Anuh Pharma domestic gains outweighed export fall in H1 FY27

Anuh Pharma Ltd. shifted decisively toward domestic sales in H1 FY27, as domestic revenue rose Rs 47 crore to Rs 243 crore while export revenue fell Rs 39 crore to Rs 135 crore. The domestic gain exceeded the export decline, lifting total revenue in the company’s mix table by Rs 7 crore to Rs 378 crore.

How did Anuh Pharma’s domestic and export revenue change in H1 FY27?

Anuh Pharma’s domestic revenue increased to Rs 243 crore in H1 FY27 from Rs 196 crore in H1 FY26, while export revenue declined to Rs 135 crore from Rs 174 crore. The domestic increase of Rs 47 crore was Rs 8 crore greater than the Rs 39 crore decline in exports, resulting in a Rs 7 crore increase in total sales on the revenue-mix table.

Domestic sales represented about 64% of the Rs 378 crore mix-table total in H1 FY27, calculated from the company’s rounded figures, compared with about 53% of Rs 371 crore in H1 FY26. Export sales consequently moved to about 36% from about 47%, marking a substantial change from the mix reported for the previous first half.

The revenue-mix table reports total sales of Rs 378 crore for H1 FY27, while Anuh Pharma’s financial-performance table reports operating revenue of Rs 379.05 crore. The equivalent H1 FY26 figures are Rs 371 crore and Rs 372.36 crore, respectively; the presentation does not provide a reconciliation between the two sets of totals.

Did domestic sales support Anuh Pharma’s overall H1 FY27 growth?

Yes, Anuh Pharma’s domestic sales increase coincided with reported operating revenue rising 1.80% year on year to Rs 379.05 crore in H1 FY27 from Rs 372.36 crore. On the revenue-mix basis, the Rs 47 crore domestic increase more than offset the Rs 39 crore export reduction, leaving total sales Rs 7 crore higher than H1 FY26.

Profit increased more quickly than reported operating revenue during the six-month period. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 39.11% to Rs 36.92 crore from Rs 26.54 crore, and EBITDA margin increased to 9.74% from 7.13%. Profit after tax rose 42.25% to Rs 22.64 crore from Rs 15.91 crore, while reported earnings per share increased to Rs 2.26 from Rs 1.59.

The quarter-on-quarter trend was different. Operating revenue fell 4.42% to Rs 185.24 crore in Q2 FY27 from Rs 193.81 crore in Q1 FY27, while EBITDA declined 9.36% to Rs 17.55 crore from Rs 19.36 crore. Q2 EBITDA margin was 9.47%, below Q1’s 9.99% but above the 7.13% margin reported for H1 FY26.

How did Anuh Pharma’s customer concentration change?

Anuh Pharma’s top five customers accounted for 32% of total sales in H1 FY27, down from 36% in H1 FY26. Export customer concentration declined more sharply, with the top five customers’ share falling to 31% from 46%, while the domestic top-five share rose to 33% from 27%.

The channel-level concentration movement accompanied the domestic and export revenue shift. In H1 FY27, the top five customers represented 33% of domestic sales and 31% of export sales; in H1 FY26, the respective figures were 27% and 46%. The presentation does not name the customers or disclose their individual revenue contributions.

Anuh Pharma states that it has 360 marketing partners or customers and serves more than 72 countries. It also says exports contributed about 46% of FY26 revenue, which is close to the approximately 47% export share calculated from the H1 FY26 revenue-mix table, before the H1 FY27 shift to about 36%.

Which export geographies changed in H1 FY27?

Asia became Anuh Pharma’s largest export geography in H1 FY27, contributing 41.9% of export sales compared with 30.3% in H1 FY26. Africa’s share fell to 24.4% from 32.7%, while Europe’s share decreased to 27.1% from 29.7%; these are shares of exports, not shares of company revenue.

Asia recorded the largest share increase, at 11.6 percentage points, and Africa had the largest decrease, at 8.3 percentage points. North America rose to 4.1% from 3.7%, while Latin America declined to 2.5% from 3.5%; the five disclosed regions total 100% in both periods.

The geographic shift occurred on a smaller export base. Export revenue was Rs 135 crore in H1 FY27, against Rs 174 crore in H1 FY26, meaning Asia’s larger share applied to total export sales that were Rs 39 crore lower. The presentation does not disclose revenue amounts by geography or explain the regional changes.

Which product groups changed most in H1 FY27?

Sulphadoxine delivered Anuh Pharma’s largest disclosed product-revenue increase, rising to Rs 77.7 crore in H1 FY27 from Rs 33.1 crore in H1 FY26. Gliclazide increased to Rs 24.1 crore from Rs 9.7 crore, and Higher Macrolides rose to Rs 64.7 crore from Rs 50.4 crore.

Erythromycin remained the largest disclosed product group despite declining to Rs 107.0 crore from Rs 119.3 crore. Other Items fell to Rs 21.1 crore from Rs 60.9 crore, while Chloramphenicol declined to Rs 10.9 crore from Rs 20.1 crore; Cortico Steroids, Pyrazinamide and Ambroxol HCL also reported lower revenue.

The nine product groups total Rs 377.7 crore in H1 FY27 and Rs 370.9 crore in H1 FY26, broadly consistent with the rounded revenue-mix totals of Rs 378 crore and Rs 371 crore. Anuh Pharma identifies itself as an active pharmaceutical ingredient manufacturer, with Macrolides and anti-tuberculosis products among its stated manufacturing areas.

Anuh Pharma also reports three facilities, including two at Tarapur and one at Mahape. Its timeline states that capacity increased from 2,200 metric tonnes per annum to 2,400 metric tonnes per annum in 2025, while the product data show that revenue movement was uneven across the disclosed portfolio in H1 FY27.

Conclusion

Anuh Pharma’s H1 FY27 performance reflects a clear domestic-led revenue shift. Domestic sales rose Rs 47 crore to Rs 243 crore, exceeding the Rs 39 crore reduction in exports, while reported operating revenue increased 1.80% to Rs 379.05 crore. EBITDA rose 39.11% to Rs 36.92 crore, even as customer concentration declined in exports and increased in domestic sales.

The key unresolved matter is the difference between the revenue-mix totals and reported operating revenue, which was Rs 1.05 crore in H1 FY27 and Rs 1.36 crore in H1 FY26, without a reconciliation in the presentation. Subsequent disclosures will also show whether the H1 FY27 domestic and export mix persists following the capacity increase to 2,400 metric tonnes per annum disclosed for 2025.