Q1FY2026-27 Transcript for the Earnings call held on 14th August, 2026

18th August, 2026 Corporate Relationship Department Manager – Listing M/s. BSE Ltd. M/s. National Stock Exchange of India Ltd Mumbai 400 001 Mumbai 400 051 Scrip Code: 524816 Scrip Code: NATCOPHARM Dear Sir Sub:- Transcript of earnings conference call held on August 14, 2026 Ref:- Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 We are enclosing herewith the copy of transcript of the Company's earnings conference call for Q1 FY26-27 held on August 14, 2026. The transcript is also available on the website of the Company at https://www.natcopharma.co.in/investor-relations/financials-filings. This is for your information and records Thanking you Yours faithfully For NATCO Pharma Limited Ch. Venkat Ramesh Company Secretary & Compliance Officer “NATCO Pharma Limited Q1 FY27 Earnings Conference Call” August 14, 2026 MANAGEMENT: MR. RAJEEV NANNAPANENI – VICE CHAIRMAN AND CHIEF EXECUTIVE OFFICER – NATCO PHARMA LIMITED MR. AMIT PAREKH – CHIEF FINANCIAL OFFICER – NATCO PHARMA LIMITED MR. RAJESH CHEBIYAM – EXECUTIVE VICE PRESIDENT – CROP HEALTH SCIENCE – NATCO PHARMA LIMITED MR. RAJEEV MENON – INVESTOR RELATIONS – NATCO PHARMA LIMITED MODERATOR: MR. HRISHIKESH PATOLE – 360 ONE CAPITAL MARKETS PRIVATE LIMITED Page 1 of 14 NATCO Pharma Limited August 14, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the NATCO Pharma's Q1 FY27 Earnings Conference Call. As a reminder, all participants 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 touch-tone phone. Ladies and gentlemen, a reminder that this call is hosted by 360 ONE Capital Markets Private Limited. I now hand the conference over to Mr. Hrishikesh Patole from 360 ONE Capital Markets Private Limited. Thank you, and over to you, sir, Hrishikesh. Hrishikesh Patole: Thank you, Danish. Good evening, everyone. On behalf of 360 ONE, I welcome you all to the Q1 FY27 Earnings Conference Call of NATCO Pharma. Hope everyone is in good health and doing well. On behalf of NATCO today, we have with us Mr. Rajeev Nannapaneni, Vice Chairman and CEO; Mr. Amit Parekh, Chief Financial Officer; Mr. Rajesh Chebiyam, Executive Vice President, Crop Health Sciences; and Mr. Rajeev Menon, Investor Relations. I now hand over the call to Rajeev Menon for the opening remarks, post which we'll open the session for Q&A. Over to you, Rajeev. Rajeev Menon: Thank you, Hrishikesh. Good evening, and welcome, everyone, to NATCO's conference call discussing our earnings results for the first quarter of FY27. I'm Rajeev Menon, Lead Investor Relations at NATCO. We hope you have received the press release that was sent out earlier. It is also available on our website. Let me draw your attention to the fact that on this call, we may be making certain forward- looking statements, which are not necessarily historical facts, and anything said on this call, which reflects our outlook for the future must be reviewed in conjunction with the risks that the company faces. We undertake no obligations to update these forward-looking statements. I would like to state that the material of the call, except for the participant questions, is the property of NATCO and cannot be recorded or rebroadcast without NATCO's express written permission. We'll begin with the financial highlights and then follow up with an interactive Q&A session. With that, I will request our CFO, Amit Parekh, to discuss the financial highlights. Over to you, sir. Amit Parekh: Thank you, Menon. Greetings to everyone, and thank you once again for joining NATCO's quarter 1 FY27 earnings call. The company recorded consolidated total revenues of INR794.4 crores in quarter 1 FY27 compared to INR1,390.6 crores in the corresponding quarter last year. The decline is largely attributable to lower Lenalidomide revenue during the quarter, which was partially offset by double-digit growth in the base business. EBITDA, including other income for the quarter, stood at INR245.7 crores with EBITDA margin of 30.9%. There has been an Page 2 of 14 NATCO Pharma Limited August 14, 2026 improvement in EBITDA margin quarter-on-quarter, which can be attributed to the performance of our international and domestic business and lower and measured operating costs. Consolidated profit after tax stood at INR206.5 crores compared to INR269 crores in quarter 4 of FY26, which included onetime benefit of INR115 crores arising from remeasurement of deferred tax assets on MAT credit and other deferred tax assets and liabilities following the company's decision to move to the new tax regime from FY27. On a normalized basis, excluding this onetime tax benefit in quarter 4 last year, consolidated PAT grew by 34% quarter-on-quarter. With regards to our associate company, Adcock Ingram Holdings Limited, South Africa, revenue for the quarter stood at INR1,582.8 crores and profit after tax at INR242.2 crores. NATCO's share of profit based on 35.75% holding as on 30th June 2026 was INR84.3 crores. In July 2026, we acquired additional stake of 13.25% in Adcock Ingram, taking our total holding to 49%. This, we believe, will further strengthen our strategic position in South African market and increase our participation in the performance of Adcock Ingram. Our domestic formulation business revenue stood at INR136 crores. We also saw strong growth in our Brazil business. Revenue from Brazil stood at INR178 crores, representing a growth of 180%. Thank you all. And now we will take questions-and-answers. Moderator: Thank you so much sir. Ladies and gentlemen, we will now begin with the question-and-answer session. First question comes from the line of Vamsi from ASK IM. Vamsi: Congrats on a good set of numbers. My first question is in terms of the breakdown of your export revenue. So, can you please give me a constant currency growth across your key geographies of Canada and Brazil? Amit Parekh: So, Brazil has grown, as I said, by 180%. The revenues of Brazil, as I mentioned earlier, was INR178 crores. Amit Parekh: Canada sales for the quarter was around INR56 crores. Vamsi: Understood, sir. Also, if we were to just look on a quarter-on-quarter basis, in constant currency terms, there seems to be a 14% kind of decline. Any specific geography which you would attribute this to? Rajeev Nannapaneni: No, it's just a seasonal cycle. I think you have different orders at different time. I think the increase in the profit didn't come from the Indian company, it came from the associate. If you see the numbers, normally, the Adcock profit share is around INR35 crores to INR40 crores a quarter at our 35% holding. This quarter came to INR80 crores. I think that is why the bumper earnings came from there and that's the reason why there's an increase in profit. And the orders themselves, I mean, it's all cyclical, right? And the reason why Adcock delivered good set of numbers is because there's a strong flu season in South Africa. So I think that's the reason why the numbers are the way they are. Page 3 of 14 NATCO Pharma Limited August 14, 2026 Vamsi: So even on a constant currency basis in the Adcock business, there is a healthy growth, sir, of, let's say, high single digit? Rajeev Nannapaneni: In this particular quarter, yes, because of the flu season. Vamsi: Understood, sir. Also, if I were to just ask a question on the domestic sales growth. Could you provide a breakdown of how the base business has grown and how Sema has incrementally contributed this quarter? Rajeev Nannapaneni: I think that base business normally is about INR107 crores a quarter. I think this quarter it went to INR130 crores something. We believe we're able to maintain that INR130 crores number. I think a lot of it has come from semaglutide. I think we have a pretty good run on semaglutide and some third-party orders on semaglutid [Showing first 8,000 characters — download PDF for full document]