Sanofi India’s Q2 operating margin jumps 6.44 percentage points
Revenue rose 12.34% QoQ while expenses increased 2.51%, driving a 39.76% rise in standalone net profit.
Filed 29 Oct 2026, 18:28 IST · after market close · Sanofi India Ltd (SANOFI)
Key takeaways
- Standalone revenue grew 12.34% QoQ while expenses rose 2.51%, lifting operating profit 39.81%.
- Operating margin expanded 6.44 percentage points to 32.78% as revenue growth outpaced expense growth.
- Sanofi India's 32.78% operating margin was 12.88 percentage points above the 19.9% median for 31 reported healthcare peers.
Price around the results
Q2FY27 profit accelerated on sequential sales growth
Standalone revenue rose 12.34% QoQ, while expenses increased only 2.51%. The gap lifted operating profit by 39.81% and net profit by 39.76%. EPS consequently rose 39.74% to Rs 50.67.
Lower cost growth drove the margin expansion
Operating margin widened by 6.44 percentage points to 32.78% because revenue grew faster than expenses. The tax rate increased by 0.35 percentage points, while other income contributed 3.49% of pre-tax profit, so the profit growth was not mainly driven by a lower tax rate or non-operating income.
Margin moved higher from Q1 and stayed above healthcare peers
Operating margin improved from 26.34% in Q1FY27 to 32.78% in Q2FY27. Sanofi India’s margin was 12.88 percentage points above the 19.9% median among 31 healthcare peers that had reported the quarter.
Results were filed after market close
Sanofi India filed its standalone Q2FY27 results after market close. A post-results stock reaction is therefore not yet part of this note.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹492 cr | ₹438 cr | +12.34% |
| Other income | ₹6 cr | ₹6 cr | -11.29% |
| Expenses | ₹331 cr | ₹322 cr | +2.51% |
| Operating profit | ₹161 cr | ₹115 cr | +39.81% |
| Operating margin (%) | 32.78% | 26.34% | — |
| Interest | ₹0 cr | ₹0 cr | -33.33% |
| Depreciation | ₹9 cr | ₹9 cr | -1.12% |
| Profit before tax | ₹158 cr | ₹112 cr | +40.43% |
| Tax | ₹41 cr | ₹29 cr | +42.36% |
| Net profit | ₹117 cr | ₹84 cr | +39.76% |
| EPS (₹) | ₹50.67 | ₹36.26 | +39.74% |
Operating margin of 32.78% compares with a Healthcare sector median of 19.90% across 31 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 32.78% next quarter.
- Whether expense growth remains below the 12.34% revenue growth recorded in Q2FY27.
- Whether other income stays near its 3.49% share of pre-tax profit.