• The document is a regulatory filing containing the full transcript of Zim Laboratories Limited's Q2 and H1 FY27 Earnings Conference Call, held on Thursday, 05th November 2026. The call was hosted by Go India Advisors LLP.
  • The conference call was held to discuss the company's financial and business performance for the second quarter and first half of fiscal year 2027, ended September 30, 2026.
  • Management participants included:
  • Dr. Anwar Daud – Chairman and Managing Director
  • Mr. Chandrashekhar Mainde – Technical Director
  • Mr. Shyam Mohan Patro – Chief Financial Officer
  • Mr. Zulfiquar Kamal – Director Finance
  • Mr. Zain Daud – Investor Relations
  • The moderator was Ms. Deepika Sharma from Go India Advisors LLP.
  • The company stated that discussions on the call included forward-looking statements that must be viewed in conjunction with the risks the company faces.
  • The transcript was filed pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Highlights Discussed:

Q2 FY27 Performance:

  • Total operating income: ₹1,054 million (19% YoY growth, 12% sequential growth)
  • EBITDA: ₹77 million (EBITDA margin of 7.3%)
  • Net loss: ₹21 million (improved from ₹40 million loss in Q1 FY27)
  • Export contribution: 86% of total operating income
  • NIP and OTF portfolio revenue: ₹149 million (14% of total operating income, 16% including dossier license fees)
  • R&D allocation: ₹99 million (9.4% of total operating income)

H1 FY27 Performance:

  • Operating income: ₹1,996 million (24% YoY growth)
  • EBITDA: ₹111 million (EBITDA margin of 5.6%)
  • Profit before tax: Net loss of ₹61 million
  • Pharmaceutical revenue growth: 16% YoY
  • Nutraceutical business growth: 58% YoY

Business Updates and Guidance:

EU-GMP Remediation Process:

  • The company is in the final stages of the EU-GMP remediation process following a joint re-inspection by German and Portuguese authorities in May 2026
  • Has received draft final report and submitted CAPA response to EU authorities
  • Expects to receive final acceptance within 1-1.5 months after providing clarifications
  • Once CAPA is accepted, company can begin supplies to UK market even before formal EU-GMP certificate issuance

Regulatory Milestones:

  • Received TGA Australia certification, enabling market entry into Australia
  • Received four marketing authorizations during Q2 (one NIP product, three OTF products)
  • Have 48 filings across Pharmerging and ROW markets
  • NIP pipeline for EU/UK: 12 products across 7 therapy areas
  • OTF pipeline: 5 products across 3 therapy areas
  • Three NIP products at end of procedure stage in EU

Operational Updates:

  • Started new CEPHA plant and implemented cost optimization initiatives
  • Shifted Nutraceutical operations to new facility with increased automation
  • Strengthened senior leadership team across quality assurance, international business development, HR, and procurement
  • Total debt: ₹1,462 million as of September 30, 2026 (term loan: ₹841 million, working capital: ₹621 million)
  • Gross block increased to ₹4,188 million from ₹3,862 million

Financial Guidance:

  • FY27 revenue target: ₹415-430 crore without EU contribution, ₹450-460 crore with EU orders
  • Expected growth rate: 20-25% compounded annually from FY28 to FY30
  • Target EBITDA margin: 18-20% at ₹700 crore revenue level
  • Capacity utilization expected to reach 80-90% at ₹700 crore revenue
  • No substantial CAPEX required until reaching ₹700 crore revenue

Market Development:

  • Strong growth across LATAM, Southeast Asia, Middle East, and Africa regions
  • First test market order received from Australia, commercial supplies expected in Q3 FY27
  • Meaningful revenue from Australia expected from Q4 FY27 and FY28

Additional Notes Section

  • The transcript was filed with BSE and NSE on November 11, 2026, with reference number ZLL/CS/BSE/NSE.
  • The transcript is available on the company's website at: https://drive.google.com/file/d/1J0z4QHe78tcj2gaO0mBKTsmzl-rY37/view?usp=drive_link
  • The document contains detailed financial data and forward-looking statements about the company's performance and regulatory progress.