Bajaj Healthcare reported a 12.6% year-on-year rise in revenue to ₹611.03 crore for FY26, driven by strong overseas performance. However, net profit fell 50.4% to ₹213.10 crore due to a significant one-time exceptional loss.

The Mumbai-based pharmaceutical manufacturer held its 33rd Annual General Meeting on September 21, 2026, where shareholders approved the adoption of the audited financial statements for the fiscal year ended March 31, 2026. The Board also recommended a final dividend of ₹1.50 per equity share, representing a 30% payout on the face value of ₹5.

Financial Performance

Revenue from operations grew from ₹542.60 crore in FY25 to ₹611.03 crore in FY26. EBITDA increased by 9.9% to ₹111.95 crore, reflecting improved operating performance and higher export sales. Despite this top-line growth, the EBITDA margin contracted by 45 basis points to 18.32% from 18.77% in the previous year.

Profit before tax (PBT) before exceptional items rose 35.1% to ₹62.17 crore, supported by a 20.3% decline in finance costs to ₹22.23 crore. This reduction in interest expense was primarily attributable to lower levels of cash credit and working capital loans.

What the Numbers Show

The divergence between robust operational growth and declining bottom-line profitability was driven entirely by non-recurring items. The Company recognized a one-time exceptional loss of ₹332.47 crore during the year. This charge resulted from the reversal of income previously recognized under a transfer of technical know-how arrangement with a Middle East-based customer. Due to regional instability, the customer failed to meet committed timelines, necessitating the reversal. Without this exceptional item, PBT would have grown significantly, highlighting that the core operational engine remains healthy despite the headline profit decline.

Balance Sheet and Capital Structure

The Company strengthened its equity base through the conversion of warrants into equity shares, raising approximately ₹52.71 crore. This capital infusion, alongside debt repayments, reduced the debt-equity ratio to 0.47 times from 0.51 times in FY25.

Net worth expanded by 14.3% to ₹533.00 crore. Cash and cash equivalents surged to ₹37.24 crore from ₹2.60 crore in the prior year, bolstered by operating cash flows of ₹58.08 crore. Trade receivables improved to 140 days of sales from 169 days, indicating better collection efficiency despite revenue growth.

Strategic Developments

During FY26, Bajaj Healthcare continued its transition toward specialized molecules and formulation capabilities. The Company acquired Genrx Pharmaceuticals Private Limited through the insolvency resolution process to strengthen its formulation portfolio, though the facility remains pending tribunal approvals. R&D expenditure doubled to ₹13.15 crore (2.2% of revenue), supporting pipeline development in oncology and complex generics.

Bajaj Healthcare has received regulatory approval from the Drug Controller General of India (DCGI) under the Central Drugs Standard Control Organization (CDSCO) to manufacture and market Cenobamate API and tablets. The approval covers six strengths: 12.5 mg, 25 mg, 50 mg, 100 mg, 150 mg, and 200 mg.

This regulatory clearance makes Bajaj Healthcare the first company in India to launch Cenobamate, a next-generation antiseizure medication indicated for treating partial-onset seizures in adults. The approval follows a recommendation from the Subject Expert Committee (SEC) for Neurology & Psychiatry, which the company previously communicated on June 26, 2026.

Strategic Significance

Cenobamate addresses a critical need in epilepsy care, with clinical studies demonstrating significant seizure reduction and high seizure-freedom rates in patients with inadequately controlled epilepsy. The launch strengthens Bajaj Healthcare’s presence in the Central Nervous System (CNS) segment.

Anil Jain, Managing Director of Bajaj Healthcare, stated that the approval reflects the company’s commitment to developing differentiated, complex, and high-value pharmaceutical products. He noted that the milestone demonstrates the strength of the company’s integrated API and formulation capabilities.

Product Portfolio Expansion

The company plans to take the product to market immediately, aiming to build Cenobamate as a key addition to its pharmaceutical portfolio. Management believes this launch will strengthen its CNS franchise and create opportunities for sustainable long-term growth.

Bajaj Healthcare operates state-of-the-art manufacturing facilities designed to meet requirements for both regulated and emerging markets. The company serves customers across Europe, the USA, Australia, the Middle East, and South America.