Analysts/Institutional Investor Meet/Con. Call Updates

November 6, 2026 BSE Limited The National Stock Exchange of India Ltd Phiroze Jeejeebhoy Towers, Exchange Plaza, 25th Floor, Dalal Street, Bandra Kurla Complex Mumbai – 400 001 Bandra (E), Mumbai – 400 001 Scrip Code: 524558 Scrip Code: NEULANDLAB; Series: EQ Dear Sir/Madam, Sub: Transcript of the Earnings call conducted on November 3, 2026 Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Earnings call for the quarter and half year ended September 30, 2026, conducted on November 3, 2026. Also please note that this transcript of the call has been uploaded on our website. The weblink to access it: https://www.neulandlabs.com/en/investors/investor-meetings/transcripts This is for your information and records. Thanking you, Yours faithfully, For Neuland Laboratories Limited Sarada Bhamidipati Company Secretary Encl: As above “Neuland Laboratories Limited Q2 & FY27 Earnings Conference Call” November 03, 2026 Management: Mr. Saharsh Davuluri - Chief Executive Officer & Managing Director Mr. G.V. Bhardwaj – Assistant Vice President (Finance) Mr. Sajeev Medikonda - Head of Corporate Planning & Strategy Ms. Runjhun Jain - Ernst & Young Page 1 of 21 Neuland Laboratories Limited November 3, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Neuland Laboratories Limited’s Q2 and H1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen- only mode. There will be an opportunity for you to ask questions after the management’s commentary concludes. Please note that this call is being recorded. I now hand the conference over to Miss. Runjhun Jain from Ernst & Young. Thank you and over to you, Madam. Runjhun Jain: Thank you, Inba. Good evening, everyone. To take us through the results and to answer your questions, we have with us the top management represented by Mr. Saharsh Davuluri, CEO and Managing Director; Mr. G.V. Bhardwaj, AVP Finance; and Mr. Sajeev Medikonda, Head of Corporate Planning and Strategy. Mr. Abhijit Majumdar, CFO of the Company, could not join us today due to some personal exigencies. We will start the call with a brief overview of the financials by Mr. Bhardwaj, and then Saharsh will give you the broad highlights of the business trends and what he is seeing in the market. Post that, we will open the call for Q&A session. The standard safe harbor clause applies as we start the call. With that said, I now hand over the floor to Mr. Bhardwaj. Over to you, Sir! G.V. Bhardwaj: Thank you very much, Runjhun and a good evening to everyone joining our call. I will quickly run through the financials before Saharsh shares his thoughts on the performance and the business. The total income for the quarter stood at Rs.457.2 Crores compared to Rs.516.1 Crores in the corresponding previous last year. For the H1FY27, the total income stood at Rs.1107.2 Crores compared to Rs.816.7 Crores in H1 FY26. Commercial CMS molecules continued to make meaningful contribution to revenues during this quarter while GDS business saw contributions from our prime as well as specialty portfolio. As we have consistently indicated earlier, the timing and product mix of a business can result in variability between individual quarters. We therefore continue to believe that the progression of the business is better evaluated over longer periods of time. Gross margin for the quarter stood at 59.4% compared to 60.1% in Q2 FY2026. As always, gross margin includes manufacturing expenses and other costs directly attributable to the product. EBITDA for the quarter stood at Rs.104.6 Crores, representing a margin of 22.9% compared to Rs.156.9 Crores and a margin of 30.4% during the corresponding period last year. Profit after tax for the quarter was Rs.51.1 Crores compared to Rs.96.5 Crores in Q2 FY2026. EPS for the quarter stood at 39.85 per share. Page 2 of 21 Neuland Laboratories Limited November 3, 2026 During the first half of the financial year, we also experienced increase in input costs. The geopolitical environment and the ongoing conflicts in different parts of the world have led to volatility in certain raw material prices and escalation in freight and logistics costs. Working capital for the quarter stood at 104 days of sale compared to 84 days in the previous quarter. Optimal utilization of cash continues to remain an important priority for us. We continue to focus on inventory management, customer collections and aligning working capital requirements with the changing scale and composition of our business. Our ongoing capital investment continued to progress in line with our plans. As we also have indicated earlier, the nature and scale of this investment will continue to be evaluated against customer requirements and the opportunities we see across our businesses. Our capex outflow during the first half of FY2027 was Rs.261 Crores, and free cash flows for the period stood at Rs.99 Crores while net debt stood at negative Rs.208 Crores. While we remain conscious of external environment and near-term cost pressures, we continue to take long-term view for the business and remain disciplined in the way we deploy capital. As in the past, our investor presentation, which has been shared along with the press release, contains further details on the financial performance. With that, I would like to hand over the call to Saharsh for his remarks. Thank you very much. Saharsh Davuluri: Thank you, Bhardwaj. Good evening, everyone, and welcome once again to the call. As the numbers show this quarter has been below the trend that we have seen over the last few quarters; however, if we consider the first half of the year it was largely consistent with our expectations. Before getting into further details, I think it is important to once again emphasize the underlying dynamics of our business, particularly for those of you who may have started following Neuland more recently. So, as a CDMO, Neuland’s business follows the development and commercial requirements of individual customer molecules. In development, not every molecule advances through clinical trials or reaches commercialization, and project timelines also can shift. Commercial molecules also contribute unevenly as customer requirements, shipment schedules also vary sometimes between quarters. As individual commercial shipments become larger, a shift in timing can have a greater impact on quarterly revenues, and that is why we keep saying lumpiness, quite often in our earnings calls and conversations. This makes growth uneven from a quarter-to- quarter basis, and that is why we keep saying that we need to assess our business over longer periods. Page 3 of 21 Neuland Laboratories Limited November 3, 2026 Over the last several years, Neuland has evolved considerably as a CDMO supporting innovators developing new chemical entities. FY2026 was the first year where we actually had greater revenues contributing from CMS in comparison with GDS. We believe the increasing contribution from CMS will remain an important part of Neuland’s evolution over the coming years. Coming specifically to this quarter, revenues were predominantly driven by the commercial molecules in CMS, along with products from the Prime portfolio within GDS. While this quarter has seen sequential moderation, we continue to see a steady flow of new proposals. Our commercial NCEs will continue to drive the business in the near term, while newer projects progressing through the pipeline will support our long-term growth. One development that has been particularly encouraging is the level of RFP activity that we have seen in this financial year, and it has been the strongest to date. We are seeing multiple opportunities stemming from relationships that have been built and nurtured over several years. This reflects the continuous efforts of our teams and lends further credibility to the import [Showing first 8,000 characters — download PDF for full document]