Transcript of Earnings Call for the Quarter and half year ended September 30, 2026.

November 05, 2026 BSE Limited, National Stock Exchange of India Limited, P J Towers, Exchange Plaza, Dalal Street, Bandra-Kurla Complex, Bandra, Mumbai - 400 001. Mumbai - 400 051. Scrip Code: 524735 Symbol: HIKAL Dear Sir/Madam, Sub: Transcript of Earnings call for quarter and half year ended September 30, 2026 In continuation to our letters dated October 26, 2026, and November 03, 2026, and pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the earnings conference call held on Tuesday, November 03, 2026, to discuss the financial and operational performance of the Company for the quarter and half year ended September 30, 2026. Kindly take the information on record. Yours sincerely, For Hikal Limited Rajasekhar Reddy Company Secretary & Compliance Officer Encl.: As above Hikal Ltd. Admin. Office: Great Eastern Chambers, 6th Floor, Sector 11, CBD Belapur, Navi Mumbai - 400 614, India. Tel. + 91–22–6277 0299, + 91–22–6866 0300 Regd. Office: 717/718, Maker Chambers - 5, Nariman Point, Mumbai - 400 021, India. Tel. +91-22 6277 0477. Fax: + 91-22 6277 0500 www.hikal.com info@hikal.com CIN: L24200MH1988PTC048028 Hikal Limited Q2 & H1FY27 Earnings Conference Call November 03, 2026 “E&OE -This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on 3rh November 2026 will prevail.” MANAGEMENT: MR. SAMEER HIREMATH – CHAIRMAN AND MANAGING DIRECTOR MR. ANISH SWADI – CHIEF EXECUTIVE OFFICER, ANIMAL HEALTH AND SPECIALTY INGREDIENTS MR. KULDEEP JAIN – CHIEF FINANCIAL OFFICER MR. MANOJ MEHROTRA – HEAD OF PHARMACEUTICAL BUSINESS MR. RAVI KHADABADI – HEAD OF CROP PROTECTION BUSINESS Page 1 of 18 Hikal Limited November 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 and H1 FY27 Earnings Conference Call of Hikal Limited. 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 the date of this call. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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 Mr. Sameer Hiremath, Chairman and Managing Director from Hikal Limited. Thank you, and over to you, sir. Sameer Hiremath: Thank you. Ladies and gentlemen, a very good evening, and a warm welcome to all of you. We extend our gratitude to all of you for your participation in our Q2 FY27 results conference call. We are delighted to provide you with an update on the progress made by our company. We trust that you've had the opportunity to review our comprehensive earnings release, investor presentation and the financial statements for the quarter ended 30th September 2026. These documents can be accessed on both Hikal's website and the stock exchanges website. I am Sameer Hiremath, Chairman and Managing Director, Hikal Limited, and I'll be leading the discussion and presenting the financial results. On this call with me, I have Anish Swadi, CEO of Animal Health and Specialty Ingredients; Kuldeep Jain, our Chief Financial Officer; Manoj Mehrotra, Head of our Pharma business; Ravi Khadabadi, Head of our Crop Protection business; and Strategic Growth Advisors, our Investor Relations advisers. I'm pleased to report our performance for Q2 and H1 FY27 with the Q2 revenue standing at INR434 crores with an EBITDA of INR45 crores and a margin of 10.3%. For H1 FY27, revenue stood at INR837 crores with an EBITDA of INR82 crores and a margin of 9.8%. Our revenues, volume and EBITDA have grown compared to last year. However, profitability was impacted to some extent due to higher raw material prices, especially in our Crop Protection business. Our Pharmaceutical business continued to progress, supported by the recovery in our established API portfolio and sustained execution by increase in volumes in our CDMO business. In our own product portfolio, the legacy portfolio improved both sequentially and year-on-year. New products continue to advance with higher sales expected in H2 as production ramps up. Customer traction also strengthened across Latin America, Japan and Korea. In addition, regulatory approvals were secured in China and Brazil for 2 products, widening market access and supporting future demand. Page 2 of 18 Hikal Limited November 03, 2026 In the CDMO business, growth continued through contributions from our new product development pipeline for APIs and intermediates, supported by strong customer relationships. I am pleased to share that our quality remediation program in our Pharma business is well on track, and we have received a Certificate of GMP Compliance from the Swissmedic Agency for our Bangalore facility recently. This certification reinforces the strength of the quality systems and the remediation programs at our Bangaluru facility. It is an important step in expanding the global reach of our pharma business and creating opportunities with customers in Europe and other regulated markets. Compliance, quality and manufacturing excellence remains central to our longer-term customer partnerships. For the Crop Protection business, we continued to navigate the challenging operating environment impacted by elevated raw material and energy prices as well as pricing pressure from Chinese competition. Our own product portfolio delivered a year-on-year growth supported by some of our legacy molecules. The CDMO business continued to focus on strengthening customer relationships and pursuing longer-term programs beginning right from process development to commercial scale manufacturing in custom synthesis and commercial manufacturing. For that, I'm pleased to share, with a stock exchange release was made yesterday that we have signed a multiyear contract with a European-based global agrochemical company to supply a specialized product to markets worldwide. Commercial launch is expected towards the end of this financial year with volumes anticipated to grow progressively as regulatory approvals are secured across global markets. This CDMO contract reflects our ability to combine technical expertise, process development and manufacturing capabilities to address complex customer product requirements and support the transition from lab to commercial scale. Our Animal Health business delivered year-on-year growth with contribution margins improved quarter-on-quarter. Our business for our current products was supported by higher volumes, while the new products under the CDMO pipeline progressed from lab to validation and some into the lab as well. In the Specialty Ingredients portfolio, we achieved an important milestone with the commencement of the commercial production of our new multipurpose facility at Panoli. Our priorities are to progress customer validation approvals, which are well underway and convert the ongoing engagements into commercial sales across key markets. With demand progressively shifting towards next-generation UV filters and other complex skin care products, we believe this can become a meaningful growth contributor over the medium term. We continue to work towards the targeted U.S. FDA reinspection of our Bangalore facility and are hopeful it happens towards the end of this current financial year. Page 3 of 18 Hikal Limited November 03, 2026 Successful completion of the regulatory process is expected to support recovery in our pharma business in the regulated markets and accelerate the current new CDMO pipeline. Looking ahead, we remain confident [Showing first 8,000 characters — download PDF for full document]