Transcript of the Webinar held on September 29,2026

Date: October 06, 2026 National Stock Exchange of India Limited BSE Limited Symbol: NSE: GRANULES: BSE: 532482 Dear Sir, Subject: Transcript of the Webinar. Ref: Our letter dated September 26, 2026 for intimation of the schedule of webinar. Pursuant to regulation 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transcript of the webinar held on September 29, 2026 is enclosed with this letter. Kindly take the above information on record. For GRANULES INDIA LIMITED CHAITANYA TUMMALA (COMPANY SECRETARY & COMPLIANCE OFFICER) REGISTERED OFFICE Granules India Limited CIN: L24110TG1991PLC012471 15th Floor, Granules Tower, Botanical Garden Road, Kondapur, Hyderabad – 500084, Telangana, India Contact Us: Tel: +91-40-69043500 |Fax: +91-40-23115145| mail@granulesindia.com www.granulesindia.com Granules India Limited The Now & The Next September 2026 - Ms. Tanvi: - We are live now, Naman, I hand it over to you. - Mr. Naman Bagrecha – IIFL Capital Services Limited: - Thank you Tanvi. Good afternoon everyone. On behalf of IIFL Capital Services Limited, we welcome you all to Granules India 2.0 Comprehensive Transformation Underway webinar with Granules promoters and senior management team to understand the key growth engines. We will begin the call with the opening commentary from Dr. Krishna Prasad Chigurupati, Chairman and Managing Director, followed by Ms. Priyanka Chigurupati, ED, Mr. Vijay, President Granules Pharmaceuticals, Inc., Mr. Sanjay Kumar, CEO Senn Tides India Private Limited, and Mr. Mukesh Surana, CFO Granules, which will be followed by a Q&A session. Over to you, doctor. - Dr. Krishna Prasad Chigurupati - Chairman & Managing Director, Granules India Limited: - Thank you, Naman, and a very good afternoon everyone, and thank you very much for joining us today. Over the last few years, many conversations around Granules have understandably focused on regulatory journey, our earnings quality, earnings recovery, and the challenges we face as an organization. Today, I would like to shift that conversation. I would like to spend a few minutes talking about what comes next for Granules. - After nearly three years of relatively flat performance, we returned to growth in FY26. For me, this was a very important milestone, but I view it not as a destination, but the beginning of a new journey and a growth cycle for the company. Over the last several years, we have invested significantly in manufacturing infrastructure, in R&D, in product development, and building new capabilities. Today, we are moving from building these capabilities to scaling them and converting them into commercial growth. The slide you see in front of you captures how we think about this journey. - At the foundation is our established business built on manufacturing excellence, vertical integration, scale, and cost competitiveness. This business remains central to Granules. It generates cash, supports our balance sheet, and provides a platform from which we can invest in future growth. Building on that foundation, we have identified four growth engines, control substances, complex generics and early market opportunities, oncologies, and peptide CDMO. These are not four independent bets. They are built on capabilities we already possess while giving us multiple venues for growth across different products, markets, and timelines. - Beyond these growth engines, we continue to evaluate additional opportunities and expand our geographic reach. Because even as today's businesses scale up, we must continue building the next generation of growth. Our objective over the next three to four years is straightforward. To translate these investments into a substantially larger business with earnings growing faster as our portfolio becomes more differentiated and operating leverage develops. And equally importantly, we intend to do so while maintaining the financial discipline that has always been fundamental to Granules. - With that context, let me hand over to Priyanka who will take you through our product strategy, R&D priorities, and opportunities that exist. Over to you, Priyanka. - Ms. Priyanka Chigurupati – Executive Director, Granules India Limited: - Thank you, CMD. You've outlined the four engines of our next growth cycle. I'd like to focus a little bit on portfolio, R&D strategy, and market strategy that underpins this transformation. Our next phase is not simply about efficient manufacturing at scale and selling more products. It's about generating greater value from each successful development program. Our vertically integrated manufacturing platform remains the foundation. What is changing is, how we deploy that foundation and our R&D capabilities to capture new growth opportunities. - Our evolving growth strategy. The next phase of growth is fundamentally different from the last. While scale, manufacturing, efficiency, and cost competitiveness have been central to our success, while we continue to nurture them, the future growth is increasingly going to be driven by higher value products, with products being extended to other markets, an improved portfolio mix, and greater operating leverage. Over the past several years, we've invested significantly in R&D, manufacturing, infrastructure, and advanced formulation capabilities. A substantial part of this foundation is already in place. - Our priority now is to convert these investments into commercial opportunities and generate greater value from our existing assets. Our vertically integrated platform spanning APIs through to finish dosages remains a fundamental competitive advantage. We intend to leverage this foundation not to simply increase volumes, but to develop and manufacture more differentiated products using existing knowledge and improve the quality of our earnings. On our portfolio transformation, perhaps the most significant change taking place within our R&D and product development strategy is our first-to-file playbook. Historically, growth in generics has often been associated with the number of products developed and filed. Our approach is increasingly selective. - Product selection is guided by technical complexity, patient needs that are unmet, competitive intensity, intellectual property considerations, and economics of market entry. This strategy has been demonstrated through the contribution of complex generics that increased from 1% of overall revenue in fiscal 20 to 33% of overall revenue in fiscal 26. And as a part of, as a percentage of overall finished dosages, the contribution of complex is roughly 45 to 50% in fiscal 26. We are prioritizing opportunities where our formulation expertise, vertical integration, and manufacturing capabilities can create meaningful differentiation. We're building a broader pipeline of differentiated opportunities across controlled substances, oncology, and other complex generics with further filings planned over the coming years. Our first-to-file strategy is the clearest evidence of that transformation. We've already filed two sole first-to-file ANDAs, marking an important milestone in the evolution of our R&D capabilities. Generic Lumryz and Generic Dyanavel have a combined market size north of 350 million US dollars, just in the US, where we would potentially have 180-day exclusivity. - We have filed another product, which we believe would be a sole FDF in the oncology category. Over the next few years, we have a pipeline of four to five other first-to-files, all of which would commercialize between fiscal 30 and 34. This reflects a clear and visible change in Granules' R&D story. These opportunities have a different commercial profile from conventional generics. Successful early market entry with 180-day or more of exclusivity, particularly in products with significant technical and regulatory barriers, can create substantial commercial value. The timing and realization of these opportunities depend on regulatory approvals, intellectual [Showing first 8,000 characters — download PDF for full document]