Analysts/Institutional Investor Meet/Con. Call Updates

THRU ONLINE FILING November 6, 2026 BSE Ltd. National Stock Exchange India Limited, Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block-G, Dalal Street Bandra Kurla Complex, Bandra – (East). Mumbai 400 023 Mumbai-400051. Scrip Code – 524494 Scrip Code : IPCALAB Dear Sirs, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find the transcript of our Conference Call which was held on Thursday, 5th November, 2026 from 16:00 hrs (IST) to discuss the Company’s Q2FY27 earnings and business update. Thanking you Yours faithfully For Ipca Laboratories Limited Harish P. Kamath Corporate Counsel & Company Secretary ACS 6792 Encl: a/a “Ipca Laboratories Limited Q2 FY '27 Earnings Conference Call” November 05, 2026 MANAGEMENT: MR. A. K. JAIN – MANAGING DIRECTOR– IPCA LABORATORIES LIMITED MR. HARISH KAMATH – CORPORATE COUNSEL AND COMPANY SECRETARY – IPCA LABORATORIES LIMITED MODERATOR: MR. NITIN AGARWAL – DAM CAPITAL ADVISORS LIMITED Page 1 of 7 Ipca Laboratories Limited November 05, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Ipca Labs Q2 FY '27 Earnings Conference Call hosted by DAM Capital Advisors Limited. As a reminder, all participant lines will be in the listen only mode. And there will be an opportunity for you to ask a question. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone telephone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nitin Agarwal from DAM Capital Advisors. Thank you, and over to you, sir. Nitin Agarwal: Thank you. Good afternoon, everyone, and a very warm welcome to Ipca Labs Q2 FY '27 Earnings Call hosted by DAM Capital Advisors Limited. On the call today, we have representing Ipca Labs management, Mr. A.K. Jain, Managing Director; and Mr. Harish Kamath, Corporate Counsel and Company Secretary. I'll hand over the call to Mr. Jain to make the opening comments, and we'll open the floor for questions. Please go ahead, sir. A. K. Jain: Thanks, Nitin, and DAM Capital for organizing this call. Today's earnings call and discussions and answer given may include some forward-looking statements based on our current business expectations. This must be viewed in conjunction with the risk that pharmaceutical business face. Our actual future financial performance may differ from what is projected and perceived. You may take your own judgment based on information during the call. Our domestic formulation business for Q2 FY '27 has delivered growth of around 14%, and it has reached to around INR1,157 crores as against INR1,019 crores in Q2 FY '26. MAT September 2026, Ipca's rank remained 16 as per IQVIA. Our market share has improved to around 2.11% from -- as against 2.09% in September '26. Top 6 brands of Ipca are featuring among the top 300 brands of the industry. Out of top 6 brands, Zerodol SP is the top brand of the company, and it has improved its rank to 8th rank as against 11th in the Q2 FY '26. Zerodol as the umbrella brand has crossed INR1,500 crores sales as per IQVIA in September 2026. It has become the fourth largest brand in IPM. As per IQVIA, the -- on chronic segment MAT September 2026, Ipca has achieved a growth of around 20% as against IPM growth of around 17%. As per IQVIA, the acute segment, Ipca has achieved a growth of around 11%. We are at par with the overall market growth there in acute segment, largely because some of the portfolio like antimalarials and antibacterials are declining, antibacterials is having very marginal growth and even cough and cold is having very low growth. On export formulation business, on a stand-alone basis, Ipca has grown by 32% in Q2 FY '27 to around INR653 crores as against INR493 crores in Q2 FY '26. Our promotional branded business in ROW markets has delivered growth of 19% for Q2 FY '27 to around INR172 crores against INR145 crores in Q2 FY '26. Generic market, excluding tender, delivered around 36% growth in Q2 FY '27 to around INR364 crores as against INR268 crores in Q2 FY '26. Institutional generic business has delivered Page 2 of 7 Ipca Laboratories Limited November 05, 2026 growth of around 45% for the quarter, and API has delivered a growth of around 6% for the quarter. Our consolidated Q2 FY '27 business has grown by around 14% to around INR2,910 crores as against INR2,557 crores. For Q2 FY '27, we continue to see significant price increase on inputs, logistic cost, shipping cost and even fuel and your -- energy cost. In spite of all these factors, overall consolidated EBITDA margins have improved to around 22.97% in Q2 FY '27 as against 21.68% in Q2 FY '26. Stand-alone EBITDA margin of Ipca has improved to 26.6% in Q2 FY '27 as against 25.46% in Q2 FY '26. Having given the broad numbers, now I'll request participants to ask questions. Moderator: The first question is from the line of Saion Mukherjee from Nomura. Saion Mukherjee: Mr. Jain, I wanted to check on Zerodol franchise. What's the kind of growth you are seeing? And if you can split between volume and price increase in this? And what's the headroom to grow this franchise? What would be the key drivers and any competitive pressure that you might be seeing in the market? A. K. Jain: Overall, for, let's say, April to September, if you look at -- our pain segment has grown by around 14% from 1,000 internal numbers from 1200 -- from INR1,065 crores to around INR1,216 crores. So we have -- is continuously growing at 14% for the first half of the current year. And in fact, in the second quarter -- this quarter of the current financial year, on pain segment, we have grown by around 16%. The overall pain segment has delivered a number of around INR628 crores from INR543 crores. So we have recorded almost around 16% growth. So on a continuous basis, both our portfolio of rheumatoid arthritis and osteoarthritis, which includes Zerodol and all rheumatoid arthritis products, that -- they are continuously performing and continuously growing in the range of around 14% to 15% kind of range. So we have absolutely no concern on that. And in fact, from current INR1,500 crores of umbrella brand, we are looking similar kind of growth to continue for next 3, 4 years, yes. Saion Mukherjee: And sir, how much of the growth of, say, 14% to 16% would be volume-led? A. K. Jain: Volume-led growth may be almost around 8% to 9% and price growth may be around 4% to 4.5%, yes. Saion Mukherjee: And do you expect the volume growth momentum to sustain? A. K. Jain: Yes. Saion Mukherjee: Okay. And sir, one other question was on growth and margin guidance, sir, if you can reiterate the numbers, any fresh look you have for FY '27? And how should we think about... A. K. Jain: Whatever guidelines we have given earlier, that will stand, yes. In earlier quarters, we have given that -- earlier quarter, we have given guidance that overall growth guidelines was almost around Page 3 of 7 Ipca Laboratories Limited November 05, 2026 12% to 13%, which was revised to 14% to 16%. So that would remain. And consolidated EBITDA margin guidelines was from 22% to 23%, that will also stand there. Saion Mukherjee: And sir, what is your expectation... A. K. Jain: We are not revising the guidelines. Saion Mukherjee: Okay. Sir, and what is the medium-term EBITDA expectation, let's say, over the next 2, 3 years, where do you see EBITDA margin consolidated lifting? A. K. Jain: Every year, we should be improving by almost around 1% to 1.25% of EBITDA on a consolidated basis. And Ipca EBITDA will grow by almost around 1.5% stand-alone EBITDA. Moderator: The next question is from the line of Shashank Krishnakumar from Emkay Global. Shashank Krishnakumar: So I think this quarter for Unichem Q-o-Q, we saw a sharp gross margin uptick. If you could just share what drove that and whether this is a figure that we can work with going forward as well? And also for [Showing first 8,000 characters — download PDF for full document]