Q1 2027 Emcure Pharmaceuticals Ltd Earnings Call

August 6, 2026

Speaker #2: FY27 earnings conference call. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Operator 2: FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to Mr. Saurabh Paliwal, Head of Investor Relations. Thank you, over to you, sir.

Operator: FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to Mr. Saurabh Paliwal, Head of Investor Relations. Thank you, over to you, sir.

Speaker #2: Please note that this conference is being recorded. I now hand the conference over to Mr. Saurabh Paliwal, Head of Investor Relations. Thank you, and over to you, sir.

Speaker #3: Thank you, Dorvin. Good afternoon, everyone, and welcome to the Q1 FY27 earnings conference call of Emcure Pharmaceuticals. We will begin today's session with opening remarks from the management, followed by a Q&A session.

Saurabh Paliwal: Thank you, Robin. Good afternoon, everyone, and welcome to Q1 FY27 earnings conference call of Emcure Pharmaceuticals. We will begin today's session with opening remarks from the management, followed by a Q&A session. Joining me today on this call are Mr. Satish Mehta, Managing Director and CEO; Mr. Taj Shaikh, Chief Financial Officer; Mr. Samit Mehta, Whole Time Director and COO; Mr. Vik Thapar, President, Corporate Development, Strategy, and Finance; and Mr. Piyush Nahar, Executive Vice President, Corporate Development and Strategy. We hope you had an opportunity to review the financial results, the results presentation, and the press release, which was released earlier this afternoon. Before we start, please note that this call is being recorded. I also need to remind everyone about the safe harbor related to today's call. Certain statements made during this call may be forward-looking in nature.

Speaker #3: Joining me today on this call are Mr. Satish Mehta, Managing Director and CEO; Mr. Taj Sheikh, Chief Financial Officer; Mr. Samit Mehta, Full-time Director and COO; Mr. Vik Thapar, President, Corporate Development, Strategy and Finance; and Mr. Piyush Nahar, Executive Vice President, Corporate Development and Strategy.

Speaker #3: We hope you had an opportunity to review the financial results, the results presentation, and the press release which was released earlier this afternoon. Before we start, please note that this call is being recorded.

Speaker #3: I also need to remind everyone about the safe harbor related to today's call. Certain statements made during this call may be forward-looking in nature.

Speaker #3: These statements are based on our current expectations, assumptions, and management's views as of today. Actual results may differ materially due to a range of factors, including market conditions, regulatory developments, competitive dynamics, operational factors, and other risks and uncertainties.

Saurabh Paliwal: These statements are based on our current expectations, assumptions, and management's views as of today. Actual results may differ materially due to a range of factors, including market conditions, regulatory developments, competitive dynamics, operational factors, and other risks and uncertainties. The detailed disclaimer accompanying the results presentation and the press release applies to this earnings call. I will now hand over the call to Mr. Mehta because of his opening remarks. Over to you, sir.

Speaker #3: The detailed disclaimer accompanying the results presentation and the press release applies to this earnings call. I will now hand over the call to Mr. Mehta.

Speaker #3: Over to you, sir.

Speaker #4: Thank you, Saurabh. Good afternoon to all of you. This is Satish Mehta, CEO of Emcure. I am absolutely pleased to speak to you following the publication of our Q1 results, which I believe you must have seen by this time.

Satish Ramanlal Mehta: Thank you, Saurabh. Good afternoon to all of you. This is Satish Mehta, CEO of Emcure. I am absolutely pleased to speak to you, post-publication of our Q1 results, which I believe you must have seen by this time. Before I start talking about the performance of the quarter which has ended, I would like to share some important board and organizational updates. Some important details I would like to share with all of you. Number one, our Chairman, Mr. Brijesh Desai. As far as Brijesh is concerned, he's associated with me for more than 3 decades, has been appointed as a member of National Commission for Minorities. He has been appointed. It's the full-time employment of Government of India. As a result of this particular appointment, Brijesh is going to step down. Brijesh Desai is going to step down from the boards of all listed companies.

Satish Mehta: Thank you, Saurabh. Good afternoon to all of you. This is Satish Mehta, CEO of Emcure. I am absolutely pleased to speak to you, post-publication of our Q1 results, which I believe you must have seen by this time. Before I start talking about the performance of the quarter which has ended, I would like to share some important board and organizational updates. Some important details I would like to share with all of you. Number one, our Chairman, Mr. Brijesh Desai. As far as Brijesh is concerned, he's associated with me for more than 3 decades, has been appointed as a member of National Commission for Minorities. He has been appointed. It's the full-time employment of Government of India. As a result of this particular appointment, Brijesh is going to step down. Brijesh Desai is going to step down from the boards of all listed companies.

Speaker #4: Before I start talking about the performance of the quarter, which has ended, I would like to share some important board and organizational updates. There are some important details I would like to share with all of you.

Speaker #4: Number one, our Chairman, Mr. Bharjeet Desai, and Sir Bharjeet's concern has been associated with me for more than three decades, has been appointed as Member of National Commission for Minorities, Member of National Commission of Minorities.

Speaker #4: He has been appointed; it's a full-time employment with the Government of India as a result of this particular appointment. Bharjeet is going to step down.

Speaker #4: Bharjeet Desai is going to step down from the boards of all listed companies. So, obviously, as far as Bharjeet Desai is concerned, he will retire from the Board of Directors of Emcure at the conclusion of our AGM, Annual General Meeting.

Satish Ramanlal Mehta: Obviously, as far as Brijesh Desai is concerned, he will retire from the board of directors of Emcure at the conclusion of our AGM, annual general meeting. As I told some time back, Brijesh and myself, we have been working together for more than 35 years. He has been very much responsible in shaping the value system and culture of the organization, and immense guidance and contribution he has given to Emcure. Obviously, being a stalwart and a very eminent lawyer in his own right, he has helped in terms of improving the governance standards and institutional processes of the company. We'll obviously continue whatever we have jointly built over a period of last 35 years and take it to the next level.

Satish Mehta: Obviously, as far as Brijesh Desai is concerned, he will retire from the board of directors of Emcure at the conclusion of our AGM, annual general meeting. As I told some time back, Brijesh and myself, we have been working together for more than 35 years. He has been very much responsible in shaping the value system and culture of the organization, and immense guidance and contribution he has given to Emcure. Obviously, being a stalwart and a very eminent lawyer in his own right, he has helped in terms of improving the governance standards and institutional processes of the company. We'll obviously continue whatever we have jointly built over a period of last 35 years and take it to the next level.

Speaker #4: As I told you some time back, Bharjeet and I, you know, we have been working together for more than 35 years, and he has been very much responsible in shaping the value system and culture of the organization.

Speaker #4: And the immense guidance and contribution he has given to Emcure—obviously, being a stalwart and a very eminent lawyer in his own right—he has helped in terms of improving the governance standards and institutional processes of the company.

Speaker #4: And we'll obviously continue whatever years we have jointly built over a period of the last 35 years, and take it to the next level.

Speaker #4: Anyway, the entire management of Emcure, and each and every Emcure employee, is absolutely grateful to Bharjeet for the contribution that he has given to the company in the last 35 years, and things wouldn't have happened otherwise.

Satish Ramanlal Mehta: Anyway, the entire management of Emcure and each and every Emcurean is absolutely grateful to Burji for the contribution that he has given to company in last 35 years. Things wouldn't have happened but for his active participation. With the recommendation of the board, I will now take on the role of Chairman in addition, Satish Mehta will take on the role of Chairman in addition to my existing role as Managing Director and CEO of the company, post the conclusion of the coming annual general meeting. In a weird way, I feel happy about the development because I jokingly keep on saying that I started my journey in early 80s. I still vividly remember the first year the turnover of the company was less than INR 10 lakhs. At that time also, I was Managing Director and CEO.

Satish Mehta: Anyway, the entire management of Emcure and each and every Emcurean is absolutely grateful to Burji for the contribution that he has given to company in last 35 years. Things wouldn't have happened but for his active participation. With the recommendation of the board, I will now take on the role of Chairman in addition, Satish Mehta will take on the role of Chairman in addition to my existing role as Managing Director and CEO of the company, post the conclusion of the coming annual general meeting. In a weird way, I feel happy about the development because I jokingly keep on saying that I started my journey in early 80s. I still vividly remember the first year the turnover of the company was less than INR 10 lakhs. At that time also, I was Managing Director and CEO.

Speaker #4: But for his active participation, with the recommendation of the Board, I will now take on the role of Chairman in addition. Satish Mehta will take on the role of Chairman in addition to my existing role as Managing Director and CEO of the company, post the conclusion of the coming Annual General Meeting, post the conclusion of the coming Annual General Meeting.

Speaker #4: In a weird way, you know, I feel happy about the development, because I jokingly keep on saying, you know, that I started my journey in the early '80s.

Speaker #4: And I still vividly remember, the first year turnover of the company was less than ₹10 lakhs at that time also. I was Managing Director and CEO.

Speaker #4: And now, you know, I've got a promotion after 40 years—more than four decades of service to the organization. And now, you know, I'll be Chairman.

Satish Ramanlal Mehta: Now I've got promotion after 40 years, more than 4 decades of services to the organization. Now I'm the Chairman and CEO of the company because of the support that I've received from you all. I assure all of you that company strategy, operations, execution, everything remains absolutely unchanged. In terms of this new position that has been entrusted to me, I feel humbled. I'm committed to giving more than what I've done so far. I will work very closely with the board, senior management team and each and every Emcurean to take the company to the next level. The first thing I told you about Burji stepping down from the board of the company after having been appointed as member of the minority commission.

Satish Mehta: Now I've got promotion after 40 years, more than 4 decades of services to the organization. Now I'm the Chairman and CEO of the company because of the support that I've received from you all. I assure all of you that company strategy, operations, execution, everything remains absolutely unchanged. In terms of this new position that has been entrusted to me, I feel humbled. I'm committed to giving more than what I've done so far. I will work very closely with the board, senior management team and each and every Emcurean to take the company to the next level. The first thing I told you about Burji stepping down from the board of the company after having been appointed as member of the minority commission.

Speaker #4: And as CEO of the company, because of the support that I've received from you all, I assure all of you that the company's strategy, operations, and execution—everything—remains absolutely unchanged.

Speaker #4: In terms of, you know, this new position that has been entrusted to me, I feel humbled, and I'm committed to give more than what I've done so far.

Speaker #4: And I will work very closely with the board, the senior management team, and each and every Emcurean to take the company to the next level.

Speaker #4: So, the first thing I told you about Bharjeet, you know, stepping down from the board of the company after having been appointed as a Member of the Minority Commission.

Speaker #4: The second important announcement I would like to make is that Samit Mehta now takes over as Chief Operating Officer of Emcure, as CEO of COO of Emcure.

Satish Ramanlal Mehta: The second important announcement I would like to make is that Samit Mehta now takes over as Chief Operating Officer of Emcure, as COO of Emcure. As far as Samit is concerned, as you all know, as I told you in the beginning, he's extremely passionate about science and technology. He has done his MBA from Wharton, and he has spent more than two decades with the organization. He has also been involved and giving a lot of innovative products and has worked very closely with the R&D and manufacturing. Now, going forward, he will have a broader oversight of group R&D operations licensing activities.

Satish Mehta: The second important announcement I would like to make is that Samit Mehta now takes over as Chief Operating Officer of Emcure, as COO of Emcure. As far as Samit is concerned, as you all know, as I told you in the beginning, he's extremely passionate about science and technology. He has done his MBA from Wharton, and he has spent more than two decades with the organization. He has also been involved and giving a lot of innovative products and has worked very closely with the R&D and manufacturing. Now, going forward, he will have a broader oversight of group R&D operations licensing activities.

Speaker #4: And as far as Samit is concerned, you know, as you all know, as I told you in the beginning, he is extremely passionate about science and technology.

Speaker #4: He has done his MBA from Wharton, and he has spent, you know, more than two decades with the organization. And he has also been involved in giving a lot of innovative products, you know, and has worked very closely, you know, with the R&D and manufacturing.

Speaker #4: And now, you know, going forward, he will have a broader oversight of group R&D, operations, and licensing activities. And I have every reason to believe that Samit will play a bigger role—not necessarily in the areas, you know, where he's directly involved, but overall strategic input, you know, we'll get from Samit as he's getting, you know, getting committed to the next generational leadership change, you know, that will happen.

Satish Ramanlal Mehta: I have every reason to believe that Samit will play a bigger role, not necessarily in the areas where he's directly involved, but overall strategic input we'll get from Samit as he's getting committed and to the next generational leadership change that will happen in the organization. That's a very important development that has taken place, that Samit is going to become the COO. He will get more and more involved in the management of the company and clear signal to everyone about the way forward. The third important thing that has happened, that we have just recently acquired 12% minority stake in Gennova. Now Gennova happens to be completely owned, 100% owned subsidiary of Emcure. With this strategic platform, the strategic control of our biological platform will obviously ensure that we have a very sharpened focus on biosimilars and, obviously adjacent therapeutic platform.

