Financial Performance Summary

Consolidated Q1 FY27 Results (Highest Quarterly Performance)

  • Revenue: INR 469 crores, increased 43% YoY (from INR 328 crores in Q1 FY26) and 7% QoQ (from INR 439 crores in Q4 FY26)
  • EBITDA: INR 139 crores, increased 42% YoY (from INR 98 crores) and 15% QoQ (from INR 121 crores)
  • EBITDA Margin: 30% (consistent with Q1 FY26, improved from 28% in Q4 FY26)
  • PAT: INR 101 crores, increased 115% YoY (from INR 47 crores) and decreased 6% QoQ (from INR 108 crores)
  • Adjusted PAT (excluding exceptional items): INR 101 crores, increased 115% YoY and 16% QoQ (from INR 87 crores)

Segment Revenue Breakdown (INR crores)

  • API Business: INR 216 crores (47% of total revenue), grew ~15% YoY
  • Formulations Business: INR 198 crores (42% of total revenue), grew over 100% YoY
  • Biologicals Business: INR 52 crores (11% of total revenue)

Other Financial Metrics

  • Gross Profit: INR 334 crores (71% margin), increased 34% YoY
  • Employee Cost: INR 100 crores, increased 22% YoY
  • Other Expenses: INR 95 crores, increased 40% YoY
  • Finance Cost: INR 12 crores, decreased 36% YoY
  • Depreciation: INR 35 crores, increased 22% YoY
  • Operating PBT: INR 92 crores, increased 84% YoY
  • Share of profit from JVs/Associates: INR 6 crores (compared to loss of INR 1 crore in Q1 FY26)

Key Business Developments & Strategic Updates

Credit Rating Upgrade

  • Credit rating upgraded with category shift from A+ to AA-
  • Driven by strengthening balance sheet and improving return ratios

API Business Developments

  • 20+ products across Onco and Non-Onco API portfolio under development
  • Onco portfolio revamped with 15+ new APIs added to pipeline
  • New Onco block expansion underway, slated for completion by end of FY27
  • Capacity expansion for key products UDCA and Tranexamic Acid in process
  • Specialty CDMO division showing strong traction with new client acquisitions

Formulations Business Highlights

  • NorUDCA Launch: First-in-class treatment for NAFLD launched in India under brand NoducaTM
  • Strategic partnership with 3 large companies for marketing in India
  • Dedicated specialized MR team established
  • Applying for additional indication of NASH in global trials
  • Market Performance:
  • US revenue: INR 45 crores
  • Europe revenue: INR 57 crores (84% YoY growth)
  • Domestic revenue: INR 24 crores (179% YoY growth)
  • Complex Pipeline: 3 complex/505(b)(2) projects commercialized, 5 under development

Biologics & Novel Biological Entities (NBE)

  • Partnership: Entered partnership with Orion Corporation to co-develop and supply nivolumab biosimilar for Europe
  • Nivolumab: Entered human trials
  • Aflibercept: Targeting FY27 India launch; out-licensed to partners in India and Russia
  • Novel Pipeline: Four new biosimilar programs added to portfolio
  • ADC Platform:
  • First ADC biosimilar expected to enter human studies in FY27
  • Second ADC process development initiated
  • GMP facility qualification for ADC in progress
  • Commissioned integrated ADC Drug Substance GMP manufacturing facility in Dharwad

CDMO Business Update

  • Comprehensive CDMO development capabilities across small molecules, peptides, monoclonal antibodies, ADCs, and fermentation
  • "Clone-to-vial" capabilities positioning as preferred one-stop outsourcing partner
  • One of very few Indian CDMOs with integrated biologics offerings and ADC solutions

Manufacturing Capabilities Expansion

  • Formulations - Jadcherla: OSD tablets/capsules, injectables (dry powder, liquid lyophilization)
  • Capacities: ~3mn liquid vials, ~2mn lyophilized vials, 25mn tablets, 4mn hard capsules
  • Regulatory: EU GMP, ANVISA, TGA, WHO-GMP, SHAPRA, SFDA, Health Canada, GHC
  • Formulations - Bangalore: Transdermal patches and Oral Thin Films
  • Capacities: ~50mn ODF units, ~30mn TDF units
  • Regulatory: US FDA, WHO-GMP, UK-MHRA, EU GMP, TGA, SFDA
  • Biologics - Dharwad: End-to-end microbial & mammalian-based drug substance and product manufacturing
  • Capacities: Upstream - 4,000LX2, Microbial Suite - SS 1,000LX2, PFS - 80 units/min
  • Regulatory: EU GMP, DSIR Approved

Product Pipeline & Launch Timeline

Near-term Launches (FY27-FY28)

  • Rotigotine Transdermal Patch: EMA approval received, EU launch planned FY27; US filing completed
  • Ondansetron Long-Acting Injection: Phase III completed, CDSCO approval expected 1HFY27
  • Abraxane (Nab-Paclitaxel): Exhibit batches completed, EU filings targeted 1HFY27
  • Xtandi (Enzalutamide): Exhibit batches completed, phased filing strategy (1HFY27 for EU & RoW, 2HFY27 for US)
  • Semaglutide: API validation batches completed, formulation development complete, dedicated peptide capacity planned

Medium-term Launches (FY28-FY29)

  • New Oncology API Blockbusters: 15+ new oncology products in grid, 4-5 products in advanced development
  • Recombinant Human Albumin: Phase III trials to start 1HFY27, India and EU commercialization in FY29
  • Biosimilars - LatAm: Strategic licensing agreement for high-value biosimilar across 30+ Latin American countries

Outlook & Growth Drivers

  • FDF: Hybrid portfolio (Nilotinib, Axitinib, Rotigotine), Novel products (NorUDCA, OERIS), Complex Generics (Abraxane, Xtandi, Abiraterone)
  • CDMO: One NCE project commercialized in FY26, two new late-stage projects secured, EU commercial supplies begin 2HFY27
  • API: 20+ new APIs in development grid, multiple complex API launches, capacity expansion
  • Biologics: Strong biosimilar pipeline, niche CDMO biologic offerings
  • Margin Improvement: Improved utilization expected to drive revenue and EBITDA margin improvement
  • Operating Leverage: Substantial portion of current gross block underutilized across high-margin divisions

Conference Call Details

  • Date: August 05, 2026, Wednesday at 16:00 IST
  • Universal Access Number: +91 22 6280 1130 / +91 22 7115 8031
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