Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - H1 FY27 revenue grew 29.2% y-y; EBITDA margin improved slightly to 23.18%; PAT rose 45% to INR34 Cr - Own-branded business grew 17% in H1; target INR150 Cr sales for FY27 - Exports progressing with 76 new dossiers filed; aiming INR90-100 Cr sales in FY27 and INR300 Cr in 3-4 years - Nivian Lifesciences sales up 75% in H1; gross margin ~50%, EBITDA 18-18.5%, synergy to lift to 23-25% - CMO business guided at INR180-190 Cr for FY27; NDDS products have higher margins - API business grew 29% in H1; new intermediate plant to boost margins and supply by early 2027 - Oncology branded growth guided at 20-22%; Platin business flat due to API supply constraints but expected to improve - Management evaluating biosimilars with capital-efficient model and potential manufacturing outside India - Receivable days stable at 116; export forex impact positive but small - Conservative 20-25% growth guidance maintained across segments with margin target 23-24%