Analysts/Institutional Investor Meet/Con. Call Updates

“Beta Drugs Limited Q2 & H1 FY27 Earnings Conference Call” October 22, 2026 MANAGEMENT: MR. RAHUL BATRA – CHAIRMAN AND MANAGING DIRECTOR – BETA DRUGS LIMITED MR. NIPUN ARORA – CHIEF FINANCIAL OFFICER – BETA DRUGS LIMITED MR. ASHUTOSH SHUKLA – DIRECTOR OF SALES AND MARKETING – BETA DRUGS LIMITED MS. RAJNI BRAR – COMPANY SECRETARY AND COMPLIANCE OFFICER – BETA DRUGS LIMITED MR. NATARAJAN – HEAD OF STRATEGY – BETA DRUGS LIMITED MODERATOR: MR. SRISURYA K – PHILLIPCAPITAL PCG DESK Page 1 of 19 Beta Drugs Limited October 22, 2026 Moderator: Ladies and gentlemen, good day and welcome to Beta Drugs Limited Q2 and H1 FY27 Earnings Conference call, hosted by PhillipCapital PCG. 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. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand over to Mr. Srisurya K from PhillipCapital PCG Desk. Over to you, sir. Srisurya K: Thank you. A very good afternoon, everyone. On behalf of PhillipCapital Private Client Group, I welcome you to the Q2 and H1 FY27 Earnings Conference Call for Beta Drugs Limited. Joining us today from the management are Mr. Rahul Batra, Chairman and Managing Director; Mr. Ashutosh Shukla, Director of Sales and Marketing. Mr. Nipun Arora, CFO; Mrs. Rajni Brar, CS and Compliance Officer, along with Mr. Natarajan Head of Strategy. I will now hand over the call to Mr. Rahul Batra for his opening remarks. Following his address, we'll open the floor for questions and answers. Over to you, sir. Rahul Batra: Thank you so much. Good afternoon, everyone. On behalf of Beta Drugs family, we wish you all a very Happy Diwali. To start with, let me take you to the key financial highlights. The revenue growth of Beta is at 29.2% as compared to H1 FY26. The EBITDA margin grew by 0.10% that is from 23.08% to 23.18%. The PAT showed a significant increase from INR24 crores to INR34 crores, which is almost 45% growth as compared to H1 of last year. Now, before going ahead with the key highlights, we want to take you on the brief of the impact of trade margin capping on the MRP. The trade margin capping is nothing. This is as which was declared in the year 2019. Now, to give you a brief detail on this, of our total branded business, which we did in FY26 was INR123 crores. The orals comprised of INR60 crores in that business, which has no impact at all from the recent NPPA guidelines, as the majority is being sold through distributors. The injectable business is INR63 crores out of total business, of which INR50 crores come from the scheduled drugs whose MRP is already defined by the government, so that will not have even a single impact. The INR13 crores injectable business, which comes under the non-scheduled drugs, will also have no impact on our margins and growth as well as realization. The overall impact on the company seems zero or negligible. Now, let us take you to the key highlights of H1 '27. The own-branded business has grown by 17% in H1 '27 as compared to H1 FY26. In exports, we have filed 76 new dossiers in different geographies, which include four dossiers filed in Europe. We have started bioequivalence studies with EU RLDs to be filed, in which we have five products to be filed in regulated markets, of which one is already concluded and rest are in process. Page 2 of 19 Beta Drugs Limited October 22, 2026 We have successfully launched four new products in FY27 and are on a plan to launch six more in coming months. With the effort and dedication from the sales team, we have successfully made five brands more than INR5 crores, in which one brand is almost touching INR10 crores sales annually. Beta has finally got a breakthrough in Tata Hospital and we have got their some brands approved in this H1 FY27. The latest acquisition of Nivian Lifesciences has delivered a strong growth of 75% as compared to H1 FY26. The API business too has delivered 30% growth in H1 FY27. Now discussing the business is vertical-wise. First is own brands. The own-brand business showed a growth of 17%, as discussed earlier. The OSD, oral solid forms contribution to the business has increased up to 50% in total business. We have successfully launched four new products and six more to be launched this year. As discussed, we have got successfully our first purchase order from the Tata Hospitals. We are on track to do INR150 crores sales from our own brand for this FY27. Coming onto the exports, we have done 43 crores of sales in the first half of FY27 and we are on track to do our target for FY27. Apart from one opportunity which we had in 2026, where we did some opportunity sales of INR25 crores and the balance INR16 crores would that came from the territories, out of total 41 in FY26, we have done more than INR26 crores, apart from the INR15 crores sales that we have done in FY27. Recently, we have got 35 new registrations, and on the verge to get 50 more registrations from this year. We have also successfully cleared the audit of Azerbaijan and filed 20 new dossiers, of which 12 registrations are expected in FY -- in by in FY27. We have also filed four dossiers in EU and expected to receive an audit in this financial year only. Total of 872 new registrations are in pipeline, which we will be getting in next two to three years. In export, we are on track and will deliver a major growth in coming next two to three years down the line. Coming onto the our latest acquisition Nivian. Nivian has delivered 75% growth, that is from INR18 crores to INR31 crores sales in first half of FY27. The acceptance of these products has been in the corporate hospital, which is a major increase in this FY. There has been a significant 60% increase in the prescriber base also. The top five brands contributes around 63% of the total sales. At Nivian we are evaluating to launch our first recombinant in next two to three years. Nivian will continue to deliver a strong growth in this segment. In derma, we have seen a consistent increase in the secondary sales. The PCPM grew by 30% to reach an average PCPM of 2.5 lakhs in this half of FY27. Recently, we have registered and our first consignment is on a way to be deliver for high-end cosmetics from Europe. We have successfully in-licensed some products, which will be launched in December '27 '27 this -- '26 this year. Derma will make a great brand in next two to three years, which we are aiming for. Page 3 of 19 Beta Drugs Limited October 22, 2026 The CMO business has grown by 21% in H1 in H1 FY27. The NDDS has played a big role in getting new partners. We have successfully partnered with two three new Indian giants for the CMO business. The CDMO business will keep up the pace in the future as well. The API business has shown a growth of 29% as compared to H1 last year. With the ongoing investment in the new facility of intermediate, the API business will get a big boost in terms of margins and supply. The key focus on this new investment is to step our presence in the export market with intermediates in-house. The API business has a lot of room and opportunity to grow further. We have scaled up the new products development and will be the first one to launch many molecules as the first generics in India only with the support of API. To conclude, at Beta, we'll continue to deliver 20%, 25% growth for next three to five years with a sustained margins between 23% to 24%. We are constantly evaluating biosimilar market. We are looking to tailor it capital-efficient strategy for both marketing and manufacturing. We are also evaluating to manufacture oncology medicines outside India, where we already have on-the-ground presence. Thank you. Now, we are looking forward for the questions. Moderator: Thank you very much, sir. We will now begin the question-and-answer se [Showing first 8,000 characters — download PDF for full document]