Gurugram-based Jagsonpal Pharmaceuticals has reported a 29% year-on-year rise in consolidated revenue to ₹96.4 crore for the second quarter of FY27, as its newly acquired Aequitas Healthcare business was consolidated for the first time and gave the branded-generics maker a direct route into hospitals.

The company announced its results for the quarter and half-year ended 30 September 2026 on 28 October. On a like-for-like standalone basis, revenue grew 9.3% to ₹81.4 crore, with gross margin widening by 70 basis points.

Margins held steady as the company invested ahead of growth

Standalone EBITDA, before ESOP costs, stood at ₹18.5 crore for the quarter, a margin of 22.7%, while profit after tax came in at ₹12.6 crore. For the first half, standalone revenue rose 9% to ₹163.6 crore, EBITDA increased 11.3% to ₹37.5 crore and net profit grew 10.3% to ₹25.8 crore.

The company said margins were kept broadly flat by design. During the quarter it expanded its hospital sales team, appointed a new business head for Aequitas, and spent on marketing and integration planning for a wellness portfolio it was about to take over. Jagsonpal expects the benefits of these investments to show from the third quarter.

Field force efficiency also helped. Medical representative productivity improved by about 10%, and seven of the company’s top ten brands grew faster than their markets during the quarter.

Two acquisitions reshape the portfolio

The first of the two deals, an 85% stake in Aequitas Healthcare bought for ₹20.8 crore in cash, adds a business that reported ₹53.3 crore in revenue in FY26 and serves more than 1,000 hospitals. Its consolidation from Q2 accounts for most of the gap between the standalone and consolidated growth figures.

The second, the acquisition of Group Pharma’s wellness portfolio, was completed on 1 October 2026 and will begin contributing from the third quarter. Jagsonpal said the addition strengthens its Wellness franchise, which sits alongside its gynaecology, orthopaedics, dermatology and critical care therapies.

Despite paying for the Aequitas stake and an enhanced 200% dividend during the quarter, the company ended September with cash of about ₹134.7 crore.

Quarterly revenue expected to cross ₹100 crore

Manish Gupta, Managing Director and CEO, said the quarter was focused on building a platform for the company’s next phase. He added that consolidated growth should accelerate from Q3 once the Group Pharma wellness brands are included, and that the company expects quarterly revenue to cross ₹100 crore in Q3 FY27.

Gupta said Jagsonpal remains on track for its “Mission 2028” target of ₹500 crore in annual revenue. He pointed to the company’s cash reserves, asset-light model and record of integrating acquisitions, and said it expects to add more accretive transactions along the way.

Why it matters for the industry

Jagsonpal is an India-focused, asset-light branded-generics company that has been in business since 1964 and today reaches more than 1.37 lakh doctors. Its quarter reflects a wider trend among mid-sized Indian pharma firms: using bolt-on acquisitions to enter new channels, such as hospitals, and new categories, such as wellness, rather than relying only on organic prescription growth. The next two quarters will show whether that spending turns into the margin gains the company is promising.

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