Wockhardt Limited swings to Rs 189 crore first-half pre-tax profit

Wockhardt Limited reported consolidated profit before tax of Rs 189 crore for the six months ended September 30, 2026, reversing an Rs 18 crore loss a year earlier, as revenue from operations rose Rs 378 crore to Rs 1,898 crore. Wockhardt reported net profit after tax of Rs 180 crore for the period.

How did Wockhardt's first-half profit change?

Wockhardt moved from a consolidated pre-tax loss of Rs 18 crore in the six months ended September 30, 2025 to a Rs 189 crore profit in the corresponding 2026 period. Total income increased to Rs 1,940 crore from Rs 1,561 crore, while the unaudited results were reviewed by the audit committee and approved by the board on November 2, 2026.

The change also extended below the pre-tax line. Wockhardt reported net profit after tax of Rs 180 crore for the first half of 2026, compared with a Rs 26 crore net loss in the previous first half. Total comprehensive income rose to Rs 220 crore from Rs 215 crore, as the prior-year period included Rs 241 crore of other comprehensive income.

What changed in Wockhardt's first-half revenue?

Wockhardt's revenue from operations increased to Rs 1,898 crore in the six months ended September 30, 2026 from Rs 1,520 crore a year earlier. Other income was Rs 42 crore, compared with Rs 41 crore, meaning the Rs 379 crore increase in total income largely reflected the Rs 378 crore rise in revenue from operations.

The quarter ended September 30, 2026 contributed Rs 969 crore of revenue, compared with Rs 929 crore in the quarter ended June 30, 2026 and Rs 782 crore in the quarter ended September 30, 2025. However, quarterly profit before tax was Rs 73 crore in the September 2026 quarter, below Rs 116 crore in the preceding June 2026 quarter.

Wockhardt reported a single pharmaceutical business segment, so the filing does not provide revenue or profit by separate operating division. The consolidated accounts include the holding company and subsidiaries under Indian Accounting Standard 110, or Ind AS 110, on consolidated financial statements; standalone total income was Rs 1,195 crore in the 2026 first half, versus Rs 848 crore a year earlier.

What do Wockhardt's operating cash flows show?

Wockhardt generated net cash inflow from operating activities of Rs 237 crore in the six months ended September 30, 2026, up from Rs 189 crore in the previous first half. Cash generated from operations increased to Rs 248 crore from Rs 201 crore, while operating profit before working-capital changes rose to Rs 370 crore from Rs 281 crore.

Working capital absorbed cash in several areas during the 2026 first half. Inventories increased by Rs 78 crore, compared with a Rs 109 crore increase a year earlier; trade receivables used Rs 37 crore, versus a Rs 52 crore inflow in the prior period; and loans, advances and other assets used Rs 36 crore, compared with a Rs 45 crore inflow.

Investing activities used Rs 2 crore of cash in the 2026 first half, sharply lower than Rs 417 crore in the previous first half. The period included Rs 155 crore spent on intangible assets and intangible assets under development, Rs 53 crore on property, plant and equipment and capital work-in-progress, and Rs 307 crore of net proceeds from investment transactions.

How did Wockhardt's balance sheet and borrowings change?

Wockhardt reported total assets of Rs 8,902 crore at September 30, 2026, compared with Rs 8,615 crore at March 31, 2026. Total equity increased to Rs 5,500 crore from Rs 5,281 crore, while total liabilities increased to Rs 3,402 crore from Rs 3,334 crore.

Cash and cash equivalents stood at Rs 330 crore on September 30, 2026, up from Rs 217 crore at the March 2026 year-end and Rs 177 crore a year earlier. The cash-flow statement shows a net Rs 112 crore increase in cash and cash equivalents during the six-month period, compared with a Rs 69 crore increase in the comparable 2025 period.

Non-current borrowings declined to Rs 1,431 crore at September 30, 2026 from Rs 1,518 crore at March 31, 2026, while current borrowings rose to Rs 719 crore from Rs 607 crore. During the first half, Wockhardt received Rs 109 crore of long-term borrowings and repaid Rs 101 crore, while financing activities produced a Rs 123 crore net cash outflow against a Rs 297 crore inflow a year earlier.

How did Wockhardt's standalone results compare with the group?

Wockhardt reported standalone profit before tax and profit after tax of Rs 207 crore each for the six months ended September 30, 2026, compared with Rs 123 crore each a year earlier. Standalone total income was Rs 1,195 crore, while consolidated total income was Rs 1,940 crore, reflecting the inclusion of group entities in the consolidated accounts.

Consolidated net profit after tax of Rs 180 crore was Rs 27 crore below the standalone profit after tax of Rs 207 crore. Basic consolidated earnings per equity share were Rs 11.41 for the 2026 first half, compared with a basic loss per share of Rs 0.72 in the six months ended September 30, 2025; diluted earnings per share were Rs 11.39.

Were Wockhardt's first-half results independently reviewed?

Wockhardt's consolidated unaudited results were reviewed by M S K C & Associates LLP, which reported on November 2, 2026 that nothing had come to its attention indicating that the statement contained a material misstatement under the applicable reporting requirements. The work was a review under Standard on Review Engagements 2410 rather than an audit.

The reviewer relied on other auditors' reports for five subsidiaries with aggregate pre-consolidation first-half revenue of Rs 1,612 crore and profit after tax of Rs 28 crore. It also considered management-prepared unaudited interim information for 18 subsidiaries with first-half revenue of Rs 90 crore and profit after tax of Rs 14 crore; the reviewer did not modify its conclusion for either matter.

Conclusion

Wockhardt's first-half results show a return to consolidated profitability, with a Rs 189 crore pre-tax profit and Rs 180 crore net profit after tax replacing losses of Rs 18 crore and Rs 26 crore respectively in the comparable period. Revenue reached Rs 1,898 crore, operating cash inflow was Rs 237 crore, and cash and cash equivalents increased to Rs 330 crore.

The filing does not disclose a financial target, operating plan or date for the next results announcement. The next reported update will show whether the September 2026 quarterly revenue of Rs 969 crore, current borrowings of Rs 719 crore and Rs 155 crore first-half spending on intangible assets and development continue to affect earnings and cash flows.