Transcript of the Earnings Call conducted on August 5, 2026

AI summary - Q1FY27 total income INR650.1 Cr +16.3% y-y; EBITDA INR231.1 Cr, margin 35.5%; PAT INR147.4 Cr - Working capital days improved to 84 from 137 in FY26; capex INR121.6 Cr for R&D and peptide facilities - FY27 growth expected around 20%, with no destocking risk in near term - Peptide plant commissioning next month; multiple projects lined up with commercial potential - Strategic collaboration with Gland Pharma for sterile APIs; asset-light partnership - Commercial CMS growth driven by handful of molecules; 1-2 new commercializations expected next year - Development pipeline improving; new molecules expected to replenish commercial base in 3-5 years - Future capex to be larger and qualitatively different, focusing on complex modalities and possible geographic diversification - EBITDA margin guidance around 25% long term; current quarter margin partly due to favorable conditions - Land acquisition ongoing for short-term expansion; long-term plans include new manufacturing sites