Transcript of Earnings Call for Q1FY27

Ref: BHL/ STEX 26/ 2026-27 Date: July 27, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers 5th Floor, Exchange Plaza, Dalal Street Bandra Kurla Complex Bandra (East) Mumbai – 400 001 Mumbai-400051 Scrip Code: 539872 Symbol: BAJAJHCARE Sub: Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015- Transcript of Earnings Call for Q1FY27 Dear Sir/Madam, In continuation of our letter dated July 16, 2026, we hereby submit the transcript of the Earnings Call held on Tuesday, July 21, 2026, in respect of the financial performance of the Company for the quarter ended June 30, 2026. The transcript of the Earnings Call is also available on the website of the Company at https://www.bajajhealth.com/stock-exchange-intimation-2026-27/ Kindly take the above information on record. Thanking you. Yours faithfully, For and on behalf of Bajaj Healthcare Limited Monica Tanwar Company Secretary & Compliance Officer “Bajaj Healthcare Limited Q1, FY27 Earnings Conference Call” July 21, 2026 MANAGEMENT: MR. ANIL JAIN – MANAGING DIRECTOR – BAJAJ HEALTHCARE LIMITED MR. ROHAN PAREKH – CHIEF FINANCIAL OFFICER – BAJAJ HEALTHCARE LIMITED MODERATOR: MS. PRACHI AMBRE – MUFG INTIME Page 1 of 14 Bajaj Healthcare Limited July 21, 2026 Moderator: Ladies and gentlemen, good day and welcome to Bajaj Healthcare Limited Q1, 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. 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 Intime. Thank you and over to you, ma'am. Prachi Ambre: Thank you, Shruti. Good afternoon, everyone. On behalf of Bajaj Healthcare Limited, I extend a warm welcome to all the participants on the Q1 FY27 financial results discussion call. Today on the call, we have Mr. Anil Jain, Managing Director; Mr. Rohan Parekh, Chief Financial 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 Mr. Anil Jain for his opening remarks. Over to you, sir. Thank you. Anil Jain: Thank you. A very good afternoon to everyone. On behalf of Bajaj Healthcare team, it's a privilege to welcome all of you to our earnings conference call. Strategically, we see our business under two verticals. The first one is our API business, our foundation business where we manufacture various APIs, intermediates. We are also expanding into high-value science-led API like Peptides and Onco, where we have already developed four molecules with two scaled to pilot level and six more under development. To commercialize this pipeline, we are getting up a dedicated peptide manufacturing facility with an installed capacity of approximately 250 kg per annum, targeted for commissioning by Q4 2027. Another key focus area is oncology API where we are building a dedicated manufacturing facility which will commercialize and the target date by Q4 2028. Next comes our formulation business where we are consciously shifting our mix towards high-margin branded and specialized products. We are pleased to share that Bajaj Healthcare has become the first company in India to secure SEC recommendation for manufacturing and marketing of Cenobamate Tablets and we have also successfully completed the BE, that is bioequivalence studies of Suvorexant Tablets and are processing towards the regulatory approval procedures. These are meaningful first-mover regulatory milestones in CNS therapy space. On oncology side, our dedicated platform Bajaj Oncocare was launched in 2024, already has a presence across 23 states and 3 union territories with 15 plus brands and we are the first in India to launch Posaconazole 300 mg tablet, a differentiated formulation aimed to improvise treatment adherence and patient experience. We also continue to strengthen our position as a trusted supplier to institute and Government healthcare programs including Indian Railways, Defence, ESIC, and Jan Aushadhi. Page 2 of 14 Bajaj Healthcare Limited July 21, 2026 We secure exclusive licensing right from the innovator for manufacturing and commercializing of Magnesium L-Threonate capsule which is sold globally as Magtein, a specialty nutraceutical ingredient which we believe represent a new growth avenue. We are also supplying this nutraceutical Magnesium L-Threonate to our patent holder in US. We expanded our DSIR approved R&D centre at Savli with a team of experienced scientists, a new large R&D facility spanning over 10,000 square feet expected to operationalize by August 2026, which will house more than 100 research under one roof. Our R&D spending as a percentage of sales has scaled meaningfully from 0.4% in 2024 to 2.2% in 2026. We strengthen our formulation business through the acquisition of GenRx Pharmaceutical manufacturing facility in Nashik, which is currently under the NCLT approval process. The facility enhance our capabilities across solid dosage form and provides a strategic platform for expanding our formulation and oncology businesses. Following the receipt of the request approval and licensing, commercial production is expected to commence by second half of 2027. With that, now let me hand over a call to Mr. Rohan Parekh, our CFO, who will be walking through the financial performance of the quarter in detail. Rohan, over to you. Rohan Parekh: Thank you, Anil Ji, and good afternoon to everyone. Let me take you through our financial performance, starting with the quarter and then provide some context on the historical trends. In Q1 FY27, we reported a revenue of INR165.6 crores compared to INR148.8 crores in Q1 FY26 and INR153.1 crores in Q4 FY26, which is a growth of 11.3% year-on-year and 8.2% sequentially. Gross profit for the quarter stood at INR80.4 crores, up by 16.2% year-on-year compared to INR69.1 crores in Q1 FY26. Gross margin percentage expanded by 210 basis points to 48.3%. EBITDA for the quarter is at about INR29.6 crores, 17.8%, an improvement of 70 basis points year-on-year as compared to 17.1% in Q1 last year and 110 basis points over -- sequentially over Q4 of last year. Profit after tax from continuing operations stood at about INR13.9 crores, up by 14.1% year-on-year from INR12.2 crores in Q1 last year and broadly remaining stable versus INR13.8 crores in Q4, translating into a PAT margin from continuing operations of 8.4%. Domestic API was a key growth driver during the quarter, growing to 27% year-on-year, which is about INR92.3 crores, while export and formulation business contributed to INR50.1 crores and INR23.3 crores respectively. We expect the revenue mix to gradually normalize towards historical levels as export improves and geopolitical conditions ease over the course of the year. As of 31st March 2026, our net worth stood at INR533 crores, up from INR466 crores last year, and our debt-to-equity ratio improved further to 0.45 as compared to 0.48 in FY25 and 1.19 in FY24, which is a meaningful deleveraging from over last three years. On cash flows, net cash from operating activities for FY26 stood at about INR58.1 crores and we ended the year with cash and cash equivalents of INR37.2 crores, up from INR2.6 crores at the start of the year. Overall, we remain focused on sustaining our margin profiles as we scale, continue to deliver the balance sheet, and improve our capital allocation, which will define our Page 3 of 14 Bajaj Healthcare Limited July 21, 2026 growth over coming few years. With that, we will now open the floor for qu [Showing first 8,000 characters — download PDF for full document]