Analysts/Institutional Investor Meet/Con. Call Updates

Date: November 05, 2026 To, To, Sr. General Manager Sr. General Manager Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G Dalal Street Bandra Kurla Complex Mumbai – 400 001 Bandra (E), Mumbai – 400 051 BSE Scrip Code: 544319 NSE Symbol: SENORES Sub.: Transcript of the Earnings Conference Call – Q2 & H1FY27 Dear Sir/Ma’am, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in continuation to our intimations dated October 22, 2026, October 23, 2026 and October 29, 2026, please find enclosed the transcript of the Earnings Conference Call for the Q2 & H1FY27, held on Thursday, October 29, 2026 at 04:00 P.M. (IST). The aforesaid information will also be hosted on the Company's website at www.senorespharma.com. You are requested to take the same on record. Thanking you. For Senores Pharmaceuticals Limited Shilpa Sharma Company Secretary & Compliance Officer Membership Number: A34516 Enclosure: As above Senores Pharmaceuticals Limited 1101 to 1103, 11th Floor, South Tower, One42, Opp. Jayantilal Park, Ambali Bopal Road, Ahmedabad-380054, Gujarat, India P: +91 79 2999 9857 | E: info@senorespharma.com W: www.senorespharma.com | CIN No.: L24290GJ2017PLC100263 “Senores Pharmaceuticals Limited Q2 & H1 FY27 Earnings Conference Call” October 29, 2026 E&OE - This transcript is edited for factual errors. In case of discrepancy, the au dio recording uploaded on the stock exchange on 29th October 2026 will prevail. MANAGEMENT: MR. SWAPNIL SHAH – PROMOTER AND MANAGING DIRECTOR – SENORES PHARMACEUTICALS LIMITED MR. SANJAY MAJMUDAR – CHAIRMAN – SENORES PHARMACEUTICALS LIMITED MR. DEVAL SHAH – WHOLE TIME DIRECTOR AND CHIEF FINANCIAL OFFICER – SENORES PHARMACEUTICALS LIMITED MODERATOR: MR. NITIN AGARWAL – DAM CAPITAL ADVISORS Page 1 of 18 Senores Pharmaceuticals Limited October 29, 2026 Moderator: Ladies and gentlemen, good day and welcome to Senores Pharmaceuticals Q2 and H1 FY27 Earnings Conference Call hosted by DAM Capital 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. Before we begin, I would like to point out that this conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Nitin Agarwal from DAM Capital Advisors. Thank you, and over to you, sir. Nitin Agarwal: Hi. Thank you, Huda. Good afternoon, everyone and a very warm welcome to Senores Pharma's Q2 and H1 FY27 Earnings call hosted by DAM Capital Advisors Limited. On the call today, we are representing Senores Pharma management , Mr. Swapnil Shah, Promoter and Managing Director, Mr. Sanjay Majmudar, Chairman, Mr. Deval Shah, Whole-time Director and Chief Financial Officer. I'll hand over the call to Swapnil bhai to make the opening comments and we'll open the floor for questions subsequently. Please go ahead, sir. Swapnil Shah: Thank you, Nitin. Good afternoon, everyone. Thank you for joining us on the Q2 and H1 FY27 Earnings Call of Senores Pharmaceuticals Limited. We have uploaded our results on the stock exchanges and the company's website. I hope everybody has had the opportunity to go through the same. Building on the strong momentum of previous quarters, we have delivered another strong performance in Q2 and H1 FY27, achieving our highest-ever quarterly revenue and EBITDA. Revenue grew by 25% Y-o-Y in Q2 and 30% in H1 FY27, while EBITDA increased by 38% and 58% respectively. PAT registered healthy growth of 22% in Q2 and 31% in H1 FY27. This performance reflects our well-defined strategic priorities, disciplined execution and strong business fundamentals. With this, we have achieved our ninth consecutive quarter of delivering results surpassing our stated guidance. We remain committed to building on this momentum and delivering consistent and sustainable growth in years ahead. Our regulated market business continued to deliver strong growth, registering Y-o-Y growth of 28% in Q2 and 34% in H1 FY27, driven by portfolio expansion and differentiated sales and distribution channels. We have nearly doubled our ANDA portfolio from 34 in September 2025 to 64 in September 2026, of which 23 have been commercialized. In this quarter, we have received approval of one new ANDA and three sANDAs. sANDA is supplement ANDAs, which comprises four strengths. Out of this new approvals, we have commercialized three sANDA and the new ANDA where we got approval this quarter will be launched in FY Q3 2026. On CMO CDMO front, we have commercialized three ANDAs covering 12 strengths. Supported by established marketing partnerships, launch readiness and calibrated Page 2 of 18 Senores Pharmaceuticals Limited October 29, 2026 manufacturing capacities, we expect a meaningful acceleration in H2 FY27. We have also been investing heavily on our R&D for complex and specialty products, which also reflects in the increase of our molecules pipeline, which further comprises 41 newly developed molecules covering approximately 130 strengths at various stages. Providing strong visibility for future growth. To cater to existing demand and future pipeline, we have also invested in capacity expansions. On emerging markets, we with installation of pre- filled syringe line, we will support our growth for GLP-1 and other products. On the technology front, we have heavily invested on AI-backed applications for various functions and digitized operations by installing SAP HANA. Historically, H2 has always been stronger than H1 for us and we expect this trend to continue in FY27 as well, supported by upcoming product launches and improved commercialization. Over and above this, Amerisyn and Zoraya are expected to start contributing from H2 FY27, providing an additional growth driver with significant scale-up potential over the coming years. Our CDMO CMO business is also progressing well, with a robust pipeline of opportunities expected to translate into business over the next 12 months, further strengthening our growth outlook. Moving to emerging market business, revenue grew by approximately 21% in Q2 and 25% in H1 FY27. Profitability continued to improve, with EBITDA margin consistently in low-double-digit to mid-teens and the business has now turned cash positive. With European PIC/S approval coming in H1 FY27, our regulatory credential will further strengthen and will enable us for new product registrations across emerging markets. Lastly, turning to our India branded generic business, the significant expansion of field force and market reach has strengthened the foundation for our domestic critical care business. With these investments now in place, we are well positioned to drive growth and sustainable margin profile going forward. Speaking about our margin trajectory, we delivered healthy profitability growth in Q2 and H1 FY27, with EBITDA and PAT growing faster than revenue, reflecting the inherent operating leverage in our business model. It is important to note that Q2 and H1 performance includes the initial setup and operating costs for Zoraya and Amerisyn, which were recognized in the P&L without any corresponding revenue contribution. With these ventures are expected to begin contributing in H2 FY27, a more meaningful ramp- up is anticipated from FY28 onwards. As revenues scale up, we expect to benefit from operating leverage and a corresponding improvement in our margin [Showing first 8,000 characters — download PDF for full document]