Satish Mehta: I have every reason to believe that Samit will play a bigger role, not necessarily in the areas where he's directly involved, but overall strategic input we'll get from Samit as he's getting committed and to the next generational leadership change that will happen in the organization. That's a very important development that has taken place, that Samit is going to become the COO. He will get more and more involved in the management of the company and clear signal to everyone about the way forward. The third important thing that has happened, that we have just recently acquired 12% minority stake in Gennova. Now Gennova happens to be completely owned, 100% owned subsidiary of Emcure. With this strategic platform, the strategic control of our biological platform will obviously ensure that we have a very sharpened focus on biosimilars and, obviously adjacent therapeutic platform.

Speaker #4: In the organization, so that's a very important development that has taken place, that Samit is going to become the COO. He will get more and more involved in the management of the company, and it's a clear signal to everyone about the way forward.

Speaker #4: The third important thing that has happened is that we have just recently acquired a 12% minority stake in Gennova. And now, you know, Gennova happens to be a completely, 100% owned subsidiary of Emcure.

Speaker #4: So, with the strategic control of our biological platform, we will obviously ensure that we have a very sharpened focus on biosimilars and, obviously, adjacent therapeutic platforms.

Speaker #4: So, the other thing, you know, that we have done— and biosimilars, you know, is very close to my heart. In fact, you know, we began the journey 15–16 years back.

Satish Ramanlal Mehta: The another thing that we have done, and biosimilars is very close to my heart. In fact, we began the journey 15, 16 years back. There, as far as Samit is concerned, because of his passion for science and technology, apart from being Chief Operating Officer of Emcure, he also becomes Chief Executive Officer of Gennova, our biotech arm, fully owned 100% subsidiary. He will obviously be focusing on taking Gennova biosimilars and other technologies to the next level. I personally believe the way the things are happening at the global level, a lot of things are happening in the field of biologics. Obviously Samit's leadership to Gennova will ensure that we will have a robust product pipeline going forward because biosimilars and biologics are going to play a very important role.

Satish Mehta: The another thing that we have done, and biosimilars is very close to my heart. In fact, we began the journey 15, 16 years back. There, as far as Samit is concerned, because of his passion for science and technology, apart from being Chief Operating Officer of Emcure, he also becomes Chief Executive Officer of Gennova, our biotech arm, fully owned 100% subsidiary. He will obviously be focusing on taking Gennova biosimilars and other technologies to the next level. I personally believe the way the things are happening at the global level, a lot of things are happening in the field of biologics. Obviously Samit's leadership to Gennova will ensure that we will have a robust product pipeline going forward because biosimilars and biologics are going to play a very important role.

Speaker #4: So there, you know, as far as Samit is concerned, because of his passion for science and technology, apart from being, you know, Chief Operating Officer of Emcure, he also becomes Chief Executive Officer of Genova, our biotech arm, a fully owned 100% subsidiary.

Speaker #4: And he will obviously be focusing on taking Geneva, biosimilars, and other, you know, technologies to the next level, because I personally believe, the way things are happening at the global level, a lot of things are happening in the field of biologics. And obviously Samit's leadership to Geneva will ensure, you know, that we will have a robust product pipeline going forward, because biosimilars and biologics are going to play a very important role.

Speaker #4: The Geneva consolidation now allows us full control of our India and foreign subsidiaries because all subsidiaries—Geneva, Juventus—now, everything is 100% owned by the parent company, giving us a very simplified and aligned group structure that ensures, you know, strategic coordination across all businesses.

Satish Ramanlal Mehta: The Gennova consolidation now allows us full control over India and foreign subsidiaries because all subsidiaries, Gennova, Zuventus now everything is 100% owned by the parent company, giving us a very simplified and aligned group structure that ensures strategic coordination across all businesses. I talked to about three major events. Burji stepping down. I assuming the role of Chairman of the company. The second thing I talked about, Samit becoming COO of Emcure. Very clear signal about way forward. The third thing I talked is obviously about Gennova minority stake being acquired, 12.06%. Now each and every company under the Emcure umbrella is 100% owned by parent company. Having discussed about these three major events, now let me focus on our quarterly performance, which I believe most of you have seen.

Satish Mehta: The Gennova consolidation now allows us full control over India and foreign subsidiaries because all subsidiaries, Gennova, Zuventus now everything is 100% owned by the parent company, giving us a very simplified and aligned group structure that ensures strategic coordination across all businesses. I talked to about three major events. Burji stepping down. I assuming the role of Chairman of the company. The second thing I talked about, Samit becoming COO of Emcure. Very clear signal about way forward. The third thing I talked is obviously about Gennova minority stake being acquired, 12.06%. Now each and every company under the Emcure umbrella is 100% owned by parent company. Having discussed about these three major events, now let me focus on our quarterly performance, which I believe most of you have seen.

Speaker #4: So I talked to about three, three major events. Bharjeet, you know, stepping down. I assuming the role of Chairman of the company. The second thing I talked about, you know, Samit becoming COO of Emcure.

Speaker #4: Very clear signal about the way forward. The third thing I talked about, you know, is obviously about Geneva—a minority stake being acquired, 12.06. And now, you know, each and every company under the Emcure umbrella is 100% owned by the parent company.

Speaker #4: Having discussed these three major events, let me now focus on our quarterly performance, which I believe most of you have seen. As far as our FY27 first quarter is concerned, it's the second year of our five-year plan.

Satish Ramanlal Mehta: As far as our FY27 Q1 is concerned, it's the second year of our five-year plan. I'm very pleased to say that we have started on a very strong footing, and Q1 gives a very encouraging early signal. The Q1 FY27 reflected strong all-around performance with broad-based growth across revenue, profitability, and earnings. Let me tell you what has happened. As far as revenue for the quarter is concerned, it grew by 22.8% year-on-year to INR 2,580 crore. INR 2,580 crore, I repeat. Supported by momentum across geographies. As far as EBITDA is concerned, it has grown by 25.8% to INR 508 crore. Margin has improved to 19.7 percentage points, 50 basis points more, reflecting the productivity gains and operating leverage that has happened in this particular quarter.

Satish Mehta: As far as our FY27 Q1 is concerned, it's the second year of our five-year plan. I'm very pleased to say that we have started on a very strong footing, and Q1 gives a very encouraging early signal. The Q1 FY27 reflected strong all-around performance with broad-based growth across revenue, profitability, and earnings. Let me tell you what has happened. As far as revenue for the quarter is concerned, it grew by 22.8% year-on-year to INR 2,580 crore. INR 2,580 crore, I repeat. Supported by momentum across geographies. As far as EBITDA is concerned, it has grown by 25.8% to INR 508 crore. Margin has improved to 19.7 percentage points, 50 basis points more, reflecting the productivity gains and operating leverage that has happened in this particular quarter.

Speaker #4: And I'm very pleased to say that we have started on a very strong footing, and Q1 gives a very, very encouraging early signal. The Q1 FY27 reflected strong all-round performance, with broad-based growth across revenue, profitability, and earnings.

Speaker #4: Let me tell you what has happened. As far as revenue for the quarter is concerned, it grew by 22.8% year on year, 22.8% year on year.

Speaker #4: To ₹2,580 crores, ₹2,580 crores, I repeat, supported by momentum across geographies. As far as EBITDA is concerned, it has grown by 25.8%, 25.8% to ₹508 crores, ₹508 crores.

Speaker #4: And margin has improved. Margin has improved to 19.7 percentage points, 50 basis points more, and reflecting the productivity gains and operating leverage that have happened in this particular quarter.

Speaker #4: As far as PAT is concerned, profit after tax has grown faster—at 36.2% to ₹292 crore. Underlining the strength of the quarter's operating performance, an enormous amount of excess control has been exercised in operating parameters and operating performance.

Satish Ramanlal Mehta: As far as PAT is concerned, profit after tax has grown faster at 36.2% to INR 292 crore, underlining the strength of quarter's operating performance. Enormous amount of excess to control has been exercised in operating parameters and operating performance. Again, outstanding performance as far as the second year of the five-year strategic plan, about which I talked last time. We have obviously begun on very strong footing. With that, let me turn to the performance of what has happened in India. As far as India business is concerned, on year-on-year basis, it has grown by 10.2%. We have done INR 1,095 crore, returning to double-digit growth over the quarter previous year, Q1 of previous year. If you compare with Q4 of 2026, I repeat, we have grown by 12%.

Satish Mehta: As far as PAT is concerned, profit after tax has grown faster at 36.2% to INR 292 crore, underlining the strength of quarter's operating performance. Enormous amount of excess to control has been exercised in operating parameters and operating performance. Again, outstanding performance as far as the second year of the five-year strategic plan, about which I talked last time. We have obviously begun on very strong footing. With that, let me turn to the performance of what has happened in India. As far as India business is concerned, on year-on-year basis, it has grown by 10.2%. We have done INR 1,095 crore, returning to double-digit growth over the quarter previous year, Q1 of previous year. If you compare with Q4 of 2026, I repeat, we have grown by 12%.

Speaker #4: So again, outstanding performance as far as the second year of the five-year strategic plan—about which I talked last time—we have obviously begun on very, very strong footing.

Speaker #4: With that, let me turn to the performance of what has happened in India. As far as the India business is concerned, on a year-on-year basis, it has grown by 10% to 10.2%.

Speaker #4: We have done ₹1,094.95 crore, ₹1,095 crore. Returning to double-digit growth—double-digit growth over the quarter previous year, Q1 of previous year. And if you compare with Q4 of '26, if you compare with Q4 of '26, I repeat, we have grown by 12%.

Speaker #4: As far as performance is concerned, it is in line with our plan and in line with our expectations. I must say that all our leading brands in CNS, Cardiology, and Gynecology have shown very good traction and very good growth.

Satish Ramanlal Mehta: As far as the performance is concerned, it is in line with our plan, in line with our expectations. I must say that all of our leading brands in CNS, cardiology, and gynecology have shown very good traction, very good growth. We have also seen improvement in Zuventus following the changes which have taken in the previous quarter. In the previous quarter, as I told you last time, there was a bit of problem in Zuventus, but now we are moving towards stability. What really happens, there are three areas on which we have been working: stability, consolidation, acceleration. Stability we have achieved. We are almost in the process of completing consolidation, now we are obviously moving towards acceleration going forward, having achieved the first two objectives that we have set for ourselves.

Satish Mehta: As far as the performance is concerned, it is in line with our plan, in line with our expectations. I must say that all of our leading brands in CNS, cardiology, and gynecology have shown very good traction, very good growth. We have also seen improvement in Zuventus following the changes which have taken in the previous quarter. In the previous quarter, as I told you last time, there was a bit of problem in Zuventus, but now we are moving towards stability. What really happens, there are three areas on which we have been working: stability, consolidation, acceleration. Stability we have achieved. We are almost in the process of completing consolidation, now we are obviously moving towards acceleration going forward, having achieved the first two objectives that we have set for ourselves.

Speaker #4: We have also seen we have also seen improvement in Juventus. Following the changes which have taken in the previous quarter, in the previous quarter, as I told you last time, you know, there was a bit of problem in Juventus, but now, you know, we are moving towards stability because what really happens there are three areas on which, you know, we have been working: stability, consolidation, acceleration.

Speaker #4: So, stability we have achieved. We are almost in the process of completing consolidation. And now, you know, we are obviously moving towards acceleration going forward, having achieved the first two objectives that we have set for ourselves.

Speaker #4: Then again, as far as the in-license products, you know, from Sanofi and Roche, along with Povistra from Novo Nordisk—this semaglutide from Novo Nordisk—the performance complemented the performance of our own brands and broadened our presence in relevant therapy areas.

Satish Ramanlal Mehta: Again, as far as the in-license products from Sanofi, Roche, along with Poviztra from Novo Nordisk, the semaglutide from Novo Nordisk, the performance complemented the performance of our own brands and broadened our presence in relevant therapy areas. It's a matter of happiness that through Poviztra, we have a very solid presence in obesity market, which I believe is going to grow going forward. I'm also happy to inform that we have entered into consumer business through our wholly owned subsidiary, Emcure Wellness, that is also getting traction. In fact, one of the products, Bitter Drops, that we have, is showing early signs of scalable growth going forward. It has been very well received by the consumer. It is showing good traction going forward. I'll keep on telling you quarter-on-quarter about the performance of Bitter Drops as we go forward.

Satish Mehta: Again, as far as the in-license products from Sanofi, Roche, along with Poviztra from Novo Nordisk, the semaglutide from Novo Nordisk, the performance complemented the performance of our own brands and broadened our presence in relevant therapy areas. It's a matter of happiness that through Poviztra, we have a very solid presence in obesity market, which I believe is going to grow going forward. I'm also happy to inform that we have entered into consumer business through our wholly owned subsidiary, Emcure Wellness, that is also getting traction. In fact, one of the products, Bitter Drops, that we have, is showing early signs of scalable growth going forward. It has been very well received by the consumer. It is showing good traction going forward. I'll keep on telling you quarter-on-quarter about the performance of Bitter Drops as we go forward.

Speaker #4: I mean, it's a matter of happiness that through Povistra, we have a very solid presence in the obesity market, which I believe is going to grow going forward.

Speaker #4: I'm also happy to inform you that we have entered into the consumer business through our wholly owned subsidiary, Emcure Wellness. That is also gaining traction.

Speaker #4: In fact, you know, one of the product beta drops that we have is showing early signs of scalable growth going forward. It has been very, very well received, you know, by the consumer.

