WOCKPHARMA · Healthcare
Wockhardt Ltd. reported revenue of ₹969 cr for July to September 2026, +23.9% on the year and +4.3% on the quarter. That is faster than this quarter has grown in recent years (+2.0% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹3,751 cr, +25.7% on the four before.
Operating profit (EBITDA) was ₹173 cr, a margin of 17.9%, −491 bps on the year and −281 bps on the quarter. Over the last 8 quarters the margin has ranged from 8.6% to 23.3%, averaging 17.6%. Operating costs grew +31.8%, faster than revenue at +23.9%, so operating profit grew less than sales.
Net profit was ₹73.0 cr, −11.0% on the year and −31.8% on the quarter, with earnings per share of ₹4.86. Profit before other income, one-offs and tax fell 11.4%, so the profit growth came from the business itself. The tax rate was 0% against an average of 9% over the previous 5 quarters, which lifted profit this quarter.
Of the 13 companies in Healthcare that have reported Q2 FY27 so far, Wockhardt Ltd. ranks 7th on revenue growth; the sector median is +23.7%. Its margin moved −491 bps on the year against a sector median of +1 bps.
On earnings per share of ₹25.23 over the last four quarters, the stock at ₹1,947.00 trades at 77.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, 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?
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
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. 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 | ₹701 cr | ₹700 cr | ₹739 cr | ₹809 cr | ₹721 cr | ₹743 cr | ₹738 cr | ₹782 cr | ₹888 cr | ₹965 cr | ₹929 cr | ₹969 cr |
| YoY | — | — | +15% | +7% | +3% | +6% | −0% | −3% | +23% | +30% | +26% | +24% |
| EBITDA margin | 5.3% | −8.4% | 12.3% | 13.6% | 17.8% | 8.6% | 9.8% | 22.8% | 19.9% | 23.3% | 20.7% | 17.9% |
| Other income, % of PBT | — | — | — | — | 38% | — | — | 23% | 22% | 35% | 27% | 15% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | — | — | — | 5% | — | — | 10% | 9% | 13% | 8% | 0% |
| Net profit | −₹86.0 cr | −₹177 cr | −₹16.0 cr | −₹16.0 cr | ₹20.0 cr | −₹45.0 cr | −₹108 cr | ₹82.0 cr | ₹61.0 cr | ₹164 cr | ₹107 cr | ₹73.0 cr |
| YoY | — | — | — | — | — | — | — | — | +205% | — | — | −11% |
| Core profit YoY | — | — | — | — | — | — | — | — | +300% | — | — | −11% |
| EPS | −₹5.76 | −₹11.02 | −₹0.91 | −₹1.43 | ₹0.86 | −₹1.54 | −₹5.54 | ₹4.80 | ₹3.63 | ₹10.22 | ₹6.52 | ₹4.86 |
| Flags | · | · | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | 1 | ✓ | 2 |
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.
Wockhardt Ltd. reported revenue of ₹969 cr (+23.9% on the year) and net profit of ₹73.0 cr (−11.0% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −11.4% on the year, against −11.0% for reported profit.
2 checks raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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