Analysts/Institutional Investor Meet/Con. Call Updates

Date: 29th October, 2026 To To The Listing Department The Listing Department National Stock Exchange of India Limited Bombay Stock Exchange Limited Exchange Plaza, Floor 25, P. J. Towers, Bandra – Kurla Complex Dalal Street, Bandra (East) Mumbai – 400 001 Mumbai – 400 051 Stock Code : 532612 Stock Code : INDOCO Dear Sir/Madam, Subject: Transcript of Earnings Conference Call on Unaudited Standalone and Consolidated Financial Results for the Quarter and Half Year Ended 30th September, 2026 Pursuant to the Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of Earnings Conference Call held on 27th October, 2026 at 03:00 p.m. (IST) in respect of Unaudited Standalone and Consolidated Financial Results for the Quarter and Half Year Ended 30th September, 2026. The Earnings Conference Call concluded at 04:05 p.m. (IST) on 27th October, 2026. You are requested to kindly take the same on record Thanking you, Yours faithfully, For Indoco Remedies Limited Ramanathan Hariharan Company Secretary & Head- Legal “Indoco Remedies Q2 FY27 Earnings Conference Call” October 27, 2026 MANAGEMENT: MS. ADITI PANANDIKAR - MANAGING DIRECTOR, INDOCO REMEDIES LIMITED MR. SUNDEEP BAMBOLKAR - JOINT MANAGING DIRECTOR, INDOCO REMEDIES LIMITED MR. PRAMOD GHORPADE – CFO, INDOCO REMEDIES LIMITED MODERATOR: MS. RASHMI SHETTY – DOLAT CAPITAL Page 1 of 17 Indoco Remedies Limited October 27, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Indoco Remedies Q2 FY27 Earnings Call hosted by Dolat Capital. 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 this conference call, please signal an operator by pressing ‘*’, then ‘0’ on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Rashmi Shetty from Dolat Capital. Thank you, and over to you, madam. Rashmi Shetty: Thank you, Iqra, and good afternoon, everyone. I, Rashmi Shetty, on behalf of Dolat Capital, welcome you to the Q2 FY27 Earnings Call of Indoco Remedies. We thank the Indoco Remedies management for giving us this opportunity to host the call. Today, we have with us the senior management of the company represented by Ms. Aditi Panandikar - Managing Director, Mr. Sundeep Bambolkar - Joint Managing Director, Mr. Pramod Ghorpade - CFO. I will now hand over the call to the Management for the opening remarks. Over to you, sir. Management: Thank you, Rashmi. Good afternoon, everyone. Thank you all for joining this call today. Let me draw your attention to the fact that on this call, our discussion will include certain forward-looking statements, which are projections or estimates about our future events. These estimates reflect the management's current expectation of the future performance of the company. Please note that these estimates involve several risks and uncertainties that include a cause or actual results to differ materially from what is expressed or implied. Indoco does not undertake any obligation to publicly update any forward-looking statement, whether as a result of new confirmation, future events or otherwise. Now, I will request our Managing Director – Ms. Aditi Panandikar, for her opening comments. Thank you. Over to you, madam. Aditi Panandikar: Good afternoon, everyone and a very warm welcome to Indoco Remedies Q2 FY27 Earnings Call. The 2nd Quarter of FY27 marks an important milestone in Indoco's growth journey. Despite a dynamic operating environment and near-term challenges, we have continued to make progress across key business segments, strengthened our operating performance and advanced our long-term strategic priorities. Page 2 of 17 Indoco Remedies Limited October 27, 2026 I am particularly pleased to share that for the first time, Indoco has crossed the Rs. 500 crore mark in quarterly consolidated revenues, recording 5,069 million in Q2 FY27. While we have made encouraging progress in improving our operating profitability, the expansion in margins was partially impacted by increase in material costs along with elevated freight costs arising from ongoing geopolitical conflict. Despite these external cost pressures, we remain focused on driving operational efficiencies, strengthening cost management and improving profitability. These results reflect the progress we are making in strengthening our operating performance and building a more resilient business. Moving to our domestic operations: Our domestic formulations business continues to benefit from established brands, strong prescription franchises and leadership positions across select therapeutic categories. While the business has faced near-term challenges, we are encouraged by the continued strength of several of our core brands and the growth opportunities emerging from priority therapies. Cyclopam has further strengthened its position as a flagship brand, crossing the Rs. 200 crore threshold and now at a sales of Rs. 206 crore and maintaining its number two position in the antispasmodics and anticholinergics market. Our gastrointestinal portfolio recorded encouraging growth of 30.3% during the quarter, while our stomatological business grew by 34.8%, reinforcing the strength of our differentiated brand portfolio. We are also seeing promising traction in our newer introductions and emerging brands. These products represent an important growth opportunity as we continue to deepen our prescription reach, strengthen our presence in priority therapies and build the next generation of brands for Indoco. Our focus remains on improving the performance of our domestic franchise through sharper execution, stronger field force productivity, disciplined brand investments and a continued emphasis on high potential therapeutic segments. We believe these initiatives will help us progressively strengthen our domestic growth trajectories. Turning to our international operations: Happy to share that Plant-1 at Goa had a very successful MHRA audit and as we just got the message today and a release has been made earlier this day, the RCRO, AnaCipher, has also cleared the ANVISA inspection. Our international formulations business delivered a strong performance. We witnessed encouraging momentum across regulated markets, particularly the United Kingdom and Europe, alongside strong growth in USA and the Latin America. This performance reflects the strength of our international platform, our established customer relationships and our growing capabilities in contract research and manufacturing services. Regulated markets remain an important pillar of our growth strategy. We continue to leverage our regulatory approved manufacturing infrastructure, development capabilities and customer partnerships to pursue higher value opportunities and strengthen our presence across established and emerging markets. Page 3 of 17 Indoco Remedies Limited October 27, 2026 Our API business has also continued to demonstrate great resilience. Our integrated API capabilities remain strategically important in strengthening supply chain security, supporting our formulations portfolio, and enhancing our competitiveness. Additionally, our allied services businesses comprising of Indoco Analytical Solutions and AnaCipher, the CRO, continued encouraging growth trajectory. We believe these capabilities will play an increasingly important role in strengthening our development and research platform while creating opportunities for future business expansion. As we look ahead for the second half of FY27, our priorities are clear. Strengthening domestic brand performance, accelerating international growth and improving operational efficiency while building capabilities that support sustainable profitability. We will remain focused on disciplined execution, prudent resource allocation and [Showing first 8,000 characters — download PDF for full document]