Transcript of Earnings Conference Call for the quarter ended June 30, 2026

August 12, 2026 BSE Limited, National Stock Exchange of India Limited, P J Towers, Exchange Plaza, Dalal Street, Bandra-Kurla Complex, Bandra, Mumbai - 400 001. Mumbai - 400 051. Scrip Code: 524735 Symbol: HIKAL Dear Sir/Madam, Subject: Transcript of Earnings conference call for quarter ended June 30, 2026. In continuation to our letters dated July 30, 2026, and August 06, 2026, and pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the earnings conference call to discuss the financial and operational performance for the quarter ended June 30, 2026, held on Thursday, August 06, 2026. Kindly take the information on record. Thanking you, Yours sincerely, For Hikal Limited Rajasekhar Reddy Company Secretary & Compliance Officer Encl.: As above Hikal Ltd. Admin. Office: Great Eastern Chambers, 6th Floor, Sector 11, CBD Belapur, Navi Mumbai - 400 614, India. Tel. + 91–22–6277 0299, + 91–22–6866 0300 Regd. Office: 717/718, Maker Chambers - 5, Nariman Point, Mumbai - 400 021, India. Tel. +91-22 6277 0477. Fax: + 91-22 6277 0500 www.hikal.com info@hikal.com CIN: L24200MH1988PTC048028 Hikal Limited Q1 FY27 Earnings Conference Call August 06, 2026 “E&OE -This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on 6th August 2026 will prevail.” MANAGEMENT: MR. SAMEER HIREMATH - MANAGING DIRECTOR MR. ANISH SWADI - SENIOR PRESIDENT (BUSINESS TRANSFORMATION) & HEAD (ANIMAL HEALTH BUSINESS), MR. KULDEEP JAIN - CHIEF FINANCIAL OFFICER MR. MANOJ MEHROTRA - HEAD (PHARMA BUSINESS) MR. RAVI KHADABADI - HEAD (CROP PROTECTION BUSINESS) Page 1 of 14 Hikal Limited August 06, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Hikal 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 as questions after the presentation conclude. Should you need assistance during the conference call, please signal an operator by pressing “*” then “0” on your touchtone phone. Please note that this call is being recorded. This conference call may contain forward-looking statements about the company which are based on beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Sameer Hiremath – Managing Director from Hikal Limited. Thank you and over to you, sir. Sameer Hiremath: Good afternoon, ladies and gentlemen and a warm welcome to all of you. We extend our gratitude to all of you for participating in our Q1 results conference call. I am delighted to provide you with an update on the progress made by our company. We trust you had the opportunity to review our comprehensive earnings release, the investor presentation and the financial statements for the quarter ended 30th June 2026. These documents can be accessed on both Hikal’s official website and the Stock Exchange’s website. I am Sameer Hiremath – Vice Chairman and Managing Director of Hikal Limited and I will be leading the discussion and presenting the Financial Results. On this call with me, I have Anish Swadi – Senior President of Business Transformation and Head of Animal Health Business; Kuldeep Jain – our CFO; Manoj Mehrotra – Head of our Pharma Business; Ravi Khadabadi – Head of our Crop Protection Business and Strategic Growth Advisors, our Investor Relations Advisors. Before diving into the quarterly performance, I am pleased to share that Hikal has been recently awarded EcoVadis Gold Medal Rating, achieving an overall score of 84 on 100 and a 97 percentile ranking, placing us among the top 5% of over 175,000 companies globally assessed for sustainable performance. This recognition reflects our continued focus on sustainability, operation excellence, compliance and governance. It is a strong validation of the progress we are making, a significant boost for our teams and reinforces the confidence of our customers, partners and investors in Hikal’s long-term commitment to responsible and sustainable growth. Now talking about Q1 FY27 performance: Page 2 of 14 Hikal Limited August 06, 2026 We began the year with a recovery journey as we transitioned from a regulatory-led disruption last year to execution-led growth. During this quarter that just ended on 30th June, we continued to strengthen our Pharmaceutical, Crop Protection, Animal Health Business while entering our new division on Personal Care. This was done through an execution of customer engagement, strategic investments in manufacturing which were done in the last several years, quality upgradations, innovation and operational excellence. For Q1 FY27, we reported revenue of Rs 403 crores with an EBITDA margin of 9.2%, which was supported by improving customer ordering patterns and product mix which continued progress upon regulated markets and our increasing CDMO partnerships. The Pharmaceutical business delivered year-on-year growth despite the expected planned shutdown that we took in Q1 of this year for the U.S. FDA remediation efforts which are almost completed. Customer ordering patterns are normalizing, providing better demand visibility while disciplined execution, improving product mix supported profitability which resulted in improvement in gross margins for the Pharma division. Our recovery is expected to strengthen through FY27 as our U.S. FDA remediation program gets implemented and our regulatory milestones are achieved. We continue to evolve our portfolio towards niche higher value products while maintaining strong relationships with customers across the regulated markets and entering new geographies like Japan and Latin America. Our investments remain focused on new therapeutic areas like gastroenterology, oncology, CNS and other specialized therapies. We also continue to expand our CDMO capabilities and strengthen customer partnerships which are being enabled and accelerated by the recently commissioned cGMP pilot plant and our R&D center in Pune. We expect the momentum to improve with H2 of FY27 benefiting from recovery in regulated markets and an increasing CDMO contribution thereby increasing margins. We have been continuously dialoguing with the U.S. FDA over the last year since we got the warning letter in August 2025 and our remediation program is on track. We expect a re-inspection towards the end of this financial year. Furthermore, other regulatory international bodies and major pharma innovator clients have successfully audited and re-approved Hikal’s facilities over the last 12 months reinforcing their trust on Hikal by ensuring zero lost customer contracts. We haven’t lost a single customer order in the last 12 months. Our newly commissioned pilot plant in Panoli is now operational and this enables us to de-risk from Bangalore to Panoli and also increases our DMF filing capability, which is now going to be 6 to 7 filings per year compared to 2 to 3 filings historically. In the Crop Protection business, the industry continues to recover gradually by volume growth coming back although the pace remains uneven across different geographies. Global channel inventories have largely normalized after almost 2 to 3 years of de-stocking which would support Page 3 of 14 Hikal Limited August 06, 2026 fresh buying as seasonal demand improves. That said, distributors are still buying just in time rather than re-stocking and building up inventory at their end. So, the recovery in ordering is steady but cautious. Pricing, however, continues to remain under pressure due to excess supply from China limiting opportunities for price increases despite improving demand. Additionally, the margins are impacted due to geopolitical tensions leading to increase in raw materials [Showing first 8,000 characters — download PDF for full document]