The call ran from 6:00 PM to 6:56 PM IST (55 min).

Key takeaways

Revenue up 11% to ₹7,827 Cr, but EBITA margin fell to 25.1% from 31.3%; US down 13.4% QoQ on Tolvaptan erosion; management hedged FY28 outlook.

Highlights
Revenue growth	11% YoY to ₹7,827 Cr; US down 13.4% QoQ cc.
Margins	EBITA 25.1% vs 31.3% YoY; gross margin 74.2% vs 74.6% QoQ.
Demand visibility	India chronic +19.5% H1 vs IPM 17.2%; US competition intensifying.
Management confidence	Balanced; hedged FY28 US outlook with 'hope' language.

Growth

Revenue +11% YoY; India +14.7%, other developed markets +46%; US fell 13.4% QoQ in constant currency.

Outlook

FY27 guidance: US revenue $1.1–1.2bn, EBITA margin 24–25%, R&D ~8%, ETR 27–28%; FY28 US '$1bn+' only hoped.

Risks

More Tolvaptan entrants likely; margins to moderate; forex gross-margin tailwind may unwind; other operating income down 81%.

Last quarter's promises, checked

Delivered

ODM growth 10–20% p.a. → +46% (= BEAT)
FY27 high-single-digit revenue growth → Q2 +11% YoY, quarter only (= BEAT)

Partly delivered

US $250–280mn/qtr Q2–Q3 → US down 13.4% QoQ cc, $ level not disclosed (= PARTIAL)
FY27 EBITDA ~25% → EBITA 24–25% range; Q2 EBITA 25.1% (= PARTIAL)
~20 India launches FY27 → 12 in H1 (= PARTIAL)

Missed

India 1.2–1.3x IPM → chronic +19.5% vs IPM +17.2% H1, ~1.1x (= MISS)
US growth from FY28 on FY27 $1.1–1.2bn base → FY28 '$1bn+' only hoped (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 4 Nov 2026, 9:13 PM IST. Open it on ALFA Filings ›