Speaker #4: It is showing, you know, good traction, you know, going forward. And I'll keep on telling you quarter over quarter, you know, about the performance of beta drops as we go forward.

Speaker #4: We remain confident of continued growth in India. As we strengthen sales teams and the portfolio gains traction, I feel, you know, going forward—whether it is Q2, Q3, or Q4—we will see northward movements as far as the Indian business is concerned.

Satish Ramanlal Mehta: We remain confident of continual growth in India as we strengthen sales teams and portfolio gain traction. I feel, going forward, whether it is Q2, Q3, Q4, we will see the northward movements as far as the Indian business is concerned. As I told you last time, as far as Indian business is concerned, there is lot of what I would say, overseeing of the performance from senior management, I included. Obviously, this particular part of the business is very close to our heart, and you will see positive movement quarter after quarter as far as India business is concerned. As I told you some time back, I think the process of consolidation is behind us, and now we will obviously move towards acceleration. Having said that, now let me turn my attention to international market.

Satish Mehta: We remain confident of continual growth in India as we strengthen sales teams and portfolio gain traction. I feel, going forward, whether it is Q2, Q3, Q4, we will see the northward movements as far as the Indian business is concerned. As I told you last time, as far as Indian business is concerned, there is lot of what I would say, overseeing of the performance from senior management, I included. Obviously, this particular part of the business is very close to our heart, and you will see positive movement quarter after quarter as far as India business is concerned. As I told you some time back, I think the process of consolidation is behind us, and now we will obviously move towards acceleration. Having said that, now let me turn my attention to international market.

Speaker #4: And as I told you last time, as far as Indian business is concerned, there is a lot of, you know, what I would say, overseeing of the performance from senior management, myself included.

Speaker #4: And obviously, this particular part of the business is very close to our heart. You will see positive movement quarter after quarter as far as the India business is concerned because, as I told you, the phase of consolidation is behind us.

Speaker #4: And now, you know, we will obviously move towards acceleration. Having said that, let me now turn my attention to the international market. As far as the international business is concerned, it delivered a very, very strong and robust growth as far as the quarter is concerned.

Satish Ramanlal Mehta: As far as the international business is concerned, it delivered a very strong and robust growth as far as the quarter is concerned. With revenue of INR 1,485 crore, recording a growth of 34.2%. Growth was supported by base business ramp-up, new launches, and obviously, we had tailwinds because of currency. All regions contributed to this strong performance. Just to recap, as far as Europe is concerned, Europe grew by 32.8% to INR 537 crore, with growth led by strong base business performance and obviously, enhanced contribution from Liposomal Amphotericin B, enhanced contribution from Amphotericin B. As far as Canada is concerned, Canada grew in Q1 by 24.6% to INR 427 crore, with continued growth in the base business, while rest of the world grew by 44.8% to INR 522 crore, led by very strong performance in ARV, HIV business.

Satish Mehta: As far as the international business is concerned, it delivered a very strong and robust growth as far as the quarter is concerned. With revenue of INR 1,485 crore, recording a growth of 34.2%. Growth was supported by base business ramp-up, new launches, and obviously, we had tailwinds because of currency. All regions contributed to this strong performance. Just to recap, as far as Europe is concerned, Europe grew by 32.8% to INR 537 crore, with growth led by strong base business performance and obviously, enhanced contribution from Liposomal Amphotericin B, enhanced contribution from Amphotericin B. As far as Canada is concerned, Canada grew in Q1 by 24.6% to INR 427 crore, with continued growth in the base business, while rest of the world grew by 44.8% to INR 522 crore, led by very strong performance in ARV, HIV business.

Speaker #4: With revenue of ₹1,485 crore, ₹1,004 crore, and ₹485 crore, recording a growth of 34.2%. Growth was supported by base business ramp-up, new launches, and obviously, you know, we had tailwinds because of currency.

Speaker #4: All regions contributed to this strong performance. All regions contributed to this strong performance. Just to recap, as far as Europe is concerned, Europe grew by 32.8% to 537 crores.

Speaker #4: With growth led by a strong base business performance, and obviously, enhanced contribution from Liposomal Amphotericin and enhanced contribution from Amphotericin B. As far as Canada is concerned, Canada grew in the first quarter by 24.6% to ₹427 crore.

Speaker #4: With continued growth in the base business, the rest of the world grew by 44.8% to ₹522 crores, led by very strong performance in the ARV and HIV businesses.

Speaker #4: Now, having spoken about stellar performance of international market and also, you know, getting back on the growth, the track, you know, as far as the domestic business is concerned, let me spend a few moments, you know, on the R&D and the pipeline that we have.

Satish Ramanlal Mehta: Having spoken about stellar performance of international market and also getting back on the growth, the track, as far as the domestic business is concerned, let me spend a few moments on the R&D and the pipeline that we have. During the quarter which ended, we received 15+ product approvals across developed and emerging markets. Across developed and emerging markets, we received 15 product approvals. These approvals provide visibility for continued business growth for Emcure across market, because as far as the international markets are concerned, the growth is driven by the quality of filing that we have, what type of products that we file, and how many approvals we get. That plays a very important role, and it's a matter of happiness to inform my investors that we got 15 approvals in the quarter that has just ended.

Satish Mehta: Having spoken about stellar performance of international market and also getting back on the growth, the track, as far as the domestic business is concerned, let me spend a few moments on the R&D and the pipeline that we have. During the quarter which ended, we received 15+ product approvals across developed and emerging markets. Across developed and emerging markets, we received 15 product approvals. These approvals provide visibility for continued business growth for Emcure across market, because as far as the international markets are concerned, the growth is driven by the quality of filing that we have, what type of products that we file, and how many approvals we get. That plays a very important role, and it's a matter of happiness to inform my investors that we got 15 approvals in the quarter that has just ended.

Speaker #4: During the quarter which ended, we received 15 plus product approvals across developed and emerging markets, across developed and emerging markets. We removed, we received 15 product approvals this approvals provide visibility for continued business growth for Emcure across market because as far as the international markets are concerned, the growth is driven by the quality of filing, you know, that we have, what type of products that we file, and how many approvals we get.

Speaker #4: That plays a very important role. And it's a matter of happiness to inform my investors that we got 15 approvals in the quarter that has just ended.

Speaker #4: As we discussed previously, we continue to build differentiated capabilities across biologics, complex injectables, and novel delivery systems, with a particular focus on the liposomal platform, where we have a reasonably good understanding.

Satish Ramanlal Mehta: As we discussed previously, we continue to build differentiated capabilities across biologics, complex injectables, novel delivery system, especially focus on liposomal platform, where we have a reasonably good understanding. I think, we are going to focus on the technology-driven, differentiated products. That is going to be the core strategy that we'll be pursuing as far as the emerging markets and Europe and Canada is concerned. Something interesting has happened, as in the month of July, as part of government technology transfer, government-led technology transfer, ICMR licensed a novel HPV candidate for cervical neoplasias to Emcure. This particular product will have to go through various phases, and we are very excited because this is NCE and the development is also part of our women healthcare portfolio. As you know, that is the women healthcare portfolio.

Satish Mehta: As we discussed previously, we continue to build differentiated capabilities across biologics, complex injectables, novel delivery system, especially focus on liposomal platform, where we have a reasonably good understanding. I think, we are going to focus on the technology-driven, differentiated products. That is going to be the core strategy that we'll be pursuing as far as the emerging markets and Europe and Canada is concerned. Something interesting has happened, as in the month of July, as part of government technology transfer, government-led technology transfer, ICMR licensed a novel HPV candidate for cervical neoplasias to Emcure. This particular product will have to go through various phases, and we are very excited because this is NCE and the development is also part of our women healthcare portfolio. As you know, that is the women healthcare portfolio.

Speaker #4: So I think, you know, we are going to focus on technology-driven, differentiated products. That is going to be the core strategy that we will be pursuing as far as the emerging markets, Europe, and Canada are concerned.

Speaker #4: Again, something interesting has happened. As in the month of July, as part of government technology transfer, as part of government technology transfer, government-led technology transfer, ICMR licensed ICMR licensed a novel anti-HPV candidate, a novel HPV candidate for cervical neoplastia to Emcure.

Speaker #4: This particular product, you know, will have to go through various phases, and we are very excited because this is an NCE, and the development is also part of our women's healthcare portfolio.

Speaker #4: As you know, that is the women’s healthcare portfolio. Gynecology is one segment where we are doing well, and this is part of that particular segment.

Satish Ramanlal Mehta: Gynecology is one segment where we are doing well, and this is part of that particular segment. Again, as far as July is concerned, we signed a royalty-free, non-exclusive voluntary licensing agreement with Merck Sharp & Dohme to make and sell a generic version of experimental once a monthly oral HIV pill in 129 low and lower middle-class income countries. The drug, elmetravir, a pre-exposure prophylaxis or PrEP candidate, is currently in late stage development. As I told you, we do exceedingly well as far as the ARV segment is concerned. Last time, we spoke about lenacapavir, the molecule which has been licensed by Gilead, and this is one more feather in our cap getting MH3 product which is also a pathbreaking molecule, oral pill once a month. Obviously, as we go along, as far as ARV portfolio is concerned, that also we are consolidating.

Satish Mehta: Gynecology is one segment where we are doing well, and this is part of that particular segment. Again, as far as July is concerned, we signed a royalty-free, non-exclusive voluntary licensing agreement with Merck Sharp & Dohme to make and sell a generic version of experimental once a monthly oral HIV pill in 129 low and lower middle-class income countries. The drug, elmetravir, a pre-exposure prophylaxis or PrEP candidate, is currently in late stage development. As I told you, we do exceedingly well as far as the ARV segment is concerned. Last time, we spoke about lenacapavir, the molecule which has been licensed by Gilead, and this is one more feather in our cap getting MH3 product which is also a pathbreaking molecule, oral pill once a month. Obviously, as we go along, as far as ARV portfolio is concerned, that also we are consolidating.

Speaker #4: Now, again, as far as July is concerned, we signed a royalty-free, non-exclusive voluntary licensing agreement with Merck Sharp and Dohme, to make and sell a generic version of an experimental once-a-month oral HIV pill in 129 low and lower middle-income countries.

Speaker #4: The drug Alimetravir, a pre-exposure prophylaxis, or PrEP, candidate, is currently in late-stage development. As I told you, we do exceedingly well as far as the ARV segment is concerned.

Speaker #4: So last time, you know, we spoke about Lenacapavir, the molecule, you know, which has been licensed by Gilead. And this is one more feather in our cap—getting the MH3 product, you know, which is also a path-breaking molecule, an oral pill, once a month.

Speaker #4: So obviously, you know, as we go along, as far as the ARV portfolio is concerned, that also we are consolidating. That's what is going on.

Satish Ramanlal Mehta: That's what is going on. In conclusion, I would like to tell that as far as FY27 is concerned, strong start to the second year of our five-year journey. We delivered broad-based growth, saw improvement in India over the Q4 of FY26, consolidation as far as Torrent is concerned. We have continued with our strong international momentum, acquired full ownership of Gennova, and deepened our leadership bench. As far as we are concerned, our priorities are absolutely well-defined. The emphasis going forward will be on execution. That is key to success. I believe very strongly on that. The second thing, acceleration and improvement as far as the Indian domestic market is concerned. We'll keep on doubling down on the international business where scale is also going to play an important role, where getting technology-driven differentiated products is going to play an important role. We keep on focusing on that.

Satish Mehta: That's what is going on. In conclusion, I would like to tell that as far as FY27 is concerned, strong start to the second year of our five-year journey. We delivered broad-based growth, saw improvement in India over the Q4 of FY26, consolidation as far as Torrent is concerned. We have continued with our strong international momentum, acquired full ownership of Gennova, and deepened our leadership bench. As far as we are concerned, our priorities are absolutely well-defined. The emphasis going forward will be on execution. That is key to success. I believe very strongly on that. The second thing, acceleration and improvement as far as the Indian domestic market is concerned. We'll keep on doubling down on the international business where scale is also going to play an important role, where getting technology-driven differentiated products is going to play an important role. We keep on focusing on that.

Speaker #4: Now, in conclusion, I would like to say that, as far as FY27 is concerned, it's a strong start to the second year of our five-year journey.

Speaker #4: We delivered broad-based growth and saw improvement in India over Q4 of FY26, and consolidation as far as Juventus is concerned. We have continued with our strong international momentum.

Speaker #4: Acquired full ownership of Genova and deepened our leadership bench. Now, as far as we are concerned, our priorities are absolutely well-defined. The emphasis going forward will be on execution, execution, execution—that is key to success.

Speaker #4: I believe very strongly in that. Second thing, you know, acceleration and improvement as far as the Indian domestic market is concerned. We'll keep on doubling down on the international business, where scale is also going to play an important role, and getting technology-driven, differentiated products is going to play an important role.

Speaker #4: We keep on focusing on that. And we also will work to advance the differentiated pipeline and convert growth into operating leverage. If you recollect, you know, last time, you know, I had very specifically mentioned that we as a company, you know, as far as the strategy is concerned, we'll double down on whatever we are doing, make the big brands bigger.

