NEULANDLAB · Healthcare
Neuland Laboratories Ltd. reported revenue of ₹642 cr for April to June 2026, +119.0% on the year and −17.3% on the quarter. That is faster than this quarter has grown in recent years (−6.1% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹2,372 cr, +78.3% on the four before.
Operating profit (EBITDA) was ₹223 cr, a margin of 34.7%, +2,314 bps on the year and −482 bps on the quarter. Over the last 8 quarters the margin has ranged from 11.6% to 39.6%, averaging 23.9%. Operating costs grew +61.7% against revenue growth of +119.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹148 cr, +954.8% on the year and −30.7% on the quarter, with earnings per share of ₹115.10. Profit before other income, one-offs and tax grew faster, at +1,793.6%; other income, one-offs or tax held the headline back. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹499 cr, +181.6% on the four before.
Pharma quarters swing with US generic launches and price erosion, while India formulations grow more steadily. Currency gains and other income can be material, so headline profit needs a check against operating profit. The quarterly statements do not carry the US and India split, R&D spend and any FDA observations; those come with the filing read.
On earnings per share of ₹387.97 over the last four quarters, the stock at ₹19,680.00 trades at 50.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +954.8% on the year; profit before other income, exceptional items and tax +1,793.6%.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Metric | Q1 FY27 | Q2 FY26 |
|---|---|---|
| US revenue ($ m) | 199.67 | 142.18 |
| India growth YoY | — | 172.09% |
| Gross margin | 58.1% | 54.2% |
| Largest product share | 67% | 60% |
Read using the Pharmaceuticals framework (named in the filing read). Primary valuation lens: P/E excluding one-time exclusivity gains.
Read more closely in this sector: Status of each US-filed plant · Price erosion stated · One-product dependence.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹393 cr | ₹385 cr | ₹440 cr | ₹311 cr | ₹398 cr | ₹328 cr | ₹293 cr | ₹514 cr | ₹440 cr | ₹776 cr | ₹642 cr | ₹450 cr |
| YoY | — | — | +21% | −26% | +1% | −15% | −33% | +65% | +11% | +137% | +119% | −13% |
| EBITDA margin | 30.8% | 27.8% | 28.0% | 19.9% | 21.9% | 15.5% | 11.6% | 30.2% | 17.5% | 39.6% | 34.7% | 21.7% |
| Other income, % of PBT | 2% | 5% | 19% | 8% | 47% | 18% | 44% | 1% | 15% | 4% | 4% | 11% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 27% | 25% | 34% | 20% | 29% | 21% | 25% | 26% | 26% | 25% | 25% |
| Net profit | ₹81.0 cr | ₹68.0 cr | ₹98.0 cr | ₹33.0 cr | ₹102 cr | ₹28.0 cr | ₹14.0 cr | ₹96.9 cr | ₹41.0 cr | ₹213 cr | ₹148 cr | ₹51.6 cr |
| YoY | — | — | +58% | −63% | +26% | −59% | −86% | +193% | −60% | +661% | +955% | −47% |
| Core profit YoY | — | — | +30% | −62% | −33% | −63% | −90% | +184% | −32% | +759% | +1,794% | −52% |
| EPS | ₹63.44 | ₹52.66 | ₹76.28 | ₹25.60 | ₹79.18 | ₹21.68 | ₹10.83 | ₹75.49 | ₹31.62 | ₹165.76 | ₹115.10 | ₹40.24 |
| Flags | · | · | 1 | 1 | 3 | 1 | 2 | ✓ | 1 | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Neuland Laboratories Ltd. reported revenue of ₹642 cr (+119.0% on the year) and net profit of ₹148 cr (+954.8% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +1,793.6% on the year, against +954.8% for reported profit.
None of the 7 checks that could run raised a question.
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.