Remus revenue rises 53% while setup costs curb PAT growth

Remus Pharmaceuticals Limited reported consolidated revenue from operations of Rs 614.12 crore for the half year ended September 30, 2026, up 53.45% year on year, while profit after tax rose 14.22% to Rs 24.66 crore. Remus said initial setup and operating costs at its clinical-trials, Bolivia and Guatemala operations affected consolidated EBITDA and PAT.

Why did Remus revenue rise in H1 FY27?

Remus reported consolidated revenue from operations of Rs 614.12 crore in H1 FY27, compared with Rs 400.20 crore in H1 FY26 and Rs 453.43 crore in H2 FY26. Revenue therefore increased by Rs 213.92 crore year on year and by Rs 160.69 crore from the preceding half year. Total income, including Rs 4.14 crore of other income, was Rs 618.26 crore in H1 FY27.

Remus reports one operating segment, pharmaceutical products, so the filing does not provide revenue by product or country. Its consolidated group for the six months to September 30, 2026 included Relius Pharma SRL in Bolivia, Relius Pharmaceuticals Limitada in Guatemala, Espee Global Holdings LLC in the United States, Espee Biopharma & Fine Chem LLC in the United States, and Espee Global Clinical Trial Services Private Limited in India.

The statutory auditor said the four subsidiaries and one step-down subsidiary had combined revenue of Rs 553.15 crore before consolidation adjustments for the half year ended September 30, 2026. That figure indicates the importance of the consolidated entities to reported group revenue, while the filing does not quantify each subsidiary's contribution after consolidation adjustments.

How did Remus profit and costs change in H1 FY27?

Remus recorded consolidated PAT of Rs 24.66 crore in H1 FY27, compared with Rs 21.59 crore in H1 FY26 and Rs 24.58 crore in H2 FY26. The year-on-year increase was 14.22%, substantially below the 53.45% revenue increase, while PAT was Rs 0.08 crore higher than in the immediately preceding half year. Of H1 FY27 profit, Rs 21.76 crore was attributable to owners of the holding company and Rs 2.89 crore to non-controlling interests.

Remus said consolidated earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 11.22% year on year to Rs 29.93 crore from Rs 26.91 crore. The company attributed the effect on EBITDA and PAT to initial setup and operating costs at Espee Global Clinical Trial Services and subsidiaries in Bolivia and Guatemala. EBITDA was also only 0.50% above Rs 29.78 crore in H2 FY26.

Total expenses increased to Rs 586.49 crore in H1 FY27 from Rs 375.23 crore a year earlier. Purchases of stock-in-trade rose by Rs 154.94 crore to Rs 556.91 crore, employee benefits expense increased to Rs 8.02 crore from Rs 6.22 crore, and other expenses rose to Rs 21.73 crore from Rs 17.53 crore. The inventory-change line was a Rs 2.47 crore reduction in expense in H1 FY27, compared with a Rs 52.43 crore reduction in H1 FY26.

Basic and diluted earnings per share were Rs 20.92 in H1 FY27, versus Rs 18.33 in H1 FY26. Remus stated that half-yearly earnings per share were not annualised, and that comparative per-share data had been adjusted for the 1:1 bonus issue with a July 4, 2025 record date.

What international business developments did Remus disclose?

Remus said it won a tender covering 24 products in Bolivia during H1 FY27 and secured a direct government tender in Venezuela. In Peru, it said its plant received Digemid approval and was filling more than 60 products. The announcement did not disclose the contract values, delivery schedule or revenue expected from the Bolivia, Venezuela or Peru developments.

Remus also said it in-licensed several molecules for Mexico, Chile, Vietnam and Peru, supported by bioequivalence studies, to add to its anti-infective and anti-allergy portfolio. It received approval for semaglutide tablets and injections and said commercialisation was planned soon. The company executed rotigotine patch supply orders in Venezuela and initiated filings in Venezuela and other markets, describing this as its second patch launch in that market.

In Guatemala, Remus plans to introduce more than five own-label brands, while it received trademarks and brand approvals in the Dominican Republic and plans a business-to-consumer launch there. Management said subsidiaries in which Remus had invested during the previous six months and one year would begin contributing substantially to revenue and PAT going forward. That is a management expectation rather than a disclosed revenue or profit target.

What did Remus report on cash flow and financial position?

Remus generated Rs 7.56 crore of net cash from operating activities in H1 FY27, down from Rs 9.74 crore in H1 FY26, despite profit before tax rising to Rs 31.77 crore from Rs 27.90 crore. Cash generated from operating activities before direct taxes was Rs 14.34 crore, compared with Rs 13.61 crore a year earlier, while direct taxes paid increased to Rs 6.78 crore from Rs 3.87 crore.

Working-capital movements included a Rs 11.60 crore increase in other current assets and a Rs 2.46 crore increase in inventories in H1 FY27. Trade receivables generated Rs 7.30 crore of cash in the period, compared with a Rs 39.64 crore use of cash in H1 FY26. Trade payables used Rs 2.00 crore of cash, against a Rs 53.75 crore source of cash a year earlier.

Total consolidated assets were Rs 787.59 crore at September 30, 2026, versus Rs 578.67 crore at March 31, 2026. Investments increased to Rs 457.01 crore from Rs 257.03 crore, while total equity rose to Rs 577.12 crore from Rs 387.73 crore. Cash and cash equivalents were Rs 10.02 crore at September 30, 2026, compared with Rs 11.82 crore at March 31, 2026.

Did Remus declare an interim dividend?

Remus's board declared and approved an interim dividend of 1 rupee per share for FY27 at its November 3, 2026 meeting. The filing did not state a payment date for that dividend. Paid-up share capital was Rs 11.78 crore, and each equity share had a face value of 10 rupees.

The consolidated results for H1 FY27 were reviewed by the statutory auditor under Regulation 33 of the Securities and Exchange Board of India listing regulations. The auditor reported that nothing had come to its attention to indicate that the statement failed to disclose required information or contained a material misstatement, while noting that subsidiary financial information was unaudited and certified by management.

Conclusion

Remus expanded consolidated revenue by Rs 213.92 crore year on year in H1 FY27, but the increase in PAT was Rs 3.07 crore. Higher purchases of stock-in-trade and the initial costs of the clinical-trials, Bolivia and Guatemala operations coincided with EBITDA growth of 11.22%, compared with revenue growth of 53.45%.

The next disclosed developments to watch are the planned commercialisation of semaglutide tablets and injections, the proposed Dominican Republic business-to-consumer launch, and the introduction of more than five Guatemala brands. Management also expects subsidiaries receiving investment over the preceding six months and one year to contribute more substantially to revenue and PAT, but Remus has not provided dates or financial targets for those plans.