Analysts/Institutional Investor Meet/Con. Call Updates

Windlas Biotech Limited Reg. Off.: 40/1, Mohabewala Industrial Area Dehradun, Uttarakhand 248 110, India Tel.:+91-135-6608000-30, Fax:+91-135-6608199 Corp. Off.: 705-706, Vatika Professional Point, Sector-66, Golf Course Ext. Road, Gurgaon, Haryana 122 001, India Tel.:+91-124-2821030 CIN-L74899UR2001PLC033407 August 14, 2026 To To Listing / Compliance Department Listing / Compliance Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G Dalal Street, Mumbai – 400 001 Bandra Kurla Complex Bandra (E), Mumbai – 400 051 BSE CODE: 543329 NSE SYMBOL: WINDLAS Dear Sir/ Madam, Subject: Q1 FY27 Earnings Conference Call Transcript Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached herewith Q1 FY27 Earnings Conference Call Transcript. You are requested to take the same on record. Thanking you, Yours faithfully, For Windlas Biotech Limited Ananta Narayan Panda Company Secretary & Compliance Officer Encl: As above www.windlas.com “Windlas Biotech Limited Q1 FY27 Earnings Conference Call” August 11, 2026 MANAGEMENT: MR. HITESH WINDLASS – MANAGING DIRECTOR – WINDLAS BIOTECH LIMITED MS. KOMAL GUPTA – CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER – WINDLAS BIOTECH LIMITED MODERATOR: MR. ANKIT JAIN – STELLAR INVESTOR RELATIONS Page 1 of 16 Windlas Biotech Limited August 11, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q1 FY27 Earnings Conference Call of Windlas Biotech 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 star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ankit Jain from Stellar Investor Relations. Thank you, and over to you, sir. Ankit Jain: Thank you, Alaric. Good morning, everyone, and thank you for joining us today. To discuss Q1 FY27 business performance, we have with us senior management team of Windlas Biotech Limited, represented by Mr. Hitesh Windlass, Managing Director; and Ms. Komal Gupta, CEO and CFO. Before we proceed with this call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risks and uncertainties. The company undertakes no obligation to update any forward-looking statements to reflect developments that occur after the statement is made. Documents relating to the company's financial performance, including the investor presentation have been uploaded on the stock exchanges and company's website. I now hand over the call to Mr. Hitesh. Thank you, and over to you, sir. Hitesh Windlass: Thank you, Ankit, and good afternoon, everyone, and thank you for joining us today to discuss the financial results for the quarter ended 30th June 2026. We have uploaded the press release and investor presentation on our website as well as on the stock exchanges. I hope everyone must have gotten an opportunity to go through it. To begin, I would like to talk about the outlook and way forward for Windlas Biotech, followed by financial highlights for Q1 FY27, which will be shared by our CEO and CFO, Ms. Komal Gupta. The Indian pharma market witnessed a volume growth of 3.4% in Q1 of FY27, reflecting a steady yet measured industry environment. Against this backdrop, Windlas Biotech continued its growth trajectory, delivering its highest ever quarterly revenue of INR248 crores, representing 18% Y-o-Y growth. This performance underscores the strength and resilience of our diversified business model, our operational excellence and the trust our customers place in We are on track for the commercialization of Plant 6 in H1 of FY27, which will further strengthen our manufacturing capacity and enable us to support future growth opportunities. Our injectables and Plant 2 extension facilities continue to drive scalable growth, highlighting the effectiveness of our strategic investments. We remain focused on creating sustainable value through disciplined execution, talent development, client diversification, capability enhancement and expansion across dosage forms. I would like to thank our customers, partners and employees and shareholders for their continued trust and support. Page 2 of 16 Windlas Biotech Limited August 11, 2026 Over to you, Komal. Komal Gupta: Thank you, Hitesh. Good morning, everyone. We have started FY27 with a positive note by extending our record revenue streak to 14 consecutive quarters with 18% Y-o-Y growth to INR248 crores revenue. Consistent with our focus on long-term shareholders value creation, in Q1 FY27, the company also completed INR47 crores buyback in which promoters did not participate and declaration of FY26 dividend of INR13 crores, INR6.30 per equity share. Excluding the impact of ESOP expenses, which are non-cash in nature, INR7.2 crores, our EBITDA grew 26% Y-o-Y to INR34 crores. PBT and PAT grew 27% and 37% Y-o-Y to INR30 crores and INR25 crores, respectively, reflecting our continued focus on improving operational leverage. If we take into account noncash ESOP expenditure, INR7.2 crores, the company reported EBITDA INR27 crores, PBT INR23 crores and PAT INR18 crores. For Q1 FY27, earnings per share has improved to INR8.46. Our Generic Formulations CDMO vertical delivered 29% Y-o-Y revenue growth to INR207 crores, driven by customer expansion, deeper customer engagement and new product launches. The Trade Generics & Institutional vertical reported revenue of INR30 crores, following discontinuation of codeine-based products. As we expand the portfolio with new launches and replacements, we expect to progressively bridge this gap. Our Exports vertical recorded 79% Y-o-Y growth to INR11 crores. We remain focused on long-term company level performance rather than quarterly and vertical-wise fluctuations and are confident in the underlying growth opportunity in all 3 verticals. Looking ahead, our priorities remain focused on strengthening strategic partnerships, expanding our offering, achieving operational excellence, accelerating portfolio development and driving disciplined execution. Supported by a modernized manufacturing base, a talented workforce and clear strategic direction, we are all well positioned to capitalize on the opportunities across all 3 business verticals. Thank you for your continued trust and support in the company. We'll now open the floor for questions. Moderator: Thank you. We will now begin with the question-and-answer session. The first question comes from the line of Dhwanil Desai with Turtle Capital. Dhwanil Desai: First of all, congratulations for a very strong execution once again despite challenges on the Trade Generic side. So, my first question is we have done exceedingly well on the CDMO, CMO side. So, if you can give some colour, is it that because the overall volume growth in the market has come back and hence, it is kind of helping us. And generally, we have been in that 17%, 18%, 20% kind of a range. So, is this still delta coming because of the injectable now also contributing to CDMO and hence, slightly more sustainable higher growth? If you can give some colour on that. Komal Gupta: Thanks, Dhwanil. So CDMO, you have rightly pointed out, we have delivered a 29% kind of a number, which in a long period of time, this should be the highest one. However, I would like Page 3 of 16 Windlas Biotech Limited August 11, 2026 to emphasize that it is important for everyone to note that quarter while growth percentage is an area on which consistently we have been saying that it is important to look at quarterly growth numbers with caution, positive or negative because there are several factors that contribute to having a very high or very low growth number as far in any vert [Showing first 8,000 characters — download PDF for full document]