Investor Presentation

Emcure Ref: EPL/CS/SE/0095/2026 Date: November 03, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, P J Towers, Bandra Kurla Complex, Bandra (East), Dalal Street, Mumbai – 400 051 Mumbai- 400 001 Script Symbol: EMCURE Scrip Code/Symbol: 544210/ EMCURE Dear Sir/Madam, Subject: Presentation on Unaudited Financial Results for the quarter and half year ended September 30, 2026. Please find enclosed the presentation on the Unaudited Financial Results for the quarter and half year ended September 30, 2026. The same is also available on the Company’s website i.e., www.emcure.com. You are requested to take the above information on your records. Thanking you, For Emcure Pharmaceuticals Limited Amruta Yangalwar Company Secretary & Compliance Officer ICSI Membership Number: A25687 Emcure Pharmaceuticals Limited Registered Office: Plot No. P-1 & P-2, IT-BT Park, Phase-II, M.I.D.C., Hinjawadi, Pune - 411057, Maharashtra, India Phone Nos.: +91 20 – 35070033/ 35070000 Fax No.: +91 20 3507 0060 E-mail: corporate@emcure.com Website: www.emcure.com CIN: L24231PN1981PLC024251 Complex Science. Disciplined Execution. Compounding Value. Q2FY27 Results Presentation 03 November 2026 24.3% 30.9% 29.3% Operating Revenue EBITDA growth PAT Growth (Q2FY27) Growth Q2FY27 (Q2FY27) ▲45 bps YoY ▲103 bps YoY Disclaimer Except for the historical information contained herein, statements in this presentation and the subsequent discussions may constitute “forward-looking statements.” These statements are based on Emcure Pharmaceuticals Limited’s current expectations, assumptions, and projections about future events. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. Such statements may include, but are not limited to, references to Emcure’s business strategy, expansion plans, R&D pipeline, regulatory developments, financial performance, operational efficiencies, market conditions, and other future events. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “may,” “will,” “should,” and similar expressions are intended to identify forward-looking statements. These risks and uncertainties include regulatory changes, competitive pressures, technology changes, supply chain challenges, currency fluctuations, ability to obtain or maintain approvals, product commercialisation timelines, and other risks inherent to the pharmaceutical industry. This presentation is for general information only and does not constitute an offer, invitation, solicitation, or recommendation to buy, sell, or subscribe to any securities of Emcure Pharmaceuticals Limited. Product information, including molecules under development or awaiting approval, is for representation purposes only. Availability of products may vary by geography depending on regulatory approvals and patent status. This presentation is not intended to provide medical advice. The Company undertakes no obligation to update or revise any forward-looking statements based on new information or future events. Contents Page Key Financial Highlights 4 Other Financial Data Points 5 Domestic Business Performance 6 International Business Performance 7 P&L Summary 8 Balance Sheet Summary 9 Cash Flow Summary 10 Q2FY27 - Key Financial Highlights REVENUE (INR Mn) Revenue Growth – Q2FY27 YoY Q2FY27 Revenue Mix 28,205 24.3% YoY Growth 34.5% 12.0% 21.4% EBITDA (INR Mn) 15.3% International Domestic 5,748 30.9% YoY Growth 22.3% 20.4% margin +103 bps YoY 41.1% 36.0% 24.0% 41.0% PAT (INR Mn) RoW Europe Canada 3,251 29.3% YoY Growth Canada Europe RoW Domestic 11.5% margin +45 bps YoY Q2FY27 – Other Financial Data Points Debt rose on Mantra earnout and Gennova consolidation payments R&D (INR Mn) Net debt (INR Mn) Net debt to R&D as % 3.9% 3.7% 4.2% 3.9% TTM1 0.3 0.6 0.6 0.6 of Revenue EBITDA (x) 13,171 2,014 11,026 10,538 1,687 1,110 4,883 H1FY26 H1FY27 Q2FY26 Q2FY27 31-Mar-2025 31-Mar-2026 30-Jun-2026 30-Sep-2026 RoCE2 CAPEX (INR Mn) 2,816 