Investor Presentation

November 3, 2026 BSE Limited The National Stock Exchange of India Ltd Phiroze Jeejeebhoy Towers, Exchange Plaza, 25th Floor, Dalal Street, Bandra Kurla Complex Mumbai – 400 001 Bandra (E), Mumbai – 400 001 Scrip Code: 524558 Scrip Code: NEULANDLAB; Series: EQ Dear Sir/Madam, Sub: Investors/Analysts Presentation Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing the presentation to the Investors/ Analysts on the Financial Results of the Company for the quarter and half year ended September 30, 2026. The presentation is also being uploaded on the website of the Company at www.neulandlabs.com. This is for your information and records. Thanking You, Yours sincerely, For Neuland Laboratories Limited Sarada Bhamidipati Company Secretary Encl: As above Neuland Laboratories Limited Investor Presentation Q2FY27 & H1FY27 SAFE HARBOUR Except for the historical information contained herein, statements in this presentation and the subsequent discussions, which include words or phrases such as "will", "aim", "will likely result", "would", "believe", "may", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", seek to", "future", "objective", "goal", "likely", "project", "should", "potential", "will pursue", and similar expressions of such expressions may constitute "forward-looking statements“. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include but are not limited to our ability to successfully implement our strategy, our growth and expansion plans, obtain regulatory approvals, our provisioning policies, technological changes, investment and business income, cash flow projections, our exposure to market risks as well as other risks. The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof. Table of Contents Q2FY27 Highlights Company Overview Business Strategy Our Businesses Shareholder Information Q2FY27 Company Business Our Shareholder Annexure Annexure Highlights Overview Strategy Businesses Information Q2FY27 & H1FY27 Highlights Management Commentary SAHARSH DAVULURI, CEO & MD “While we have experienced a dip in performance this quarter, H1 FY27 was largely in line with plan and our growth expectations remain intact for FY27 and the following year. Commercial CMS molecules continue to drive near-term growth, while strong RFP activity along with progress on traction with Big Pharma support customer diversification and the longer-term pipeline. The investments in peptides, R&D and land acquisition strengthen our capabilities while enabling us to expand with agility.” Q2FY27 Business Overview CMS revenues driven by commercial molecules. Growth in new projects orders which will be delivered over the course of this and next financial years. Traction from Innovators with peptides molecules in pipeline. In Prime segment, Ezetimibe and Mirtazapine were the key molecules. Ezetimibe likely to drive growth of the Prime segment. Specialty business driven by Deferasirox, Apixaban and Donepezil. 2 DMFs filed for Fezolinetant and Ivacaftor Financial Highlights Standalone revenue decreased 11.4% YoY to ₹457.2 Cr; commercial CMS projects contributed the majority share of revenue. EBITDA for the quarter stood at ₹104.6 Cr, with EBITDA margin reducing to 22.9% (down 754 bps YoY) due to operating deleverage. Profit After Tax for the quarter stood at ₹51.1 Cr, down from ₹96.5 Cr in Q2FY26, with PAT margin at 11.2% (down 751 bps YoY). Diluted EPS for the quarter was ₹39.9, compared to ₹75.2 in Q2FY26. Working capital efficiency improved meaningfully, with working capital days reducing to 104 days in H1FY27 from 155 days at H1FY26, driven largely by decrease in inventory days and receivable days. Capex investment cash outflow of Rs. 261 Cr is largely driven by New R&D and Peptide Block. 