Consolidated Revenue from Operations: ₹1,012 crores
CRDMO Business Revenue: ₹850 crores
Specialty Ingredients Revenue: ₹162 crores
EBITDA: ₹506 crores
EBITDA Margin: 46.2%
Other Income (included in EBITDA): ₹84 crores
Profit After Tax (PAT): ₹331 crores
PAT Margin: 30.2%
Financial Position
Net Cash Position (as of September 30, 2026): ₹1,534 crores
Business and Operational Highlights
Margin expansion was attributed to cost efficiencies, yield optimization, and workforce productivity.
The product pipeline shifted: 15 commercial molecules (up from 14) and 9 late-stage molecules (down from 10). One molecule moved from late-stage to commercial in Q2 FY27.
The company is 75-78% self-sufficient in domestic procurement, reducing reliance on Chinese vendors from levels mentioned in the DRHP (now ~20-21% of procurement).
Geographic Revenue Split: 84% international, 16% domestic. Of international revenue: 22-24% from the U.S., ~60% from Europe, and 1-2% from Rest of World.
Business Segment Split: 85% CRDMO, 15% Specialty Ingredients. Of the CRDMO business, 65% comes from commercial manufacturing, with the remaining 20% split between R&D and development supplies.
Customer Concentration: Top 5 customers contribute ~50% of revenue; Top 10 contribute ~80%.
Capital Expenditure (Capex) and Guidance
Capex guidance of ₹1,200 crores for the next two years remains intact. This is for Unit 4, a large-scale facility equivalent to the combined capacity of Units 1, 2, and 3.
Phase 2 of Unit 4 is planned but no guidance was provided; it is expected to be of a similar scale to Phase 1.
The company aspires to achieve an asset turnover of 1.5x (currently at 1.2x-1.3x).
Strategic Focus and Future Outlook
Management expressed confidence in sustaining double-digit growth and industry-leading margins for the full year.
The company is focusing on new technology areas: oligonucleotides, lipids, ADCs, peptides, and RNAi. Early-stage work is significant in these areas, though quantifying their future revenue contribution (e.g., by FY31) was deemed difficult.
Investments are being made in expanding capabilities, including biologics manufacturing, drug product (fill-finish), and cybersecurity.
The go-to-market strategy in the U.S., involving a partnership, provides advantages in sales, logistics, and customer support.
The biotech funding environment was described as a "mixed bag," leading to better RFP inflows but also geopolitical uncertainty.
Management Participants
Mr. Ajay Bhardwaj: Managing Director and Chief Executive Officer