Satish Ramanlal Mehta: We also will work to advance the differentiated pipeline and convert growth into operating leverage. If you recollect, last time, I very specifically mentioned that we as a company, as far as the strategy is concerned, will double down on whatever we are doing, make the big brands bigger. That's one thing. The second thing, we will also ensure, and I'm very proud of the R&D that we have built up. We'll keep on getting products from our R&D. Even today, when I'm speaking to you, all the products which have come from our R&D, like tenofovir alafenamide or rilpivir XT or rilpivir FCN or Paz, or for that matter, all chiral compounds, they are doing exceedingly well. Do expect R&D to contribute to the growth of the company, make big brands bigger.

Satish Mehta: We also will work to advance the differentiated pipeline and convert growth into operating leverage. If you recollect, last time, I very specifically mentioned that we as a company, as far as the strategy is concerned, will double down on whatever we are doing, make the big brands bigger. That's one thing. The second thing, we will also ensure, and I'm very proud of the R&D that we have built up. We'll keep on getting products from our R&D. Even today, when I'm speaking to you, all the products which have come from our R&D, like tenofovir alafenamide or rilpivir XT or rilpivir FCN or Paz, or for that matter, all chiral compounds, they are doing exceedingly well. Do expect R&D to contribute to the growth of the company, make big brands bigger.

Speaker #4: That's one thing. The second thing, you know, we will also ensure—and we are very proud of—the R&D that we have built up.

Speaker #4: We'll keep on getting, you know, products from our R&D. Even today when I'm speaking to you, all the products you know which have come from our R&D, like Ferrous Ascorbate Oro 4XT or Oro 4FCN or PAWS or for that matter, you know, all Kairali Pure compounds, they are doing exceedingly well.

Speaker #4: So, do expect R&D to contribute to the growth of the company and make big brands bigger. The third, obviously important vertical that we'll have as part of the strategy is to work on in-licensing from multinationals, also look out for products from ICMR, and look out for products which are in the early stage of development.

Satish Ramanlal Mehta: The third obviously important vertical that we'll have as part of the strategy is to work on in-licensing from multinational, also look out for products from ICMR and look out for products which are in early stage of development. That's the strategy we'll follow. I'm very happy to say that Emcureans have shown a lot of resilience. That is something which has happened. If you look at the global environment, what's happening in West Asia, Middle East, or even for that matter, what's happening with Russia and Ukraine, and with so much of uncertainty Emcure has shown a lot of resilience, and everyone is absolutely committed to the growth of the company.

Satish Mehta: The third obviously important vertical that we'll have as part of the strategy is to work on in-licensing from multinational, also look out for products from ICMR and look out for products which are in early stage of development. That's the strategy we'll follow. I'm very happy to say that Emcureans have shown a lot of resilience. That is something which has happened. If you look at the global environment, what's happening in West Asia, Middle East, or even for that matter, what's happening with Russia and Ukraine, and with so much of uncertainty Emcure has shown a lot of resilience, and everyone is absolutely committed to the growth of the company.

Speaker #4: That's the strategy we'll follow. I'm very happy to say that Emcure has shown a lot of resilience. That is something, you know, which has happened.

Speaker #4: I mean, if you look at the global environment—what's happening in West Asia, the Middle East, or even, for that matter, what's happening with Russia and Ukraine.

Speaker #4: And with so much uncertainty, Emcure has shown a lot of resilience, and everyone is absolutely committed to the growth of the company.

Speaker #4: And that is something, you know, which makes us take up the role of Chairman with the support of each and every Emcure member backing me, and obviously the support of all the investors, you know, which means a lot to me.

Satish Ramanlal Mehta: That is something which makes me happy as I also play the role of chairman with the support of each and every Emcure backing me, obviously support of all the investors too, which means a lot to me, that's what we are doing. I think, with the very diversified and geographic presence in various geographies with both verticals that I talked to you, I think, going forward, our performance is going to be in upwards, is going to improve quarter over quarter. All of us at Emcure, we are very positive about the direction that company is taking. Obviously, we'll be counting on your support as we move forward. Okay. With that, I will complete my opening remarks.

Satish Mehta: That is something which makes me happy as I also play the role of chairman with the support of each and every Emcure backing me, obviously support of all the investors too, which means a lot to me, that's what we are doing. I think, with the very diversified and geographic presence in various geographies with both verticals that I talked to you, I think, going forward, our performance is going to be in upwards, is going to improve quarter over quarter. All of us at Emcure, we are very positive about the direction that company is taking. Obviously, we'll be counting on your support as we move forward. Okay. With that, I will complete my opening remarks.

Speaker #4: And that's what we are doing. And I think, you know, with the very diversified and geographical presence, you know, in various geographies with vertical that I talked to you, I think, you know, going forward, I think performance is going to be northwards is going to improve quarter over quarter.

Speaker #4: And all of us at Emcure, you know, we are very positive about the direction, you know, that the company is taking. And obviously, we'll be counting on your support as we go forward.

Speaker #4: Okay, with that, I will complete my opening remarks.

Speaker #1: Thanks.

Speaker #2: Thank you. Just, you know, I would like to add that my confidence in Emcure to deliver low to mid-teens revenue growth in FY27—as I told you, you know, quarter after quarter—you know, there will be northward moments, positive movement.

Taj Sabir Shaikh: Thank-

Satish Ramanlal Mehta: Uh-

Taj Sabir Shaikh: Just how is that?

Satish Ramanlal Mehta: Just I would like to reiterate my confidence in Emcure to deliver low to mid-teen revenue growth in FY27. As I told you, quarter after quarter, there will be upward moments, positive moment. As we discussed in the past, we are committed to give 70 to 100 basis points of EBITDA margin expansion. Very bullish about the business. With that, I will request my CFO, Taj, to give a little more color on, and run through the financials before we open the-

Satish Mehta: Just I would like to reiterate my confidence in Emcure to deliver low to mid-teen revenue growth in FY27. As I told you, quarter after quarter, there will be upward moments, positive moment. As we discussed in the past, we are committed to give 70 to 100 basis points of EBITDA margin expansion. Very bullish about the business. With that, I will request my CFO, Taj, to give a little more color on, and run through the financials before we open the-

Speaker #2: And as we discussed in the past, as we discussed in the past, we are committed to give 70 to 100 basis point, basis point of EBITDA margin expansion.

Speaker #2: So, very bullish about the business. With that, I will request my CFO, Taj, to give a little more color and run through the financials before we open the floor.

Speaker #1: Good afternoon, everyone. I will now walk you through our financial performance for Q1, FY27. Unless stated otherwise, all growth numbers in my remarks are on a year-on-year basis.

Taj Sabir Shaikh: Good afternoon, everyone. I will now walk you through our financial performance for Q1 FY27. Unless stated otherwise, all growth numbers in my remarks are on a year-on-year basis. Revenue from operations grew 22.8% to INR 2,580 crores, reflecting strong execution across both domestic and international businesses. Growth was broad-based, with international markets continuing to be the bigger growth driver, while the domestic business delivered a resilient performance. Domestic revenue grew 10.2% to INR 1,095 crores, led by strong performance across key therapies including CNS, cardiology, and women's health franchise. International business grew 34.2% to INR 1,485 crores, continuing to be a key growth engine for the company. Europe grew 32.8%, supported by Amfortas' scale-up and steady execution in the base business. Canada grew 24.6%, led by new launches and market share gains.

Taj Shaikh: Good afternoon, everyone. I will now walk you through our financial performance for Q1 FY27. Unless stated otherwise, all growth numbers in my remarks are on a year-on-year basis. Revenue from operations grew 22.8% to INR 2,580 crores, reflecting strong execution across both domestic and international businesses. Growth was broad-based, with international markets continuing to be the bigger growth driver, while the domestic business delivered a resilient performance. Domestic revenue grew 10.2% to INR 1,095 crores, led by strong performance across key therapies including CNS, cardiology, and women's health franchise. International business grew 34.2% to INR 1,485 crores, continuing to be a key growth engine for the company. Europe grew 32.8%, supported by Amfortas' scale-up and steady execution in the base business. Canada grew 24.6%, led by new launches and market share gains.

Speaker #1: Revenue from operations grew 22.8% to INR 2,580 crore, reflecting strong execution across both domestic and international business. Growth was broad-based, with international markets continuing to be the bigger growth driver, while the domestic business delivered a resilient performance.

Speaker #1: Domestic revenue grew 10.2% to ₹1,095 crore, led by strong performance across key therapies, including CNS, cardiology, and the women's health franchise. International business grew 34.2% to ₹1,485 crore, continuing to be a key growth engine for the company.

Speaker #1: Europe grew 32.8%, supported by Amphotericin scale-up and steady execution in the base business. Canada grew 24.6%, led by new launches and market share gains.

Speaker #1: Emerging markets, rest of the world, delivered strong growth of 44.8%, supported by robust growth in the ERV segment and continued momentum in the non-ERV segment.

Taj Sabir Shaikh: Emerging markets rest of the world delivered strong growth of 44.8%, supported by robust growth in the ARV segment and continued momentum in the non-ARV segment. Gross profit stood at INR 1,507 crores, up 16.1%. Gross margin was 58.4%. Margins declined year-over-year, led by increased exports and also a function of product and business mix. R&D investments were INR 90 crores, representing 3.5% of revenue. R&D investments are expected to pick up in the remainder of the fiscal year to support our full-year plans. EBITDA grew 25.8% to INR 508 crores, reflecting the benefits of scale, operating leverage, and continued productivity initiatives. EBITDA margins improved to 19.7%, up 50 basis points, supported by operating efficiencies and disciplined cost management. Depreciation and amortization grew to INR 110 crores from INR 99 crores in Q1 of FY2026. Interest cost was INR 32 crores. Effective tax rate for the quarter stood at 25.6%.

Taj Shaikh: Emerging markets rest of the world delivered strong growth of 44.8%, supported by robust growth in the ARV segment and continued momentum in the non-ARV segment. Gross profit stood at INR 1,507 crores, up 16.1%. Gross margin was 58.4%. Margins declined year-over-year, led by increased exports and also a function of product and business mix. R&D investments were INR 90 crores, representing 3.5% of revenue. R&D investments are expected to pick up in the remainder of the fiscal year to support our full-year plans. EBITDA grew 25.8% to INR 508 crores, reflecting the benefits of scale, operating leverage, and continued productivity initiatives. EBITDA margins improved to 19.7%, up 50 basis points, supported by operating efficiencies and disciplined cost management. Depreciation and amortization grew to INR 110 crores from INR 99 crores in Q1 of FY2026. Interest cost was INR 32 crores. Effective tax rate for the quarter stood at 25.6%.

Speaker #1: Gross profit stood at ₹1,507 crore, up 16.1%. Gross margin was 58.4%. Margins declined year over year, led by increased exports and also a function of product and business mix.

Speaker #1: R&D investments were INR 90 crores, representing 3.5% of revenue. R&D investments are expected to pick up in the remainder of the fiscal year to support our full-year plans.

Speaker #1: EBITDA grew 25.8% to ₹508 crore, reflecting the benefits of scale, operating leverage, and continued productivity initiatives. EBITDA margins improved to 19.7%, up 50 bps, supported by operating efficiencies and disciplined cost management.

Speaker #1: Depreciation and amortization grew to ₹110 crore from ₹99 crore in Q1 of FY26. Interest cost was ₹32 crore. The effective tax rate for the quarter stood at 25.6%.

Speaker #1: Profit after tax grew 35.4% to INR 292 crore, with PAT margin improving 110 bps. This reflects strong operating performance and improved profitability. Gross debt as on 30th June stood at INR 1,291 crore, with cash and cash equivalents at INR 189 crore.

Taj Sabir Shaikh: Profit after tax grew 35.4% to INR 292 crores, with PAT margin improving 110 basis points. This reflects strong operating performance and improved profitability. Gross debt as on 30 June stood at INR 1,291 crores, with cash and cash equivalents at INR 189 crores. Net debt stood at INR 1,103 crores. Net debt is expected to increase in the next quarter, reflecting the Mansra and Gennova payouts completed in July. Looking ahead, we remain focused on sustaining growth across our domestic and international businesses, improving operating efficiencies, and driving steady margin expansion over the medium period. With that, I will now open the floor for questions.

Taj Shaikh: Profit after tax grew 35.4% to INR 292 crores, with PAT margin improving 110 basis points. This reflects strong operating performance and improved profitability. Gross debt as on 30 June stood at INR 1,291 crores, with cash and cash equivalents at INR 189 crores. Net debt stood at INR 1,103 crores. Net debt is expected to increase in the next quarter, reflecting the Mansra and Gennova payouts completed in July. Looking ahead, we remain focused on sustaining growth across our domestic and international businesses, improving operating efficiencies, and driving steady margin expansion over the medium period. With that, I will now open the floor for questions.

Speaker #1: Net debt stood at ₹1,103 crores. Net debt is expected to increase in the next quarter, reflecting the Mantra and Genova payouts completed in July.

Speaker #1: Looking ahead, we remain focused on sustaining growth across our domestic and international businesses, improving operating efficiencies, and driving steady margin expansion over the medium term.

Speaker #1: With that, I will open the floor for questions.

Speaker #3: Thank you. We will now begin the question-and-answer session. To ask a question, please click on the 'Raise Hand' tab. When the operator announces your name, you may proceed with your question.

