Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 consolidated revenue grew 36% y-y to INR 2,603 Cr; H1 revenue up 31% y-y to INR 4,753 Cr - India business grew 14% y-y in Q2, led by chronic and specialty therapies; aiming market-level growth in 2-3 quarters - U.S. generics grew 72% y-y in Q2; base portfolio up 23%; 30+ launches planned over 18 months with 25% FTF/shared day-1 - Expanded DifGen collaboration adds 20+ complex generics; revenue contribution from FY28 - EBITDA margin expanded 520 bps to 22.2% in Q2; full-year EBITDA margin expected in high teens to ~20% by FY28 - U.S. branded business contributed ~3% of U.S. revenue; breakeven expected by H1 FY28 - Capex INR 250 Cr in H1 FY27; focus on debottlenecking and asset turns; net debt INR 1,236 Cr (<1x EBITDA)