Transcript of Conference Call

THRU ONLINE FILING August 17, 2026 BSE Ltd. National Stock Exchange India Limited, Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block-G, Dalal Street Bandra Kurla Complex, Bandra – (East). Mumbai 400 023 Mumbai-400051. Scrip Code – 524494 Scrip Code : IPCALAB Dear Sirs, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find transcript of our Conference Call which was held on Friday, 14th August, 2026 from 15:30 hrs IST to discuss the Company’s Q1FY27 earnings and business update. Thanking you Yours faithfully For Ipca Laboratories Limited Harish P. Kamath Corporate Counsel & Company Secretary ACS 6792 Encl: a/a “Ipca Laboratories Limited Q1 FY27 Earnings Conference Call” August 14, 2026 MANAGEMENT: MR. A.K. JAIN – MANAGING DIRECTOR – IPCA LABORATORIES LIMITED MR. HARISH KAMATH – CORPORATE COUNSEL AND COMPANY SECRETARY – IPCA LABORATORIES LIMITED MODERATOR: MR. NITIN AGARWAL – DAM CAPITAL ADVISORS LIMITED Page 1 of 13 Ipca Laboratories Limited August 14, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Ipca Laboratories Q1 FY27 Earnings Conference Call. As a reminder, all participants' line 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. Nitin Agarwal from DAM Capital. Thank you, and over to you, sir. Nitin Agarwal: Thank you. Good afternoon, everyone, and a very warm welcome to Ipca Labs Q1 F '27 Earnings Call hosted by DAM Capital Advisors Limited. On the call today, we have representing Ipca Labs management, Mr. A.K. Jain, Managing Director; and Mr. Harish Kamath, Corporate Counsel and Company Secretary. I will hand over the call to Mr. Jain to make opening comments and then we'll open the floor for questions. Please go ahead. A.K. Jain: Thank you, Nitin, and DAM Capital for organizing this call. Today's earnings call and discussion and answer given may include some forward-looking statements based on our current business expectations. This must be viewed in conjunction with risks that pharmaceutical business faces. Our actual future financial performance may differ from what is projected and perceived. You may use your own judgment on information given during the call. Our domestic formulation business for Q1 FY27 has delivered growth of 13% to around INR1,082 crores as against INR961 crores in Q1 FY26. June '26, Ipca's rank remained continuously around 16 as per IQVIA. Market share has marginally improved to around 2.08% as against 2.07% in March '26. Top 6 brands of Ipca continue to feature in the top 300 brands of the country. And both on chronic and acute segments, Ipca has outperformed the IPM. Our chronic segment growth is around 17.2% and acute growth is around 8.9%. And overall IQVIA has tracked our growth at around 11.7%. Overall export business has delivered growth of around 34% for Q1 FY27 to around INR603 crores from INR450 crores in Q1 FY26. Promotional branded markets of ROW markets has delivered growth of around 16% to INR143 crores from INR124 crores in first quarter last financial year. Generic business, excluding tender business has delivered growth of around 27% for Q1 '27 to around INR340 crores as against INR268 crores in Q1 '26. Institutional generic business has delivered growth of around 107% to around INR111.75 crores from INR58 crores in Q1 FY26. Approximately INR40 crores worth of shipment, which was to go in March was shipped in April, and therefore, institutional business has shown exceptional growth in this particular quarter. API business of Q1 FY26 has delivered growth of almost around 30% to around INR424 crores as against INR362 crores in FY26. So almost all businesses has delivered good growth for the company for the first quarter of the current financial year. Page 2 of 13 Ipca Laboratories Limited August 14, 2026 On a consolidation basis, if you see overall business has grown to around 21% to INR2,788 crores from INR2,309 crores in FY26. For Q1 FY27, we have seen a lot of uncertainties, significant fluctuations in material prices, shipment delays, nonavailability of containers and significant increase in logistic costs, which is further going up in the month of June -- from July to August and some of the destination sites like South America and all very difficult to get the containers and ships. Overall, despite all these factors, we could deliver better profitability. Overall consolidated EBITDA margins has improved to 22.88% for Q1 FY27 from 18.39% for Q1 FY26. That's an improvement of almost around 4.49% and absolute amount is around INR638 crores as against INR425 crores in last financial year, an increase of almost around 50%. And stand-alone EBITDA margins for Ipca has improved to 26% in Q1 FY27 to around 23.82% from INR2 around INR557 crores from INR416 crores in last financial year, an improvement of almost around 34%. Having given the broad numbers, now I'll request participants to ask questions. Moderator: Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Rashmi Shetty from Dolat Capital. Rashmi Shetty: Just on the India part. In the Acute segment, we have underperformed the market so what are the reasons for it and how we are doing overall in the India business both in the chronic as well as in the acute segment and what is the outlook for India business for FY27? A.K. Jain: Both on chronic and acute, we have outperformed the market, it's not that we have underperformed on acute. The market IPM growth was at 4.5% and IQVIA has said our growth was at 8.9%. But by and large, in this market, I think our antimalarial segment has declined by almost around 24% this quarter. And that's one of the reason that our performance is not that great compared to the overall scene because -- malaria in this particular period. And as far as chronic is concerned, our track by IQVIA was around 17.2% and chronic growth was almost around -- the market growth was around 15.2%. As far as the overall business growth are concerned, our internal growth. Our pain management business, which includes rheumatoid arthritis and osteoarthritis, both put together has grown by around 13% for the quarter. Cardiovascular and antidiabetic segment has grown by around 17%. As I talked earlier, malaria has declined by almost around 24% in this quarter. And now malaria business is becoming almost insignificant. It is just hardly 1% of our overall business. Antibacterials has delivered growth of 1%. CNS has delivered a growth of almost around 19%. Our cough and cold segment has delivered growth of around 9%. Dermatology has delivered growth of -- derma business has delivered growth of almost around 17%. Urology business has Page 3 of 13 Ipca Laboratories Limited August 14, 2026 delivered growth of almost around 25%. Ophthalmology around 17% and overall growth of business is almost around 13% overall, yes. And overall outlook is also looking better because the market growth itself has started moving up and what we are seeing the trend that the chronic business growth in the market is very good, and we are also delivering in-line growth in terms -- in line with markets now. Rashmi Shetty: So the guidance which you have given earlier of 12% to 13% will remain for this year, right? A.K. Jain: Yes, yes. Rashmi Shetty: Okay. And sir, in terms of institutional business, what kind of normalized growth should we see in the subsequent quarters? Or it's best if you can give for the entire year only and where the pickup is happening basically? A.K. Jain: Let's say, as I said in this quarter, the growth has been significant is only because of INR40 crores worth of shipment, which [Showing first 8,000 characters — download PDF for full document]