Analysts/Institutional Investor Meet/Con. Call Updates

To, Date: 7th November, 2026 The Manager The Manager, BSE Limited NSE Limited, P. J. Towers, Dalal Street Exchange Plaza, Bandra Kurla Complex, Mumbai-400001 Bandra (E), Mumbai- 400051. (BSE Scrip Code: 544742) (NSE Symbol: SAIPARENT) Dear Sir/Madam, Unit: Sai Parenterals Limited Sub: Disclosure under SEBI (Listing and Disclosure Requirements Regulations,2015) Transcript of Earnings call held on 2nd November, 2026. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Please find enclosed the transcript of the earnings conference call conducted on Monday, 2nd November, 2026 at 02:00 p.m. (IST). The transcript of the earnings call is also available on website of the company i.e., https://www.saiparenterals.com/ This is for the information and records of the exchanges please. Thanking you, Yours faithfully, For Sai Parenterals Limited Ashwani Singh Bisht Company Secretary & Compliance Officer Encl: As above “Sai Parenterals Limited Q2 FY27 Earnings Conference Call” November 02, 2026 E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on 2nd November 2026 will prevail. MANAGEMENT: MR. ANIL KUMAR KARUSALA – CHAIRMAN AND MANAGING DIRECTOR MR. MARK THULBORNE – CHIEF EXECUTIVE OFFICER, NOUMED ANALYST: MR. SHASHANK KRISHNAKUMAR – EMKAY GLOBAL FINANCIAL SERVICES LIMITED Page 1 of 16 Sai Parenterals Limited November 02, 2026 Moderator: Ladies and gentlemen, good day and welcome to Sai Parenterals Limited Q2 FY27 Earnings Conference Call hosted by Emkay Global Financial Services 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 the 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shashank Krishnakumar, from Emkay Global Financial Services Limited. Thank you, and over to you, sir. Shashank Krishnakumar: Hi, thank you. Good afternoon everyone and a very warm welcome to Sai Parenterals Limited's Q2 FY27 earnings call hosted by Emkay Global. I would like to thank the management for giving us the opportunity to host this call. On the call today, we have the Sai Parenterals management team represented by Anil ji, the Chairman and Managing Director, and Mr. Mark, the Chief Executive Officer of Noumed. I'll now hand over the call to the management team for the opening remarks, and then we'll open the floor for questions. Please go ahead, sir. Anil Kumar Karusala: Yes, thank you, Shashank. Good evening everyone. Thank you for joining our earnings conference call to discuss the performance of Q2 and H1 FY27. I hope everyone had an opportunity to go through the financial results press release and investor presentation which are uploaded on the stock exchanges as well as on our company's website. Our Chief Financial Officer, Mr. Anil Kumar, is unable to join us today because of a personal health emergency. We wish him a speedy recovery. In his absence, I will also take you through our consolidated financial results after my opening remarks and Mark’s update. As I mentioned last quarter, Noumed Pharmaceuticals has been consolidated from 12th November 2025, so our year-on-year comparisons are therefore not comparable. So I will focus mainly on the sequential trend. Q2 FY27 is the quarter in which our transformation began to show in our profitability. Consolidated revenue from operations rose 9% sequentially to INR196 crores. H1 FY27 revenue was at INR376 crores, around half of our FY27 revenue target of INR750 crore. We have always guided to a 45:55 split between the two halves, with the fourth quarter historically our strongest. So we are ahead of plan. Gross margin rose from 40.9% in Q1 to 47.5% in Q2. Raw material cost actually fell by about 3% even as revenue grew by 9%. This was driven by tighter inventory management. Inventory was on the higher side last quarter. During Q2, we worked through a major higher-cost inventory, introduced strict first-in-first-out controls and implemented a new ERP system which Page 2 of 16 Sai Parenterals Limited November 02, 2026 has brought inventory levels down materially. These controls remain in place and so we see to keep a gross margin above 45% in the next all coming quarters. EBITDA grew 67% sequentially to INR41 crores, with EBITDA margin at 21.1% against 13.7% in Q1. Employee and other operating costs together rose by less than 6%, so most of the gross margin gain flowed through to EBITDA. For the first half, EBITDA stood at INR66 crores with margin of 17.6%, already ahead of approximately 17% we guided for the year. Depreciation/Amortization rose to INR25 crores from INR8 crores in Q1. This reflects the capitalization of Noumed assets and amortization of molecules acquired from Sai Prathyak Laboratories. Despite a more than threshold rise in the depreciation profit before tax held steady quarter on quarter and profit after tax grew 33% to INR10.5 crore. For the first half, PAT stood at INR18.4 crores. Then I come to IPO proceeds deployed and both acquisitions. Last quarter, I outlined a proposed variation in the use of our IPO proceeds. Shareholders have since approved it, and I'm pleased to report that the both transactions are now complete. We will be investing INR98.8 crores of IPO proceeds, that is INR83.83 crores in Saicriti Pharma, and I already invested INR15 crores in Prathyak Laboratories, each for a 60% stake. The balance of INR3 crores from the amount originally earmarked for the research centre, has been allocated to general corporate purposes. The purpose for which we raise these funds has not changed. EU GMP-compliant injectable capacity for regulated markets and a dedicated research and development platform. Only the manner of execution has changed and in both cases we have acquired materially larger assets for the same outlay. So, now, I come to Saicriti Pharma. This new injectable facility on track for July 2027. At Saicriti’s site at Gummadidala, outside the Outer Ring Road, foundation works were underway and construction is accelerated. And as our equity comes in, it will progress much more faster. The layout design is complete and purchase orders have been placed for all the four process lines -- liquid and lyophilised injectables, GLP pre-filled syringe injectables, pre-filled and packaged combi-filling for GLP products, dry powder filling, and ampoule filling. Clean utilities and HVAC systems are in detailed engineering. We are targeting completion in July 2027. The facility is being built to EU GMP and US FDA standards. It will take our injectable capacity to approximately 154.66 million units, about 47% more than the upgrade of Units I and II, would have delivered. More importantly, it adds two new capabilities: lyophilisation and GLP-1 manufacturing. Our existing domestic critical care franchisee of around INR52 crores will also be manufactured from this facility. Unit I and II at Jeedimetla will be discontinued once it is commissioned. We expect accreditation within about twelve months of completion, with exports from FY28 and Europe from FY29. The total project cost is estimated at INR215 crores. Our contribution of INR83.83 crores is unchanged from the originally earmarked figure. The promoters of Saicriti fund balance 40% of Page 3 of 16 Sai Parenterals Limited November 02, 2026 equity, and the remainder comes through project debt with a 3-year moratorium and 7 years repayment [Showing first 8,000 characters — download PDF for full document]