Transcript of Earnings Conference Call held on 30 July 2026

1 August 2026 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Bandra - Kurla Complex, Mumbai 400 001 Bandra (E), Mumbai 400 051 Scrip Code: 524669 Symbol: HESTERBIO Dear Sir/ Madam: Subject: Transcripts of earnings conference call held on 30 July 2026 Pursuant to Regulations 30 and 46(2)(oa) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached the transcript of the earnings conference call held by the management of the Company with all investors on Thursday, 30 July 2026 at 2:00 p.m. (IST) to discuss the financial results for the for the quarter ended 30 June 2026. This is for your information and records. Sincerely For Hester Biosciences Limited Vinod Mali Company Secretary & Compliance Officer Enclosure: As above “Hester Biosciences Limited Q1 FY27 Earnings Conference Call” 30 July 2026 Management: Mr. Rajiv Gandhi - Chief Executive Officer and Managing Director, Hester Biosciences Limited Ms. Priya Gandhi - Executive Director, Hester Biosciences Limited Mr. Ashish Desai - Chief Financial Officer, Hester Biosciences Limited Page 1 of 12 Hester Biosciences Limited 30 July 2026 Moderator: Ladies and gentlemen, good day and welcome to Hester Biosciences Q1 FY27 Earnings Conference Call hosted by ICICI Securities Limited. 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 this conference call, please signal an operator by pressing “*” then “0” on your touchtone phone. Please note that this conference is being recorded. From the management side, we have with us today Mr. Rajiv Gandhi – CEO and Managing Director; Ms. Priya Gandhi – Executive Director; and Mr. Ashish Desai – CFO. I now hand the conference over to Ms. Priya Gandhi. Thank you and over to you, ma'am. Priya Gandhi: Thank you. Good afternoon, everyone. This is Priya Gandhi. Thank you for joining us today to discuss our Q1 FY27 results. As always, we sincerely appreciate your continued engagement and long-term support. At our annual general meeting earlier this month, we spoke about the theme of this year's report, which is building with intent, growing with science. We shared how our focus over the past year has been on strengthening Hester's scientific capabilities, manufacturing platform, operational discipline and long- term competitiveness. And the 1st Quarter of FY27 does give us some encouraging evidence that these efforts are beginning to translate into stronger operating performance. As our detailed financial results have already been published in the press note, I will focus my remarks today on the key highlights and developments during the quarter, rather than reiterating all the financial numbers. On a standalone basis, our revenue from operations grew by 14% and the PAT increased by 88% over the corresponding quarter over the previous year. Gross margins improved from 69% to 78%, which was mainly supported by a favorable product mix and our continued efforts on operational efficiencies. EBITDA grew by 95%, reflecting stronger operating performance and disciplined execution across the business. At a consolidated level, our revenue from operations has declined by 8%, primarily due to lower revenues from Nepal and Africa operations. Consolidated profitability during the quarter includes an exceptional accounting gain arising from the amendment of the soft loan extended to Hester Africa by the Gates Foundation. During the quarter, the outstanding loan was reduced from USD 12 million to USD 5 million. The accrued interest was waived and revised loan was made interest-free. This reflects the foundation's recognition of the geopolitical and operating challenges in the region and its continued support for Hester Africa's long-term mission and development. Coming on to our division-wise performance, speaking of the Poultry Healthcare Division: The Poultry Healthcare Division delivered an excellent quarter, recording 48% growth over the corresponding quarter of the previous year. The growth was supported by higher institutional business, deeper market penetration and continued strengthening of customer engagement across key markets. We are also encouraged by the early traction witnessed in the Poultry Health Products Portfolio introduced during the previous financial year, including feed supplements and disinfectant solutions. These products complement our Page 2 of 12 Hester Biosciences Limited 30 July 2026 vaccine business by strengthening bird immunity, improving farm hygiene and supporting better disease prevention outcomes. As we discussed during the previous call, our approach to avian influenza extends beyond vaccination alone. We have developed a more holistic offering that combines vaccines with biosecurity, farm hygiene, gut health products and scientific advisory. Our objective is to provide poultry farmers with integrated health solutions that improve farm productivity and disease management, rather than viewing disease prevention through a single product approach. Alongside this, we continue to strengthen our poultry portfolio through scientific engagement, customer education and responsible commercialization of our products. Coming to the Animal Healthcare Division: The Animal Healthcare Division continued to be impacted by the timing of government-led immunization programs, particularly under the PPR eradication and the Lumpy Skin Disease Control Initiative, for which we supply our Goat Pox vaccine. As we have consistently maintained, this remains a timing-related issue rather than a reflection of any underlying demand issue. Preventive animal healthcare continues to offer a significant long-term opportunity and we remain committed to strengthening our portfolio while building a more balanced business across institutional, commercial as well as export markets. Speaking a little bit about research and development: At Hester, innovation continues to remain central to our long-term strategy. During the quarter, we have submitted regulatory dossiers in the animal health segment, reflecting our continued investment in expanding our biological pipeline and creating future growth opportunities. Scientific innovation is a long-term process, requiring sustained investment, regulatory discipline as well as patience, and we remain committed to strengthening our research capabilities and building a differentiated portfolio across poultry and animal healthcare. Coming to the international operations: Internationally we continue to strengthen our long-term presence. While Nepal and Africa have reported low revenues during the quarter, our strategic direction remains unchanged. We continue to focus on registration, market development, and strengthening our commercial presence across international markets. We remain confident that the investments being made today will support sustainable long-term growth. Looking ahead: As we move through FY'27, our priorities remain unchanged. We will continue strengthening our biological portfolio, expanding market penetration across domestic and export markets, advancing our research and development pipeline, improving utilization of our manufacturing infrastructure, and maintaining our focus on operational excellence and disciplined execution. Many of these initiatives require time before they are reflected in financial performance. Product development, regulatory approval, registration, and market development are inherently long-term in nature. However, we remain confident that the investments made over the past several quarters and years have positioned Hester on a much stronger footing for sustainable long-term growth. Thank you once again for your continued trust and support, and we look forward to taking your questions. Page 3 of 12 Hester Biosciences Limited 30 July 2026 Moderator: Tha [Showing first 8,000 characters — download PDF for full document]