SMS Pharmaceuticals Q2 FY27: PAT ₹20.2 & Rev ₹207 Cr

Investor Takeaways

Revenue grew 6% YoY to ₹207.0 crore in Q1FY27, driven by broad-based growth and ARV portfolio expansion.

PAT increased 8% YoY to ₹20.20 crore with PAT margin stable at 10%.

Gross profit rose 12% YoY to ₹74.9 crore, with gross margin expanding 217 bps to 36%.

EBITDA margin held steady at 20%.

₹280 crore capex program progressing with ₹120 crore spent; ₹50 crore loan approved to subsidiary.

₹160 crore capex completion targeted by FY27; EBITDA margin of 20% to be sustained.

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹207.0 Cr	6%
Net Profit	₹20.20 Cr	8%
EBITDA Margin	20%	Stable
Gross Margin	36%	+217 bps
EPS	₹2.15 (Q3FY25)	—

What Changed

SMS Pharmaceuticals reported Q1FY27 revenue of ₹207.0 crore, up 6% YoY, with PAT up 8% YoY to ₹20.20 crore. Gross profit rose 12% YoY to ₹74.9 crore, and gross margin expanded 217 bps to 36%. EBITDA margin remained stable at 20%. The company advanced its ₹280 crore capex program with ₹120 crore spent and approved a ₹50 crore loan to its subsidiary SMS Pepdes Private Limited. The ARV portfolio and high-value APIs drove revenue growth, supporting confidence in FY27 growth targets. The company completed 4 DMF/CEP filings, contributing to strategic expansion.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
SMSPHARMA	51.14	Not available	Not available	3,749.83
SUNPHARMA	41.28	15.11%	20.34%	4,50,643.09
DIVISLAB	72.41	16.56%	22.09%	1,79,470.03
TORNTPHARM	80.06	N/A	N/A	1,49,108.91

SMSPHARMA's P/E ratio of 51.14 is higher than SUNPHARMA's 41.28 but lower than DIVISLAB's 72.41, indicating moderate valuation relative to peers.

Risks & Concerns

No specific risks identified in this filing.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	173.35	18.24	19.16
Q2FY25	196.75	14.1	15.99
Q1FY25	164.45	16.48	20.38
Q4FY24	245.8	17.28	13.68

The company's revenue and profit trends show consistent growth over the last four quarters, with gross margin improving significantly in Q1FY27 to 36% from previous quarters. OPM fluctuated between 13.68% and 20.38% across quarters, reflecting operational variability. The current quarter's gross margin expansion of 217 bps to 36% is a notable improvement compared to Q4FY24's 13.68% OPM, though OPM is not directly comparable to gross margin. The PAT growth of 8% YoY in Q1FY27 aligns with the revenue growth trend observed in the quarterly data.

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About SMS Pharmaceuticals Limited (SMSPHARMA)

Healthcare · Pharmaceuticals · Listed on NSE

Market Cap: ₹3,493.69 Cr P/E: 33.2 ROE: 14.3% ROCE: 15.2% Div Yield: 0.11%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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