Analysts/Institutional Investor Meet/Con. Call Updates

Date: 3rd November 2026 National Stock Exchange of India Limited BSE Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G Bandra Kurla Dalal Street, Mumbai – 400001 Complex, Bandra (E), Mumbai – 400051 Scrip Code: 544619 Scrip Symbol- SUDEEPPHRM Sub: H1 & FY 2026-27 Earnings Call Transcript Ref: Regulation 30 of the SEBI Listing Regulations, 2015 Dear Sir/Ma’am, We refer to our previous letter dated 29th October 2026, wherein the Company updated the audio link of Earnings call held on 29th October 2026 to discuss the operational & financial performance of the Company for the quarter and half year ended on 30th September 2026. In context therein, kindly find attached herewith transcript of the referred Earnings call. A copy of the same is also available on the Company’s website at https://www.sudeeppharma.com/investor-relations/financial-results/#concall-transcript Kindly take the same on record. Thanking You. For Sudeep Pharma Limited Dimple Mehta Company Secretary & Compliance Officer M. No.: F13184 ENCL: A/a CIN: L24231GJ1989PLC013141 Registered Office: 129/1/A, G.I.D.C. Estate Nandesari, Baroda-391340, Gujarat, India. Phone No.: +91 265 2840656, 7624095107 Corporate Office: 601, 602, 6th Floor, Sears Towers-2, Gotri-Sevasi Road, Sevasi, Vadodara-390021, Gujarat, India Website: www.sudeepgroup.com, Email ID: mail@sudeepgroup.com “Sudeep Pharma Limited Q2 & H1 FY27 Earnings Conference Call” October 29, 2026 “E&OE - This transcript is edited for factual errors and readability. In case of discrepancy, the audio recordings uploaded on the stock exchange on 29th October 2026 will prevail.” MANAGEMENT: MR. SHANIL BHAYANI – DIRECTOR AND PROMOTER – SUDEEP PHARMA LIMITED MR. KETAN VYAS – CHIEF FINANCIAL OFFICER – SUDEEP PHARMA LIMITED MODERATOR: MR. ROHIT NAGRAJ – 360 ONE CAPITAL Page 1 of 20 Sudeep Pharma Limited October 29, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Sudeep Pharma Limited Q2 and H1 FY27 Earnings Conference Call hosted by 360 One Capital Markets Private Limited. As a reminder, all participant lines will be in the lesson 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. Rohit. Thank you and over to you sir. Rohit: Thanks, Nazneen. We thank Sudeep Pharma management for providing us the opportunity to host their 2Q FY27 conference call. We have with us Mr. Shanil Bhayani, Whole-Time Director; and Mr. Ketan Vyas, Chief Financial Officer from Sudeep Pharma. I would like to hand over the call now to Shanil sir for his opening remarks. Post which we'll have Q&A session. Thanks, and over to you, sir. Shanil Bhayani: Thank you, Rohit, and thank you to the 360 ONE team for hosting today's call. A warm welcome to everyone joining Sudeep Pharma's Q2 and H1 FY27 Earnings Conference Call. I trust you have had the opportunity to review our results and investor presentation. I will begin with our operating performance, followed by updates on Specialty Ingredients, Pharma Food Nutrition and our Battery Materials business. We are pleased with our performance this quarter. Q2 marked our highest ever quarterly revenue and EBITDA, supported by strong growth in our core business and improvements in both gross margin and EBITDA margin. Revenue from operations reached INR196 crores, growing 21% year-on-year and 24% sequentially. EBITDA stood at INR73 crores, up 32% year-on-year. Gross margin improved to 64.7% compared to -- compared with 62.5% a year ago, while EBITDA margin increased to 37.2%, an improvement of over 300 basis points. PAT stood at INR51 crores, growing 11%, reflecting a higher effective blended tax rate together with lower other income. Ketan will explain this in more detail. These results reflect healthy customer demand and improving contribution from higher-value products and continued progress in manufacturing efficiencies. The principal operating challenge during the quarter was logistics, particularly elevated sea freight costs. Our selling and distribution expenditure was approximately INR8 crores above the normal quarterly average, largely because of freight. We absorbed these costs without passing them on to our customers to honor our commitments and ensure on-time deliveries. Despite this additional expenditure, we were able to improve our operating margins. Let me now turn to Specialty Ingredients, where accelerating growth is a key priority for us. Revenue stood at INR54 crores, up 9% sequentially, although 25% lower year-on-year. Accelerating growth in this segment is a key priority, and our focus is on translating recent customer approvals and contracts into revenue and profitability. Page 2 of 20 Sudeep Pharma Limited October 29, 2026 Two factors affected the segment's performance this quarter. First, the Government of India's Fortified Rice program, which is a significant contributor to this segment has temporarily been paused. Procurement typically begins in August or September and contributed to Q2 revenue last year. That contribution was absent this quarter, and we currently do not have visibility on whether the program will restart during this financial year. Second, NSS had a softer quarter with lower revenue and earnings. Despite these factors, we have good visibility into Q3 and Q4 through customer contracts and new approvals. During Q2, we received approvals from large customers across infant nutrition, dietary supplements and human nutrition with commercial revenues expected to begin in Q3. These approvals expand our presence with large customers and provide opportunities to build recurring volumes across multiple applications. As these contracts begin contributing, we expect Specialty Ingredients to return to positive year- on-year growth in Q3 and Q4 and make a stronger contribution to overall profitability. Importantly, this expectation is based on customer contracts and new business alone and does not assume a restart of the Fortified Rice program. At NSS, we continue to strengthen the project pipeline. NSS has secured five customer approvals and has approximately 12 customer projects at different stages of evaluation and development. We are broadening its customer reach beyond Ireland and increasing sourcing from India where it improves competitiveness and operating flexibility. Our focus is on converting these projects into regular commercial business and the progress so far gives us confidence in a stronger FY28 for NSS. Across Specialty Ingredients, the priority is clear: execute the contracts already secured, build the volumes with newly approved customers and improve the contribution of the business to consolidated growth and profitability. Turning to Pharma Food Nutrition. The business delivered an excellent quarter and demand continues to strengthen. Revenue grew 57% year-on-year to INR142 crores, contributing approximately 72% of consolidated revenue. Segment EBITDA margin increased to approximately 41% from 33% a year ago, while segment EBITDA nearly doubled. Growth was broad-based across India, Africa, APAC and Europe, supported by our phosphate portfolio, new customer additions and a growing contribution from higher-value ingredients. In India, demand from pharmaceutical customers remained healthy across our core minerals ingredients. Africa and APAC benefited from new customers and opportunities across pharmaceutical applications and food fortification. In Europe, our direct commercial presence is helping convert customer approvals into regular orders and deepen relationships with existing accounts. With our current facilities operating close to optimum utilization, additional capacity is an important next step. It gives us the ability to respond to demand, increase volumes with existing customers and parti [Showing first 8,000 characters — download PDF for full document]