Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue grew 9.9% y-y to INR1,149 million; EBITDA up 10.5% y-y at INR408 million; PAT rose 3.5% y-y to INR206 million - Biologics services started revenue generation; expected to take 2-3 years to become substantial - Preclinical business growing at ~30% CAGR over last 4 years; capacity expansion underway - Capex of INR80 crores planned for FY27, focused on analytical capabilities and self-service offerings - EBITDA margin stable at ~35.5% in Q2; medium-term margin may decline 100-200 bps due to service mix shift - Clinical research capacity limited by 180 beds; recovery expected as client base diversifies - Food testing domestic focus increased due to export/import sample flow softness - Electronics testing stable; capacity doubled; growth limited by nature of testing frequency - Medium-term revenue growth target ~20-25% CAGR; confident in growth potential despite short-term pipeline lull