Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue INR 2,206 Cr; H1 INR 4,233 Cr, +31% y-y; EBITDA margin 34.5% in Q2, 33.2% in H1 - CDMO segment Q2 sales INR 875 Cr (+86% y-y), H1 INR 1,710 Cr (+77% y-y); peptide manufacturing capacity 16,000 liters - Affordable medicines Q2 revenue INR 1,302 Cr (+15% y-y), H1 +13%; KRKA JV formulation facility on track for mid-2027 start - Capex INR 470 Cr in Q2, INR 864 Cr in H1; INR 3,000 Cr planned for FY27-28; net debt INR 2,466 Cr, debt/EBITDA 1.02 - Peptide commercial revenues expected around 2029; capacity expansion planned due to early clinical programs - R&D spend 4.3% of sales in H1, +34% y-y; quality audits cleared with no critical findings - No significant customer concentration; stable gross margin guidance >60%, EBITDA margin >30% - Asset turn target 1.1x-1.4x over time; peptide resin cost 10-20% of raw material cost - Laurus Bio fermentation facility commissioning Q4 FY27; commercial supplies from Q1 FY28 - Multiple analyst queries on peptide capacity utilization, capex execution, and CDMO project pipeline