Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue grew 20% y-y to INR15,600 million; EBITDA up 21%, PAT up 39% to INR1,818 million - Gagillapur FDA inspection ended with 11 observations; no impact on manufacturing; response due in 15 business days - Complex generics and controlled substances drive growth; 26 ANDAs pending approval - Peptide CDMO business progressing; capex underway for Vizag facility; commercial scale expected in coming quarters - Net cash position INR8,280 million; capex INR1,304 million in Q2; ROCE improved to 17.6% - Gross margin 64.4%, down 134 bps y-y due to input cost inflation; price pass-through ongoing - 5 product launches planned in next 2 quarters, including 2 controlled substances - EBITDA margin 21.6%, stable y-y; margin pressure from West Asia conflict expected to ease - Medium-term growth driven by complex generics, global expansion, and peptide CDMO ramp-up - Multiple analyst queries on Gagillapur remediation and product approval timelines; management confident on resolution