Date: October 29, 2026

Financial Results (Standalone & Consolidated)

Q2FY27 Performance (Quarter Ended September 30, 2026)

  • Revenue: ₹14,297 million, grew 17.1% YoY (Q2FY26: ₹12,208 million)
  • Gross Margin: ₹8,003 million (56.0%), grew 13.4% YoY (Q2FY26: ₹7,056 million, 57.8%)
  • EBITDA: ₹2,509 million, grew 8.4% YoY (Q2FY26: ₹2,316 million)
  • EBITDA Margin: 17.6% (Q2FY26: 19.0%)
  • Operational PAT: ₹1,358 million, grew 11.5% YoY (Q2FY26: ₹1,218 million*, excluding one-time finance income of ₹185m)
  • Operational EPS: ₹14.7 (Q2FY26: ₹13.2*)
  • Reported PAT: ₹1,341 million, grew 2.0% YoY (Q2FY26: ₹1,315 million)
  • Reported EPS: ₹14.2 (Q2FY26: ₹13.8)

H1FY27 Performance (Half Year Ended September 30, 2026)

  • Revenue: ₹26,951 million, grew 15.1% YoY (H1FY26: ₹23,406 million)
  • Gross Margin: ₹15,705 million (58.3%), grew 13.7% YoY (H1FY26: ₹13,810 million, 59.0%)
  • EBITDA: ₹4,807 million, grew 6.9% YoY (H1FY26: ₹4,496 million)
  • EBITDA Margin: 17.8% (H1FY26: 19.2%)
  • Operational PAT: ₹2,589 million, grew 9.8% YoY (H1FY26: ₹2,358 million*, excluding one-time finance income of ₹185m)
  • Operational EPS: ₹28.1 (H1FY26: ₹25.6*)
  • Reported PAT: ₹2,996 million, grew 26.4% YoY (H1FY26: ₹2,371 million)
  • Reported EPS: ₹31.2 (H1FY26: ₹24.6)

Segment Performance

US Market (Q2FY27):

  • Revenue: ₹6,855 million ($73 million), grew 9% YoY
  • Launched 3 products in Q2FY27
  • Rank among top 3 in 38 products, contributing ~70% of total US revenue
  • 230 ANDAs filed, 212 ANDAs approved (154 products) as of October 2026
  • 75 products commercialized

Ex-US Markets (Q2FY27):

  • Revenue: ₹6,963 million ($74 million), grew 31% YoY
  • Surpassed US revenue for the first time
  • Includes all markets except US and institutional business
  • Strong performance in Europe partnered business and Africa brands business

Balance Sheet Position (as of September 30, 2026)

  • Net Tangible Assets: ₹11,369 million
  • Right-of-use assets: ₹479 million
  • Goodwill and Other Intangibles: ₹14,475 million
  • Investments: ₹3,461 million
  • Inventories: ₹18,776 million
  • Cash and bank balances: ₹1,475 million
  • Trade receivables: ₹14,640 million
  • Total Assets: ₹74,775 million
  • Equity: ₹34,705 million
  • Borrowings: ₹18,471 million
  • Lease liabilities: ₹577 million
  • Trade payables: ₹14,288 million

Debt Position

  • Reported Net Debt: ₹16,479 million (March 2026: ₹14,365 million)
  • Net Debt increased by ₹2,114 million during H1FY27
  • Net Debt/EBITDA ratio: 1.72x
  • H1FY27 operating cashflow: ₹1,024 million
  • Strides' retained interest in OneSource worth ₹2,900 million (as of October 28, 2026)

Key Ratios (TTM basis)

  • Return on Capital Employed (RoCE): 16.3%
  • Return on Equity (RoE): 10.8%
  • Net Debt/EBITDA: 1.72x
  • Interest Coverage: 5.5x

KMP / Board / Auditor Changes

Mr. Biren Gabhawala appointed as Non-Executive Independent Director effective November 1, 2026 (subject to shareholder approval).

  • Chartered Accountant (FCA) with three decades of experience in accounting, audit, taxation, financial reporting, and corporate governance
  • Currently serves as Senior Partner at C.M. Gabhawala & Co.
  • Former Independent Director of eClerx Services (2011-2025) and 3M India (2014-2024)
  • Appointment will strengthen Board's financial oversight, internal controls, risk management and corporate governance capabilities
  • With this appointment, Independent Directors will make up 6 of the 10 Board members

Board Meeting Outcomes

Board meeting commenced at 16:45 hrs IST and concluded at 18:15 hrs IST on October 29, 2026.

The Board considered and approved the unaudited financial results for the quarter and half year ended September 30, 2026.

Strategic Updates

US Market Strategy:

  • US revenue aspiration of ~$375 million shifts beyond FY28 (previously targeted for FY28)
  • Focus on profitability-led growth and margin-accretive revenues
  • Growth anchored in differentiated platforms (nasal sprays, patches, films) and Controlled Substances portfolio
  • Controlled Substances portfolio: 5 commercialized products contributing ~6% of US revenue (TAM $750m)
  • 10+ CS products in pipeline (TAM $4.5bn)
  • Relaunch of 1 CS patch expected in H2FY27
  • Chestnut Ridge US facility has capacity and expertise for CS portfolio

Ex-US Markets Strategy:

  • Accelerating growth with focus on geographical diversification
  • Strong launch pipeline and expanding customer base
  • Portfolio maximization and focused R&D investment
  • Significant regulatory filings underway for new territories

Outlook Commentary

From MD & Group CEO Badree Komandur:

  • "Strides delivered a strong second quarter, with revenue of ₹14,297m growing ~17% YoY"
  • "Ex-US Markets growing 31% YoY to ₹6,963m and, for the first time, surpassing our US business in quarterly revenue"
  • "EBITDA grew to ₹2,509m, crossing the ₹2,500m mark in a quarter for the first time"
  • "Net Debt to EBITDA ratio to stabilize by the end of the year"
  • "While the external environment remains dynamic, we are committed to delivering sustainable and profitable growth"

Investor Communication

Earnings call scheduled for October 30, 2026 at 10:00 am IST with senior management including MD & Group CEO Badree Komandur and Group CFO Vikesh Kumar.