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Revenue
₹1,910 Cr
verified against source
Revenue YoY
31.5%
reported change
EBITDA
₹266 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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What the record says.
Entero Healthcare delivered a strong FY26, with revenue of ₹6,591 crore growing 31.5% YoY on a like-for-like basis, driven by 15.6% organic growth and 16% inorganic contribution. EBITDA margin expanded 67 bps to 4.0%, aided by gross margin improvement of 78 bps to 10.3%. PAT grew 36% to ₹146 crore. Q4 revenue surged 42.6% YoY, with EBITDA margin at 4.5%. Management guided for FY27 consolidated revenue growth of 23% (excluding new M&A) and EBITDA margin of 5%, with operating cash flow conversion of at least 50% of EBITDA. The medtech segment now contributes over ₹1,000 crore in annualized revenue. Key risks include potential margin dilution from minority interest (guided ~25% of PAT) and integration challenges from recent acquisitions.
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Guidance to track
- Revenue growth target of 23% YoY, excluding any new acquisitions, driven by calendarization of past deals and organic growth.
- EBITDA margin guided to 5% for FY27, up from 4% in FY26, supported by gross margin expansion and operating leverage.
- Target to convert at least 50% of EBITDA into operating cash flow in FY27, reflecting working capital discipline.
- Minority interest expected to normalize to ~25% of PAT (pre-minority) in FY27, down from 38% in Q4 FY26.
Risks flagged
- Minority interest spiked to 38% of PAT in Q4 due to abnormal subsidiary profit; guided to normalize to ~25%, but could remain lumpy.
- Seven acquisitions closed in FY26, including three in medtech; integration risks and retention of key personnel are critical.
- Finance costs rose as IPO funds were deployed; management expects stable near-term costs but sequential decline only over 2-3 years.
- Organic growth multiplier vs IPM has compressed to ~1.4x from ~1.7x as IPM growth accelerated; any IPM slowdown could pressure organic growth.
Key quotes
- We have delivered on each of these parameters: revenue growth of 30% year-on-year on like-for-like basis, EBITDA margin of 4% for the full year, and operating cash flow.
- We aim for consolidated revenue growth of 23% year-on-year excluding any new acquisitions with 5% EBITDA margins.
- The reason why medtech margins are higher than pharma is because we play a more commercial role in those contracts where we are also responsible for generating demand and sales.
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