Strong execution beats guidance; diversification gaining momentum

Non-ibu pharma revenue 43% of total (36% prior year), driving portfolio diversification

Delivered 14.6% vs guided 14-14.5% range for FY27; beats guidance

Management directly refuted inventory gain; PAT +89.9% reflects capacity utilization, product mix, and export realization

Confirmed; on track with 25-30% FY27 guidance

Paracetamol expanding from 3,600 MTPA to 10,800 MTPA over 2 years; targeting 70% utilization by FY27 end

36% → 43% of pharma revenue YoY; +67% growth driven by paracetamol ramp (10,800 MTPA capacity vs 3,600 prior) and clopidogrel/pantoprazole traction

Prior: 14-14.5%; New: 14-15%. Q1 delivered 14.6%, demonstrating operating leverage and mix benefit execution.

New: revenue 15-20%, EBITDA 15-17% (vs FY27: 14-15%). Signals confidence in margin trajectory continuation.

24.4% → 28.5% YoY; new NMPA approval for clopidogrel in China expands regulated market footprint.

Despite Q1 beat, management held FY27 full-year guidance (15-20% revenue, 14-15% margin). Conservative stance to de-risk over-promise.

Started 2 years ago at 3,600 MTPA, tripled to 10,800 MTPA; now at 55% utilization targeting 70% by FY27 end. Demand growing, IOL gaining position domestically and in exports.

Prices spiked in March, now stable. Delta between raw material and finished product expected to remain constant going forward.

Targeting 25-30% range for FY27, hopeful to achieve it. Range accounts for customer agreement volatility.

Higher capacity utilization, better product mix, operational efficiencies, stronger non-ibu demand, improvements in finished product prices. All factors contributed.

Majority from volume increase in pharma products; capacity utilization (80-95% most assets) is key driver. Do not share detailed volume/price split.

Little bit inventory gain in Q4 last 10-15 days, none in Q1. Not correct to allocate profit to inventory gain; driven by capacity, mix, efficiency, non-ibu growth.

21-20% from export (mix of regulated and non-regulated); majority is regulated. Achieved 43% overall pharma from non-ibu, targeting 50% near-term.

Primarily operational efficiencies of existing products with capacity utilization; no major mix change except export penetration. EBITDA is internal efficiencies, not external factors.

Higher volumes and better pricing on established products plus new product growth. Reasonable visibility into Q2 order book. Expect 20% revenue, 14-15% EBITDA sustainable for whole year.

Yes. Q4 had inventory benefit (10-15 days); Q1 has input price increases, finished prices also up but lag on passing to customers. Price gaps now exhausted; no major future variation.

Paracetamol turnover contributed mainly; clopidogrel and pantoprazole also contributed. Overall, broad-based growth expected.

All products have CEP approval; 5 products approved by US FDA, 2-3 more in pipeline (formulator ANDAs filed). NMPA China approved clopidogrel. Targeting different regulated markets by customer need.

Ibuprofen is one of best products; replicating leadership model to other products. Broad-based growth across all products as they reach scalability. Will move toward diversified API platform.

Working on different R&D streams; will provide update once POC ready with proof-of-concept.

Statutory permissions underway; R&D working on product mix. Will start work once POC ready. Probably not in this FY.

EBITDA margin on upward trend this quarter. Increased capacities for ethyl acetate and acetic anhydride; increased exports contributed. Expect performance to continue.

Working on that segment; will update once POC is ready.

Guidance was for whole year. With current scenario, may cross that number but not upgrading guidance. Philosophy is to be correct rather than over-promise.

If we say 30% it can be 28% or 35%; we prefer being correct over over-promising. Around 30% is mean; hope to achieve or cross it. Export customer agreement variability drives Q-to-Q volatility.

Only 1 month of production in Q1; capacity will increase gradually as market penetration builds. Revenue potential ~₹120 Cr per year at steady state.

No, inputs are acetic acid and glycerol; acetic anhydride not used. Cannot compare EBITDA to ethyl acetate due to different usage.

Metformin not backward integrated; depends on DCDA raw material from China. Most companies also source from China; geographically available there.

Mix of everything: better product mix, operational efficiency, better realization, customer reach. Not dominantly one reason.

Based on capacity utilization, product mix, operational efficiencies; reasonable order book visibility into Q2

Contingent on current scenario; management hedged on 6-month view changes

Q1 delivered 14.6%; margin expansion driven by capacity utilization and non-ibu 67% growth

Based on continued capacity ramp and non-ibu scale-up; scenario-dependent per management

Consistent capex run-rate past 4-5 years. Greenfield 101-acre site preparation underway; major project likely FY28+

Paracetamol utilization only 55%, targeting 70% by FY27 end. Historical weak demand and market ramp risk; other APIs also scaling simultaneously.

Ethyl acetate and acetic anhydride prices surged in March 2026 post-US-Iran war. Q1 absorbed lag before customers accepted price increases; gross margin compressed QoQ.

Export business (28.5% of revenue) has customer agreements for fixed quantities; when customers take low quantities in a quarter, export % can dip materially.

Metformin depends on DCDA sourcing from China; ethyl acetate and acetic anhydride subject to geopolitical shocks (US-Iran war). Supply chain uncertainty globally.

101-acre greenfield site statutory permissions ongoing; no major project expected in FY27. CMO and backward integration initiatives at R&D POC stage with uncertain timelines.