6 Q2FY27 Financial Highlights Total Income EBITDA PAT EPS (Rs. Cr) (Rs. Cr) (Rs. Cr) (Rs.) PAT PAT Margin EBITDA EBITDA Margin 26.9% 22.7% 40.5% 18.7% 35.5% 30.4% .5 1 .6 8 .7 7 .8 .0 5 6 2 .7 5 4 9 .6 5 1 8.0% .9 1 3 1 .1 6 .4 0 1.9% 5 .6 9 1 .0 5 .2 1 2 4 .7 3 1 .1 5.2% 2 .5 7 5 .1 3 6 1 9 .4 9 .9 3 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Financial Highlights • Total Income for Q2FY27 at Rs. 457.2 crore (-11.4% YoY) • EBITDA for Q2FY27 at Rs. 104.6 crore (-33.4% YoY) • EBITDA Margin for Q2FY27 at 22.9% (decreased by 754 bps YoY) • PAT for Q2FY27 at Rs. 51.1 crore (-47.0% YoY) • Net Debt stood at Rs. (208.0) crore as at Q2FY27 end compared to Rs. (6.6) crore as at Q2FY26 end and Rs (308.5) crore as at Q1FY27 end H1FY27 Financial Highlights Total Income EBITDA PAT* EPS (Rs. Cr) (Rs. Cr) (Rs. Cr) 17.9% (Rs.) 400.0 30.3% 35.0% 20.0% 18.0% 350.0 24.4% 30.0% 200.0 13.5% 16.0% 300.0 25.0% 14.0% 250.0 150.0 12.0% 20.0% 7 .6 1 8 2 .7 0 1 1 112 050 000 ... 000 1 .9 9 1 6 .5 3 3 11 05 .. 00 %% 1 500 0..0 0 2 .0 1 1 5 .8 4681 ...0 000. %%%0% 9 .5 8 7 .4 50.0 5.0% 2.0% 0.0 0.0% 0.0 0.0% H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 Financial Highlights • Total Income for H1FY27 at Rs. 1107.2 crore (35.6% YoY) • EBITDA for H1FY27 at Rs. 335.6 crore (68.6% YoY) • EBITDA Margin for H1FY27 at 30.3% (increased by 594 bps YoY) • PAT for H1FY27 at Rs. 198.5 crore (80.2% YoY) • Net Debt stood at Rs. (208.0) crore as at H1FY27 end compared to Rs. (6.6) crore as at H1FY26 end Key Balance Sheet Metrics Current Ratio ROCE% Fixed Asset Turnover Ratio Debt to Equity 1 .2 4 .2 1 .2 2 .2 3 .1 1 .6 2 3 .4 2 7 .2 .3 3 .2 6 .2 4 .2 1 .0 1 .0 1 .0 1 .0 FY23 FY24 FY25 FY26 H1FY27 FY23 FY24 FY25 FY26 H1FY27 FY23 FY24 FY25 FY26 H1FY27 FY23 FY24 FY25 FY26 H1FY27 Particulars (Rs Cr) Mar-23 Mar-24 Mar-25 Mar-26 Sept-26 Shareholder’s Funds 988.4 1267.5 1,517.8 1,865.9 2,020.5 Net Debt* 63.0 -32.6 -228.7 -156.8 -208.0 Tangible Assets (including CWIP)** 511.2 575.4 698.2 1,002.9 1185.9 Working Capital 463.0 525.4 440.6 773.0 628.5 *Net debt includes investment in Mutual Fund in previous years. **Tangible assets includes investment property in previous years. Key Operating Metrics Q2FY27 Segment revenue Top 10 & Top 5 Products Top 10 & Top 5 Customers Top 10% Top 5% Top 10 Top 5 Prime Specialty CMS Others 99% 98% 99% 4% 6% 6% 6% 8% 93% 92% 81% 96% 82% 71% 83% 60% 53% 61% 71% 68% 68% 67% 8% 8% 18% 18% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Prime Specialty CMS Company Prime Specialty CMS Company • CMS business caters to Innovator customers on an exclusive basis, developing and manufacturing APIs/Intermediates in line with rigorous customer expectations hence is highly concentrated in terms of customers • Specialty segment works on complex products and technologies, hence has a focused approach towards select customers CMS – Revenue Split & Number of Active Projects Rs. Cr No. of active CMS projects YoY Movement Q2 FY27 Pre-Clinical P-1 P-2 P-3 Pre-Reg/Reg Commercial Grand Total API 15 13 13 5 4 9 59 Intermediate 2 10 7 8 3 10 40 411 Grand Total 17 23 20 13 7 19 99 32 41 Q2 FY26 Pre-Clinical P-1 P-2 P-3 Pre-Reg/Reg Commercial Grand Total H1FY26 H1FY27 API 16 14 13 3 4 8 58 Development Commercial Intermediate 5 10 6 5 4 10 40 Rs. Cr Grand Total 21 24 19 8 8 18 98 QoQ Movement Q2 FY25 Pre-Clinical P-1 P-2 P-3 Pre-Reg/Reg Commercial Grand Total API 10 10 11 3 7 9 50 Intermediate 10 7 10 4 6 10 47 418 Grand Total 20 17 21 7 13 19 97 247 214 Q2 FY24 Pre-Clinical P-1 P-2 P-3 Pre-Reg/Reg Commercial Grand Total 19 23 43 20 32 API 12 6 12 3 9 8 50 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Intermediate 6 4 8 4 6 11 39 Development Commercial Grand Total 18 10 20 7 15 19 89 • Pre-clinical to P-3: Neuland generates revenue by process research & development as well manufacturing [Showing first 8,000 characters — download PDF for full document]