Beat Q1 sharply, FY27 guide raised 2-3pp; material costs rising

Delivered ₹2,788.1 Cr, YoY +20.8%. Organic ~16% after 5% forex benefit.

₹961 Cr to ₹1,082 Cr = 12.6% growth; matches guidance

Delivered; but driven by personnel/mfg cost deleveraging (2.3 pp), not pricing

Company reported 13% organic; IQVIA lower, with malaria -24% drag offsetting gains

₹40 Cr timing shift March→April inflated result; normalized single-digit

Material costs up 21% in Q1, rising again July-Aug. Downside risk if volumes soften.

12-13% → 14-16% (raised 2-3 pp). Q1 beat from generics +27%, API +30%, export +34%.

22% → 23% (raised 1 pp). Q1 delivered 22.88%, ahead of prior target, despite material cost inflation.

10% growth / 13% margin unchanged despite 27% Q1 growth. Management cautious on subsidiary outlook.

Malaria declined 24% (now <1% of business); chronic outgrew market at 17.2% vs 15.2%. Guidance 12-13% stands.

₹40 Cr timing shift from March→April was one-off. Normalized range ₹260-300 Cr with single-digit growth.

Yes, raised 12-13% to 14-16% on EU +70%, API +30%, India branded +13%.

Not revising. Let's see more quarters before revising guidelines.

No margin pressure. Material cost relative to sales will decline. Freight headwinds baked in guidance.

15-16-17% growth is realistic. 3-4 Ipca launches + 7-8 total (Unichem included) annually.

Ipca ~30% possible. Consolidated 25-26% in FY29-30 on synergies, U.S./India growth, subsidiaries scaling.

FY29-30 earliest. 2 products in engineering batches now. Clinical trials simplified (Phase III waiver obtained). Global protocols aligned EU/US.

Building 3 businesses (animal health, critical care, IVF). Cost structure improving; on right path.

Q1 delivered 21% (exceptional). Q2-Q4 expected to normalize due to institutional ₹40 Cr one-off, moderation in export momentum, material cost headwinds.

Q1 delivered 22.88%, ahead of prior 22% target. Material cost inflation (21%) offset by leverage. Freight costs 3x in South America, baked in.

Dependent on biotech commercialization (FY29-30 earliest), Unichem synergies, and European/U.S. product mix optimization.

Pithampur capacity (controlled/extended releases); biotech R&D ₹100 Cr incremental; API plants Dewas/Wardha; continuous process conversions.

Material costs +21% in Q1, rising again July-August. Management claims no margin pressure if costs modulate, but July-Aug trend contradicts. Material costs are 25% of sales, so 5% swing = 125 bps EBITDA impact.

Freight rates 3x in South America, 1.8x in U.S./EU. Container scarcity in peak destinations. Management says baked in guidance but July-Aug prices rising again.

₹40 Cr shipment moved March→April due to shipping delays inflated Q1 institutional growth to 107%. Normalized growth single-digit. Q2-Q4 will see lower institutional contribution.

7-candidate pipeline, 2 advanced to engineering batches. Clinical trials simplified (Phase III waiver obtained) but FY29-30 launch is 18-24 months away. Requires ₹100+ Cr annual investment with no revenue until approval.

Unichem own portfolio grew only 9% (vs Ipca 37%). U.S. market inherently has lower margins. Ipca portfolio via Unichem (37% growth) masks slower organic momentum. Management declined to upgrade 13% margin guidance despite 27% Q1 total growth.