Sanjivani Q2 total income rose 62% as EBITDA jumped 173%

Sanjivani Parenteral Ltd. reported Q2 FY27 consolidated total income of Rs 25.426 crore, up 62.35% year on year, as EBITDA increased 172.98% to Rs 6.576 crore. Profit after tax reached Rs 4.147 crore, while management said Middle East shipping disruption, shipment timing and higher input costs affected the quarter.

What did Sanjivani report in Q2 FY27?

Sanjivani reported consolidated revenue from operations of Rs 25.326 crore in Q2 FY27, compared with Rs 15.497 crore in Q2 FY26. Total income, which includes other income, was Rs 25.426 crore against Rs 15.661 crore, producing the reported 62.35% year-on-year increase. Other income declined to Rs 10 lakh from Rs 16.4 lakh in the previous-year quarter.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose to Rs 6.576 crore from Rs 2.409 crore. Profit after tax, or PAT, increased to Rs 4.147 crore from Rs 1.639 crore, while basic earnings per share rose to Rs 3.38 from Rs 1.33. The increase in EBITDA exceeded the increase in total income, lifting the margin on total income to 25.96% from 15.38%, calculated from the prior-year reported figures.

The distinction between revenue and total income matters because the presentation’s 62.35% growth figure applies to total income rather than revenue from operations. Revenue itself rose 63.43%, based on the two reported quarterly amounts. The quarter also produced profit before tax of Rs 5.53 crore, compared with Rs 2.192 crore in Q2 FY26.

How did Sanjivani's costs and margins change?

Sanjivani’s Q2 FY27 margin expansion occurred alongside higher operating costs. Raw-material expense rose to Rs 12.582 crore from Rs 10.336 crore, employee costs increased to Rs 2.466 crore from Rs 1.494 crore, and other expenses rose to Rs 3.802 crore from Rs 1.422 crore. Management said both raw-material and packing-input costs increased during Q2 FY27.

Management said it passed the increased input costs on to customers. It also said higher-margin shipments contributed to the elevated EBITDA outcome, and described the Q2 FY27 EBITDA margin as the best in the recent past. The reported margin of 25.96% was 3.76 percentage points above the consolidated H1 FY27 EBITDA margin of 22.2%.

Costs below EBITDA also increased. Depreciation was Rs 65.6 lakh in Q2 FY27 versus Rs 16.8 lakh a year earlier, while finance costs were Rs 39 lakh against Rs 4.9 lakh. Tax expense increased to Rs 1.38 crore from Rs 55.3 lakh, but PAT still rose by Rs 2.508 crore because profit before tax more than doubled.

How did shipping disruption affect Sanjivani's quarter?

Sanjivani said the US-Iran conflict disrupted Middle East shipping through effects on routes, containers and cargo movement in Q2 FY27. The issue was relevant to an export-led standalone business: standalone export revenue was Rs 18.478 crore, equal to 95.73% of standalone revenue, according to the Q2 FY27 presentation.

Management said it activated alternate export routes through the Saudi Arabia-Turkey corridor and Southeast Asia. It also said Q1 FY27 included some spillover consignments from Q4 FY26, while Q2 FY27 had comparatively higher shipments. These comments show that the timing and movement of consignments affected reported quarterly performance alongside customer demand.

The presentation said Q2 FY27 sales were marginally lower than Q1 FY27. On the separately reported standalone basis, revenue was Rs 19.30 crore in Q2 FY27, compared with Rs 19.46 crore in Q1 FY27; EBITDA was Rs 3.50 crore versus Rs 3.55 crore; and PAT was Rs 2.21 crore versus Rs 2.30 crore. These standalone figures are not directly comparable with Q2 consolidated revenue of Rs 25.326 crore because they represent different reporting bases.

What does H1 FY27 say about Sanjivani's transition?

Sanjivani reported consolidated revenue from operations of Rs 49.17 crore in H1 FY27, the first half of fiscal year 2027, compared with Rs 33.39 crore in H1 FY26. EBITDA rose to Rs 10.87 crore from Rs 5.09 crore, and the EBITDA margin improved to 22.2% from 15.2%. H1 PAT was Rs 6.64 crore, nearly double Rs 3.37 crore a year earlier.

The presentation described H1 FY27 as a transition to a multi-vertical platform driven by the Pune intravenous, or IV-fluid, plant. It attributed elevated H1 EBITDA to high-margin shipments and said standalone exports represented about 93.1% of H1 FY27 revenue. The stated export mix means execution on shipping routes remains relevant even as the IV business contributes to the group.

Standalone H1 FY27 revenue was Rs 38.76 crore, compared with consolidated revenue of Rs 49.17 crore. Standalone EBITDA was Rs 7.06 crore against consolidated EBITDA of Rs 10.87 crore, while standalone PAT was Rs 4.51 crore compared with consolidated PAT of Rs 6.64 crore. The presentation therefore shows that the consolidated result includes a material contribution beyond the standalone operation.

Management’s disclosed FY27 plan for the Pune IV plant is revenue of Rs 60 crore to Rs 65 crore with an EBITDA margin of 17% to 18%. The presentation says this plant has annual capacity of 60 million bottles and is entering its revenue phase. It also says the plant continued to record higher EBIT margins during Q2 FY27, without disclosing a separate quarterly IV revenue figure.

Conclusion

Sanjivani’s Q2 FY27 result combined 62.35% growth in consolidated total income with 172.98% growth in EBITDA and a 25.96% EBITDA margin. The improvement came despite cost inflation and Middle East logistics disruption, with management attributing the outcome to input-cost pass-through and higher-margin shipments. First-half figures also show higher consolidated revenue, EBITDA and PAT than in H1 FY26.

The next issue to watch is delivery against management’s disclosed Pune IV-plant target of Rs 60 crore to Rs 65 crore of FY27 revenue and a 17% to 18% EBITDA margin. Investors will also need to track whether alternate routes through Saudi Arabia-Turkey and Southeast Asia sustain shipment execution while Middle East cargo conditions remain disrupted.