• Event Type: Q2 and H1 FY27 earnings conference call including question and answer session.
  • Date and Time: November 04, 2026 (specific time not mentioned in transcript).
  • Purpose: Discussion of quarterly results and strategic updates for Q2 and H1 FY27.
  • Management Participants: Mr. Adhish Patil (Managing Director), Mr. Harshit Savla (Joint Managing Director), Mr. Harit Shah (Whole-Time Director), Mr. Vishwa Savla (Managing Director of Pinnacle Life Science Private Limited).
  • Materials Availability: Results and Investor Presentation filed with Stock Exchanges and available on company website. Audio recordings uploaded on stock exchange on November 4, 2026.
  • UPSI Statement: The company indicated that the conference call contained forward-looking statements based on beliefs, opinions, and expectations of the company as of the date of the call, with appropriate risk disclosures.

Financial Performance Highlights

Q2 FY27 Consolidated Performance:

  • Revenue: Rs. 829 crores (vs Rs. 653 crores in Q2 FY26, +27% YoY)
  • EBITDA: Rs. 138 crores (vs Rs. 84 crores in Q2 FY26, +63% YoY)
  • EBITDA Margin: 16.6% (370 bps expansion YoY)
  • PAT: Rs. 83 crores (vs Rs. 45 crores in Q2 FY26, +83% YoY)
  • PAT Margin: 10.0% (310 bps expansion YoY)

Q2 FY27 Standalone Performance:

  • Revenue: Rs. 709 crores (vs Rs. 579 crores in Q2 FY26, +22% YoY)
  • Contribution to Consolidated Revenue: 86%
  • Domestic Market Contribution: 68% of standalone revenue (+43% YoY growth)
  • Export Market Contribution: 32% of standalone revenue (-5% YoY)

API Segment Breakdown (Standalone):

  • Antibiotic Therapeutic: 34.1%
  • Anti-diabetic: 18.2%
  • Anti-protozoal: 18.1%
  • Anti-inflammatory: 14.8%
  • Anti-fungal: 9.3%
  • Others: 5.6%

H1 FY27 Consolidated Performance:

  • Revenue: Rs. 1,532 crores (vs Rs. 1,244 crores in H1 FY26, +23% YoY)
  • EBITDA: Rs. 235 crores (vs Rs. 159 crores in H1 FY26, +48% YoY)
  • EBITDA Margin: 15.3% (250 bps expansion YoY)
  • PAT: Rs. 133 crores (vs Rs. 99 crores in H1 FY26, +34% YoY)
  • PAT Margin: 8.7% (70 bps expansion YoY)

Formulations Business (Pinnacle Life Science):

  • Q2 FY27 Revenue: Rs. 130 crores (vs Rs. 83 crores in Q2 FY26, +58% YoY)
  • Export Contribution: 74% of formulation revenue
  • H1 FY27 Revenue: Rs. 212 crores (vs Rs. 163 crores in H1 FY26, +30% YoY)
  • Export Contribution: 63% of total formulation sales

Business Segment Performance

API Business: Grew 17% to Rs. 605 crores (from Rs. 516 crores in Q2 FY26)

Specialty Chemicals Business: Grew 92% to Rs. 72 crores (from Rs. 37 crores a year ago)

Formulations Business: Grew 58% to Rs. 130 crores (from Rs. 82 crores in Q2 FY26)

Operational and Project Updates

Methylamines Facility at Saykha:

  • Operated at 72% utilization during the quarter
  • Captive consumption of antidiabetic portfolio rose to ~85%
  • Commissioned in September last year

Tarapur Facility:

  • Improvements underway with production of technical grade methyl salicylate (85 tonnes in last quarter)
  • Expanding USFDA approved block with adjacent block that will more than double capacity
  • Includes three new multipurpose plants for wider range of products for regulated markets
  • Project timeline: 18-20 months with commercial production targeted towards end of FY29

Sarigam Facility:

  • Increasing metformin capacity from 1,400 tons/month to 1,700 tons/month (commercialization in early FY28)
  • Adding dedicated 500 tonnes/month USFDA compliant block by end of FY28
  • USFDA DMF for metformin under preparation

Baddi Facility (Himachal Pradesh):

  • Brownfield expansion utilizing adjacent plot to nearly double current oral solid dosage manufacturing capacity
  • Supports long-term formulations revenue target

Sustainability Initiatives:

  • Crisil assigned ESG rating of 61 for FY25-26 (Strong category)

Management Guidance and Outlook

Margin Sustainability: Management believes 15% EBITDA margin is sustainable, with Q2 achieving 16.6%

Volume Growth Expectations: Targeting 5-10% volume growth for standalone business

Pricing Environment: Remains stable with 17-18% price growth in H1 FY27

Formulations Business Outlook:

  • Four-month export order book visibility
  • Expect to sustain formulation margins in early 20s%
  • Targeting Rs. 1,000 crore revenue milestone earlier than published
  • Oncology portfolio expected to contribute 30-40% of revenue by FY30

Future Strategy:

  • Introducing mixed bucket of molecules including niche APIs
  • Developing CDMO platform capabilities
  • Increasing regulatory presence in regulated markets
  • R&D investment in formulation division
  • Capex plans for USFDA block expansion, metformin capacity increase, and CDMO block

Additional Notes

  • The document is a regulatory filing containing the transcript of the earnings conference call
  • No financial data was disclosed in the announcement itself beyond what was presented in the call
  • The transcript includes full Q&A session with analysts and investors
  • Forward-looking statements were appropriately qualified with risk disclosures