Strides Pharma Science Ltd.Q2 revenue +17%, ex-US passes US, $375 Mn US aim slips

Strides Pharma Science's Q2 FY27 call, held on 30 October 2026, reported record revenue of ₹14,297 million, up 17%, with ex-US revenue up 31% to ₹6,963 million and, for the first time, larger than the US business at ₹6,855 million.

EBITDA was ₹2,509 million, up 8%, at a 17.6% margin against 19.0% a year earlier, and operational profit after tax was ₹1,358 million, up 12%. Gross margin fell to 56.0% on higher input and freight costs linked to the geopolitical situation. The company now expects its $375 million US revenue aspiration a little beyond FY28, saying the overall FY28 growth ambition is intact. Working capital rose ₹307 crore in the half, lifting net debt to EBITDA to 1.72x.

Management expects H2 to be stronger than H1 with four to six US launches, a controlled-substance patch relaunch in Q3, a nasal spray approval in Q4 and the Sandoz deal closing in Q3, and guided gross margin to 58% to 60%.