Transcript of the Earnings Conference Call for Q2 and the half year of FY27

Date: November 06, 2026 National Stock Exchange of India Limited BSE Limited Symbol: NSE: GRANULES: BSE: 532482 Dear Sir, Sub: Transcript of the Earnings Conference call for Q2 and the half-year of FY27. Ref: Our letter dated 26.10.2026 for intimation of the schedule of the Earnings Conference call for Q2 and the half-year of FY27. Pursuant to regulation 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transcript of the earnings conference call of the Company for the Q2 and half year of FY27 is enclosed with this letter. Kindly take the above information on record. For GRANULES INDIA LIMITED CHAITANYA TUMMALA (COMPANY SECRETARY & COMPLIANCE OFFICER) Enclosure: Transcript of the Earnings call REGISTERED OFFICE Granules India Limited CIN: L24110TG1991PLC012471 15th Floor, Granules Tower, Botanical Garden Road, Kondapur, Hyderabad – 500084, Telangana, India Contact Us: Tel: +91 40 69043500 | Fax: +91-40-23115145 | mail@granulesindia.comwww.granulesindia.com “Granules India Limited Q2 H1 FY27 Earnings Conference Call” November 02, 2026 MANAGEMENT: DR. KRISHNA PRASAD CHIGURUPATI – CHAIRMAN AND MANAGING DIRECTOR – GRANULES INDIA LIMITED MS. PRIYANKA CHIGURUPATI – EXECUTIVE DIRECTOR – GRANULES INDIA LIMITED MR. MUKESH SURANA – CHIEF FINANCIAL OFFICER – GRANULES INDIA LIMITED DR. P.V. SRINIVAS – CHIEF TECHNOLOGY OFFICER– GRANULES INDIA LIMITED MR. SANJAY KUMAR – CHIEF EXECUTIVE OFFICER – SENN TIDES INDIA PRIVATE LIMITED MODERATOR: MS. PRACHI AMBRE – MUFG INVESTOR RELATIONS Page 1 of 17 Granules India Limited November 02, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Granules India Limited Q2 H1 FY27 Earnings Conference Call. 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 this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Prachi Ambre from MUFG Investor Relations. Thank you, and over to you, ma'am. Prachi Ambre: Thank you, Swapnali. On behalf of Granules India Limited, I extend a very warm welcome to all the participants on the Q2 and H1 FY27 financial results discussion call. Today on the call, we have Dr. Krishna Prasad Chigurupati, Chairman and Managing Director; Ms. Priyanka Chigurupati, Executive Director; Mr. Mukesh Surana, Chief Financial Officer; Dr. P.V. Srinivas, Chief Technology Officer; and Mr. Sanjay Kumar, CEO of Senn Tides India Private Limited. Before we begin the call, I would like to give a short disclaimer. This call contains some of the forward-looking statements, which are completely based on our expectations, beliefs and opinions as of today. The statements are not a guarantee of our future performance and involve unforeseen risks and uncertainties. With this, I would like to hand over the call to Krishna Prasad Sir, for his opening remarks. Over to you, sir. Thank you. K.P. Chigurupati: Thank you, Prachi, and a very good evening, ladies and gentlemen. Thank you for joining us today and for your continued interest in Granules. We have uploaded our detailed quarterly presentation, and I trust you have had a chance to go through it. Let me first provide an update on our Gagillapur facility. The U.S. FDA conducted a cGMP inspection of the facility from October 19 to October 30. This was the first FDA inspection since the warning letter issued in February '25, following the 2024 inspection. The inspection concluded with a Form 483 containing eleven observations. Based on our assessment, none of the observations relate to data integrity, cross-contamination or facility upkeep. They concern investigations, change control, process and recruitment qualification, visual inspection controls and documentation practices. There is no impact on manufacturing or distribution of products from this site. We will submit a comprehensive response within the stipulated 15 business days detailing our corrective and preventive actions. We believe these observations are addressable and remain focused on demonstrating the effectiveness and sustainability of our quality systems. Coming to our performance. Q2 was another strong quarter for Granules. Page 2 of 17 Granules India Limited November 02, 2026 Revenue grew 20% year-on-year to INR15,600 million, crossing INR15,000 million in quarterly revenue for the first time in our history. EBITDA grew 21%, while PAT increased 39% to INR1,818 million. This also marks our eighth consecutive quarter of sequential revenue growth. These results were delivered despite a challenging operating environment. Geopolitical developments continue to put pressure on input and logistics costs across the industry. We expect some of these pressures to persist with customer price adjustments following with a lag. Against this backdrop, the consistency of our performance gives us confidence in the underlying strength and momentum of the business. In our September investor presentation, I spoke about our return to growth as the beginning and beginning to a new journey. Our growth strategy has multiple pillars: controlled substances under our Make in America platform, complex generics and early market opportunities, geographical expansion, oncology and peptide CDMO. The progress across our business is beginning to validate this direction. North America, our largest market, continued to grow, led by controlled substances. Europe sustained its growth momentum, while our efforts to develop the rest of the world markets are beginning to contribute. Our peptide CDMO business through Senn also grew year-on-year. This platform remains in its build-out phase with a near-term focus on strengthening execution, customer delivery and profitability. One of the most significant changes within Granules is the evolution of our R&D and product development strategy. We are pursuing differentiated opportunities, addressing greater technical complexity and building the potential for early market entry. Our first-to-file strategy is a visible outcome of this transformation. Over the last 3 quarters, we have announced filings for 3 potential sole first-to- file ANDAs, generic DYANAVEL XR or Amphetamine-based extended-release OTT, Sodium oxybate ER and Ruxolitinib ER. Several more such products are under development with filings targeted over the next 6 to 7 quarters. These opportunities have a different commercial profile from conventional generics. Successful early entry, particularly into products with significant technical or regulatory barriers can create substantial value. The timing and extent of this contribution will depend on regulatory and litigation outcomes and the upside may be uneven across quarters. Alongside these opportunities, we have 26 ANDAs awaiting approval, providing a strong pipeline for the next wave of launches. On sustainability, we continue to make steady progress through our SEDEX assessments and CRISIL scores. 4 of our facilities have also achieved zero waste to landfill certification. We remain focused on making these improvements an integral part of how we operate. Granules today is fundamentally different from the company we were a few years ago. We have a broad portfolio, deeper development capabilities and multiple avenues for growth. Our focus remains on disciplined execution, strengthening quality, delivering reliability to customers and translating our investments into sustained growth and earnings. Page 3 of 17 Granules India Limited November 02, 2026 With this, I hand over to Sanjay to provide a more detailed update on the progress of the peptide vertical. Over to you, Sanjay. Sanjay Kumar: Thank you, sir. Coming to Senn Tides, we continue to make progress across regulatory compliance, commercial development and expansion of our capabilities in Switzerland and India. 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