AARTIDRUGS Q2 FY27 Guidance vs Delivery (AARTIDRUGS Management Mirror)

H1 FY27 EBITDA Margin Reaches 15.3%, Achieving the ~15% Steady-State Target Outlined Earlier

In Sep'26 Qtr, consolidated EBITDA rose 63% YoY to Rs. 138 crores, with the EBITDA margin expanding 370 bps YoY to 16.6%, while H1 FY27 margin stood at 15.3% (up 250 bps YoY). Earlier, management guided in the Mar'26 Qtr concall for FY27 EBITDA margins between 13.5% and 14%, and then in the Jun'26 Qtr concall outlined a pathway to 15% as utilization across Sayakha and Tarapur improved; the H1 FY27 performance of 15.3% has now delivered and exceeded this target. Going forward, management expects sustainable consolidated EBITDA margins of around 15% or slightly above on a steady-state basis, assuming standalone margins of approximately 14% and formulations margins settling in the early 20% range.