Transcript of Earnings Conference Call on Unaudited Standalone and Consolidated Financial Results for the Quarter ended 30-06-2026

Date: 04th August, 2026 To To The Listing Department The Listing Department National Stock Exchange of India Limited Bombay Stock Exchange Limited Exchange Plaza, Floor 25, P. J. Towers, Bandra – Kurla Complex Dalal Street, Bandra (East) Mumbai – 400 001 Mumbai – 400 051 Stock Code : 532612 Stock Code : INDOCO Dear Sir/Madam, Subject: Transcript of Earnings Conference Call on Unaudited Standalone and Consolidated Financial Results for the Quarter Ended 30th June, 2026 Pursuant to the Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of Earnings Conference Call held on 28th July, 2026 at 03:30 p.m. (IST) in respect of Unaudited Standalone and Consolidated Financial Results for the Quarter Ended 30th June, 2026. The Earnings Conference Call concluded at 04:30 p.m. (IST) on 28th July, 2026. You are requested to kindly take the same on record Thanking you, Yours faithfully, For Indoco Remedies Limited Ramanathan Hariharan Company Secretary & Head- Legal “Indoco Remedies Limited Q1 FY27 Earnings Conference Call” July 28, 2026 MANAGEMENT: MS. ADITI PANANDIKAR – MANAGING DIRECTOR – INDOCO REMEDIES LIMITED MR. SUNDEEP BAMBOLKAR – JOINT MANAGING DIRECTOR – INDOCO REMEDIES LIMITED MR. PRAMOD GHORPADE – CHIEF FINANCIAL OFFICER – INDOCO REMEDIES LIMITED MODERATOR: MS. RASHMI SHETTY – DOLAT CAPITAL MARKETS LIMITED Page 1 of 18 Indoco Remedies Limited July 28, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Indoco Remedies Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Rashmi Shetty from Dolat Capital Markets Limited. Thank you, and over to you. Rashmi Shetty: Thank you, Atharva, and good afternoon, everyone. I, Rashmi Shetty, on behalf of Dolat Capital, welcome you to the Q1 FY27 Earnings Call of Indoco Remedies. We thank the Indoco Remedies' management for giving us this opportunity to host the call. Today, we have with us the senior management of the company represented by Ms. Aditi Panandikar, MD; Sundeep Bambolkar, Joint MD; and Mr. Pramod Ghorpade, CFO. I will now hand over the call to the management for the opening remarks. Over to you, sir. Pramod Ghorpade: Thank you, Rashmi. Good afternoon, everyone. Thank you all for joining this call today. Let me draw your attention to the fact that on this call, our discussion will include certain forward- looking statements, which are projections or estimates about our future events. These estimates reflect the management's current expectation of the future performance of the company. Please note that these estimates involve several risks and uncertainties that could cause our actual results to differ materially from what is expressed or implied. Indoco does not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Thank you. Now, I will hand over this mic to Ms. Aditi Panandikar for her opening comments. Thank you. Aditi Panandikar: Thank you, Pramod. Good afternoon, everyone, and a very warm welcome to our Q1 FY27 earnings call. I will commence with perspectives on our performance during the first quarter of financial year '27. Despite operating in a very dynamic market environment, Indoco has maintained its growth trajectory and focus on strategic execution. During Q1 FY27, our stand-alone operational revenue grew by 5.8% year-on-year to INR4,081 million, with consolidated revenue reaching INR4,662 million, up by 8.2% year-on-year. Stand- alone EBITDA saw expansion to INR422 million, delivering an EBITDA margin of 10.3%. This steady performance highlights our operating momentum backed by strong execution across our core domestic formulations franchise, regulated international markets and our vertically integrated API platform. On the regulatory approval side, I'm pleased to share that our Baddi Unit I successfully completed Malta Medicines Authority audit, while our Baddi Unit III facility received EU-GMP Page 2 of 18 Indoco Remedies Limited July 28, 2026 certification from the German Health Authority, Berlin. Adding to this, our Goa plant I successfully cleared the Malta Medicines Authority audit. The facility has EU-GMP certification from the authority, confirming that it complies with the good manufacturing practice requirements as referred in the EC Directive. I'm happy to share that Indoco Stability Center, IAS, at Chhatrapati Sambhajinagar, Aurangabad successfully completed a pre-approval inspection by the USFDA with 0 observation. Moving to our domestic operations. Our domestic formulations business recorded revenues of INR2,040 million in quarter 1 FY27. As per the IQVIA MAT June '26 data, Indoco continues to maintain a solid position in the Indian pharma market at the 33rd rank while maintaining an impressive 20th rank MAT May '26 in prescription volume. The strong doctor connect is driven by a field force that reaches over 2,42,000 prescribing doctors across various specialties. Through an emphasis on building and scaling high-margin brands as per IQVIA MAT June '26, our top 5 flagship brands now contribute 42% to our total domestic portfolio. Cyclopam continues its trajectory as a major growth champion, achieving 44% absolute growth since 2022 to now reach INR196 crores on the verge of becoming a landmark INR200 crores mega brand. Following the post-COVID market realignments, acute products like Febrex Plus, have now stabilized and rebound to a turnover of INR118 crores. Midsized brands are emerging as primary growth drivers for our domestic business. Our focused portfolio, including SM Fibro, Rexidin- M, Oxipod CV and Dropizin recorded an aggregate growth of 86%, with Dropizin delivering a 3x breakout to reach INR14 crores. Furthermore, Indoco has established multi-brand market leadership in targeted subsegments, posting 4 distinct brands in the top 20 of the stomatological market. It is worthwhile to mention that the divestment of the Ophthalmic Division in India and agreed territories in Africa is an important step in sharpening our focus on core therapeutic areas with stronger potential. Now, turning to our international operations. International formulations contributed 35% of the quarter 1 FY27 revenue at INR1,451 million, while our active pharmaceuticals business delivered a stellar performance this quarter, surging to 42% Y-o-Y and a turnover of INR522 million. With consistent growth, this platform provides crucial backward integration for our formulations pipeline, ensuring both cost competitiveness and supply chain security. Looking ahead, I'm confident in our ability to sustain profitable growth across all core businesses. In India, our priorities are scaling midsized brands into mega brands, deepening specialty prescription share and expanding our chronic footprint. Internationally, we will leverage our integrated R&D, CRO and API capabilities to accelerate high-value filings in complex ophthalmics, injectables and oral solids. Grounding these ambitions is our relentless commitment to cost optimization, operational excellence and long-term shareholder value. Thank you. I will now hand over to Mr. Sundeep, who will present the detailed financial highlights. Page 3 of 18 Indoco Remedies Limited July 28, 2026 Sundeep Bambolkar: Good afternoon, all. Thank you, Aditi. Let me first begin with the business highlights. Stand- alone net revenues of the company for the first quarter of FY26-'27 grew by 5.8% at INR4,081 million compared to INR3,856 million for the same quarter last year. Consolidated net revenues of the company f [Showing first 8,000 characters — download PDF for full document]