14% revenue growth on track; PAT down QoQ amid cost pressures

Delivered ₹2,909.9 Cr, 13.8% YoY = ₹2,557 Cr prior year

Within 22-23% guidance band; vs 21.68% prior year, margin improved 129 bps

Stated in call; implied PAT of ₹389.3 Cr translates to NPM 13.3%, OPM 22.3%

Export ₹653 Cr vs ₹493 Cr, generics ₹364 Cr vs ₹268 Cr — both verified

Management stated IQVIA data; pain segment ₹628 Cr Q2 (16% growth QoQ)

From ₹300 Cr to ₹325-340 Cr due to ₹25 Cr carry-forward from prior-year shipment delays in Q1

From 13% guidance to 11-13% range due to persistent freight (₹30 Cr Q2 hit, expected to stay elevated)

14-16% (revised up from 12-13% at Q1) remains unchanged; EBITDA margin 22-23% also maintained

After £2.5M loss in FY26 from selling below-cost old generics; Q2 delivered profit as pricing recovered

Pain segment 14-16% Q2 growth (16% this quarter). Volume 8-9%, price 4-4.5%. Portfolio rheumatoid/osteoarthritis growing 14-15% continuously for 3-4 years. No competitive concerns.

Whatever guidelines given earlier (14-16% revenue, 22-23% EBITDA) will stand. Not revising.

Improve 1-1.25% per year consolidated, 1.5% standalone EBITDA annually.

Freight surged ₹30 Cr (air 5-6% → 25%). Other expenses ₹142 Cr → ₹189 Cr (+47%). Margins 11-13% range going forward if freight/energy costs stay high. GM 58% may vary ±1-2%.

Ipca portfolio $5.8M (74% value growth $), Unichem $38.5M. Overall US portfolio 9% growth.

By nature lumpy, we're conservative. ₹25 Cr carried from prior year into Q1. Will likely exceed ₹300 Cr — maybe ₹325-340 Cr. But don't expect this growth to sustain.

22% growth H1 (excluding West Asia geography which declined 3%). Maintain 15-16% India guidance overall. Generics doing well.

Interest cost down Q2. Paid off entire forex debt prior year. Now ₹155 Cr rupee term loan closing at ₹70-75 Cr. Debt-free (₹700 Cr cash). Not prepaying because debt at low rate. Interest rate will decline ₹12 Cr to lower in H2.

Europe generics +23%, Australia/NZ +24%, US +31%, Canada +45%, South Africa +46%. UK portfolio stabilized (was loss-making ₹2.5M FY26). Now in profit Q2.

All in profit except Pisgah (API). Good order position on Pisgah; should turn around by next FY.

Q2 at +13.8% YoY pace. Revised up from 12-13% at prior call. Maintained despite cost pressures & QoQ weakness.

Zerodol (₹1,500 Cr base) + rheumatoid/osteoarthritis portfolio growing in this range; no competitive concern cited.

By nature lumpy; ₹25 Cr carry-forward from FY26 shipment delays inflated Q1. Expected not to sustain.

H1 at 22% (excl. West Asia 3% decline). H2 softness expected but still on pace for guidance.

Q2 delivered 22.97%; input/logistics/fuel/energy inflation ongoing but managed. Stated will not revise.

Q2 at 26.6% (+114 bps YoY). Trajectory to 30% standalone in 2-3 years (per prior call) intact but incremental.

Freight ₹30 Cr hit compressed Q2 to 11.3%. Management expects 1-2% GM variation. Freight normalization upside.

Stated in prior call. Not updated in Q2 call. Implementation on track but no new quant detail provided.

Input costs, shipping, fuel, logistics remain elevated. Q2 freight ₹30 Cr (Unichem), air surcharge 5% → 25%. EBITDA margin expansion capped at 1-1.25% p.a.

By nature lumpy & unpredictable; ₹236 Cr H1 vs ₹300 Cr FY guidance. ₹25 Cr carry-forward from prior year masked underlying trend. Management conservative on H2.

PAT ₹389.3 Cr down 8.2% QoQ (from ~₹423 Cr) despite +4.4% revenue QoQ. Signals margin compression from cost inflation outpacing price hikes & volume.

Antimalarials, antibacterials declining; cough-cold very low growth. Acute segment flat to 11% market growth. Ipca exposure to these aging categories limits acute growth.

Branded business declined 3% in one unnamed geography due to shipment delays. Overall 22% H1 growth masks this pocket weakness.

Pisgah subsidiary still loss-making; turning into profit delayed. Good order book cited but no timeline or target margin provided.