Bajaj Healthcare, a manufacturer of active pharmaceutical ingredients (APIs) and formulations, reported a standalone net loss of ₹22.85 crore for the fourth quarter of FY26, a significant decline from a net profit of ₹11.17 crore in the same quarter of the previous fiscal year. Revenue from operations decreased by 0.91% year-on-year to ₹153.05 crore, with a pre-tax loss of ₹20.80 crore compared to a profit before tax of ₹11.72 crore in Q4 FY25. Despite these challenges, the company's EBITDA margin improved slightly to 16.7% from 16.4% in Q4 FY25. Segment-wise, domestic API revenue dropped by 2.56% to ₹86.85 crore, while API exports saw a more significant decline of 5.42% to ₹38.54 crore. However, revenue from the formulations business rose by 27.67% to ₹27.67 crore. The company is making strides in its drug development pipeline, with its anti-epileptic molecule, Cenobamate, on track for a launch in Q2 FY27. Bajaj Healthcare also completed the conversion of 2.08 million warrants into equity shares, raising ₹52.7 crore to support growth initiatives. The board has recommended a final dividend of 30% for FY26, translating to ₹1.50 per share. Despite the current operating challenges, the company remains focused on strengthening its core API business and achieving export-led growth.