API momentum offsets margin compression; pipeline strength masked by 1-3yr execution risk

Delivered ₹92.3 Cr domestic API, confirmed 27% YoY growth

Gross margin expanded 210 bps to 48.3%, pricing held despite volatile geopolitics

Delivered 17.8% EBITDA margin (₹29.6 Cr on ₹165.6 Cr revenue)

Confirmed 131 days current, 145 days prior year; target 110–120 days

Q1 PAT grew 15.8% YoY; revenue grew 11.3%; both within/above guidance band

10–15% FY27 growth; similar PAT growth. No prior guidance to compare (first earnings call).

18–20% EBITDA for FY27–28. Delivered 17.8% in Q1, below target but within execution range.

Down from 145d to 131d YoY. Management targets 110–120d; shows working capital discipline.

₹900–1000 Cr in 2–3 years (vs ₹165.6 Cr Q1 annualized ~₹662 Cr). Driven by peptide ramp, CDMO, product mix shift.

Prices stable this quarter; depends on geopolitical situation and oil prices. Growth primarily volume-driven at 27% YoY.

Growth around 10–15% for both revenue and profit for FY27.

Q4 2027 commissioning. First production Semaglutide. Plant designed for global market. 6–7 molecules in pipeline, others confidential.

Down from 145d to 131d. Target 110–120d going forward. Working with customers to reduce further.

6 CEP approvals in last 6–8 months. First revenue FY28 end; customer approval takes 1–1.5 years post-regulatory approval.

Yes. Product mix shift from high-volume to low-volume high-margin peptides and oncology will drive improvement.

Vitamin C 8–9% of revenue (2029 fermentation target). Other 8–10 products: 20–25% of revenue, 1–2% margin improvement.

Yes, we can expect that. Last year's write-off was one-time, no cash impact; going forward working capital discipline will improve conversion.

Anything around ₹200–300 Cr at peak utilization (2–3 year ramp). Margin 18–20% EBITDA.

Market range USD120–150 per gram currently. Plant still under construction; commissioning Q4 2027.

₹900–1000 Cr in 2–3 years. Drivers: new product development (peptides, onco, CDMO), mix shift from low-value to high-value.

We'll send you offline all the details.

Q1 delivered 11.3% YoY; domestic API +27% provides buffer. Export expected to normalize as geopolitics ease.

Q1 at 17.8% (below range). Dependent on product mix shift to peptides/oncology. Gross margin strong (+210 bps), opex needs discipline.

For peptide plant (250 kg, Q4 2027), onco API facility (Q4 2028), GenRx integration, R&D expansion.

Peptide plant Q4 2027 commissioning faces 2–3 year ramp to ₹200–300 Cr peak revenue. Onco API not launched till Q4 2028. CDMO first revenue FY28 end. Delays could push long-term ₹900–1000 Cr target beyond 3 years.

Cenobamate awaiting DCGI approval and state licenses (₹10–12 Cr FY27 target at risk). Suvorexant patent licensing uncertainty delays Q4 FY28 launch. Onco APIs in development; fermentation Vitamin C 2029 target.

Magnesium L-Threonate 10% of FY26 revenue (~₹16.5 Cr) supplied to one US innovator (patent holder). Loss of contract would be material. Ascorbic acid/Vitamin C 8–10% of revenue domestically; backward integration not complete until 2029.

Export API ₹50.1 Cr (~30% of revenue) lagging due to geopolitical conditions; management expects 'gradual normalization' (unquantified timeline). API pricing tied to oil prices and global supply chain. Opium processing for Government of India (institutional business tied to government priorities).

Receivables 131 days (vs 110–120d target); inventory elevated due to Q4 geopolitical hedging. Management said inventory 'will get better' but timeline vague. Cash conversion to OCF expected to improve but specifics unclear.