24.9% 23.7% 23.4% 22.0% 1,700 1,648 31-Mar-2025 31-Mar-2026 30-Jun-2026 30-Sep-26 H1FY26 H1FY27 Q2FY26 Q2FY27 1TTM: Trailing twelve months; 2RoCE refers to Return on Capital Employed, and is calculated by dividing EBIT for a given year by Capital Employed (i.e., total equity plus Net Debt) as of the end of that period Q2FY27 – Domestic Business Performance Key Highlights Domestic (INR Mn) ▪ Sustained double-digit YoY growth for the second consecutive quarter, improving from 10% in Q1FY27 to 12% in Q2FY27 22,506 ▪ Growth led by women’s health, cardio-metabolics and CNS visible in Q2FY27 20,261 IQVIA1 growth of key brands: ▪ Orofer XT (+39%) ▪ Orofer FCM (+39%) 11,553 ▪ Rosuvas EZ (+64%) 10,314 ▪ Vylda (+18%) ▪ Tenectase (+43%) etc. ▪ Zuventus performance improved sequentially with key brands showing good traction. Anchor brands like Zostum and Bevon grew 34% and 17% H1FY26 H1FY27 Q2FY26 Q2FY27 respectively as per IQVIA1 ▪ Poviztra demonstrated improved traction, with 23%+ QoQ2 growth. ▪ Zuventus and Emcutix to be merged with the holding company – part of One Emcure vision and continued efforts to simplify group holding structure and achieve synergies in our backend operations and corporate functions Expect continued growth over the full year as our strengthened team and portfolio gain traction 1YoY Growth for Q2FY27 as per IQVIA Sep-26; 2QoQ growth for Q2FY27 as per IQVIA Sep-26 Q2FY27 – International Business Performance Europe Canada RoW (INR Mn) (INR Mn) (INR Mn) 11,410 8,578 11,515 24.3% 34.6% 8,479 6,900 42.8% 8,064 6,043 4,312 6,297 4,444 36.0% 3,476 24.0% 4,463 41.1% H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 ▪ Strong delivery across UK and EU, led by base ▪ Healthy growth via market share gains and ▪ Non-ARV1: growth acceleration supported by business execution and new product launches recent launches new launches across LATAM, CIS, Asia and Africa; 20 approvals received including ▪ Liposomal Amphotericin B contribution ▪ Balanced growth across Quebec and rest of Liposomal Amphotericin B in Brazil and Mexico continues to grow Canada ▪ ARV1: strong orderbook and continued scale up ▪ Product pipeline gives visibility for sustained ▪ Robust Canada pipeline of 50+ products and a of existing portfolio drives momentum. medium-term growth focused first-generic strategy, supports medium Lenacapavir filing provides visibility to medium term growth visibility. term growth outlook A diversified international platform with sustained business performance across both the base business & new business opportunities 1ARV – Anti retroviral P&L Summary | Q2FY27 INR Mn except % Q2FY27 Q2FY26 YoY % Q1FY27 QoQ % H1FY27 H1FY26 YoY % Revenue from Operations 28,205 22,698 24.3% 25,804 9.3% 54,009 43,704 23.6% Domestic 11,553 10,314 12.0% 10,953 5.5% 22,506 20,261 11.1% International 16,652 12,383 34.5% 14,851 12.1% 31,503 23,443 34.5% RoW 6,297 4,463 41.1% 5,218 20.7% 11,515 8,064 42.8% EU 6,043 4,444 36.0% 5,367 12.6% 11,410 8,479 34.6% CA 4,312 3,476 24.0% 4,266 1.0% 8,578 6,900 24.3% Gross Profit 16,781 13,803 21.6% 15,073 11.3% 31,854 26,788 18.9% Gross Profit Margin 59.5% 60.8% -131 bps 58.4% +108 bps 59.0% 61.3% -232 bps EBITDA 5,748 4,391 30.9% 5,080 13.1% 10,828 8,430 28.6% EBITDA Margin 20.4% 19.3% +103 bps 19.7% +69 bps 20.0% 19.3% +79 bps Profit Before Tax (PBT) 4,459 3,414 30.6% 3,935 13.3% 8,394 6,322 32.8% Effective Tax Rate (%) 27.1% 26.4% 25.7% 26.4% 26.3% Profit After Tax (PAT) 3,251 2,514 29.3% 2,925 11.1% 6,176 4,662 32.5% PAT Margin 11.5% 11.1% +45 bps 11.3% +20 bps 11.4% 10.7% +77 bps Adjusted Profit After Tax (PAT)1 3,251 2,514 29.3% 2,909 11.8% 6,160 4,688 31.4% Adjusted PAT Margin 11.5% 11.1% +45 bps 11.3% +25 bps 11.4% 10.7% +68 bps 1. Exceptional item, impact of labour code, Changes in fair value of contingent consideration Figures may not sum due to rounding. Balance [Showing first 8,000 characters — download PDF for full document]