Bilcare returns to first-half profit as revenue rises 30%

Bilcare Limited reported a consolidated net profit of Rs 15.14 crore for the half year ended 30 September 2026, reversing a Rs 19.25 crore loss a year earlier, as revenue from operations rose 30.1% to Rs 474.29 crore from Rs 364.56 crore. Finance costs remained near Rs 38 crore despite the revenue-led turnaround.

How did Bilcare return to first-half profit?

Bilcare returned to a consolidated first-half profit of Rs 15.14 crore in the half year ended 30 September 2026, compared with a net loss of Rs 19.25 crore in the corresponding half of 2025. Profit before tax was Rs 15.92 crore, against a loss before tax of Rs 22.68 crore a year earlier, while total comprehensive income improved to Rs 14.33 crore from a negative Rs 19.00 crore.

The turnaround reflected revenue growth that exceeded the rise in total expenses. Revenue from operations increased by Rs 109.73 crore to Rs 474.29 crore, while total income rose to Rs 479.57 crore from Rs 374.96 crore. Total expenses increased by Rs 63.37 crore to Rs 461.01 crore, producing profit before tax and exceptional items of Rs 18.56 crore against a Rs 22.68 crore loss in the prior-year half.

Profit attributable to Bilcare's equity owners was Rs 15.93 crore for the first half, compared with a loss of Rs 10.78 crore a year earlier. Non-controlling interests recorded a loss of Rs 0.78 crore, narrowing from a loss of Rs 8.47 crore. Basic and diluted earnings per share, or EPS, were Rs 6.77, against negative Rs 4.58 in the earlier half.

What changed in Bilcare's quarterly performance?

Bilcare made consolidated net profit of Rs 1.07 crore in the September 2026 quarter, following Rs 14.97 crore in the June 2026 quarter. Revenue from operations nonetheless rose sequentially to Rs 248.43 crore from Rs 225.86 crore, meaning the June quarter contributed most of the first-half profit.

The September-quarter profit before tax was Rs 1.98 crore, compared with Rs 14.84 crore in June after exceptional items. The June-quarter results showed exceptional items of negative Rs 1.74 crore, while the first-half exceptional charge totalled Rs 2.64 crore. No exceptional item was presented for the September quarter in the consolidated results table.

Cost of materials consumed increased to Rs 167.05 crore in the September quarter from Rs 142.68 crore in June, a rise of Rs 24.37 crore. Other expenses increased to Rs 37.72 crore from Rs 29.87 crore and employee benefits expense rose to Rs 22.54 crore from Rs 19.77 crore. These movements lifted total expenses to Rs 249.98 crore in September from Rs 211.03 crore in June.

Against the September 2025 quarter, the latest quarter reversed a Rs 16.40 crore net loss. September 2026 revenue from operations was Rs 248.43 crore, up from Rs 178.20 crore a year earlier, while finance costs were Rs 19.73 crore compared with Rs 19.06 crore. Depreciation and amortisation declined to Rs 4.13 crore from Rs 5.31 crore over that comparison.

Which costs and business activities shaped Bilcare's result?

Bilcare's largest first-half expense was materials consumption of Rs 309.73 crore, up from Rs 247.39 crore in the half year ended 30 September 2025. That Rs 62.34 crore increase was lower than the Rs 109.73 crore increase in revenue from operations, contributing to the movement from a pre-tax loss to profit.

Employee benefits expense rose to Rs 42.31 crore from Rs 39.30 crore, and other expenses increased to Rs 67.59 crore from Rs 56.73 crore. Inventory changes were negative Rs 4.67 crore, compared with a positive Rs 6.65 crore a year earlier. Depreciation and amortisation fell to Rs 8.24 crore from Rs 9.96 crore.

Finance costs were Rs 37.81 crore in the latest first half, nearly unchanged from Rs 37.61 crore a year earlier. They were about twice the Rs 18.56 crore profit before tax and exceptional items. The consolidated notes identify pharma packaging solutions as Bilcare's primary activity and state that its products fall under a single reportable segment, so the filing does not provide a revenue or profit split across operating segments.

Other income declined to Rs 5.28 crore in the latest first half from Rs 10.40 crore in the prior-year period. The improvement in total income to Rs 479.57 crore was therefore principally associated with the Rs 109.73 crore increase in revenue from operations rather than other income. The filing also states that Bilcare Research GmbH, a wholly owned subsidiary, was consolidated for the period ended 30 September 2026.

How did Bilcare's borrowings and balance sheet move?

Bilcare's current borrowings increased to Rs 209.62 crore at 30 September 2026 from Rs 158.94 crore at 31 March 2026, an increase of Rs 50.68 crore. Non-current borrowings declined to Rs 431.33 crore from Rs 449.72 crore, taking total borrowings to Rs 640.95 crore from Rs 608.66 crore at the financial year-end.

Total liabilities increased to Rs 804.81 crore at 30 September from Rs 768.69 crore at 31 March, while total equity declined to Rs 178.89 crore from Rs 196.73 crore. Other equity fell to Rs 155.34 crore from Rs 173.18 crore, and the non-controlling interest remained negative at Rs 108.70 crore, compared with negative Rs 122.59 crore at the year-end.

Total assets rose to Rs 875.00 crore from Rs 842.83 crore. Inventories increased to Rs 129.53 crore from Rs 114.84 crore, cash and cash equivalents rose to Rs 6.16 crore from Rs 4.61 crore, and assets held for sale remained Rs 64.07 crore. Property, plant and equipment declined to Rs 390.03 crore from Rs 415.62 crore.

Conclusion

Bilcare's first-half results show a reported return to Rs 15.14 crore of consolidated profit as revenue from operations reached Rs 474.29 crore and total expenses rose more slowly than revenue. The improvement occurred despite finance costs of Rs 37.81 crore and a Rs 32.29 crore increase in total borrowings between 31 March and 30 September 2026.

The next matters to watch are management's execution of strategic plans, projected cash flows and future prospects for the GCS business, which the auditor identified as relevant to the going-concern basis. The auditor also noted that capital assets planned for sale in FY 2024-25 remained classified as assets held for sale at 30 September 2026, while the Rs 19.41 crore penal-interest matter on the CSIR loan remained sub judice.