• The document contains the transcript of a Post Results Conference Call held on 4th November, 2026, discussing Q2 and H1 FY27 earnings performance.
  • The conference call was scheduled after the earnings announcement (referencing intimation dated 30th October, 2026) and was specifically for analysts and institutional investors.
  • Management participants included: Mr. Pranav Amin – Managing Director; Mr. G. Krishnan – Chief Financial Officer; Ms. Isha Lamba – Head, Investor Relations and Corporate Development.
  • The purpose was to discuss quarterly results, provide business updates, and share revised financial guidance for FY27.

Financial Highlights & Business Updates

  • Q2 FY27 Performance: Consolidated revenue grew 36% YoY to ₹2,603 crore. PAT grew 81% YoY to ₹335 crore. EBITDA margin expanded by 520 bps YoY to 22.2%.
  • H1 FY27 Performance: Consolidated revenue grew 31% YoY to ₹4,753 crore. PAT grew approximately 50%.
  • India Business: Delivered 14% YoY growth in Q2, with Human Health returning to double-digit growth at 11%. Animal Health grew 23%.
  • U.S. Generics: Exceptional performance with 72% YoY growth. Base portfolio (excluding new launches) grew 23%.
  • U.S. Branded Business: Alembic Therapeutics portfolio contributed close to 3% of total U.S. revenue.
  • API Business: Sustained strong growth with 39% YoY increase.
  • Ex-U.S. Markets: Delivered steady growth of 12% YoY.
  • R&D Expenditure: Was 8% of revenue for the quarter.
  • Capex: Spent approximately ₹250 crores in H1 FY27.
  • Net Debt: Stands at ₹1,236 crores (less than 1x of full year EBITDA).

Revised Guidance & Outlook

  • Full Year FY27 Revenue Growth: Revised upward to about 20-25% from previous mid-teens guidance.
  • U.S. Business: Expected to grow up to 40% YoY for full year.
  • API Business: Expected to deliver at least high teens growth for the year.
  • India Business: Expected to reach market-level growth (IPM) in next 2-3 quarters.
  • Ex-U.S. Markets: Expected to grow at mid-teens.
  • U.S. Branded Business: Expected to break even by first half of FY28, currently causing 150-200 bps margin drag.

Strategic Development

  • DifGen Collaboration: Expanded strategic collaboration with DifGen Pharmaceuticals for access to a differentiated portfolio of over 20 products across transdermal patches, complex injectables, ophthalmics and other specialized dosage forms.
  • The portfolio addresses an aggregate U.S. reference market of approximately $5 billion and provides access to U.S. manufacturing capacity.
  • Contributions expected to begin from FY28.

Additional Notes

  • The document explicitly states that during the call, forward-looking statements were made that involve risks and uncertainties.
  • The transcript includes a detailed Q&A session with analysts covering various aspects of business performance and outlook.