Please find enclosed transcript for earnings call held on November 04, 2026.

Ref: ISLL:CH:2026 Date: 10th November, 2026 The President The Vice President, Corporate Relationship Department Listing Compliance Department, BSE Limited National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor 25th Floor, Dalal Street, Plot No. C/2, G-Block, Mumbai 400 001 Bandra Kurla Complex, Bandra (E), Mumbai 400 051 BSE Scrip Code: 532305 NSE Symbol: INDSWFTLAB Subject: Transcript of Earnings Conference Call on Un-Audited Financial Results for the Quarter ended September 30, 2026. Respected Sir/Ma’am, Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), and other applicable provisions, as amended from time to time, kindly find enclosed herewith the transcript of the Conference Call held on Wednesday, November 04, 2026, with Analysts/Investors to discuss the Un-audited Financial Results of the Company for the quarter ended September 30, 2026 (Q2 FY27). The same is also being made available on the website of the Company at https://www.indswiftgroup.com/investor-relations/disclosure-under-regulation-46/investor-meet/ You are requested to kindly take the same on record. With Regards, For IND-SWIFT LABORATORIES LTD. PARDEEP VERMA VP-CORPORATE AFFAIRS & COMPANY SECRETARY Encl: As Above Ind-Swift Laboratories Ltd. Q2 FY27 Earnings Call Transcript Management: Mr. Pardeep Verma – VP-Corporate Affairs & Company Secretary Mr. Gagan Aggarwal – Chief Financial Officer Ms. Shalika Malhotra - DGM Finance Ind-Swift Laboratories Ltd. Q2 FY27 Earnings Call Transcript Moderator: Ladies and gentlemen, Good afternoon, and welcome to Ind-Swift Laboratories Q2 and H1 FY27 Conference Call, hosted by ConfideLeap Partners. As a reminder, all the participant lines will be in the listen mode only, and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. Before we begin, I would like to point out that this conference may contain forward-looking statements about the company, which are based upon the beliefs, opinions, and expectations of the company as of the date of the call. These statements do not guarantee the future performance of the company, and they may involve risks and uncertainties that are difficult to predict. We represent the Investor Relations for Ind-Swift Laboratories Limited. The company is represented by Mr. Gagan Aggarwal - Chief Financial Officer, Mr. Pardeep Verma - Vice President (Corporate Affairs) & Company Secretary and Ms. Shalika Malhotra - DGM Finance of Ind-Swift Laboratories. I would now like to hand over the call to Mr. Pardeep Verma for his opening remarks. Thank you, and over to you, Pardeep sir. Pardeep Verma: Good evening, everyone, and a warm welcome to Ind-Swift Laboratories Q2 and H1 FY27 Earnings Conference Call. Thank you all for joining us today. Q2 FY27 marks a decisive validation of our strategic transition to a pure-play finished dosage formulation platform. Operating scale and an improved product mix have driven significant operating leverage, margin expansion, and strong core profitability across both our international and domestic operations. Commercial partnerships with major CDMO partners are progressing rapidly on track to deliver ₹100 to ₹130 crore in incremental revenue in FY27, and a total of ₹200 to ₹220 crore over two years. Building on commercial supplies of Ibuprofen sachet and Macrogol sachet, we completed commercial validation for Clarithromycin dry suspension, slated for European launch shortly. Global product registrations have crossed 900+ across 85 countries, backed by 2,100+ filed dossiers. Over 330 additional product registrations are expected in FY27. Warehouse development adjacent to our 100% EOU Derabassi facility is underway to support export volumes. Concurrently, the ₹45 crore upgrade of our Samba facility to EU-GMP and PIC/S standards is on schedule to unlock regulated market access for topical and oral formulations, and it shall supplement both CDMO and own-branding business of our company. Our export footprint remains the primary growth engine with 82.7% of total sales, while domestic verticals continue to provide steady cash flow stability with 17.3% of total sales. Own brands contributed 55.75% of quarterly sales, representing 69% of export sales, driven by direct marketing and field force expansion across GCC countries, Central Asia, and Africa. Contract manufacturing accounted for 26.99% of sales, supported by scaling supplies to global generic majors. Branded generics accounted for 6.84% via our Healthcare and Agile divisions. Ethical division contributed 5.43%, led by chronic, pediatric, and gynecology therapies. Contract manufacturing stood at 5%, supported by 39 repeat domestic clients. Coming to our standalone financial highlights, Operating Revenue stood at ₹234.89 crore, up 50.15% year-on-year from ₹156.43 crore, and expanding 26.22% quarter-on-quarter from ₹186.09 crore in Q1 FY27. Operating EBITDA rose 4.95x year-on-year to ₹42.33 crore versus ₹8.55 crore in Q2 FY26, and 27.04% quarter-on-quarter versus ₹33.32 crore in Q1 FY27. Operating EBITDA Margin expanded 1,256 bps year-on-year and 11 bps on quarter-on-quarter to 18.02%. Raw Material Expenses declined to 45.15% of revenue from 49.38% a year ago, reflecting business mix optimization and operating leverage. PAT surged 3.54x year-on-year and 26.96% quarter-on-quarter to ₹31.03 crore, delivering a PAT margin of 13.21%, up 761 bps year-on-year. Coming to H1 FY27 performance, Operating Revenue reached ₹420.97 crore, up 35.79% year-on- year from ₹310.02 crore. Operating EBITDA surged 4.45 times to ₹75.65 crore, with EBITDA margin expanding by 1,254 basis points to 17.97%. PAT stood at ₹55.47 crore, up 3.29 times year- on-year, with PAT margin expanding to 13.18%. We remain completely net debt-free with robust cash and liquid reserves. Our ₹250 crore growth capex, covering the Samba EU-GMP upgrade, Derabassi warehouse, new R&D infrastructure, and capacity debottlenecking is fully on track. We continue to hold a 7.80% equity stake in Synthimed Labs, maintaining participation in the broader API value creation. Backed by deep owned presence in emerging markets, regulated CDMO commercializations, and a pipeline of complex formulations, we reiterate our full-year guidance of more than 50% revenue growth in FY27. Over the medium term, we remain on track for a 20% to 25% revenue CAGR to cross ₹1,500+ crore by FY30, alongside a 200 to 300 basis points EBITDA margin expansion. Thank you. We are now happy to take your questions. Moderator: Thank you, sir. Participants are requested to raise their hand for their questions. Also, one can request their questions in the question box. We will wait for two minutes for the queue to form. We have our first question from Mr. Gaurav Shukla. Sir, you may unmute and proceed. Gaurav Shukla: Am I audible, sir? Gagan Aggarwal: Yes, sir. Gaurav Shukla: Congratulations, sir, on very good numbers, and thank you for giving me the opportunity. Sir, you have guided for more than 50% revenue growth in FY27. Considering H1 performance, what is the expected revenue trajectory for H2FY27? Is the guidance still comfortably achievable? Gagan Aggarwal: Yes, sir. Thank you very much. The guidance which we have given, we feel we are in a very comfortable position to achieve the projected numbers. Gaurav Shukla: Sir, for FY28? Gagan Aggarwal: For FY28, whatever guidance we have given, I think we might revise this and the numbers might increase. Gaurav Shukla: Okay, sir. Second question, What is the contribution of the international division versus domestic division to current revenue? Which division will be the primary growth driver over the next three years? Gagan Aggarwal: Currently, if you speak about H1FY27, of the total revenues, approximately 83% is being driven through exports and 17% throu [Showing first 8,000 characters — download PDF for full document]