Transcript of Conference call with Analysts / Investors on Financial Results for the quarter and half year ended 30th September, 2026

AI summary - Q2 FY27 consolidated revenue INR4,979 Cr +51% y-y; EBITDA INR1,666 Cr +54%; margin 33.5% - JB merger integration caused transient sales impact; JB India branded +7%, international -7% - Torrent base India +20%, Brazil +38%, US generics +24%, Germany -7% - Cost synergies ahead of plan; INR450 Cr target likely achieved faster by FY28 - R&D spend increased to 4.2% of revenue, sustained for 2-3 years - Brazil growth driven by price, volume, and new launches; 53 molecules under ANVISA review - US filings increased; 9-10 products expected this fiscal; pricing pressure in H2FY27 - India pharma market growth strong at 12% in H1 FY27; expected to sustain ~10% next year - Semaglutide India market share 32%; supply restored after disruptions - EBITDA margin expected to improve gradually above 33.5% in H2 FY27