SOLARA ACTIVE PHARMA SCIENCES LIMITEDRevenue +33%, EBITDA +118%, PAT ₹28.5 Cr

Solara Active Pharma Sciences' Q2 FY27 call, held on 16 October 2026, reported its best quarter in about five years, with revenue up 33% to ₹418 crore, EBITDA more than doubling to ₹77 crore at an 18.4% margin and profit after tax of ₹28.5 crore against a loss a year ago.

The base business grew 37% to ₹327 crore with a 23.6% EBITDA margin, while ibuprofen nearly broke even on better prices that management called temporary. Net debt fell to about ₹500 crore, 1.8 times EBITDA, helped by a rights issue, though trade receivables rose to about ₹506 crore. Management filed its second of five planned drug master files, passed an ANVISA audit, and pushed the ibuprofen strategic review out by another 12 weeks, with the options being a multi-product plant or a sale.

It sees base gross margin of 52% to 55%, input cost headwinds for one or two more quarters, and wants two more good quarters before calling the turnaround complete.