1 CFO of Rs.167.12 cr (2.76x PAT), FCF of Rs.133.55 cr, and borrowings reduced to Rs.351.62 cr. Subsidiary losses of Rs.19.02 cr and a 56% effective tax rate added to the quarter's pressure.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "in-line to ahead, with a tough base" — Rs.882 cr NTEP rate contract "a direct kit-volume driver" | Revenue −55.36% YoY, −36.57% QoQ; −26.28% even vs Q1 ex-catch-up | Contradicted |
| EBITDA margin | "flat-to-down vs Q1" — no repeat of catch-up, OptraScan drag | 18.78% vs 25.20% in Q1 | Played out |
| Export mix | "uneven rather than clean export normalization" | No export disclosure in the filing | Not observable |
| FX | "mild tailwind" | No realization/FX disclosure in the filing | Not observable |
| Finance costs | "open question" | Rs.8.86 cr: +27.0% YoY, −17.2% QoQ — answered | Partially |
| Watch: receivables/inventory days vs TTM 87/230 | "flag, don't infer" | Receivables −26.03% since March; derived receivable days ≈81.5 — receivables collected | Played out |
| Watch: device run-rate; NTEP offtake; HPV prequalification | reaffirm/any disclosure | Not addressed in the filing — remains open for the call | Not observable |
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 top-line growth 25% | Q1 FY27 earnings call ("aims for 25% top-line growth… for the year") | H1 Rs.667.40 cr, −1.85% YoY; Q2 Rs.259.02 cr, −55.36% YoY — H2 must deliver Rs.1,139.71 cr, +48.84% YoY over H2 FY26's Rs.765.72 cr | Stretch |
| FY27 EBITDA margin 24–25% | Q1 FY27 earnings call | Q2 18.78%; H1 22.69% (company basis incl. other income, on total income) — H1 sits below the band even before Q2's decline | Stretch |
| Gross margin 60–63% | Management commentary, Q1 FY27 call | Q2 derived 61.63% — on the derived proxy | Met |
| OptraScan not profitable in FY27 | Q1 FY27 earnings call | Four subsidiaries lost Rs.19.02 cr (net) in Q2; NCI loss widened to Rs.7.42 cr — consistent | On track |
| Capex Rs.72 cr automation + ~Rs.105 cr Bangalore R&D centre | Q1 FY27 earnings call | H1 cash capex Rs.33.57 cr — deployment underway | On track |
| "Non-linear revenue profile… assess the full year" | Management, Q1 FY27 disclosures | Q2 confirms lumpiness (Rs.408 cr → Rs.259 cr; prior-year series equally lumpy) | Confirmed |
| Growth "led by test-kit consumption" across the installed base | Q1 FY27 press release | Kit/device volumes not disclosed in the Q2 filing — no KPI evidence either way this quarter | Too early |
| Operating leverage from kit volumes, partly offset by international GTM investments | Q1 FY27 press release | Q2 margin fell to 18.78% — leverage did not materialize at this revenue level | Contradicted for the quarter |
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.