Operator 2: Thank you. We will now begin the question and answer session. To ask a question, please click on the Raise Hand tab. When the operator announces your name, please accept the prompt on your screen to unmute your microphone, and then proceed with your question after introducing yourself and your company name. Our first question comes from Kunal Randeria. Please accept the prompt on your screen to unmute your audio and go ahead with your question after introducing yourself.

Operator: Thank you. We will now begin the question and answer session. To ask a question, please click on the Raise Hand tab. When the operator announces your name, please accept the prompt on your screen to unmute your microphone, and then proceed with your question after introducing yourself and your company name. Our first question comes from Kunal Randeria. Please accept the prompt on your screen to unmute your audio and go ahead with your question after introducing yourself.

Speaker #3: Please accept the prompt on your screen to unmute your microphone and then proceed with your question. After introducing yourself and your company name, our first question comes from Kunal Randheria.

Speaker #3: Please accept the prompt on your screen to unmute your audio, and go ahead with your question after introducing yourself.

Speaker #1: Yes. Hi, Kunal Randheria here from Axis Capital. Good afternoon, sir. Sir, firstly on the India business, it's good to see that the growth has touched double digits, as you guided in the last quarter.

Kunal Randeria: Yes, hi, Kunal Randeria here from Axis Capital. Good afternoon, sirs. Sir, first here on the India business, good to see that the growth has touched double digits as you guided in the last quarter. Is this a clean growth? I mean, is there any element of channel filling over here after Q4, or is this how the growth should be going forward also?

Speaker #1: Is this a clean growth? I mean, is there any element of channel filling over year after Q4, or is this how the growth, you know, should be going forward also?

Speaker #2: So, there is no channel filling in this quarter, Kunal. This is normalized growth that we have. And I think, as the CEO mentioned, we expect growth to improve further from these levels that we have seen in the coming quarters.

Piyush Nahar: There is no channel filling in this, Kunal. This is a normalized growth that we have. I think as the CEO mentioned, we expect growth to improve further from these levels that we have seen in the coming quarters.

Speaker #1: Right, right. And this improvement in growth could be—I mean, I know CEO Sir said a few things about the existing brands, your therapies, doing well.

Kunal Randeria: Right. This improvement in growth would be, I know CEO sir said a few things about the existing brands, your therapies are doing well. How much of your revenue contribution would be coming from some of these in-licensed products? Are they growing in line with the company average or below that or above that? Some color would be helpful.

Speaker #1: But is—I mean, how much of your revenue contribution would be coming from some of these in-licensed products? Are they growing in line with the company average, or below that, or above that?

Speaker #1: Some color would be helpful.

Speaker #2: So, I think most of the in-licenses are growing in line with the industry. I think that's what we talked about even when we had taken over the portfolio.

Piyush Nahar: I think most of the in-license are growing in line with the industry. I think that's what we talked about, even when we're taking over the portfolio, they will continue growing in line with the industry growth. Where we're talking about faster industry growth, that will be driven more by our own brands across women's health, cardio, CNS, oncology segments.

Speaker #2: They will continue growing in line with the industry growth. But where we're talking about faster industry growth, that will be driven more by our own brands.

Speaker #2: Across women's health, cardio, CNS, oncology—those segments.

Speaker #1: Right. Got it, got it. Second question is on the ROW business. See, even though you are coming off a very high base of last year, when you had 42% growth,

Kunal Randeria: Right. Got it. Second question is on the ROW business. You are coming off a very high base of last year where you had a 42% growth. Now you have 45% growth driven by the ARV business. What would be the ARV contribution? Would that mean that FY27 base would be higher than FY28 could be a bit subdued?

Speaker #1: Now you have 45% growth driven by the ARV business. What would be the ARV contribution? And, I mean, would that mean that the FY27 base would be high and then FY28 could be a bit subdued?

Speaker #2: No, so I think we are seeing growth in both our ARV and non-ARV segments. So, I don't think we're looking at FY27 being abnormally high.

Piyush Nahar: No. I think we are seeing growth in both our ARV and non-ARV segments, so I don't think we're looking at FY27 will be abnormally high than it starts out. Yeah, ARV is higher in the current quarter. I think about 65, two-third of the business in ROW will be ARV in this quarter. For the full year, we do expect we end up at about that 50% to 55%.

Speaker #2: Then it flattens out. Yeah, ARV is higher in the current quarter. So, I think about 65, two-thirds of the business in ROW will be ARV in this quarter.

Speaker #2: But for the full year, we do expect that we end up at about that 50–55%.

Speaker #1: Sure, got it, got it. And just one more, if I can. I guess the gross margin decline has been lower due to the geographic mix of the business.

Kunal Randeria: Sure. Got it. Just one more if I can. I guess the gross margin decline has been lower to the geographic mix of the business. Is there any lever for gross margin expansion beyond the geographic mix changing?

Speaker #1: But is there any lever for our gross margin expansion beyond the geographic mix changing?

Speaker #2: No, I think broadly it is due to the geography mix. We obviously continue to look for ways and means to improve some of the activities around procurement or COGS improvements.

Vik Madan Thapar: No, I think broadly it is due to the geography mix. We obviously continue to look for ways and means to improve some of the activities around procurement or COGS improvements. That should continue as an ongoing basis. By and large, I think we had been guiding historically to about a 60% plus gross margin. Given the strength we're seeing where we're outperforming on the international piece of the business, I think where the gross margin is coming in at or somewhere in that ballpark 59% or 59% to 60% is what one would assume if we continue to see this trend of the international business outperforming.

Vik Thapar: No, I think broadly it is due to the geography mix. We obviously continue to look for ways and means to improve some of the activities around procurement or COGS improvements. That should continue as an ongoing basis. By and large, I think we had been guiding historically to about a 60% plus gross margin. Given the strength we're seeing where we're outperforming on the international piece of the business, I think where the gross margin is coming in at or somewhere in that ballpark 59% or 59% to 60% is what one would assume if we continue to see this trend of the international business outperforming.

Speaker #2: So, that should continue on an ongoing basis. But by and large, I think we have been guiding historically to about a 60%+ gross margin.

Speaker #2: But given the strength we're seeing, where we're outperforming on the international piece of the business, I think with the gross margin coming in at or somewhere in that ballpark—59% or 59 to 60%—is what one would assume if we continue to see this trend of the international business outperforming.

Speaker #1: Perfect. Thanks, Rick. Thanks, Piyush, and all the best and congratulations to Sun. Thank you.

Kunal Randeria: Perfect. Thanks, Vik. Thanks, Piyush, and all the best and congratulations to San. Thank you.

Speaker #3: Thank you. Participants, to ask a question, you may click on the "Raise Hand" tab. Ladies and gentlemen, if you wish to ask a question, you may click on the "Raise Hand" tab.

Operator 2: Thank you. Participants, to ask a question, you may click on the Raise Hand tab. Ladies and gentlemen, if you wish to ask a question, you may click on the Raise Hand tab. Our next question is from Alankar Garude. Please accept the prompt, unmute your microphone, and go ahead.

Operator: Thank you. Participants, to ask a question, you may click on the Raise Hand tab. Ladies and gentlemen, if you wish to ask a question, you may click on the Raise Hand tab. Our next question is from Alankar Garude. Please accept the prompt, unmute your microphone, and go ahead.

Speaker #3: Our next question is from Alankar Garude. Please accept the prompt, unmute your microphone, and go ahead.

Speaker #4: Hi, good afternoon, everyone, and thank you for the opportunity. Satishbhai, Piyush, you spoke about domestic growth picking up year-on-year. Just trying to understand, where are we in the Juventus restructuring journey?

Alankar Garude: Hi. Good afternoon, everyone, and thank you for the opportunity. Satish, while Piyush spoke about domestic growth picking up here on. Just trying to understand where are we in the Zuventus restructuring journey. Maybe in some sense, if you can quantify it, maybe we are 60% there, 70% there. Some sense on that would be useful.

Speaker #4: Maybe in some sense, if you can quantify it—maybe we are 60% there, 70% there. Some sense on that would be useful.

Speaker #2: As you said, you know, I'm in a very interesting situation, which I'm sure, Alankar, you got it. There are three phases through first, as I told you: stability, consolidation, and acceleration.

Satish Ramanlal Mehta: As you said it now, I made a very interesting statement, Alankar, you got it. There are three phases. First, I told you about stability, consolidation, acceleration. These are the three very specific terms I used. As I told you in the last quarter, we had a problem. We had exodus as far as Zuventus is concerned. Now the stability has come back, normalization has taken place. Consolidation has also happened, and now we are moving towards acceleration. As far as Zuventus is concerned, I think most of the job is being done and we are moving in the right direction. Zuventus is no more my worry. It's only a question of putting it on high growth. That's the basic objective at which we are working. We have a very good team in place.

Satish Mehta: As you said it now, I made a very interesting statement, Alankar, you got it. There are three phases. First, I told you about stability, consolidation, acceleration. These are the three very specific terms I used. As I told you in the last quarter, we had a problem. We had exodus as far as Zuventus is concerned. Now the stability has come back, normalization has taken place. Consolidation has also happened, and now we are moving towards acceleration. As far as Zuventus is concerned, I think most of the job is being done and we are moving in the right direction. Zuventus is no more my worry. It's only a question of putting it on high growth. That's the basic objective at which we are working. We have a very good team in place.

Speaker #2: These are the three very specific terms I used. So, as I mentioned, in the last quarter, we had a problem.

Speaker #2: We had an exodus as far as Juventus is concerned. So now, stability has come back, normalization has taken place, consolidation has also happened, and now, you know, we are moving towards acceleration.

Speaker #2: So, as far as Juventus is concerned, I think, you know, most of the job has been done, and we are moving in the right direction.

Speaker #2: So, Juventus is no longer my worry. It's only a question of, you know, putting it on high growth. You know, that's the basic objective with which, you know, we are working.

Speaker #2: And we have a very good team in place. All new people, you know, they are also fairly well trained, and going forward, you should see good traction as far as Juventus is concerned.

Satish Ramanlal Mehta: All new people, they are also fairly well trained and going forward, you should see good traction as far as Zuventus is concerned.

Satish Mehta: All new people, they are also fairly well trained and going forward, you should see good traction as far as Zuventus is concerned.

Speaker #3: Sure, got it. Maybe a follow-up there—if we look at the IPM growth, it's clearly picked up over the last two to three quarters.

Alankar Garude: Sure. Got it. Maybe a follow-up there will be, if we look at the IPM growth, it's clearly picked up over the last two, three quarters. In context of that, Emcure's domestic growth, because of the challenges we've seen on the Zuventus front, has been lower. Would you like to call out when exactly would the company be back to growing at par with the market?

Speaker #3: And in context of that, Emcure's domestic growth, because of the challenges we've seen on the Juventus front, has been lower. So, would you like to call out when exactly the company would be back to growing at par with the market?

Speaker #2: So, Ankar, I think from next quarter onward, you will start seeing that. If you look at even last year, 2H, we had seen a bit of impact and slowdown out.

Piyush Nahar: Alankar, I think from next quarter onwards, you will start seeing that. If you look at even last year, H2, we had seen a bit of impact and slowdown out. That base effect will also start playing out from H2 this year. I think from Q2 onwards, you'll start seeing us more in line with the industry and then H2 will be more faster than the industry growth.

Speaker #2: So, that base effect will also start playing out from 2H this year. So, I think from the second quarter onward, you will start seeing us more in line with the industry, and then the second half will be faster than the industry growth.

Speaker #2: Second half, you know, Alankar, will be much better as far as this quarter is concerned, you know, we think, you know, we should be in line with the industry growth.

Satish Ramanlal Mehta: H2, Alankar, will be much better. As far as this quarter is concerned, we think we should be in line with the industry growth. Again, as far as Q4 is concerned, if you compare Q1 over Q4, we have grown by 12.2% or 12.3%, it's all moving in the right direction.

Satish Mehta: H2, Alankar, will be much better. As far as this quarter is concerned, we think we should be in line with the industry growth. Again, as far as Q4 is concerned, if you compare Q1 over Q4, we have grown by 12.2% or 12.3%, it's all moving in the right direction.

Speaker #2: And again, you know, as far as Q4 is concerned, if you compare Q1 over Q4, we have grown by 12.2% or 12.3%.

Speaker #2: So, it's all moving in the right direction.

Speaker #3: Got it. The second question is again on domestic growth. I mean, if you slip off the Sanofi Diabetes portfolio, if you slip off Roche Nephro and Povistra, would you like to give some range as to where the domestic growth was in the first quarter?

Alankar Garude: Got it. The second question is again on domestic growth. If we strip off the Sanofi diabetes portfolio, if we strip off Roche Nephro and Povistra, would you like to give some range as to where the domestic growth was in Q1?

Speaker #2: I think if I slip out the Sanofi OED and the Roche, we'll probably be about 6–7% growth in the quarter.

Piyush Nahar: I think if I strip out the Sanofi OAD and the Roche will probably be about 6% to 7% growth in the quarter.

Speaker #3: Got it.

Alankar Garude: Got it.

Speaker #2: And effectively, this is a new brand that we are launching. So,

Piyush Nahar: Roche effectively is a new brand that we are launching out.

Speaker #3: Got it. And so, basically, when you talk about growing at par or maybe outperforming the market, you are looking at it at an aggregate level.

