NEULANDLAB · Healthcare
Neuland Laboratories Ltd. reported revenue of ₹440 cr for October to December 2025, +10.6% on the year and −14.4% on the quarter. Over the last four quarters revenue comes to ₹1,575 cr, +2.7% on the four before.
Operating profit (EBITDA) was ₹77.0 cr, a margin of 17.5%, −436 bps on the year and −1,274 bps on the quarter. Over the last 8 quarters the margin has ranged from 11.6% to 30.2%, averaging 21.6%. Operating costs grew +16.7%, faster than revenue at +10.6%, so operating profit grew less than sales.
Net profit was ₹41.0 cr, −59.8% on the year and −57.7% on the quarter, with earnings per share of ₹31.62. Profit before other income, one-offs and tax grew faster, at −32.4%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹180 cr, −40.2% on the four before.
On earnings per share of ₹139.62 over the last four quarters, the stock at ₹19,680.00 trades at 141.0 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.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 17.5%, −436 bps on the year (−1,274 bps on the quarter).
Source: Quarterly statements
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.
| 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 ₹440 cr (+10.6% on the year) and net profit of ₹41.0 cr (−59.8% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved −32.4% on the year, against −59.8% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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