Q2FY27 Earnings Conference Call 05 November 2026

Shilpa Medicare Limited Corporate & Admin Office: “Shilpa House”, # 12-6-214/A-1, Hyderabad Road, Raichur – 584 135, Karnataka, India Tel: +91-8532-238704, Fax: +91-8532-238876 Email: info@vbshilpa.com, Web: www.vbshilpa.com CIN: L85110KA1987PLC008739 Date: 11 November 2026 Corporate Relationship Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5" Floor, Phiroze Jeejeebhoy Towers, Plot No.C/1, G Block Dalal Street, Fort, Bandra Kurla Complex, Bandra (E) Mumbai-400 001 Mumbai-400 051 Scrip Code: BSE - 530549/ Stock Symbol: NSE – SHILPAMED Dear Sir/ Ma’am, Sub: Transcript of the Q2FY27 Conference call In furtherance to our intimation dated 29 October 2026 with regard to the Q2FY27 Conference call held on Thursday, 05 November 2026, at 16.00 hrs., please find enclosed transcript of the call. This is for your information. Thanking you. For Shilpa Medicare Limited Ritu Tiwary Company Secretary & Compliance Officer “Shilpa Medicare Limited Q2 FY '27 Earnings Conference Call” November 05, 2026 MANAGEMENT: MR. KESHAV BHUTADA – EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER – SHILPA PHARMA LIFE SCIENCES LIMITED MR. ALPESH DALAL – CHIEF FINANCIAL OFFICER – SHILPA MEDICARE LIMITED MR. MONISH SHAH – HEAD, STRATEGY AND INVESTOR RELATIONS – SHILPA MEDICARE LIMITED Page 1 of 12 Shilpa Medicare Limited November 05, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Shilpa Medicare Limited Q2 FY '27 Results 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 at the end of today's presentation. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand the conference over to Mr. Monish Shah from Shilpa Medicare. Thank you, and over to you, sir. Monish Shah: Thank you, Sam. Good evening, and welcome to our Q2 and H1 FY '27 results call. Today, from the management, we have with us Mr. Keshav Bhutada, Executive Director and CEO of Shilpa Pharma Life Sciences; and Mr. Alpesh Dalal, our CFO. The financial results and investor presentation have been uploaded on the stock exchanges, and the transcript, along with the audio, will be available on the website of the company and also on the stock exchanges. Please note, today's discussion may include certain forward-looking statements based on current expectations and assumptions. These statements are subject to risks and uncertainties that could cause the actual results to differ materially. The company undertakes no obligation to publicly update or revise any forward-looking statements. With that, I would like to hand the call over to Mr. Keshav for his opening remarks. Thank you, and over to you, Keshav. Keshav Bhutada: Good evening, everyone. I want to start not with the quarter's numbers. We will get to those, and they are the best in our history, but first I want to inform all our investors that the hardest years, the years of investing ahead of revenue, are behind us. The years of harvesting are beginning. Shilpa is not built to compete on price alone. We are built to compete on difficulty and on the complexity of the molecule. Over the years, we have continued our investment in 4 engines: API, CDMO, formulation and biologics. And today, all 4 engines have started firing. For the second quarter, we posted our highest ever revenue and highest ever EBITDA, backed by growth in all 4 business segments. I would like to reiterate the point on operating leverage, which I also mentioned in the previous quarter. Our big bets on CDMO, biologics and NBE are still under monetization. And as and when plant capacities get filled up, our ROCE will improve. With that, I would like to brief you segment by segment, starting with the API business. In API, I'm happy to inform you that we delivered the highest ever quarterly revenue in our history, and we remain confident of continuing this momentum in the upcoming quarters. In total, we have 25-plus NCE CDMO client programs, of which we expect 4 of our partners' programs to commercialize in the next 18 to 24 months. We remain on track to complete more than 15 new oncology generic products in FY '27. On the capex front, we are on track to commission one of the largest integrated peptide manufacturing capacities by the end of FY '27. And going forward, our focus will continue to remain on high gross margin businesses, mainly peptides, oncology APIs and CDMO. With that, I'll move on to the Formulation division. Page 2 of 12 Shilpa Medicare Limited November 05, 2026 In the Formulation division, we grew more than 50% year-on-year. Our India business grew 2.5x in H1 on a Y-o-Y basis, led by Nor-UDCA, a novel first-in-class treatment for NAFLD. And we are proud to be the first company in the world to launch this for patients. It has now been a year since launch, and we have had 0 recalls on the product, and we have seen some excellent results in patients. We are also working on extending this product into additional indications, which will help us grow this product in the years to come. Three complex 505(b)(2) products in the formulation division are currently commercialized, and we have 5-plus complex 505(b)(2)s under advanced stages of development, which we will be commercializing in the next 2 to 3 years. Three important upcoming launches, Enzalutamide, Abraxane and the Rotigotine patch, are on track for FY '28, and we remain confident that with the launch of all these 3 products, we can have good growth. In the current quarter, we have completed the semaglutide GLP-1 injectable exhibit batches, and we are on track to submit in Europe and RoW markets. Also, apart from that, for one of the complex transdermal patch products, which we have already partnered for the Europe market, we have completed exhibit batches in the current quarter, and we are planning to file this product in FY '28. Apart from the above, we have a strong, complex and differentiated pipeline, and the details are already given in the investor presentation. On Unicycive Therapeutics, where Shilpa has an exclusive integrated API and formulation manufacturing partnership, our partner has already filed the NDA with one additional site, and has received a revised PDUFA date of March 2027. Now coming to the Biologics division. Biologics is now a real business focus and no longer an asset under monetization. It contributes 12% of our revenue today, with a portfolio of 7 biosimilars whose molecules have average global sales of more than USD10 billion. In FY '27, 2 of our biosimilars will be entering human studies for Europe and RoW markets, with molecules having a global market of more than USD10 billion in sales. We have a strong opportunity to out-license all 7 active biosimilars in global markets in the years to come. On new biological entities, both partnership programs with Alveolus Bio and mAb Tree Biologics, details of which are given in the investor presentation, will be entering Phase I human studies in FY '27, which is a very important milestone for us in our new biological entity journey. CDMO will remain one of our strongest and fastest-growing segments in biologics, and it has a strong future growth opportunity. We currently have 6-plus active CDMO biologics programs, in which Phase I supplies for 3 CDMO biologics programs for our clients will be completed in FY '27. Our first ADC biosimilar will also enter human studies in FY '28. With the cumulative mix of biosimilars, CDMO and NBE Biologics, we are confident of continuing to grow in our biologics journey. Coming to recombinant human Albumin, which is a new biological entity and a first-in-class program developed by Shilpa. Page 3 of 12 Shilpa Medicare Limited November 05, 2026 Our global Phase III protocol has been approved by CDSCO and EMA, and we are targeting IMPD submission in Europe in the second half of FY '27. So let me sum up the case [Showing first 8,000 characters — download PDF for full document]