Analysts/Institutional Investor Meet/Con. Call Updates

November 2, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra-Kurla Complex Phiroze Jeejeebhoy Towers, Bandra (E) Mumbai - 400 051 Dalal Street, Mumbai – 400 001 Symbol: STAR Scrip code: 532531 Dear Madam/ Sirs, Sub: Transcript of Earnings Call pertaining to Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2026. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of Earnings Call for the quarter and half year ended September 30, 2026, held on Friday, October 30, 2026, to discuss the unaudited financial results for the quarter and half year ended September 30, 2026, for your information and records. The said transcript is also available on the website of the Company at: https://www.strides.com/investors/financial-performance/quarterly-results Request you to kindly take the above on record. Thanks & regards, For Strides Pharma Science Limited, Manjula Ramamurthy Company Secretary & Compliance Officer ICSI Membership No. A30515 Encl: a/a Strides Pharma Science Limited CIN: L24230MH1990PLC057062 Corp. Off: Strides House, Bilekahalli, Bannerghatta Road, Bengaluru – 560 076, India |Tel: +91 80 6784 0000 Regd. Off: ‘Cyber One’, Unit No. 902, Plot No. 4&6, Sector 30A, Vashi, Navi Mumbai – 400 703, India | Tel: +91 22 2789 2924/3199 corpcomm@strides.com; www.strides.com “Strides Pharma Science Limited Q2 FY27 Earnings Conference Call” October 30, 2026 MANAGEMENT: STRIDES PHARMA SCIENCE LIMITED - BADREE KOMANDUR – MD & GROUP CEO - VIKESH KUMAR – GROUP CFO INVESTOR RELATIONS CONSULTANT - ABHISHEK SINGHAL Page 1 of 16 Strides Pharma Science Limited October 30, 2026 Moderator: Ladies and gentlemen, good day and welcome to Strides Pharma Science Limited Q2 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 this conference is being recorded. I now hand the conference over to Mr. Abhishek. Thank you, and over to you, sir. Abhishek: Thank you, Nazneen. Very good morning, and thank you for joining us today for Strides earnings call for the second quarter and half year ended September 2026. Today, we have with us Badree, Managing Director and Group CEO; and Vikesh, Group CFO, to share the highlights of the business and financials for the quarter. I hope you've gone through our results release and quarterly investor presentation that have been uploaded on our website as well as stock exchange website. The transcript for this call will be available in a week's time on the company's website. Please note today's discussion may be forward-looking in nature and must be viewed in relation to the risks pertaining to our business. After the end of this call, in case you have any further questions, please feel free to reach out the Investor Relations team. I now hand over the call to Mr. Badree to make his opening comments. Badree Komandur: Thank you, Abhishek. Good morning, good afternoon, and good evening, everyone, and a warm welcome to the Strides Q2 and H1 FY '27 Earnings Call. Thank you for joining us and for the trust and support so many of you have shown us over the years. As always, I'll begin with the overview of the quarter and I'll share an update of our overall FY '28 aspiration followed by our U.S. and ex-U.S. business. Vikesh will then take you through the financial performance in greater detail. After which we'll be happy to take your questions. Q2 FY '27 has been a quarter of firsts for Strides. We delivered our highest quarterly revenue, and for the first time in our history, our ex-U.S. business became larger than our U.S. business, a milestone we had set for FY '28, and I have reached well ahead of the schedule. Let me share the headlines first. Our overall FY '28 growth aspiration remains intact. Our rest of the business is accelerating faster than the U.S. and well ahead of the schedule. Let me say that again: our overall revenue ambition for FY28 is firmly in place. What will change is the regional mix, with Ex-US now contributing more than the US. Our goal was for Ex-US revenue to match the US by FY28, and we have achieved that in Q2 FY27 itself. As we highlighted last quarter, we expect H2 to be stronger than H1. With this, let me take you through the quarter. I am delighted to report a strong second quarter. Revenue for Q2 FY27 reached ₹14,297 million, our highest ever, growing 17% year-on-year Page 2 of 16 Strides Pharma Science Limited October 30, 2026 and 13% quarter-on-quarter, led by our Ex-US markets and delivered against a challenging macro backdrop. Ex-US now contributes about 49% of our revenues, up from 43% in Q2 last year, a clear sign that our diversification strategy is delivering. Absolute gross margin grew a healthy 13% year-on-year to ₹8,003 million. Gross margin stood at 56.0%, compared with 57.8% in Q2 last year and 60.9% in Q1, reflecting higher input costs linked to the geopolitical situation. EBITDA grew 8% year-on-year to ₹2,509 million, crossing the ₹2,500 million mark in a single quarter for the first time, another milestone for Strides. EBITDA margin was 17.6%, compared with 19.0% in Q2 last year and 18.2% in Q1, as we absorbed higher material, freight and logistics costs linked to the same geopolitical situation. We are actively addressing these cost pressures through alternate sourcing, procurement initiatives and continuous cost optimisation across the business, and we are confident in our ability to manage them. Operational PAT grew a strong 12% year-on-year to ₹1,358 million, and Operational EPS rose to ₹14.7, from ₹13.2 in Q2 last year. Before I move to our individual businesses, let me step back and share an update on our FY28 aspiration, which many of you will have already seen in our presentation. Let me begin with our track record, because I think it tells our story better than any words I could use. Over the last ten quarters, since Q1 FY25, we have delivered steady and predictable growth across our key metrics. Revenue has compounded at about 14%, EBITDA at about 13%, and operational PAT at about 41%. This consistency gives us real confidence as we enter the next phase of our growth. We had shared an aspiration of about $375 million in US revenue by FY28. Given how the market has evolved, we now expect to reach this a little beyond FY28. The timing has moved; the ambition has not. Importantly, our overall growth ambition remains fully intact. Our Ex-US business is accelerating well ahead of plan, and we expect Strides to sustain its overall top-line growth, along with its profitability. On the US, the only thing that has moved is the timeline. The business continues to grow, at a more measured pace, and the reasons lie in the market rather than in our commitment. A few things have changed since we set this aspiration. First, the drug-shortage opportunities in oral solids, which lifted the industry at that time, have largely normalised. Second, operating costs are higher, with increased material costs and our decision to hold more inventory to sustain our industry-leading service levels. We also chose not to launch products that did not meet our margin profile, to protect profitability. And third, growth in Controlled Substances is constrained by quota allocations, which we expect to improve progressively. Page 3 of 16 Strides Pharma Science Limited October 30, 2026 Our response is rooted in our core business philosophy and rests on three pillars. First, profitability-led growth. We will protect our established profitability thresholds and drive margin-accretive revenues, through selective launches and an expanding set of differentiated platforms. We will not compromis [Showing first 8,000 characters — download PDF for full document]