1. Opening Hook
Some pharma companies blame monsoons, some blame distributors — Jagsonpal this quarter blamed GST 2.0. Fair enough. When the government rewrites tax rules overnight, even Excel sheets develop anxiety. Still, Jagsonpal delivered steady margins and a double-digit H1 PAT surge while half the sector was Googling “how to claim GST input credit”. As theBiblesays,“Let perseverance finish its work.”Jagsonpal clearly took that to heart.
Buckle up — because the real spice comes later, especially around acquisitions, MR productivity and their renewed leadership play.
2. At a Glance
- Revenue flat YoY– Thanks to GST whiplash; September felt like a surprise math exam.
- EBITDA margin 24.3%– CFO basically said, “GST shook us, but margins stayed zen.”
- PAT up 10%– Profitability refuses to catch a cold even when sales do.
- Cash ₹160 crore– Dividend paid, cash untouched… like a savings account dads don’t allow withdrawals from.
- H1 revenue up 10%– Volume muted, but operating discipline did the heavy lifting.
- PAT up 39% in H1– Cost controls working harder than interns in audit season.
3. Management’s Key Commentary (Quotes + Sarcasm)
Quote:“GST 2.0 created temporary challenges for channel partners.”(Translation: Distributors panicked, we calmed them with discounts.)
Quote:“The industry grew 7.5%, but our therapy areas grew only 2.5–3%.”(Translation: We picked the slow lanes on the highway and then wondered why cars overtook us.)
Quote:“We gave 1% extra discount or 30 extra days credit.”(Translation: Relationship management 101 — money heals all GST wounds.)
Quote:“We retained our cash balance even after 125% dividend.”(Translation: We’re basically hoarding cash like squirrels before winter.) 😏
Quote:“We cannot afford a big mistake in acquisitions.”(Translation: We are NOT Torrent Pharma. Please don’t compare us.)
Quote:“MR productivity hasn’t improved yet.”(Translation: We know the problem. Still debugging the solution.)
Quote:“Yash
Pharma acquisition is performing better than expected.”(Translation: Our first acquisition didn’t explode. Confidence unlocked.)
Quote:“New launches will be in difficult, concept-selling categories.”(Translation: We won’t join the 80-company GLP-1 stampede. No thanks.)
4. Numbers Decoded
Metric | Q2 FY26 | YoY Change | One-Line Analysis
----------------------|------------------|------------|------------------------------
Revenue | ₹74.5 crore | Flat | GST hangover killed momentum.
EBITDA | ₹18.1 crore | Mild up | Margins cushioned the slowdown.
EBITDA Margin | 24.3% | Stable | Cost discipline flexing strong.
PAT | ₹12.6 crore | +10% | Profit engine running clean.
H1 Revenue | ₹150 crore | +10% | Growth finally shows in H1.
H1 PAT | ₹23.4 crore | +39% | Margins delivered the knockout.
Cash Balance | ₹160 crore | Steady | War chest ready for acquisitions.
Dividend Paid | ₹16.7 crore | Higher | Shareholder love + confidence.Summary:Margins are the hero, GST the villain, and cash is the sidekick waiting for an acquisition script.
5. Analyst Questions – Condensed & Spicy
Q:Trade generics & Jan Aushadhi are booming. Will
