Analysts/Institutional Investor Meet/Con. Call Updates

Emcure Ref: EPL/CS/SE/0099/2026 Date: November 06, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, P J Towers, Bandra Kurla Complex, Bandra (East), Dalal Street, Mumbai – 400 051 Mumbai - 400 001 Script Symbol: EMCURE Scrip Code/Symbol: 544210/ EMCURE Dear Sir/Madam, Subject: Transcript of Earnings Call – Q2 FY27 Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and further to our intimation dated October 14, 2026, please find enclosed the transcript of the Earnings Call for Q2 FY27, held on Tuesday, November 03, 2026 at 4:00 p.m. (IST). The above-mentioned transcript is also being uploaded on the website of the Company i.e. www.emcure.com. You are requested to take the above information on your records. Thanking you, For Emcure Pharmaceuticals Limited Amruta Yangalwar Company Secretary & Compliance Officer ICSI Membership Number: A25687 Emcure Pharmaceuticals Limited Registered Office: Plot No. P-1 & P-2, IT-BT Park, Phase-II, M.I.D.C., Hinjawadi, Pune - 411057, Maharashtra, India Phone Nos.: +91 20 – 35070033/ 35070000 Fax No.: +91 20 3507 0060 E-mail: corporate@emcure.com Website: www.emcure.com CIN: L24231PN1981PLC024251 Emcure Pharmaceuticals Limited Q2 FY27 Earnings Conference Call November 03, 2026 MANAGEMENT PARTICIPANTS: Mr. Satish Mehta – Chairman, Managing Director & CEO Mr. Tajuddin Shaikh – Chief Financial Officer Mr. Samit Mehta – Whole-Time Director and Chief Operating Officer Mr. Vikas Thapar – President, Corporate Development, Strategy & Finance Mr. Piyush Nahar – Executive Vice President, Corporate Development & Strategy Mr. Saurabh Paliwal – Head, Investor Relations Page 1 of 16 Prepared Remarks Session Moderator: Ladies and gentlemen, good day, and welcome to the Emcure Pharmaceuticals Limited Q2 and H1FY27 Earnings Conference Call. As a reminder, all participants will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to Mr. Saurabh Paliwal, Head of Investor Relations. Thank you, and over to you. Saurabh Paliwal: Thank you, Danish. Good afternoon, everyone. I welcome you to Emcure's Q2FY27 earnings conference call. Thank you for joining us today. Today on the call with me are Mr. Satish Mehta, our Chairman, Managing Director and CEO; Mr. Samit Mehta, Whole-Time Director and Chief Operating Officer; Mr. Taj Shaikh, Chief Financial Officer; Mr. Vik Thapar, President, Corporate Development, Strategy and Finance; and Mr. Piyush Nahar, Executive Vice President, Corporate Development and Strategy. The quarterly financial results were published earlier today. They are available on the NSE and BSE and on our website. We will begin today's call with brief opening remarks from management, followed by a Q&A session. I would like to remind everyone that the safe harbour provisions detailed in the results presentation and the press release released earlier today apply to this conference call. Please note that this call is being recorded, and both the call audio and the transcript will be made available on our website in due course. With that, I will now hand the call over to Mr. Mehta to begin with his opening remarks. Over to you, sir. Satish Mehta: Thank you, Saurabh. Good afternoon to all of you and really appreciate and thank each and every one of you for joining us. We appreciate your continued interest and support. Before I start talking about our performance, I would like to wish every one of you a very happy and prosperous Diwali and New Year to you and all your dear and near ones. Thank you once again. I'm pleased to report another strong quarter for Emcure with broad-based growth in revenue, profitability and earnings. Our team's determination to rise to challenges underpins this performance. The resilience shown by every Emcurean, especially in the current geopolitical situation is extremely praiseworthy, and I very much appreciate the efforts of each and every team member of Emcure. We at Emcure remain focused on achieving our goals and delivering sustained progress for all our stakeholders. Now let me focus on financial performance for the current quarter. Revenue grew by 24% year-on-year to INR2,820 crores, supported by growth across all geographies and it has increased 9% sequentially. Profitability outpaced revenue growth, EBITDA rose 31% to INR575 crores and the EBITDA margins expanded by about 100 basis points to 20.4%, driven by productivity gains and operating leverage. Profit after tax increased 29% to INR325 crores. With that, let me turn to our business performance. I would now first Page 2 of 16 focus on the domestic market that is India, which is very close to my heart as I've been telling in all the calls. In India, our business grew by 12% year-on-year to INR1,155 crores in Q2. It was also second consecutive quarter of double-digit growth with growth improving from 10% in Q1. Organic growth for the quarter was 10% versus 6% that we had seen in quarter 1. We expect to build upon this improvement in the second half of the current fiscal year. Women's health, cardiometabolic and CNS portfolios were the primary growth drivers during the quarter. Zuventus' performance improved sequentially with key brands showing good traction. Beyond prescription medicines, our Consumer Health business is also gaining traction with brands such as Bitter Drops and Galact building scale. Over time, we see this becoming an additional growth engine. We remain focused on making our big brands bigger, improving our field force productivity and building scale in chronic and specialty therapies. On 12th October, our Board approved the amalgamation of Zuventus Healthcare and Emcutix Biopharmaceuticals, both wholly owned subsidiaries into Emcure. This corporate action is part of our One Emcure vision and continued efforts to simplify the group holding structure. Zuventus brand and teams remain an integral part of our India business. The scheme will allow for synergies in our back-end operations and corporate functions and is subject to necessary approvals, including that of NCLT. After having spoken about our domestic business, now let me focus on our international business. Our international business delivered another strong quarter, complementing our performance in India. Revenue in the international markets grew by 34.5% year-on-year to INR1,665 crores and accounted for 59% of our total revenue. Continued expansion of our base business and contribution from new launches obviously drove this performance. As far as Europe is concerned, Europe for us grew by 36% to INR604 crores, supported by strong delivery across both U.K. and Continental Europe. Growth was broad-based, led by our base portfolio, new launches and continued scale-up of liposomal amphotericin B. Business momentum is expected to continue in second half as well. As far as Canada is concerned, Canada grew by 24% to INR431 crores, driven by continued growth in our base business, and recent launches. We expect further launches in the second half, and we continue to build a very strong pipeline for the Canadian market. After having spoken about Europe and Canada, let me now focus on rest of world, we call it as emerging markets. The rest of world (RoW) business grew by 41% to INR630 crores. The ARV business continued with strong performance, while non-ARV growth accelerated by support of new launches and expansion of portfolio in key markets in Latin America, CIS, Asia and Africa. We are very bullish about the emerging markets. We are dealing in a lot of countries as well as the continents that I mentioned. Page 3 of 16 And we do expect our rest of world business to continue to grow over the year, and that is going to be backed by science, technology, innovation, about which I've been speaking in all the [Showing first 8,000 characters — download PDF for full document]