Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 consolidated revenue Rs 17,018 mn, down 9% y-y; gross margin 49%, EBITDA margin 14% - Domestic agri business grew 19% y-y; biologicals up 45% domestically and 250% globally - Agchem exports declined 18%, volume down 3-4%, pricing pressure 13-14% - Pioxaniliprole (Pioxazon) launched in India; global registrations progressing - Pharma business grew 20% y-y; investments ongoing with expected breakeven in 2-3 years - Global biologicals expanding distribution in Brazil, Mexico, Spain, US - Capex focused on new growth platforms; agchem capacity sufficient for 2-3 years - Net cash Rs 36 bn; working capital reduced by 18 days releasing Rs 298 Cr cash - Multiple analyst queries on margin trajectory and new molecule commercialization timelines