The call ran from 4:59 PM to 6:00 PM IST (1 h 1 min).

Key takeaways

Q2 FY27 revenue ₹206 Cr (+3.2% YoY), EBITDA ₹45 Cr (-37.5%), margin 22%. LATAM regulatory shock, Ambernath ramp-up costs and raw material inflation hit margins; FY27 margin guidance cut to 23–25%.

Guidance and delivery
EBITDA Margin: guided vs achieved	22.00% achieved Guided 32.00%–35.00%, -37.1% above the top of the range
Management target	Revenue 20.0%

Highlights
Revenue growth	Revenue ₹206 Cr, +3.2% YoY; LATAM regulation hit volumes.
Margins	Down from 34–35% typical; FY27 guidance cut to 23–25%.
Order book	Order book cited qualitatively; no value disclosed.
Demand visibility	LATAM demand deferred by import-authorisation delays, 4–5 months.
Management confidence	Defensive on margins; confident on ₹1,000 Cr revenue despite cuts.

Growth

Revenue +3.2% YoY to ₹206 Cr; H1 +14.8%. EBITDA -37.5%, margin 22% on mix and cost drag.

Outlook

FY27 revenue target ₹1,000 Cr despite H1 ₹396 Cr; FY27 EBITDA margin 23–25%, no FY28 guidance.

Risks

LATAM import-permit delays 4–5 months; Ambernath EU audit pending; raw material pressure lags 2–3 quarters.

Last quarter's promises, checked

Delivered

2 anesthetic launches Ambernath → 2 launched (= BEAT)

Partly delivered

FY27 ~₹1,000 Cr → H1 ₹396 Cr, reiterated (= PARTIAL)
CDMO term sheet next quarter → near signing, unnamed (= PARTIAL)
Contrast media H2 FY27 → 'soon' (= PARTIAL)

Missed

EBITDA margin 33–35% → 22% (= MISS)
One-off ₹10.5 Cr not in Q2, margin back in range → Q2 22% vs Q1 25% (= MISS)
₹25–30 Cr lost sales recovered → Q2 rev +3.2% YoY vs Q1 +31% (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 13 Nov 2026, 3:39 PM IST. Open it on ALFA Filings ›