Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2FY27 revenue grew 24% y-y to INR2,820 Cr; EBITDA rose 31% to INR575 Cr with 20.4% margin (+100 bps y-y) - India business grew 12% y-y to INR1,155 Cr; international grew 34.5% to INR1,665 Cr (59% of revenue) - Europe grew 36%, Canada 24%, Rest of World 41%; ARV ~50% of ROW sales - R&D spend at 4% of revenue, expected to increase in H2FY27 - Raised FY27 revenue growth outlook to >20%; EBITDA margin expansion at upper end of 75-100 bps guidance - Net debt INR1,317 Cr as of Sep 2026; committed to net cash by FY28 - Amphotericin B key growth driver in Europe; treprostinil also expected to contribute - Domestic growth driven by chronic/specialty therapies; Zuventus improving sequentially - Management confident of sustaining growth momentum into FY28 - Operating leverage expected to keep SG&A growth below revenue growth - No major raw material cost impact on gross margin in Q2; some input cost pressures noted