Lenalidomide cliff cuts deep; Brazil offsets but trajectory troubled

Revlimid now negligible. Domestic base grew 107→130 Cr (+21.5%); semaglutide ~2 Cr/month, highly competitive, barely profitable

Brazil revenue 178 Cr, confirmed 180% YoY growth, driven by oncology pipeline

EBITDA 245.7 Cr, margin 30.9%; improvement attributed to international and domestic performance plus lower operating costs

Reported PAT 206.5 Cr vs Q4 269 Cr (Q4 included 115 Cr one-time tax benefit); normalized Q4 ~154 Cr, so growth ~34% checks out

Adcock PAT 242.2 Cr; NATCO's 35.75% stake = 84.3 Cr (40% of total PAT). CFO acknowledged this quarter was abnormal; baseline ~35-40 Cr/quarter

Revlimid now negligible (was multi-hundred-crore contributor in FY26); explicit acknowledgment this is structural not temporary

Not raised/cut despite Q1 at 735 Cr annualized (2,940 Cr); implies 20%+ Q2-Q4 average growth needed or guidance at risk of miss

INR1,060 Cr additional acquisition in July 2026; strategic deepening, now ~40% of NATCO's consolidated earnings (but volatile flu-season-driven)

180% YoY growth to 178 Cr; oncology pipeline driving, multiple launches planned for '27; positioned as 3-geography growth (Brazil, Canada, US)

~₹2 Cr/month revenue, market 'cutthroat', pricing pressure intense, expects 'settling down' but timeline vague and profitability distant

Post-Adcock spend (3,000 Cr in last year), company raised to fuel next wave of M&A and capex; larger opportunity 'outside India' hinted at

Brazil 180% growth to 178 Cr; Canada 56 Cr. QoQ decline 14% attributed to seasonal cycles and Adcock flu season bump.

Base business 107→130 Cr (+21.5%); semaglutide significant contributor with third-party orders; domestic expected +25% volume growth FY27.

Will come back to you. (Deflection; no specifics provided)

Last year Q1 had high R&D spend and legal costs (timing-dependent); current quarter lower, will fluctuate based on project milestones and batch spending.

Different product cycles, seasonal tendencies; don't provide product-by-product guidance; focus on larger picture and annual trajectory.

Don't have the split; smaller ones not available; will pass on this.

Q1 loss due to El Niño delays and rain postponements; goal is FY27 breakeven; Q2 should be significantly better (strongest quarter for agro).

Very, very small. Negligible to say the least.

India new regime ~25.16% (plus CSR disallowances, ~27%). Global depends on geography mix. Brazil >35%, high this quarter. Difficult to guide precisely.

Cannot confirm exact date due to confidentiality. On track; plant upgrade by year-end; will launch when date is set.

Don't remember the trial date, top of my head not able to recollect. Trial is scheduled next few months. Exclusivity determination pending.

Synergies: (1) NATCO pipeline for Adcock distribution, (2) Indian partner relationships, (3) R&D synergies. Value comes 2-3 years out; now stabilizing base earnings.

Oncology pipeline is driving growth. Other meaningful launches in '27 subject to patent litigation. Cannot name molecules (competitive).

Brand ~₹2 Cr/month. Lot of third-party business won't repeat. Market is cutthroat; pricing stability expected next few months.

Doesn't lose money, but doesn't make much money either.

Not well informed, don't want to answer that question.

Sun Pharma got approval. NATCO is a little away. Exploring third-party options. Dossier not yet filed. Don't have market size data.

Demerger plans still active. Delayed 2-3 months due to fundraising activity. Probably March instead of December.

Net cash now ₹1,400 Cr. INR3,000 Cr spent on Adcock stakes over last year. Looking at acquisition opportunities, short-term loans, capex. Funds needed for M&A and readiness.

Run rate ₹250-300 Cr annually for organic capex.

Filed 3 dossiers. Registration takes 18-24 months. Estimate NATCO products to market around '28.

eGenesis doing reasonably well; transplants performed on multiple patients; 2 patients survived >8 months on pig kidney. Most valuable asset. Will have updates in next few months.

