Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue INR795 Cr +40% y-y; H1 FY27 revenue INR1,551 Cr +39% y-y - Q2 FY27 EBITDA INR115 Cr +80% y-y; margin 14.4% (+321 bps y-y); H1 EBITDA INR227 Cr +70% y-y, margin 14.5% - Q2 FY27 PAT INR65 Cr +117% y-y; H1 PAT INR130 Cr more than doubled y-y - Ibuprofen capacity expansion from 12,000 to 18,000 MTPA targeted for FY28 commissioning - CDMO and specialty chemical projects to start commercial operations in FY27 - Exports contributed ~28% of revenue in H1 FY27; focus on European markets for CDMO - Capex INR250 Cr planned for FY27; half spent in H1, balance in H2 - Expect FY27 revenue growth ~25%+ with EBITDA margin 14-15% - Sustainable EBITDA margin target 15-17% by FY29 - Specialty chemical plant under tolling agreement with global customer; cost-plus pricing - Raw material imports ~62-63%; backward integration focus to improve efficiencies - Ibuprofen prices stable last quarters; expected to remain stable next 2-3 quarters - Capacity utilization high at 90-95% across products - CDMO business expected to have better margins than API business - Order book for key APIs typically 4-6 quarters with cost pass-through clauses - Ethyl Acetate and Acetic Anhydride volumes and prices improved; exports growing - No change in guidance; confident of surpassing 25% revenue growth and 14-15% EBITDA margin