Analysts/Institutional Investor Meet/Con. Call Updates

November 03, 2026 The Department of Corporate Services- Listing The Department of Corporate Services- Listing BSE Ltd, National Stock Exchange of India Ltd Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street Bandra Kurla Complex, Mumbai-400001 Bandra (E) Mumbai – 400051 Scrip Code: 507789 Symbol: JAGSNPHARM Subject: Earnings Call Transcript for Jagsonpal Pharmaceuticals Limited Q2 FY27 Earnings Conference Call held on October 29, 2026 at 2:00 P.M Dear Sir/ Madam, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed transcript for the Jagsonpal Pharmaceuticals Limited Q2 FY27 Earnings Conference Call held on October 29, 2026 at 2:00 P.M for discussion of Q2 FY27 Financial Results. The same is also uploaded on Company’s website. We request you to take the above on record. Thanking you, For Jagsonpal Pharmaceuticals Limited Pratham Rawal Company Secretary & Compliance officer Encl.: A/a “Jagsonpal Pharmaceuticals Limited Q2 FY27 Earnings Conference Call” October 29, 2026 MANAGEMENT: MR. MANISH GUPTA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – JAGSONPAL PHARMACEUTICALS LIMITED MR. AMRUT MEDHEKAR – CHIEF OPERATING OFFICER – JAGSONPAL PHARMACEUTICALS LIMITED MR. NIRAV VORA – CHIEF FINANCIAL OFFICER – JAGSONPAL PHARMACEUTICALS LIMITED MODERATOR: MS. SOUMYA CHHAJED – GO INDIA ADVISORS Page 1 of 16 Jagsonpal Pharmaceutical Limited October 29, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Jagsonpal Pharmaceuticals Limited Q2 FY27 Earnings Conference Call hosted by Go India Advisors. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Soumya Chhajed from Go India Advisors. Thank you, and over to you, ma'am. Soumya Chhajed: Good day, everyone, and welcome to Q2 and H1 FY27 Earnings Con Call of Jagsonpal Pharmaceuticals Limited. We have on call with us Mr. Manish Gupta, Managing Director; Mr. Amrut Medhekar, Chief Operating Officer; and Mr. Nirav Vora, Chief Financial Officer. Please be reminded that discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risks pertaining to the business. I now request the management to take us through the same and provide some more insight on the quarter and half year gone by. Post that, we'll open the floor to Q&A. Thank you, and over to you, sir. Manish Gupta: Yes. Thank you, Soumya, and good afternoon, everyone, and thank you for joining us. If I have to describe the last 6 months in one statement, it will be that this is a period of a bolder Jagsonpal. Not only have we scaled up our ambitions, but we are also backing it up with investments, both on organic and inorganic front, without losing sight of shareholder interest. Over the period, we have been able to accelerate our growth to now closer to 10%, on the back of strong growth in our power brands even as we invested disproportionately in new launches, in higher growth areas as well as organization building. We completed 2 acquisitions, which provide us now with additional growth levers. We also take pride in the way we have been able to structure the transactions, which derisks us and retains the strength of our balance sheet for further initiatives. Our vision is to be a INR500 crores organization by FY 2028, a multichannel, asset-light, specialty pharma platform that combines strong niche brands driven by disciplined execution and value accretive acquisitions. Over the last 6 months, every lever of that strategy aimed at acceleration is in play with organic momentum, inorganic scale and financial strength. In the first 6 months, our organic growth has been 9.3%. While this is faster than what we did last year, it still is short of both our potential and expectations. A lot of work is going behind the scenes around the same, and we stay positive that the growth will only accelerate going forward. As mentioned earlier, the period also saw a scaled investment in our people and building new capabilities in the organization as also integration of the acquisitions. While the wellness portfolio became part of JPL portfolio from 1st October, we fully prepared ourselves for the same in Q2 itself for an effective day 1 integration. Our EBITDA margins in H1 were at 22.9%, up 40 bps, even after these enhanced investments. Page 2 of 16 Jagsonpal Pharmaceutical Limited October 29, 2026 The trajectory is clear. We expect quarterly revenues to cross INR100 crores in Q3 of the current year, and we are on track of mission INR500 crores by 2028. With the cash balance of INR135 crores and a track record of successful inorganic growth, we are confident of fast tracking this journey through meaningful and accretive transactions. With that, I will now hand over to our Chief Operating Officer, Amrut, to take you through the business performance and also progress on our acquisition. Amrut Medhekar: Thank you so much. Good afternoon, everyone. And as Manish described, quarter 2 was the quarter that we built the engine for acceleration. I want to assure you that the engine is already responding. There are 3 things that I would like you to take away today. One, the organic business is performing well. Two, our acquisition playbook is proven and repeatable. And third, the investments that we made in this quarter set up for a stronger quarter 3. First, let us look at the organic engine. Coming to the market performance of Indian pharmaceutical industry, which is IPM as per Pharmarack, grew by around 12% during this quarter of July-September '26. During the same period, Jagsonpal delivered a growth of close to around 15%. For the first half of FY27, IPM, which is Indian pharma market growth stood at around 11%. In comparison to that, Jagsonpal recorded a growth of around 15%. Looking at both these periods, we have continued to outperform the IPM in both quarters, July- September as well as first half, reflecting the growth momentum across our businesses. We delivered this on an asset-light model, so growth stays agile and cash generative. It starts with our power brands. The top 10 brands for the company constitute around 58% of our revenue. Nine of these brands ranked in top 5 in their markets. Let's look at some of the power brands performance in quarter 2. Maintane, which is one of our large brands, grew at around 29% in quarter 2 against the molecule market growth of around 20%. Similarly, Metadec grew at around 14% versus market of 13%. Lycored grew at around 15% versus the market growth of around 13%. Divatrone also outperformed the market. Endoreg grew at around 20% versus market degrowth. And PRU, which is our dermatology brand, grew much higher than the market, as well as Eukroma in dermatology segment also outgrew the market. Now you can see that this growth is largely led by gynaecology, where we engage around 35,000 gynaecologists, which is most of the universe. Orthopaedics and dermatology remain our second and third driver with prescription momentum and doctor engagement both strengthening in these segments. Second point is about inorganic playbook. We acquired Yash Pharma business in May 2024. It took us into dermatology, and it is now fully integrated in our platform. That is the proof of concept, and that is what we are running the same playbook again. The Aequitas acquired in July '26 gave us an immediate entry to hospital and institution channel. It's a very first quarter with us. We have consolidated procurement and distribution along with Jagsonpal, removed some duplicate overhead, appointed a dedicated business head, and beg [Showing first 8,000 characters — download PDF for full document]