Bajaj Healthcare Q2 Results (October 17): Profit Up 26.9% as Formulations Jump 82%

Bajaj Healthcare Q2 results landed on Saturday, October 17, and the headline is a good one: profit after tax rose 26.9% year on year to Rs 14.1 crore for the September quarter, on revenue from operations of Rs 175.9 crore, up 18.9%. Dig one layer down, though, and the quarter looks more mixed than the press release headline suggests. Growth came from exports and formulations, while the domestic API business shrank and margins slipped from a year ago.

Bajaj Healthcare Q2 results: the key numbers

All figures below are from the company’s investor release filed with BSE and its standalone results statement, which the auditors, Walker Chandiok & Co, reviewed. Year-on-year comparisons are against the September 2025 quarter.

• Revenue from operations: Rs 175.9 crore against Rs 147.9 crore, up 18.9%. Sequentially it was up 6.2% from Rs 165.6 crore.
• EBITDA: Rs 32.1 crore, up 12.2% from Rs 28.6 crore.
• EBITDA margin: 18.2%, better than 17.8% in the June quarter but below 19.3% a year ago.
• Gross margin: 48.3%, flat on the June quarter and down from 50.8% a year earlier.
• Net profit: Rs 14.1 crore against Rs 11.1 crore, up 26.9%.
• First half (April to September): revenue up 15.1% to Rs 341.5 crore and profit up 21.1% to Rs 27.8 crore.

Where the growth came from

The split by business tells the real story. Formulations revenue jumped about 82% to Rs 41.7 crore from Rs 22.9 crore, and API exports rose 28.5% to Rs 62.6 crore. Together those two crossed Rs 100 crore in the quarter, a point managing director Anil Jain highlighted in the release.

Domestic API sales went the other way. They fell 6.1% to Rs 71.6 crore from Rs 76.3 crore, and were down 22.4% from Rs 92.3 crore in the June quarter. For a company whose domestic API arm was the biggest of its three businesses last quarter, that’s a sharp sequential drop, and it is the number we’d want explained on the call.

The formulations jump has a clear trigger. Bajaj Healthcare says it is the first company in India to get DCGI approval to make and sell Cenobamate, an anti-seizure drug, as both API and tablets, and it began selling the tablets in September through eight marketing partners.

Why profit grew faster than operations

Profit rising 26.9% while EBITDA rose 12.2% needs a word. Part of the gap is the smaller drag from discontinued operations, the units and land the company is selling. The results statement shows the loss from those operations shrinking to Rs 28.58 lakh from Rs 133.90 lakh a year ago. Profit from continuing operations was Rs 1,437.98 lakh, roughly Rs 14.4 crore, compared with about Rs 12.4 crore a year earlier, which works out to growth in the mid-teens rather than 27%. The tax line for the quarter is entirely deferred tax.

CNBC-TV18 also read the quarter as one of higher revenue and profit with margins easing from a year ago, though its EBITDA working differs slightly from the company’s own figure. If you want a checklist for this kind of reading, our guides on how to analyse quarterly results of a company and exceptional items in results cover it.

Other updates and what to watch

India Ratings upgraded the company’s long-term rating to IND A/Stable from IND A-/Stable, the company received NCLT approval to acquire GenRx, and it says its peptide facility is on track to start in the January-March quarter of FY27. Management hosts an earnings call on Monday, October 19, at 5 pm IST. The questions that matter: why domestic API sales fell so sharply from the June quarter, and how much of the formulations surge is Cenobamate stocking by partners versus repeat demand.

Disclaimer: This article is for information only and is not investment advice or a recommendation to buy or sell any security. Financial figures are from Bajaj Healthcare’s investor release and unaudited standalone results filed with BSE on October 17, 2026; the continuing-operations comparison is worked out from the results statement. Investing in equities carries risk, so consult a SEBI-registered investment adviser before making investment decisions.