Panacea Biotec posts Rs 11.91 crore Q2 consolidated profit

Panacea Biotec Limited posted consolidated net profit of Rs 11.91 crore for the quarter ended September 30, 2026, reversing a Rs 14.01 crore loss a year earlier as revenue from operations rose to Rs 189.67 crore from Rs 141.13 crore. The unaudited results were approved by the board on November 14, 2026.

Why did Panacea Biotec return to profit in Q2?

Panacea Biotec returned to profit as consolidated profit before tax rose to Rs 16.99 crore in the September 2026 quarter from a Rs 19.17 crore loss in the corresponding quarter of 2025. Revenue from operations increased by Rs 48.54 crore year on year, while total income, including Rs 6.60 crore of other income, reached Rs 203.81 crore against Rs 147.53 crore a year earlier.

The reported profit followed Rs 5.08 crore of total tax expense, consisting of Rs 1.29 crore of current tax and a Rs 3.79 crore deferred-tax charge. In the September 2025 quarter, Panacea Biotec recorded a Rs 5.16 crore tax benefit, but this did not offset its pre-tax loss. The September 2026 result also included Rs 2.77 crore of exceptional items; the supplied statement does not specify their nature.

Which Panacea Biotec segment drove the quarterly improvement?

Panacea Biotec's vaccines segment drove the quarterly improvement, recording Rs 124.22 crore of revenue and Rs 16.85 crore of profit before tax in the September 2026 quarter. A year earlier, vaccine revenue was Rs 90.81 crore and the segment posted a Rs 16.57 crore loss before tax. The segment accounted for the larger share of consolidated revenue of Rs 189.67 crore and nearly all of consolidated pre-tax profit of Rs 16.99 crore.

Formulations also reported higher revenue, reaching Rs 65.45 crore from Rs 50.32 crore a year earlier. The segment moved to a Rs 0.14 crore profit before tax from a Rs 2.60 crore loss. There was no inter-segment revenue reported, meaning the Rs 124.22 crore vaccines figure and Rs 65.45 crore formulations figure add directly to consolidated revenue.

Vaccines had Rs 579.91 crore of capital employed at September 30, 2026, compared with Rs 264.20 crore for formulations. Vaccine capital employed was marginally below Rs 580.39 crore at June 30, 2026 but above Rs 565.99 crore a year earlier. Formulations capital employed rose from Rs 256.07 crore a year earlier and Rs 250.94 crore in the preceding quarter.

How did Panacea Biotec's Q2 compare with the preceding quarter?

Panacea Biotec's September-quarter revenue declined by Rs 9.90 crore from Rs 199.57 crore in the June 2026 quarter, but net profit increased by Rs 9.71 crore from Rs 2.20 crore. Profit before tax rose to Rs 16.99 crore from Rs 3.57 crore, while total income was unchanged at Rs 203.81 crore despite the lower revenue from operations.

The sequential movement was primarily visible in the vaccines segment, where revenue declined to Rs 124.22 crore from Rs 134.67 crore but profit before tax increased to Rs 16.85 crore from Rs 7.47 crore. Formulations revenue edged up to Rs 65.45 crore from Rs 64.90 crore, and its result changed from a Rs 3.90 crore loss to a Rs 0.14 crore profit before tax.

Consolidated total expenses fell to Rs 182.05 crore in the September quarter from Rs 202.98 crore in June. Cost of raw and packing materials consumed increased to Rs 97.37 crore from Rs 74.17 crore, while the change in inventories was a Rs 21.02 crore reduction versus a Rs 26.77 crore increase in the prior quarter. Employee benefits expense was Rs 46.21 crore, compared with Rs 44.16 crore in June.

What do Panacea Biotec's half-year results show?

Panacea Biotec reported consolidated net profit of Rs 14.11 crore for the half year ended September 30, 2026, compared with a Rs 10.05 crore loss in the prior-year half. Revenue from operations increased to Rs 389.24 crore from Rs 307.83 crore, while profit before tax reached Rs 20.56 crore against a Rs 12.61 crore loss in the comparable six-month period.

The half-year vaccines business generated Rs 258.89 crore of revenue and Rs 24.32 crore of profit before tax, reversing a Rs 20.82 crore pre-tax loss on Rs 203.06 crore of revenue a year earlier. Formulations generated Rs 130.35 crore of revenue, up from Rs 104.77 crore, but recorded a Rs 3.76 crore pre-tax loss compared with a Rs 8.21 crore profit in the previous half year.

Total comprehensive income for the first half was Rs 14.87 crore, compared with a Rs 10.08 crore comprehensive loss in the prior-year period. Profit attributable to owners of Panacea Biotec was Rs 13.91 crore, while non-controlling interests received Rs 0.20 crore of the consolidated profit. Basic and diluted earnings per share for the half year were Rs 2.27, against a loss per share of Rs 1.62 a year earlier.

What changed in Panacea Biotec's cash flow and balance sheet?

Panacea Biotec generated Rs 23.38 crore of consolidated operating cash flow in the half year ended September 30, 2026, compared with an outflow of Rs 0.77 crore a year earlier. Operating profit before working-capital changes was Rs 29.24 crore versus a Rs 10.58 crore loss, though increases in inventories and trade receivables absorbed Rs 11.22 crore and Rs 23.86 crore respectively.

Consolidated cash and cash equivalents stood at Rs 59.53 crore on September 30, 2026, up from Rs 57.31 crore on March 31, 2026. Investing activities used Rs 31.36 crore, including Rs 13.78 crore for property, plant, equipment and intangible assets, compared with a Rs 15.39 crore investing outflow in the prior-year half. Net financing cash flow was an inflow of Rs 10.07 crore, compared with an outflow of Rs 2.30 crore a year earlier.

Total consolidated assets increased to Rs 1,324.82 crore at September 30, 2026 from Rs 1,262.17 crore at March 31, 2026. Trade receivables rose to Rs 97.31 crore from Rs 73.52 crore, inventories increased to Rs 204.00 crore from Rs 192.79 crore, and total equity rose to Rs 844.11 crore from Rs 828.88 crore. These balance-sheet movements coincided with the rise in first-half revenue to Rs 389.24 crore.

Conclusion

Panacea Biotec's September 2026 quarter marked a reported turnaround, with Rs 11.91 crore of consolidated net profit following a Rs 14.01 crore loss a year earlier. Higher revenue in both vaccines and formulations accompanied the change, while the vaccines segment moved from a Rs 16.57 crore pre-tax loss to a Rs 16.85 crore profit before tax.

The next results will show whether the first-half revenue increase and Rs 23.38 crore operating cash inflow continue. The September-quarter rise in trade receivables to Rs 97.31 crore and inventories to Rs 204.00 crore remains a disclosed balance-sheet development to monitor alongside future cash generation.