Alankar Garude: Got it. Basically, when you talk about growing at par or maybe outperforming the market, you are looking at it at an aggregate level. You are not just looking at the organic growth.

Speaker #3: You are not just looking at the organic growth.

Speaker #2: So, next quarter onwards, if you look at it, OED will be in the base. Roche is a much smaller business, so it doesn't move the needle much.

Piyush Nahar: next quarter onwards, if you look at it, OAD will be in the base. Roche is a much smaller business, so it doesn't move the needle much.

Speaker #3: Got it. The final question before I come back into the queue, maybe Satishbhai, to you, is: If you look at the traction in semaglutide, Povistra—not just specifically on Povistra, but in general for the market—we've seen quite interesting trends over the last few months.

Alankar Garude: Got it. The final question before I come back in the queue, maybe Satishbhai to you is, if you look at the traction in semaglutide, Poviztra, not just specifically on Poviztra, but in general for the market, we've seen quite interesting trends over the last few months. Maybe some media articles say that the pickup has been slightly slower. There is inventory in the channel. There are companies who say that more or less the traction has been in sync with expectations. What is your view as far as the pickup is concerned, and how should we expect the market to evolve, maybe over the next three to six months?

Speaker #3: Maybe some media articles say that the pickup has been slightly slower. There is inventory in the channel. There are companies who say that more or less, the traction has been in sync with expectations.

Speaker #3: What is your view as far as the pickup is concerned? And how should we expect the market to evolve, maybe over the next three to six months?

Speaker #2: I don't have a crystal ball, my dear, because, you know, as far as we are concerned, we are marketing innovation. And what has really happened, you know, apart from marketing Povistra quite aggressively, one good thing that has happened from our point of view is that just about 15 days back, Povistra was cleared, or semaglutide of the innovator was cleared, for MASH.

Satish Ramanlal Mehta: I don't have a crystal ball, my dear, because as far as we are concerned, we are marketing innovation. What has really happened, apart from marketing Poviztra quite aggressively, one good thing that has happened from our point of view that actually 15 days back, Poviztra was cleared or semaglutide or innovator was cleared for MASH. That's one area where we see the growth, and that's one area where we will possibly have a pole position. To really opine what's happening in that particular market, the jury is out. Wait for three to six months before we know what's really going on because I am given to understand almost 40, 50 brands are being launched. How much is channel stuffing and how much is real, what I would say, consumption, I wouldn't be able to hazard a guess.

Satish Mehta: I don't have a crystal ball, my dear, because as far as we are concerned, we are marketing innovation. What has really happened, apart from marketing Poviztra quite aggressively, one good thing that has happened from our point of view that actually 15 days back, Poviztra was cleared or semaglutide or innovator was cleared for MASH. That's one area where we see the growth, and that's one area where we will possibly have a pole position. To really opine what's happening in that particular market, the jury is out. Wait for three to six months before we know what's really going on because I am given to understand almost 40, 50 brands are being launched. How much is channel stuffing and how much is real, what I would say, consumption, I wouldn't be able to hazard a guess.

Speaker #2: So, that's one area where we see the growth. And that's one area, you know, where we will possibly have a pole position. But to really opine, you know, what's happening in that particular market, the jury is out.

Speaker #2: Wait for three to six months, you know, before we know what's really going on. Because I am given to understand almost 40 to 50 brands are being launched.

Speaker #2: So, how much is channel stuffing and how much is real, you know, what I would say, consumption? I wouldn't be able to hazard a guess.

Speaker #2: I can only talk about, you know, what's happening at our level, and I can only say one thing: you know, as far as Povistra is concerned, month over month, you know, we are growing.

Satish Ramanlal Mehta: I can only talk about what's happening at our level, and I can only say one thing, as far as Poviztra is concerned, month over month, we are growing.

Satish Mehta: I can only talk about what's happening at our level, and I can only say one thing, as far as Poviztra is concerned, month over month, we are growing.

Speaker #3: And if you can comment on the acceptance levels both among physicians as well as patients, and any instances which you can highlight that give you confidence that things will pick up going forward.

Alankar Garude: If you can comment on the acceptance levels, both among physicians as well as patients, and any instances which you can highlight which give you confidence that things will pick up going forward.

Speaker #2: No, no, because what happens, when I say 'innovator' is concerned, that is our DNA molecule, number one. Then, second thing, you know, this part of the public, you know, they had a recall.

Satish Ramanlal Mehta: No, because what happens to that innovator is concerned, that is our DNA molecule, number one. Second thing, this part of the public domain that two major Indian players they had a recall. The third thing, as far as this particular product is concerned, being biologic, I think what really happens the absorption or even for that matter, for the solubility is also a very major challenge. Since the innovator Novo Nordisk and of course, Emcure, we took a decision to make the pricing very competitive. I have every reason to believe that eventually, we will emerge winner or we will do better than most of the brands, because first of all, innovation, second thing, massive data that we have, more and more publication of clinical trials which is happening because of the association with the innovator.

Satish Mehta: No, because what happens to that innovator is concerned, that is our DNA molecule, number one. Second thing, this part of the public domain that two major Indian players they had a recall. The third thing, as far as this particular product is concerned, being biologic, I think what really happens the absorption or even for that matter, for the solubility is also a very major challenge. Since the innovator Novo Nordisk and of course, Emcure, we took a decision to make the pricing very competitive. I have every reason to believe that eventually, we will emerge winner or we will do better than most of the brands, because first of all, innovation, second thing, massive data that we have, more and more publication of clinical trials which is happening because of the association with the innovator.

Speaker #2: And the third thing, you know, as far as this particular product is concerned, being, you know, a biologic, I think, you know, what really happens is that the absorption, or even for that matter, the solubility, is also a very major challenge.

Speaker #2: And since, you know, the innovator, no one orders, and of course Emcure, you know, we took a decision to make the pricing, you know, very, very competitive.

Speaker #2: I have every reason to believe that eventually, you know, we will emerge winner or we'll do better than most of the brands because first of all, innovation, second thing, you know, massive data that we have, then more and more, you know, publication of clinical trials, you know, which is happening because of the association with the innovator.

Speaker #2: So, things will work out, you know, very well because the generics, you know, got launched only sometime in the month of March. So, there is a lot of noise, a lot of brands.

Satish Ramanlal Mehta: Things will work out very well because the generics got launched only sometime in the month of March, there is a lot of noise, lot of brands. Let's see how it plays out, but it is a question of survival of the fittest, and that is what will happen over a period of time. Where I feel we did a very smart thing by getting associated with the innovator.

Satish Mehta: Things will work out very well because the generics got launched only sometime in the month of March, there is a lot of noise, lot of brands. Let's see how it plays out, but it is a question of survival of the fittest, and that is what will happen over a period of time. Where I feel we did a very smart thing by getting associated with the innovator.

Speaker #2: So, let's see how it plays out. But it's a question of, you know, survival of the fittest. And that's what will happen over a period of time.

Speaker #2: And where I feel, you know, we'll do a very smart thing by getting associated with the innovator.

Speaker #3: Thank you. Ladies and gentlemen, to ask a question, you may click on the 'Raise Hand' tab. Our next question comes from Alok Dalal. Please accept the prompt on your screen.

Alankar Garude: Thank you. Ladies and gentlemen, to ask a question, you may click on the Raise Hand tab. Our next question comes from Alok Dalal. Please accept the prompt on your screen and unmute your microphone to proceed with your question.

Operator: Thank you. Ladies and gentlemen, to ask a question, you may click on the Raise Hand tab. Our next question comes from Alok Dalal. Please accept the prompt on your screen and unmute your microphone to proceed with your question.

Speaker #3: And please unmute your microphone to proceed with your question.

Speaker #4: Good afternoon, and thank you for taking my question. On the export side, what is the constant currency growth for the quarter?

Alok Dalal: Good afternoon, thank you for taking my question. On the export side, what is the constant currency growth for the quarter?

Speaker #2: I think, for the overall company level, the forex impact was about 6%, or 6 to 7%. So, on the international side, it would have been about 12% odd.

Piyush Nahar: I think for the overall company level, the Forex impact was about 6% or 6% to 7%. On the international would have been about 12% odd.

Speaker #4: Okay, thank you. And for growth in Europe and Canada over the coming years, will it be more broad-based growth, or will it be driven by one or two big product opportunities, like AMFO, for example?

Alok Dalal: Okay. Thank you. For growth in Europe and Canada over the coming years, will it be more broad-based growth or will it be driven by one, two big product opportunities like Ampfu, for example?

Speaker #2: I think they will continue to be big hitters that will contribute and continue to gain momentum, whether it's AMFO or some of the other filings that we are expecting approval for shortly.

Piyush Nahar: I think there will continue to be big hitters that will contribute and continue to gain momentum, whether it's Ampfu or some of the other filings that we are expecting approval for shortly. That said, we have a portfolio approach depending on the market. Say, for example, in UK, we also have a retail presence, so there's a large number of your plain vanilla generics as well, which contribute meaningfully. I think that mix will continue to happen. Of course, one or two big products will contribute more than some of the others.

Speaker #2: But that said, you know, we have a portfolio approach depending on the market. Say, for example, in the UK, we also have a retail presence.

Speaker #2: So, there's a large number of your plain vanilla generics as well, which contribute meaningfully. So, I think that mix will continue to happen. Of course, one or two big products will, you know, contribute more than some of the others.

Speaker #1: I think it's a little bit different for the two geographies. So, if you look at Europe, with multiple countries, I think it's going to be a little bit more concentrated in terms of some of the high-profile pipeline products that we're working on.

Vik Madan Thapar: I think it's a little bit different for the two geographies. If you look at Europe, multiple countries, I think it's going to be a little bit more concentrated in terms of some of the high-profile pipeline products that we're working on. For Canada, however, single market, I think that's a fairly broad-based growth. There's no sort of big hitter product as such driving concentration in that market.

Vik Thapar: I think it's a little bit different for the two geographies. If you look at Europe, multiple countries, I think it's going to be a little bit more concentrated in terms of some of the high-profile pipeline products that we're working on. For Canada, however, single market, I think that's a fairly broad-based growth. There's no sort of big hitter product as such driving concentration in that market.

Speaker #1: For Canada, however, the single market, I think that's fairly broad-based growth. There's no sort of big hitter product as such driving concentration in that market.

Speaker #4: Yeah. Thank you, Vic. So, is AMFO now introduced in all countries of Europe, or is it just a few ones today?

Alok Dalal: Yeah. Thank you, Vik. Is Ampfu now introduced in all countries of Europe, or is it just a few ones today?

Speaker #2: It's pretty much in all the countries. And there also, you know, we are ramping up supplies. So the order book across the different countries should also go up in line with the supplies.

Samit Satish Mehta: It's pretty much in all the countries and there also we are ramping up supplies, so the order book across the different countries should also go up in line with the supplies.

Samit Mehta: It's pretty much in all the countries and there also we are ramping up supplies, so the order book across the different countries should also go up in line with the supplies.

Speaker #4: Sure. I think, Anankar, what's happened is we have—sorry, Alok—we have introduced the product, but again, most of them are tender-based, and they'll have their procurement cycles.

Piyush Nahar: Sure. I think, Anant, what's happened is we have. Sorry. Alok, we have introduced the product, but again, most of them are tender-based, and they'll have their procurement cycles.

Speaker #4: Great. So, it should pick up in the coming quarters, is what you're trying to suggest.

Alok Dalal: Right. It should pick up in the coming quarters, is what you're trying to suggest?

Piyush Nahar: Yeah.

Speaker #2: Yeah.

Speaker #4: Okay. And last question is on semaglutide for Canada. I saw in the presentation there is a filing lined up for it. So, what could be the timeline that we are looking at?

Alok Dalal: Okay. Last question is on semaglutide for Canada. I saw in the presentation there's a filing lined up for it. What could be the timeline that we are looking at?

Speaker #2: I think we'll be filing in the current quarter, in the next few months.

Piyush Nahar: I think we'll be filing in the current quarter. In the next few months.

Alok Dalal: In this quarter?

Speaker #4: In this quarter? Next few months. Okay. So then, Piyush, you will be in the second wave. Do you still feel there is upside once you are able to get approval and launch the product?

Piyush Nahar: Yeah.

Alok Dalal: Next few months. Okay. Piyush, you will be in the second wave.

Alok Dalal: Do you still feel there's upside once you are able to get approval and launch the product?

Speaker #2: I think it will be a decent product, but as we said, Canada—we're not banking on one product, which will be a meaningful growth driver.

Piyush Nahar: I think it will be a decent product. As we said, Canada, we are not banking on one product which will be a meaningful growth driver. It will be one of the portfolio products that we have.

Speaker #2: So, it will be one of the portfolio products that we'll have.

Speaker #4: Okay. And since this is—I mean, with this product, it was known that it was going to go off patent, and the company has a relatively stronger positioning in Canada versus others.

Alok Dalal: Okay. Since the product, it was known that it was going to go off patent, and company has a relatively stronger positioning in Canada versus others. What could be the reason why you are in the second wave as compared to first wave?

Speaker #4: So, what could be the reason why you are in the second wave as compared to the first wave?

Speaker #2: Yeah. So, you know, we were looking at semaglutide as a global development. So, it was stacking along, you know, whether it is Canada or some of the emerging markets with our domestic development.

