Transcript of the Earnings Call conducted on August 5, 2026

August 10, 2026 BSE Limited The National Stock Exchange of India Ltd Phiroze Jeejeebhoy Towers, Exchange Plaza, 25th Floor, Dalal Street, Bandra Kurla Complex Mumbai – 400 001 Bandra (E), Mumbai – 400 001 Scrip Code: 524558 Scrip Code: NEULANDLAB; Series: EQ Dear Sir/Madam, Sub: Transcript of the Earnings call conducted on August 5, 2026 Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Earnings call for the quarter ended June 30, 2026, conducted on August 5, 2026. Also please note that this transcript of the call has been uploaded on our website. The weblink to access it: https://www.neulandlabs.com/en/investors/investor-meetings/transcripts This is for your information and records. Thanking you, Yours faithfully, For Neuland Laboratories Limited Sarada Bhamidipati Company Secretary Encl: As above “Neuland Laboratories Limited Q1FY27 Earnings Conference Call” August 05, 2026 MANAGEMENT: MR. SAHARSH DAVULURI – CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR MR. ABHIJIT MAJUMDAR – CHIEF FINANCIAL OFFICER MR. SAJEEV MEDIKONDA – HEAD, CORPORATE PLANNING AND STRATEGY MODERATOR: MS. RUNJHUN JAIN – ERNST & YOUNG Page 1 of 15 Neuland Laboratories Limited August 05, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Neuland Laboratories Limited Q1 FY27 Earnings 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 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 Ms. Runjhun Jain from E&Y. Thank you, and over to you, ma'am. Runjhun Jain: Thank you, Danish. Good evening, everyone. We welcome you to the Q1FY27 Earnings Conference Call of Neuland Laboratories Limited. To take us through the results and to answer your questions, we have with us the top management represented by Mr. Saharsh Davuluri, CEO and Managing Director; Mr. Abhijit Majumdar, CFO; and Mr. Sajeev Emmanuel Medikonda, Head of Corporate Planning and Strategy. We will start the call with a brief overview of the financials by Mr. Abhijit Majumdar, and then Saharsh will give you the broad highlights of the business trends and what he is seeing in the market. Post that, we will open the call for Q&A session. As usual, the standard safe harbor clause applies as we start the call. With that said, I now hand over the floor to Mr. Abhijit. Over to you, sir. Abhijit Majumdar: Thank you very much, Runjhun, and a good evening and warm welcome to everyone joining our call. I will begin by taking you through the financial performance for the Q1FY27, followed by a brief update on working capital, capital expenditure and a few observations of the operating environment before handing over the call to Saharsh. The financial performance for Q1FY27 is as follows. The total income for the quarter was INR650.1 crores as compared to INR300.6 crores in the corresponding quarter of the previous year, representing a growth of 16.3%. The commercial CMS projects contributed a majority share of the revenue and were the primary drivers of growth during the quarter. The quarter also witnessed healthy execution across our project portfolio and customer programs. Even though the quarterly revenue performance was broadly in line with our expectations, I'd like to reiterate our long-standing view regarding the inherent uneven nature of our business and the need to assess performance over a longer period rather than to a single quarter. EBITDA for the quarter stood at INR231.1 crores with an EBITDA margin of 35.5%. The higher revenue base, operating leverage and the favorable customer mix contributed to the profitability profile during the quarter. The gross margin for the quarter was 61.2% as compared to 55.3% in Q1FY26, again, a function of our business mix during the quarter. This gross margin, as always, includes manufacturing expenses and other costs directly attributable to the product. Profit after tax for the quarter stood at INR147.4 crores as compared to INR13.7 crores in Q1FY26. Earnings per share for the quarter stood at INR114.9 per share. One of the key highlights of the quarter was the improvement in working capital efficiency. Working capital days improved from 137 days at the end of FY26 to 84 days in FY27. Optimal utilization of cash remains a key priority for us, and we continue to focus on inventory Page 2 of 15 Neuland Laboratories Limited August 05, 2026 optimization, disciplined execution and further strengthening cash conversion across the business. The improvement witnessed during the quarter reinforces our focus on balancing growth with prudent management of working capital. As part of our investment, there was a cash outflow of INR121.6 crores towards capital expenditure during Q1FY27, which was primarily driven by new R&D and peptide facilities. During the quarter, we also approved capital investments of approximately INR203 crores, of which INR196 crores is earmarked for strategic growth initiatives, largely related to capacity expansion at our Unit 1. Against total approved capex of INR1,460 crores over the last 13 quarters, we have spent INR870 crores to date, with the balance committed towards projects under implementation. We continue to maintain a disciplined approach towards capital allocation while ensuring adequate investments towards building future capabilities. During the quarter, we continue to closely monitor the evolving geopolitical environment and broader global trade development. While we have not experienced any material impact on our operations, supply chain continuity of customer commitments thus far, we remain vigilant and continue to monitor developments closely. Our focus remains on ensuring business continuity, maintaining customer service levels and managing risks in a proactive manner. To summarize, the financials Q1FY27 again was broadly in line with our expectations. The performance reflects disciplined execution, operating leverage and a favorable mix during the quarter. We continue to believe FY27 will be a year of growth for the company and remain focused on prudent financial management, operational excellence and creating long-term value for our stakeholders. As always, our presentation has been shared with the press release and contains more details on the quarter. Before I conclude and hand over to Saharsh, I want to make a clarification regarding the question posed during the Q4FY26 call in terms of manipulation of the transcript. On the issue of manipulation, our earnings calls are recorded and we published the full unedited audio on our website. That audio is a complete record of everything on the call. The written transcript is prepared by an agency, which conducts the call and is slightly edited from a readability perspective. How in this case, our team missed out and editing a minor mistake. As we went back and checked the uploaded version and the version received from the agency, we found that there has been no change in this section. With that, I would like to hand over the call to Saharsh for his remarks. Over to you. Saharsh Davuluri: Thank you, Abhijit. Good evening, everyone, and thank you for joining us today. As Abhijit discussed, Q1FY27 is broadly in line with our expectations and represents a good start to the year. I will use my remarks to provide some perspective on the business performance during the quarter, the opportunities we are seeing across our business and how we are positioning Neuland for the future. Page 3 of 15 Neuland Laboratories Limited August 05, 2026 Starting with this quarter, we were encouraged by the performance across both our GDS and CMS businesses. Within GDS, the quarter was supported by a numb [Showing first 8,000 characters — download PDF for full document]