Domestic revenue growth: 30% for FY26
Company reiterated 30% domestic growth target, requiring significantly higher growth in remaining 9 months as Q1 domestic grew 20%. Cardiology and critical care divisions ramping up to drive acceleration.
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International revenue growth: 5-10% for FY26
Lowered from earlier 12-15% guidance reflecting current geopolitical realities. Europe showed -6.7% in Q1; management expects double-digit growth in remaining 9 months to achieve 5-10% full-year target.
EBITDA margin: 25-27% range for FY26
Q1 EBITDA margin at 26.3%, within stated range. Management targets to beat this range as higher-margin new products (cardiology, critical care) scale up and revenue accelerates.
Capex: Rs 250+ crore for FY26
Two new manufacturing facilities under construction in Palwal and Haridwar. Palwal plant includes gamma sterilization facility (Phase 1 operational) expanding capacity from 300 to 2,000 kCi.
Full-Year Revenue Growth: 15-16% (Revised Down)
Overall FY26 revenue growth guidance lowered from ~20% to 15-16% due to slower international recovery and GST-related renal inventory correction. H2 targeted at ₹1,080-1,190 crore (~25% above H1's ₹847 crore).
Domestic Market Growth: 28-30% FY26
Management reiterated strong domestic outlook despite Q2 renal softness from GST transition. 35+ sales associates added in H1; targeting 100+ hires for FY26.
International Business: ~10% Growth (Including Acquisitions)
Revised upward from earlier guidance; ~10% of H2 ₹1,080-1,190 crore guidance (~₹108-119 crore) expected from PendraCare and CDF acquisitions; remainder organic domestic and international.
Operating EBITDA Margin: 25-27% for FY26
H1 margins at 26.7%, near upper band of guidance. Management expects acquisitions to be 'margin dilutive' but 90% high-margin organic business to keep full-year margins in range.
FY27 Domestic Business Growth: 25%
Domestic private business (88% of domestic) growing 23% this year with new hospital contracts and expansion into cardiology/critical care driving higher growth next year.
FY27 International Business Growth: 12-15%
International organic business currently flat; growth driven by new EU-MDR approvals (15+ products in pipeline), NHS UK contracts, and new European customers starting April.
Q4 Revenue: Higher than Q3 (9-10% QoQ)
Q4 revenue expected at approximately ₹530 crore vs. Q3's ₹493 crore; H2 revenue expected 20% higher than H1 (₹847 crore vs. ₹847 crore approximately).
Standalone EBITDA Margin: 26-27%
On standalone basis, EBITDA margin at higher end of annual guidance at 26.6-26.8% for 9 months; expected to be maintained for rest of FY26.
Consolidated Revenue FY27: 2,300-2,400 crore
Implies ~25% YoY growth including full-year consolidation of Pendra and CTF, driven by domestic growth of 20%+ and international 15%+.
Standalone EBITDA Margin: 25-27%
Consolidated margin guided lower at 23-25% as subsidiaries currently operate at mid-teens margins, with synergy benefits expected to drive improvement to 18-20% over 2-3 years.
Capex FY27: 200-225 crore
Lower than FY26's 296 crore as major plant expansions (Jubbalgarh, Mitrat, Medical Park) are nearing operational completion. Focus shifting to automation to offset minimum wage increases.
Gross Margin Expectation: ~66-68%
Current crude price assumption of $100-110/barrel creates 200-300 bps headwind vs FY26's 68%. Price increases (3-5%) and rupee depreciation provide partial offset. Impact expected to be negligible if crude softens.