Samit Satish Mehta: Yeah. We were looking at semaglutide as a global development. It was tagging along, whether it is Canada or some of the emerging markets with our domestic development. With whatever discussions were ongoing, there was some delay in terms of looking at expanding that or progressing that. That's why most of these other markets, which also had patent expiry, it's going to be more a second wave filing than in March when it expires.

Samit Mehta: Yeah. We were looking at semaglutide as a global development. It was tagging along, whether it is Canada or some of the emerging markets with our domestic development. With whatever discussions were ongoing, there was some delay in terms of looking at expanding that or progressing that. That's why most of these other markets, which also had patent expiry, it's going to be more a second wave filing than in March when it expires.

Speaker #2: And then, with whatever discussions were ongoing, there was, you know, some delay in terms of looking at expanding that or progressing that. And that's why, in most of these other markets which also had patent expiry, it's going to be more of a second wave filing than in March, when it expired.

Speaker #4: All right. Okay. Thank you for taking my questions.

Alok Dalal: All right. Okay. Thank you for taking my questions.

Speaker #3: Alok, before we proceed, may I request you to please announce your company name as well?

Saurabh Paliwal: Alok, before we proceed, may I request you to please announce your company name as well?

Speaker #4: Yeah, yeah, sure. So, I'm from Jefferies India Private Limited.

Alok Dalal: Yeah, sure. I'm from Jefferies India Private Limited.

Speaker #3: Thank you. Our next question comes from Tushar Manudane. Please accept the prompt on your screen, unmute your audio, and proceed with your question after announcing your company name as well.

Operator 2: Thank you. Our next question comes from Tushar Manudhane. Please accept the prompt on your screen, unmute your audio, and proceed with your question after announcing your company name as well.

Operator: Thank you. Our next question comes from Tushar Manudhane. Please accept the prompt on your screen, unmute your audio, and proceed with your question after announcing your company name as well.

Speaker #2: Yeah. Myself, Tushar from Motilal Oswal Financial Services. So, firstly on gross margin, while there has been a currency benefit as well, what has led to the lower gross margin, both year-on-year as well as quarter-on-quarter?

Tushar Manudhane: Yeah. Myself Tushar from Motilal Oswal Financial Services. Firstly, on gross margin, while there has been currency benefit as well, what has led to probably lower of the gross margin both year on year as well as quarter on quarter basis? Not sure if you have already covered this in your comments.

Speaker #2: Not sure if you have already covered this in your comment.

Speaker #4: Tushar, I think this is largely driven by the business and product mix, right? So, with Europe and AIV being higher, that leads to a slightly lower GC.

Piyush Nahar: Tushar, I think it's largely driven by the business and product mix, right? With Europe and ARV being higher, that leads to a slightly lower GC. Effectively, I think how we have always talked about in international market, there are certain businesses where it's more B2B model. Where probably GC is lower, but at EBITDA level, they are more accretive.

Speaker #4: But effectively, I think how we are always talked about in international markets, there are certain businesses where it's more of a B2B model. So, where probably gross contribution is lower, but at the EBITDA level, they are more accretive.

Speaker #2: Okay. So, as this sort of Europe business scales up, or even the Canada business scales up with Quebec, where do you see this gross margin sort of settling—maybe in FY27 or FY28?

Tushar Manudhane: Okay. As this sort of Europe business scales up or even the Canada business scales up with Quebec, where do you see this gross margin sort of settling maybe FY27, FY28?

Speaker #4: I think '27 will probably be around the 59%.

Piyush Nahar: I think 2027 will probably be around the 59%.

Speaker #1: Yeah, I think if I can just add a little bit of color here. I think at the start of the year, our overall guidance was that overall top line would be growing somewhere in the low to mid-teens.

Vik Madan Thapar: Yeah. If I can just add a little bit of color here. I think at the start of the year, our overall guidance was that overall top-line would be growing somewhere in the low to mid teens, and we expect the gross margin profile of the entire business to be somewhere in the 60% or 60% to 61% sort of frame. Given our strength of performance in Q1 and visibility we have particularly on some of the order book on the ARV segment, et cetera, we think that in terms of the overall top-line guidance, we're more comfortable being at the higher end of the guidance that we had given at the start of the year. Having said that'll obviously then as a mix of that piece being a bit higher, impact the gross margin.

Vik Thapar: Yeah. If I can just add a little bit of color here. I think at the start of the year, our overall guidance was that overall top-line would be growing somewhere in the low to mid teens, and we expect the gross margin profile of the entire business to be somewhere in the 60% or 60% to 61% sort of frame. Given our strength of performance in Q1 and visibility we have particularly on some of the order book on the ARV segment, et cetera, we think that in terms of the overall top-line guidance, we're more comfortable being at the higher end of the guidance that we had given at the start of the year. Having said that'll obviously then as a mix of that piece being a bit higher, impact the gross margin.

Speaker #1: And we expect the gross margin profile of the entire business to be somewhere in the 60 or 60 to 61 sort of range. Given our strength of performance in Q1 and the visibility we have, particularly on some of the order book on the ARV segment, et cetera, we think that in terms of the overall top-line guidance, we're more comfortable being at the higher end of the guidance that we had given.

Speaker #1: At the start of the year, having said that, that'll obviously then, as a mix of that piece being a bit higher, impact the gross margin.

Speaker #1: So, that's where I think Piyush's guidance of closer to 59% as an overall mix would be about right, on the higher end of the guidance on the top line.

Vik Madan Thapar: That's where I think Piyush's guidance of closer to 59% as an overall mix would be about right on a higher end of the guidance on the top-line.

Vik Thapar: That's where I think Piyush's guidance of closer to 59% as an overall mix would be about right on a higher end of the guidance on the top-line.

Speaker #2: Got it. And secondly, on the India business side, can we break down growth into price, volume, and new launches?

Tushar Manudhane: Got it. That's helpful. Secondly, on the India business side, if you could break down growth into price, volume, new launches.

Speaker #4: Yeah, so I think if you look at it, the new launches would have been about 1% to 2%. The rest of it is largely price and volume that you have.

Piyush Nahar: Yeah. I think if you look at it, the new launches would have been about 1% to 2%. The rest of it is largely price and volume that we have.

Speaker #2: And within that, how much would be volume?

Tushar Manudhane: Within that, how much would be volume?

Speaker #4: So, I think price is about 5% for us, 4 to 5%.

Piyush Nahar: I think price is about 5% for us. 4% to 5%.

Speaker #2: Got it. That's it from me. Thank you.

Tushar Manudhane: Got it. That's it from me. Thank you.

Speaker #3: Thank you. Our next question is from Ankush Mahajan. Please accept the prompt, mute your audio, and proceed with your question.

Operator 2: Thank you. Our next question is from Ankush Mahajan. Please accept the prompt, unmute your audio, and proceed with your question.

Operator: Thank you. Our next question is from Ankush Mahajan. Please accept the prompt, unmute your audio, and proceed with your question.

Speaker #5: Thanks for the opportunity. So, my question is related to Pubzitra. How is the response from the market? Because it's an innovative product. So, when we compare it with the generic products, what kind of market share are we building with this product now?

Ankush Mahajan: Thanks for the opportunity. My question is related to the Poviztra. How is the response from the market? Because it's an innovative product when we compare it with the generic products. What kind of a market share we are building in this product now?

Speaker #2: I mean, as I told you some time back, you know, we are getting traction month after month. So, early days, as I told you some time back, you know, very recently, approved, you know, for MASH.

Satish Ramanlal Mehta: As I told sometime back, we are getting traction month after month. Early days, as I told sometime back, very recently approved for MASH, so we are also approaching hepatologists and

Satish Mehta: As I told sometime back, we are getting traction month after month. Early days, as I told sometime back, very recently approved for MASH, so we are also approaching hepatologists and

Speaker #2: So, we are also approaching hepatologists and gastroenterologists. So, let's see how it plays out. But having said that, you know, I think there is a lot of cacophony and a lot of noise, you know, because so many brands are being marketed.

Satish Ramanlal Mehta: gastroenterologist, so let's see how it plays out. Having said that, I think there is a lot of cacophony and a lot of noise because so many brands are being marketed. Eventually, over a period of time on the back of innovation, our DNA molecule, then even for that matter, a lot of data is coming from the parent company. We should emerge as one of the bigger players over a period of time, and I see that traction month after month.

Satish Mehta: gastroenterologist, so let's see how it plays out. Having said that, I think there is a lot of cacophony and a lot of noise because so many brands are being marketed. Eventually, over a period of time on the back of innovation, our DNA molecule, then even for that matter, a lot of data is coming from the parent company. We should emerge as one of the bigger players over a period of time, and I see that traction month after month.

Speaker #2: Eventually, over a period of time, on the back of innovation, our DNA molecule—even for that matter, a lot of data, you know, is coming from the parent company.

Speaker #2: We should emerge as one of the bigger players, you know, over a period of time. And I see that traction month after month.

Speaker #5: Thanks. So, my second question is related to the very strong growth in the Rest of World business. What are the reasons behind it?

Ankush Mahajan: Thanks. My second one is related to the very strong growth in the Rest of World business. What are the reasons behind it?

Speaker #2: No, no. As far as the rest of the world is concerned, as we alluded to some time back, as well as emerging markets are concerned, I mean, as far as the current quarter is concerned, it is driven by ARV.

Satish Ramanlal Mehta: As far as the Rest of World is concerned, as we can aggregate sometime back, as far as Emerging Markets are concerned, as far as the current quarter is concerned, it is driven by ARV, though if you look at the full year, there will be both ARV and the rest of the business should be 50/50. As far as the European market is concerned, that is also being driven by the differentiated technology-driven product that we are launching. Even for that matter, we are also getting traction because of the bolt-on acquisition that we did in UK in the form of Manx. That is also adding to the business, because most of the products are now commercialized. Obviously, as far as Canada is concerned, we have a very strong base.

Satish Mehta: As far as the Rest of World is concerned, as we can aggregate sometime back, as far as Emerging Markets are concerned, as far as the current quarter is concerned, it is driven by ARV, though if you look at the full year, there will be both ARV and the rest of the business should be 50/50. As far as the European market is concerned, that is also being driven by the differentiated technology-driven product that we are launching. Even for that matter, we are also getting traction because of the bolt-on acquisition that we did in UK in the form of Manx. That is also adding to the business, because most of the products are now commercialized. Obviously, as far as Canada is concerned, we have a very strong base.

Speaker #2: Though, if you look at the full year, there will be both, you know, ARV and the rest of the business should be 50/50. And as far as the European market is concerned, that is also being driven by the differentiated, technology-driven product, you know, that we are launching.

Speaker #2: And even for that matter, you know, we are also getting traction because of the BOLTOR acquisition that we did in the UK, in the form of MANX.

Speaker #2: That is also adding to the business because most of the products are now commercialized. And obviously, as far as Canada is concerned, we have a very strong base.

Speaker #2: And Canada, again, what really happens, you know, is that we have a very strong product pipeline. So, it's a very rounded strategy, you know, that the company is following.

Satish Ramanlal Mehta: Canada, again, what really happens is that we have a very strong product pipeline. It's a well-rounded strategy that the company is following in terms of solid growth and getting a lot of approvals, and that will continue to drive the business in these three geographies.

Satish Mehta: Canada, again, what really happens is that we have a very strong product pipeline. It's a well-rounded strategy that the company is following in terms of solid growth and getting a lot of approvals, and that will continue to drive the business in these three geographies.

Speaker #2: In terms of, you know, solid growth and getting a lot of approvals, that will continue to drive the business in these three geographies.

Speaker #5: Thank you, sir. Thanks. That’s all from my side.

Ankush Mahajan: Thank you, sir. Thanks. That's from my side.

Speaker #3: Ankush, may we have your company name as well, please?

Operator 2: Ankush, may we have your company name as well, please?

Operator: Ankush, may we have your company name as well, please?

Speaker #5: Yeah. I'm from Centum Wealth.

Ankush Mahajan: Yeah, I am from the Centrum Wealth.

Ankush Mahajan: Yeah, I am from the Sanctum Wealth.

Speaker #3: Thank you. Our next question is from Forum Parikh. Please accept the prompt, mute your audio, and proceed with your question after introducing yourself and your company name.

Operator 2: Thank you. Our next question is from Foram Parekh. Please accept the prompt, unmute your audio, and proceed with your question after introducing yourself and your company name.

Operator: Thank you. Our next question is from Foram Parekh. Please accept the prompt, unmute your audio, and proceed with your question after introducing yourself and your company name.

Speaker #6: Yeah, thank you for the opportunity. My name is Forum Parikh. I'm from BOB, Bank of Baroda. My question is on the net debt. In your opening remarks, you mentioned net debt going up in the next quarter, while it has also gone up in this quarter.

Foram Parekh: Yeah. Thank you for the opportunity. My name is Foram Parekh. I'm from BOB, Bank of Baroda, Capital Markets. My first question is on the net debt. In our opening remarks, we mentioned about net debt going up in the next quarter, while it has also gone up in this quarter. If you can talk about our strategy of debt repayment or by when can we expect to become net cash?

Speaker #6: So, if you could talk about our strategy for debt repayment, or by when can we expect to become net cash?

