Transcript of the earnings call for Q1 of FY27

Date: July 27, 2026 National Stock Exchange of India Limited BSE Limited Symbol: NSE: GRANULES: BSE: 532482 Dear Sir, Sub: Transcript of the Earnings Conference Call for Q1 of FY27 Ref: Our letter dated July 09, 2026 for intimation of the schedule of the Earnings Conference call for Q1 of FY27. Pursuant to regulation 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transcript of the earnings conference call of the Company for Q1 of FY27 is enclosed with this letter and has been uploaded on the website of the Company at the link: https://granulesindia.com/investors/investor-resources/earnings-call-transcripts/ Kindly take the above information on record. For GRANULES INDIA LIMITED CHAITANYA TUMMALA (COMPANY SECRETARY & COMPLIANCE OFFICER) Encl: As above 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.comwww.granulesindia.com “Granules India Limited Q1 FY27 Earnings Conference Call” July 21, 2026 MANAGEMENT: DR. KRISHNA PRASAD CHIGURUPATI – CHAIRMAN AND MANAGING DIRECTOR – GRANULES INDIA LIMITED MS. PRIYANKA CHIGURUPATI – EXECUTIVE DIRECTOR – GRANULES INDIA LIMITED MR. MUKESH SURANA – CHIEF FINANCIAL OFFICER – GRANULES INDIA LIMITED DR. P.V. SRINIVAS – CHIEF TECHNOLOGY OFFICER– GRANULES INDIA LIMITED MR. SANJAY KUMAR – CHIEF STRATEGY OFFICER – GRANULES INDIA LIMITED MODERATOR: MS. PRACHI AMBRE – MUFG INVESTOR RELATIONS Page 1 of 17 Granules India Limited July 21, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Granules India Limited Q1 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. 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 the conference over to Ms. Prachi Ambre from MUFG Investor Relations. Thank you, and over to you. Prachi Ambre: Thank you, Atharva. On behalf of Granules India Limited, I extend a very warm welcome to all the participants on the Q1 FY27 Financial Results Discussion Call. Today on the call, we have Dr. Krishna Prasad Chigurupati, Chairman and Managing Director; Ms. Priyanka Chigurupati, Executive Director; Mr. Mukesh Surana, Chief Financial Officer; Dr. P.V. Srinivas, Chief Technology Officer; and Mr. Sanjay Kumar, Chief Strategy Officer. Before we begin the call, I would like to give a short disclaimer. This call contains some of the forward-looking statements, which are completely based on our expectations, beliefs and opinions as of today. These statements are not a guarantee of our future performance and involve unforeseen risks and uncertainties. With this, I would like to hand over the call to Krishna Prasad sir, for his opening remarks. Over to you, sir. Thank you. K. P. Chigurupati: Thank you, Prachi. Good evening, ladies and gentlemen, and thank you very much for joining us today. I appreciate your continued interest in Granules, and I trust you have had a chance to go through the presentation we have uploaded. Let me not begin with a number, but with a conviction. Granules today is no longer a company defined by volume and cost alone. It is becoming an innovation-led complex and differentiated pharmaceutical platform that turns scientific depth into durable, high return cash-backed earnings. Everything I will share this evening is in service of that one idea. We are moving up the value chain, and we are doing it with discipline. Our purpose has not changed to heal life responsibly through pioneering green science. What has become clearer is why we win. Few companies can do what we do end-to-end, make the chemistry, convert it into the formulation and deliver it into the most demanding regulated markets in the world, and do all of that with quality and cost discipline. That integration from molecule to the tablet is our real strength. This is not easy to build, and it is not easy to copy. Let me give you a few proofs that this is real and not just talk. In the U.S. our own manufacturing company, GPI, has moved up to the 27th position among all U.S. generic companies from 74th just 5 years ago. In the controlled substance space, we are now the fourth largest player, and I'm personally more satisfied to see our mission to sustainably supply critical ADHD medicines to patients without shortages, playing out well. Page 2 of 17 Granules India Limited July 21, 2026 Complex generics, which were around 39% of our finished dosages a year ago are now 50%. And our newest engine, the peptide CDMO built around Senn grew more than 100% over last year. These are not just slogans. This is our strategy showing up in numbers. Now the numbers themselves. This is our strongest first quarter ever. Revenue grew 22% over last year to about INR1,477 crores. Gross margin stayed healthy at around 65.6% and EBITDA grew 37% to INR339 crores, and profit after tax grew 60% to INR180 crores, but the number I'm most pleased with is our return on capital, which has improved to 18%. Our net debt to EBITDA is now almost nothing, 0.07x. So for all practical purposes, we are debt free, and we generated over INR387 crores of operating cash this quarter. Let me come to the question, I know many of you have Gagillapur, and let me clarify. Our remediation work is essentially complete. We met the FDA in January, and we have submitted every response on time. To date, the agency has not raised a single concern on the adequacy or the pace of our corrective actions. 7 of our 8 facilities now carry a clean EIR, every site except Gagillapur, including our GPI facility in Virginia, which received its clearance in June. Over the last 2 years, we have gone through more than 330 customer and regulatory audits without a single critical observation. We cannot tell the FDA when to come, but we can be ready every single day, and we are ready. And waiting behind that clearance are 9 applications ready to launch. That said, we will continue to improve and maintain our quality systems across all sites with the implementation of digitalized systems across the network. So where do we go from here? I want to be honest about the difference between what we have committed to and what we are still exploring. You deserve both. In the near term, the path is clear and is already funded. We bring Gagillapur across the line and unlock the launches waiting there. We scale up our new Genome Valley facility, which adds about 40% to our formulation capacity. We keep taking complex generics higher. They are already half of our finished dosages. And we keep growing our ADHD and controlled substance products. Our oncology launches from Vizag and our fast-growing business in Europe and the rest of the world. In the medium term, our growth comes from doing the most difficult things. We are deepening a differentiated portfolio 505(b)(2) products, first-to-file and day 1 launches where being early and being hard to copy, both matter. We already have 2 sole first-to-file products in the public domain with litigation expected. And there are a few more such opportunities in our pipeline. We are scaling our peptide CDMO across our Swiss and India model, which places us in the fast-growing peptide space. And in the long term, we are studying a few larger opportunities. And I want to be clear, these are under consideration, not commitments. We are looking at several select nonsolid dosage areas to enter each of which would take the same core strength, our chemistry and our manufacturing into a much bigger market. Page 3 of 17 Granules India Limited July 21, 2026 There are several exciting opportunities, which when more concrete will be communicated. We'll approach them the [Showing first 8,000 characters — download PDF for full document]