Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 consolidated revenue ₹79.1bn +29% y-y; EBITDA ₹18.9bn; EBITDA margin 24%; PAT ₹9.3bn - India branded formulations grew 19% y-y, outpacing IPM; chronic portfolio 56.9% of sales - International formulations up 33% y-y; US business ₹33.1bn +21% y-y, specialty 16% of US revenue - Consumer wellness revenue ₹11.2bn +76% y-y; strong domestic and international growth - Saroglitazar US launch expected March FY27; commercial spend ~$100mn annually - USFDA inspections with minor observations; new transdermal patch approval Oct 2026 - FY27 EBITDA margin guidance maintained at 24% despite Saroglitazar investments - Pipeline includes 15-20 ANDAs/505(b)(2) launches next 2-3 quarters; Keytruda biosimilar under USFDA review - Net debt/EBITDA 0.62x; strategy to deleverage while investing in growth - Specialty and biosimilars to drive medium-term growth; MedTech business at ~20% EBITDA margin