Solara Active Pharma Sciences Q2 FY27 Results: Consolidated Net Profit ₹28.46 Crore on Total Income of ₹418 Crore
Earnings
Pharmaceuticals
Blacklitt Research3 min read
State Government Photographer, via Wikimedia Commons (CC0 1.0). Illustrative image.
Solara Active Pharma Sciences reported consolidated total income of ₹417.88 crore and net profit of ₹28.46 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹417.57 crore and net profit was ₹29.61 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹418 crore, up 33.1% YoY, up 8.7% QoQ
Net profit: ₹28.46 crore, against a loss of ₹10.10 crore in Q2 FY26, up 74.5% QoQ
EPS: ₹5.92
Finance costs: ₹17.78 crore, down 14.6% YoY and 17.8% QoQ
Standalone
The company on its own, without its subsidiaries
Total income: ₹418 crore, up 33.0% YoY, up 8.9% QoQ
Net profit: ₹29.61 crore, against a loss of ₹10.08 crore in Q2 FY26, up 74.3% QoQ
EPS: ₹6.16
Net profit margin: 7.09%, against a negative 3.21% in Q2 FY26
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
417.88
314.03
+33.1%
384.29
+8.7%
Revenue from operations
417.34
313.54
+33.1%
381.60
+9.4%
Other income
0.54
0.49
+10.2%
2.69
-79.9%
28.46
-10.10
n/a
16.31
+74.5%
Finance costs
17.78
20.83
-14.6%
21.64
-17.8%
Depreciation
26.64
24.49
+8.8%
26.71
-0.3%
Tax expense
0.00
0.00
n/a
0.00
n/a
Net profit margin
6.81%
-3.22%
+10.03 pp
4.24%
+2.57 pp
Tax as share of profit before tax
0.0%
n/a
n/a
0.0%
+0.00 pp
EPS, basic (₹)
5.92
n/a
n/a
3.52
+68.2%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
A swing from loss to profit on a one-third rise in revenue, driven by margin. Revenue from operations rose 33.1% to ₹417.34 crore and the group made a profit of ₹28.46 crore against a loss of ₹10.10 crore. Adding back depreciation and finance costs and taking out other income gives an operating profit of about ₹77 crore against about ₹35 crore (derived), a margin of about 18.4% of revenue against 11.1%, so about 37 paise of every extra rupee of revenue reached operating profit.
Interest is falling. Finance costs were ₹17.78 crore against ₹20.83 crore a year ago and ₹21.64 crore in Q1 FY27, and depreciation was ₹26.64 crore (+8.8%). The company has now raised ₹446.62 crore of the ₹449.95 crore rights issue it offered in May 2024 at ₹375 a share, including ₹133.09 crore of final call money received on 7 May 2026, with ₹1.90 crore still unpaid. The filing does not say how the proceeds were used.
There is no tax charge in either period, so profit before tax and after tax are the same; the filing does not say why. The quarter also carries an exceptional loss of ₹4.50 crore, taking profit before exceptional items and tax to ₹32.96 crore. Against Q1 FY27 revenue rose 9.4% and profit 74.5% from ₹16.31 crore, and for H1 FY27 revenue is ₹798.94 crore against ₹632.69 crore (+26.3%) and profit ₹44.77 crore against ₹0.42 crore.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
417.57
314.03
+33.0%
383.52
+8.9%
Revenue from operations
417.34
313.54
+33.1%
381.60
+9.4%
Other income
0.23
0.49
-53.1%
1.92
-88.0%
29.61
-10.08
n/a
16.99
+74.3%
Finance costs
16.36
20.83
-21.5%
20.23
-19.1%
Depreciation
26.64
24.49
+8.8%
26.71
-0.3%
Tax expense
0.00
0.00
n/a
0.00
n/a
Net profit margin
7.09%
-3.21%
+10.30 pp
4.43%
+2.66 pp
Tax as share of profit before tax
0.0%
n/a
n/a
0.0%
+0.00 pp
EPS, basic (₹)
6.16
n/a
n/a
3.67
+67.8%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
The parent earns slightly more than the group. Standalone net profit is ₹29.61 crore against ₹28.46 crore consolidated and a loss of ₹10.08 crore a year ago, so the subsidiaries together lose about ₹1 crore, and their share of the finance costs is about ₹1.4 crore (₹17.78 crore against ₹16.36 crore, derived).
The notes record a going-concern statement: management believes the group will have adequate resources to meet its obligations as they fall due, and the results are prepared on a going-concern basis. They also record that the board discussed, on 24 Jan 2025, a proposal to explore a demerger of the CRAMS and polymers business into an independent listed entity; the filing gives no later step.
Inference
Solara's profit comes from a wider operating margin and lower interest, not from tax, which is nil: the margin has moved from about 11% to about 18% on a third more revenue. The filing does not break the margin gain into price, mix or cost.
For shareholders, the demerger proposal is only at the stage of being explored in the filing, and the rights issue money received has not been tied to a use.
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SOLARASolara Active Pharma Sciences Ltd