Speaker #4: So, I'll answer your last question first. Probably by the end of FY28, we should be net cash. On the question of the debt going up, first, you mentioned—first, I'll answer why it's gone up; it won't go up in the next quarter.

Piyush Nahar: I'll answer your last question first. Probably by the end of FY28, we should be net cash. On the question on the debt going up, first I'll answer the one by going up, won't go up in the next quarter. We have made these payments for acquisition of Mantra and also the Gennova minority stakes. That will take up my debt by close to around INR 450 to 500 crores. On your question on why the debt went up from Q4 to Q1, yes, my working capital went up a little bit, but that's now stabilized in this month, that will come to normal thing in this quarter. By the end of next quarter, we should have a net debt of close to around INR 1,450 crores. From what today I see at INR 1,560 crores.

Speaker #4: We have made these payments for the acquisition of Mantra, and also the Geneva minority stake. So, that will take up my debt by close to around ₹450 to ₹500 crore.

Speaker #4: On your question about why the debt went up from Q4 to Q1, yes, my working capital went up a little bit, but that's now stabilized this month.

Speaker #4: So, that will come to a normal level in this quarter. So, by the end of next quarter, we should have a net debt of close to around ₹1,450 crores.

Speaker #4: From what I see today, it is at ₹1,560 crores.

Speaker #6: That's helpful. My second question is on our domestic organic growth, which was mentioned at 6 to 8% growth. So, if you can give us some color why is the organic growth, you know, growing at a slower pace and how do we see organic growth pacing, you know, going forward?

Foram Parekh: That's helpful. My second question is on our domestic organic growth, which was mentioned at 6% to 8% growth. If you can give us some color, why is the organic growth growing at a slower pace, and how do we see organic growth pacing going forward? Will it come at par with the IPM?

Speaker #6: Will it come at par with the IPM?

Speaker #2: Yeah, I don't know if you were able to capture this. I think the CEO had answered that if you look at year-over-year, part of that high, or let's say mid to high single-digit growth for organic, was impacted by some of the consolidation happening at the Zaventus level.

Piyush Nahar: I don't know if you were able to capture. I think the CEO had answered that if you look at year over year quarter, part of that high, or let's say mid to high single-digit growth for organic was impacted by some of the consolidation happening at Zuventus level. I think as we look for the rest of the year, our guidance is that we'll be in line for the Q2 and in fact faster than industry growth as we accelerate Zuventus back to what we had seen off of a lower base of last year for the H2 of this year. We're confident in terms of the overall guidance that even the organic business should be growing at par or faster than the industry growth when you look at the full year.

Speaker #2: I think as we look at the rest of the year, our guidance is that we'll be in line for Q2, and, in fact, faster than industry growth as we accelerate Zaventus back to what we had seen, albeit off a lower base from last year.

Speaker #2: For the second half of this year, we're confident in terms of the overall guidance that even the organic business should be growing at par or faster than the industry's growth when you look at the full year.

Speaker #6: Sure, that's helpful. Thirdly, on the R&D side, we mentioned that R&D expense is also likely to go up. So, some guidance—if you could share, what is the number that we should be working with for FY27, the contribution?

Foram Parekh: Sure. That's helpful. Thirdly, on the R&D side, we mentioned that R&D expense is also likely to go up. Some guidance, if you could share, what is the number that we should be working for FY27 of the contribution?

Speaker #4: R&D, I think what we talked about for the full year will be between that 4% to 5% range. So, I think we continue to maintain that outlook.

Piyush Nahar: R&D, I think what we talked about for the full year will be between that 4% to 5% range. I think we continue to maintain that out.

Speaker #6: Sure. And lastly, is it possible for us to give the segmental constant currency growth for the international market?

Foram Parekh: Sure. Lastly, is it possible for us to give the segmental constant currency growth for the international markets?

Speaker #4: I don't think we break that out, but broadly, as I said, for the overall corporate level, it's about 6% forex impact. International would have been about 12–13%.

Piyush Nahar: I don't think we break that out, broadly, as I said, for the overall corporate level at about 6% Forex impact, international would have been about 12% to 13%.

Speaker #6: Sure. Thank you. That's all from my side, and all the best.

Foram Parekh: Sure. Thank you. That's all from my side, all the best.

Speaker #3: Thank you. The next question is from Alankar Garude. Please go ahead.

Operator 2: Thank you. The next question is from Alankar Garude. Please go ahead.

Operator: Thank you. The next question is from Alankar Garude. Please go ahead.

Speaker #5: Hi, thank you for the follow-up. This is Alankar from Kotak Institutional Equities. Sir, you were earlier planning to launch Semaglutide in Quebec via your partnership with Dr. Reddy's in the second quarter.

Alankar Garude: Hi. Thank you for the follow-up. This is Alankar from Kotak Institutional Equities. Sir, you were earlier planning to launch semaglutide in Quebec via partnership with Reddy's in Q2, the current quarter. Now, post the issue faced by Dr. Reddy's, what are the revised timelines?

Speaker #5: For the current quarter, now pose the issue faced by Dr. Reddy's: what are the revised timelines?

Speaker #4: I think Alankar will defer to Reddy on this. What's the timeline now? So, whenever we have the product with us, we'll be able to launch it.

Piyush Nahar: I think Alankar will defer to Reddy's on this, what's the timeline. Whenever we have the product with us, we'll be able to launch it out. I think for timelines and all, probably Reddy's will be the right.

Speaker #4: But I think for timelines, probably Reddy's will be right.

Speaker #5: Okay. No, just checking there. I mean, they have mentioned a possible relaunch in November. Earlier, there was a lag between the launch in Quebec and the rest of Canada.

Alankar Garude: Okay. No, just checking there, they have mentioned about a relaunch possibly in November. Earlier there was a lag between the launch in Quebec and the rest of Canada. Just checking whether that lag will be there at the time of the relaunch as well, or you'll be launching it in Quebec at the same time as Reddy's launches in Canada, rest of Canada.

Speaker #5: So, just checking whether that lag will be there at the time of the relaunch as well, or will you be launching it in Quebec at the same time as Reddy's launches in Canada?

Speaker #5: Rest of Canada.

Speaker #4: I think it will depend on how the supplies from Reddy's shape up, and how much supply you can get.

Piyush Nahar: I think it will depend on how the supplies from Dr. Reddy's shape up and how much supplies we can get.

Speaker #5: Fair enough. Okay. And the other question was: historically, if I look at the domestic market, there are some of these metrics, like covered market and number of brands prescribed per doctor, where Emcure has been lower than most of your relevant peers.

Alankar Garude: Fair enough. Okay. The other question was, historically if I look at the domestic market, there are some of these metrics like covered market and number of brands prescribed per doctor, where Emcure has been lower than most of your relevant peers. As you do more of licensing deals apart from new launches, how should we expect this to move as you progress on your five-year roadmap?

Speaker #5: So, as you do more licensing deals, apart from new launches, how should we expect this to move as you progress on your five-year roadmap?

Speaker #2: No, of course. No. As far as the domestic is concerned, it's very close to our heart, and we should be not only on par with the industry.

Satish Ramanlal Mehta: No, of course. As far as domestic is concerned, very close to our heart, we should be not only on par with the industry, we should do better than them. That is the strategy on which we are working, that's what I was telling some time back. As our domestic is concerned, there are three levers on which we'll be working. We'll try and make big brands bigger. We have some real jewels in the armory. The second thing, we'll obviously be working with multinationals and other in-licensing products. That is number 2. As I told you some time back, more than 30% to 35% of my sales are coming from the products which are developed by R&D. Whether you are talking about ferrous ascorbate, ferric carboxymaltose, or 11, 12 chiral Emcure compounds so that my company has given all tenecteplase for both stroke and MI.

Satish Mehta: No, of course. As far as domestic is concerned, very close to our heart, we should be not only on par with the industry, we should do better than them. That is the strategy on which we are working, that's what I was telling some time back. As our domestic is concerned, there are three levers on which we'll be working. We'll try and make big brands bigger. We have some real jewels in the armory. The second thing, we'll obviously be working with multinationals and other in-licensing products. That is number 2. As I told you some time back, more than 30% to 35% of my sales are coming from the products which are developed by R&D. Whether you are talking about ferrous ascorbate, ferric carboxymaltose, or 11, 12 chiral Emcure compounds so that my company has given all tenecteplase for both stroke and MI.

Speaker #2: We should do better than them. That is the strategy on which we are working, and that's what I was saying. Some time back, as far as the domestic side is concerned, there are three levers on which we'll be working.

Speaker #2: We'll try and make big clients bigger. We have some real jewels in the armory. The second thing, you know, we'll obviously be working with multinationals and other in-licensing products.

Speaker #2: That is number two. And as I told you some time back, more than 30 to 35% of my sales are coming from products which are developed by R&D.

Speaker #2: Whether you are talking about Ferrous Ascorbate, Ferric Carboxymaltose, or 1112 Carylicure compounds, my company has given or connected place for both stroke and MI.

Speaker #2: So, that journey will continue. So, obviously, as I was telling you some time back, the process of the consolidation phase is over. We are moving towards acceleration.

Satish Ramanlal Mehta: That journey will continue. Obviously, as I was telling you some time back, the process of consolidation phase is over. We are moving towards acceleration you will see a lot of what I would say good news, as far as the domestic market is concerned going forward. Personally, I'm very bullish about it.

Satish Mehta: That journey will continue. Obviously, as I was telling you some time back, the process of consolidation phase is over. We are moving towards acceleration you will see a lot of what I would say good news, as far as the domestic market is concerned going forward. Personally, I'm very bullish about it.

Speaker #2: And you will see a lot of what I would say is good news, you know, as far as the domestic market is concerned, going forward.

Speaker #2: Personally, I'm very bullish about it.

Vik Madan Thapar: Alankar, if I could just add. I think the whole rationale we've been highlighting for some of these in-licensing deals is these are, in some cases, very strong legacy brands that come with strong patent habits of the doctors. We believe that with the complementarity of Emcure's portfolio, we obviously want to leverage the co-prescription along with those writing habits. That is indeed the overall strategy to see that the co-prescription should go up as we handle some of these in-licensing assignments along with our portfolio that we continue to build.

Vik Thapar: Alankar, if I could just add. I think the whole rationale we've been highlighting for some of these in-licensing deals is these are, in some cases, very strong legacy brands that come with strong patent habits of the doctors. We believe that with the complementarity of Emcure's portfolio, we obviously want to leverage the co-prescription along with those writing habits. That is indeed the overall strategy to see that the co-prescription should go up as we handle some of these in-licensing assignments along with our portfolio that we continue to build.

Speaker #4: So, going back—just to add—I think the whole rationale we've been highlighting for some of these in-licensing deals is, these are in some cases very strong legacy brands that come with strong pen habits of the doctors.

Speaker #4: And so, we believe that, with the complementarity of Emcure's portfolio, we obviously want to leverage co-prescription along with those writing habits.

Speaker #4: So, that is indeed, you know, the overall strategy—to see that the co-prescription should go up as we, you know, handle some of these in-licensing assignments, along with our portfolio that we continue to build.

Speaker #3: That's quite helpful, Satishbhai and Vic. That's it from my side. Thank you, and all the best.

Alankar Garude: That's quite helpful, Satish bhai and Vic. That's it from my side. Thank you and all the best.

Speaker #1: Thank you. Ladies and gentlemen, if you wish to ask questions, please click on the 'Raise Hand' tab or icon on your screen.

Operator 2: Thank you. Ladies and gentlemen, if you wish to ask questions, you may please click on the Raise Hand tab or icon on your screen. As we have no further questions, I would now like to hand the conference over to the management for closing comments. Over to you, gentlemen.

Operator: Thank you. Ladies and gentlemen, if you wish to ask questions, you may please click on the Raise Hand tab or icon on your screen. As we have no further questions, I would now like to hand the conference over to the management for closing comments. Over to you, gentlemen.

Speaker #1: As we have no further questions, I would now like to hand the conference over to the management for closing comments. Over to you, gentlemen.

Piyush Nahar: Thank you, Darwin. Thank you everyone for joining us today. In case you have any further questions or need any clarifications, please do get in touch with us. With this, we conclude the conference call. Have a wonderful rest of the day.

Saurabh Paliwal: Thank you, Darwin. Thank you everyone for joining us today. In case you have any further questions or need any clarifications, please do get in touch with us. With this, we conclude the conference call. Have a wonderful rest of the day.

Speaker #2: Thank you, Darwin. Thank you, everyone, for joining us today. In case you have any further questions or need any clarifications, please do get in touch with us.

Speaker #2: With this, we conclude the conference call. Have a wonderful rest of the day.

Speaker #1: Thank you. On behalf of Emcure Pharmaceuticals Limited, that concludes this conference. Thank you all for joining us. You may now disconnect.

Operator 2: Thank you. On behalf of Emcure Pharmaceuticals Limited, that concludes this conference. Thank you all for joining us. You may now disconnect.

Operator: Thank you. On behalf of Emcure Pharmaceuticals Limited, that concludes this conference. Thank you all for joining us. You may now disconnect.

[Analyst]: Goodbye

Operator: Goodbye

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Q1 2027 Emcure Pharmaceuticals Ltd Earnings Call

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