Senores' Q2 profit rises 20.20% as other income lifts earnings
Operating margin improved marginally as revenue grew faster than expenses, but other income contributed 18.79% of pre-tax profit.
Filed 29 Oct 2026, 18:50 IST · after market close · Senores Pharmaceuticals Ltd (SENORES)
Key takeaways
- Consolidated net profit rose 20.20% sequentially to Rs 36.6 cr, helped by a 218.15% increase in other income.
- Operating margin edged up 0.15 percentage points to 29.98% as revenue grew 6.73%, slightly faster than expenses at 6.50%.
- Senores' 29.98% operating margin was 9.02 percentage points above the 20.96% median for 24 reported Healthcare peers.
Price around the results
Q2 growth came with a small operating-margin gain
Consolidated revenue increased 6.73% sequentially to Rs 192.33 cr, while expenses rose 6.50%, allowing operating profit to grow 7.25%. Operating margin consequently improved by 0.15 percentage points to 29.98%. The company commercialized three new strengths in Q2FY27 under existing ANDAs, management said.
Other income lifted profit while interest costs rose
Other income increased 218.15% sequentially to Rs 8.94 cr and represented 18.79% of pre-tax profit, making it a material contributor to earnings. Interest expense rose 22.32%, which limited the conversion of operating profit into pre-tax profit. The tax rate also increased by 0.25 percentage points to 23.08%, so the 20.20% net-profit growth was not helped by a lower tax rate.
Margin remains above the Healthcare peer median
Senores' 29.98% operating margin was 9.02 percentage points above the 20.96% median among 24 Healthcare peers that had reported the same quarter. Sequential momentum was positive, with revenue, operating profit and net profit up 6.73%, 7.25% and 20.20%, respectively. The available trend covers Q1FY27 and Q2FY27, so it does not establish a longer multi-quarter direction.
Management points to launches and new facilities for H2
Management said H2FY27 is expected to be considerably better than H1 because of anticipated launches. It also said Zoraya and Amerisyn are expected to begin contributing revenue from H2FY27. The presentation said EBITDA growth was achieved despite investments in Apnar, Zoraya and Amerisyn, while noting that the Apnar plant has land available for future expansion.
Results were filed after market close
The consolidated results were filed after market close on 29 October 2026, so there is no reported market reaction to assess. The quarter's earnings quality is mixed: operating profit grew 7.25%, but other income supplied 18.79% of pre-tax profit.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹192 cr | ₹180 cr | +6.73% |
| Other income | ₹9 cr | ₹3 cr | +218.15% |
| Expenses | ₹135 cr | ₹126 cr | +6.50% |
| Operating profit | ₹58 cr | ₹54 cr | +7.25% |
| Operating margin (%) | 29.98% | 29.83% | — |
| Interest | ₹9 cr | ₹7 cr | +22.32% |
| Depreciation | ₹10 cr | ₹10 cr | +3.12% |
| Profit before tax | ₹48 cr | ₹39 cr | +20.58% |
| Tax | ₹11 cr | ₹9 cr | +21.86% |
| Net profit | ₹37 cr | ₹30 cr | +20.20% |
| EPS (₹) | ₹8.85 | ₹6.61 | +33.89% |
Operating margin of 29.98% compares with a Healthcare sector median of 20.96% across 24 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The company commercialized three new strengths in Q2 FY27 under existing ANDAs.
Guidance & outlook
- H2 is expected to be considerably better than H1 because of anticipated launches.
- Zoraya and Amerisyn are expected to begin contributing revenue from H2 FY27.
Expansion
- The Apnar plant has a larger plot with ample land available for future expansion.
New products
- Two of the three new strengths commercialized in Q2 FY27 are being sold in the US for the first time by any company.
Problems & risks
- EBITDA growth was achieved despite investments in Apnar, Zoraya and Amerisyn.
What to watch
- Whether operating margin holds above Q2FY27's 29.98%.
- Whether revenue rises beyond Q2FY27's Rs 192.33 cr as management said Zoraya and Amerisyn are expected to contribute from H2FY27.
- Whether interest expense remains above Q1FY27's Rs 7.17 cr after rising 22.32% sequentially in Q2FY27.