Internal target 8-10 ANDAs/year; FTF target 2-3/year. Hoping to deliver 1-2 FTFs this year over pipeline already in hand.

Don't annualize. Flu season bump. Guidance remains ₹750 Cr. Not changing guidance. Normally Adcock ~₹100 Cr/quarter, 49% see-through ≈₹49 Cr normalized.

Yes, committed to long-term South Africa strategy. Currently at 49%, Bidvest holds 51%, no opportunity now. Have first right of refusal. Will pursue if opportunity arises.

15-20% of land tied in litigation (frivolous claims). Can sell at right price/time. Need all parcels clean or break into smaller pieces. Exploring but on hold.

Exploring all options: QIP, rights, others. Board allowed us to consider all. Will decide based on what's right. Considering rights as well.

Different payoffs. 8-9 year assets yield 20-40x. 12-month assets yield 15-20%. Longer wait = higher returns + higher risk. Think in 8-10 year cycles not 2-3 years.

70-80% of money for things happening 2029 and beyond (range '28-'35); early payoffs are 15-20% return.

Clarified: Total 13.25% tranche was ₹1,060 Cr (not ₹1,400 Cr total). Strategic long-term investment in South Africa.

Controlling stake not available; Bidvest holds 51%, not offering. Have first right of refusal. Will pursue if comes at right price. Currently 49% is the position.

Smaller piece in India; large opportunity outside India. Evaluating various options. Not geography-specific but 2 opportunities identified.

Not filing in either. Status is minus. Dossier not being filed.

Intend to launch with exclusivity. Can't name due to confidentiality. Have 2 launches in next financial year.

Some level of exports done but not significant. Predominantly domestic focus. Working on registrations across geographies.

35 products total; insecticides, fungicides. CTPR 8 products (30-35% revenue), rest non-CTPR (65-70%). Glanz brand (fungicide, limited competition) doing well. Pursuing 9(3) registrations (limited competition) for next year.

Requires ₹2,665 Cr in Q2-Q4 (avg 889 Cr/quarter); annualized Q1 would be 2,940 Cr, leaving ~400-500 Cr shortfall if no ramp. Likely requires strong Brazil and base business momentum.

EBITDA 30.9% this quarter suggests room; but semaglutide competition and Crop Health losses pressure near-term

Run-rate established; carfilzomib plant upgrade by year-end; modest ongoing maintenance

Lenalidomide now negligible; was multi-hundred-crore legacy revenue driver. Q1 revenue 735 Cr (down 45% YoY) shows gap too large to fill quickly. FY27 guidance 3,400-3,500 Cr would require 20%+ Q2-Q4 average ramp.

Adcock contributed 84.3 Cr PAT this quarter (40% of 206.5 Cr total). CFO acknowledged flu season bump; baseline is ₹35-40 Cr/quarter. If Adcock normalizes next quarter, consolidated PAT will drop sharply and create annualized FY27 miss risk (700-750 Cr guidance assumes 156-187 Cr/quarter from Adcock alone at 49% stake).

Carfilzomib launch confidential, plant upgrade required by year-end (schedule risk). Olaparib patent litigation trial scheduled 'next few months' but CEO couldn't recall exact date (concerning governance gap). 8-10 ANDA target with 2-3 FTF/year ambitious. Failure to deliver launches on timeline would hurt FY28+ growth assumptions.

Semaglutide India brand revenue ~₹2 Cr/month (24 Cr annualized). Market described as 'cutthroat'. CEO acknowledged 'doesn't lose money, but doesn't make much money either'. Not filed in Canada or Brazil (major geographies). Low profitability means limited upside despite hype; market 'settling down' over 'next few months' is vague.

Crop Health Sciences Q1 revenue 40 Cr with EBITDA loss; management expects FY27 breakeven and Q2 strong recovery (strongest agro quarter). However, El Niño fear and rain delays caused Q1 weakness; external weather dependency creates execution risk. Demerger delayed 2-3 months (now targeted March vs December) due to fundraising, suggesting distraction/prioritization risk.