Financial Performance Highlights (₹ in millions, consolidated)

Quarterly Performance (Q2 FY27 vs Q2 FY26):

  • Revenue from operations: ₹18,336 vs ₹14,869 (23% YoY growth)
  • Gross Profit: ₹11,638 vs ₹9,331 (25% YoY growth); Margin stable at 63%
  • EBITDA: ₹4,804 vs ₹3,139 (53% YoY growth); Margin: 26% vs 21%
  • Adjusted EBITDA: ₹5,030 vs ₹3,355 (50% YoY growth); Margin: 27% vs 23%
  • Profit Before Tax (PBT): ₹4,309 vs ₹2,839 (52% YoY growth); Margin: 24% vs 19%
  • Profit After Tax (PAT): ₹2,908 vs ₹1,837 (58% YoY growth); Margin: 16% vs 12% (~350 bps expansion)

Quarterly Performance (Q2 FY27 vs Q1 FY27):

  • Revenue from operations: ₹18,336 vs ₹18,003 (2% QoQ growth)
  • Gross Profit: ₹11,638 vs ₹11,759 (-1% QoQ); Margin: 63% vs 65%
  • EBITDA: ₹4,804 vs ₹4,930 (-3% QoQ); Margin: 26% vs 27%
  • PAT: ₹2,908 vs ₹3,170 (-8% QoQ); Margin: 16% vs 18%

Half-Yearly Performance (6M FY27 vs 6M FY26):

  • Revenue from operations: ₹36,339 vs ₹29,925 (21% YoY growth)
  • Gross Profit: ₹23,397 vs ₹19,175 (22% YoY growth); Margin stable at 64%
  • EBITDA: ₹9,734 vs ₹6,817 (43% YoY growth); Margin: 27% vs 23%
  • PAT: ₹6,077 vs ₹3,992 (52% YoY growth); Margin: 17% vs 13%

Business-wise Performance (₹ in millions)

Q2 FY27 Performance:

  • CDMO Business: Revenue of ₹8,227 (31% YoY growth); contributed 45% of total revenue
  • Critical Injectables Business (B2B and B2C): Revenue of ₹10,109 (18% YoY growth); contributed 55% of total revenue

Half-Yearly Business Performance:

  • CDMO Business: Revenue of ₹17,142 (25% YoY growth)
  • Critical Injectables Business: Revenue of ₹19,197 (18% YoY growth)

Market-wise Performance (₹ in millions)

Q2 FY27 Performance by Geography:

  • USA: ₹11,795 (42% YoY growth; 20% QoQ growth)
  • Europe: ₹3,710 (30% YoY growth; -6% QoQ growth)
  • Canada, Australia and New Zealand (Other Core Markets): ₹400 (-18% YoY growth; -25% QoQ growth)
  • India: ₹387 (-42% YoY growth; -42% QoQ growth)
  • Rest of the world: ₹2,044 (-21% YoY growth; -33% QoQ growth)

Operational and Business Highlights

R&D Investment:

  • Q2 FY27 R&D expenses: ₹1,077 million (6% of consolidated revenue)
  • Q2 FY26 R&D expenses: ₹817 million
  • Focus areas: Complex product development and number of filings

Product Launches:

  • Launched 4 new molecules in the USA: Sugammadex, Erythromycin, Fluorouracil, and Atropine sulfate

Regulatory Filings and Approvals:

  • ANDAs filed in Q2 FY27: 11
  • ANDAs approved in Q2 FY27: 10
  • Cumulative ANDA filings in U.S.: 399 (350 approved, 49 pending)

Product Pipeline:

  • In-house Complex Pipeline: 6 products already launched; 3 more in line for approval
  • Co-development Partnerships: 15 products in co-development (7 under 505(b)(2) and 8 ANDAs); commercialization expected to begin in FY29

Ready-to-Use (RTU) Bags:

  • Filed: 24 products
  • Approved: 18 products
  • Under development: 8 additional products
  • Total addressable market opportunity: Approximately $640 million in the US

CDMO Partnerships:

  • Technology transfer activities with a global pharmaceutical company are advancing as planned
  • Partnership expanded with addition of more technology transfer dossiers
  • Secured manufacturing contracts for microspheres and respiratory products

Quality and Compliance:

  • Two facilities audited by USFDA:
  • VSEZ: Zero observations
  • Dundigal: Audit concluded in October 2026 with four procedural observations

Management Commentary

Mr. Srinivas Sadu, Executive Chairman, stated: "We delivered another quarter of strong growth, with revenue increasing 23% year-on-year and profit after tax growing 58% year-on-year, driven by strong execution across our businesses. Our CDMO business grew 31% year-on-year, supported by expanding customer engagements, strategic partnerships and a robust opportunity pipeline. With continued investments in manufacturing capabilities, innovation and capacity expansion, we remain well positioned to capitalize on growing global outsourcing opportunities and create sustainable long-term value for shareholders."

Earnings Call Details

Date: November 6, 2026

Time: 6:30 PM IST

Access Numbers:

  • Universal Access: +91 22 6280 1516 / +91 22 7115 8875
  • National Toll-Free: 1 800 120 1221
  • International Toll-Free: USA – 18667462133, UK – 08081011573, Singapore – 8001012045, Hong Kong – 800964448
  • Diamond pass registration link: Provided in document

Investor Contacts

  • Pallerlamudi Sampath Kumar, Company Secretary and Compliance Officer
  • Shriniwas P. Dange, Investor Relations