Evonile Pharma Limited, the Mumbai-based drugmaker formerly known as Novartis India Limited, reported revenue from operations of ₹56.1 crore and an operating EBITDA loss of ₹31.8 crore for the quarter ended 30 September 2026 (Q2 FY27). These are its first results since private equity firm ChrysCapital took control, and the company filed them with BSE on 3 November 2026.

Evonile Pharma Q2 FY27 results at a glance

The company said the numbers reflect one-time transition costs and upfront spending on a new organisation, and are not comparable with last year because both the ownership and the business model have changed.

• Revenue from operations: ₹56.1 crore in Q2 FY27
• Operating EBITDA: a loss of ₹31.8 crore
• H1 FY27 revenue from operations: ₹159.9 crore
• H1 FY27 profit after tax: a loss of ₹45.3 crore

From Novartis subsidiary to independent branded-generics company

ChrysCapital acquired a controlling 70.68% stake in the company from Novartis AG during the quarter, its first majority-controlled investment in Indian pharma, with the aim of building a leading branded-generics platform for the domestic market. The company was renamed Evonile Pharma with effect from 1 October 2026, and Dr Vikas Gupta took charge as MD and CEO.

Within two months of the change in control, Evonile says it has moved away from a single-customer model and now markets its brands through its own distribution network, field force and operating systems. The company said about 850 people joined it in its first 90 days. Its flagship brands include Voveran, Methergin, Calcium-Sandoz, Tegrital and Myfortic, which it says lead their covered markets in pain management, gynaecology, wellness, neuroscience and transplant care.

Minipress XL deal and entry into ophthalmology

Evonile completed two portfolio deals during the quarter. It acquired the cardiology brand Minipress XL and signed an in-licensing agreement for a retina portfolio, which takes it into ophthalmology. The company runs an asset-light model, so it relies on partners for manufacturing while it builds its commercial reach.

“Following the transition from Novartis AG, Evonile Pharma has made significant progress in just a few months. Establishing our new business model requires an entirely new organisational foundation, and we have made considerable headway in putting the key building blocks in place,” said Dr Vikas Gupta, MD and CEO, Evonile Pharma. He said the priorities for H2 FY27 are to complete the organisational build-out, set the right cost structure and bring together a strong leadership team.

What it means for India’s branded generics market

Evonile’s transition is one of the clearest examples of a multinational pharma subsidiary in India being turned into a domestic branded-generics business under private equity ownership. It follows a wider wave of portfolio deals in the segment, from Mankind Pharma’s ₹13,630 crore purchase of Bharat Serums and Vaccines to Strides buying branded generics from Sandoz. With the Indian pharma market growing steadily through the September quarter, the test for Evonile will be how quickly its new field force can lift sales of legacy brands and the new cardiology and retina lines.

Key takeaways

• Evonile Pharma, formerly Novartis India, posted Q2 FY27 revenue of ₹56.1 crore and an operating EBITDA loss of ₹31.8 crore.
• The loss reflects one-time transition costs after ChrysCapital bought a 70.68% stake from Novartis AG.
• The company added cardiology through Minipress XL and ophthalmology through a retina in-licensing deal.

FAQ

What is Evonile Pharma?

Evonile Pharma Limited is the new name of Novartis India Limited (BSE: 500672), effective 1 October 2026. ChrysCapital Group holds 70.68% of the company, which sells branded medicines only in India.

Why did Evonile Pharma report a loss in Q2 FY27?

The company said its operating EBITDA loss of ₹31.8 crore came from one-time transition costs and upfront investment in building its own organisation, field force and distribution network after leaving the Novartis group.

Source: Evonile Pharma Q2 FY27 press release (BSE filing, 3 November 2026) and Business Standard.

Featured image: Evonile Pharma corporate image. Photo: Evonile Pharma (company website)

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